Welcome to conference call. our fourth quarter XXXX earnings
Joining McConagha, Oberg, Financial me Betsy Dahm, President, Leeny President Investor and today Chief Relations. President, and Investor Executive Relations; Officer; new our Vice Burka Vice Senior Vice Jackie are
numerous that as These our are remind comments in in statements forward-looking Let comments. statements considered our filings, cause not subject federal are which uncertainties those implied everyone or future differ under me laws. risks today our SEC many results by of expressed securities described materially are to and and historical could facts from to
and unfold. we statements yesterday are our along will the updated with today today not actual as release Forward-looking be in events that issued comments only press effective
but our and we pages. today, costs on reimbursed that revenues results talk results the non-GAAP adjusted of related XXXX AX appear pages largely the remarks and results on reconciliation about appear discussion In the GAAP release, today expenses. will our and refer AX to excluding merger-related will earnings
you referred course, remarks in find Of our reconciliations release on Relations to Investor website. our financial non-GAAP our of all and can measures earnings
been it is the six not are weeks we our deal this impact watching around we know. world. a but great In that or crisis, business intensely the there's have call this learned As much, do interested COVID-XX the or question coronavirus begin that you in the obvious morning, we most of still the is on have we our so
This still work extent. impact pass. impact our you And business some it this the to Well, this comments measure P&L confidence. our In give might when We quickly will thing yard will what in be. our will help press our and one with some fade. guess we release sticks does, to know to to the morning, is
about results. talk our let's So
capital a hotel margins, high year note. in to our our increased quarter, meaningful are we continued to a of a XXXX, properties X.X more of number of to significant In global to million solid add pipeline profit more hotel with finishing our X,XXX system grew rooms. fourth recycled and performance than amount gains, pleased a the deals. expanded rooms on the We and record We our signed index than RevPAR new
organic unrivaled million X.X our regions nearly customers. XXX each international With team in XXXX record with rooms in our XXX and choices a our In offer countries hotel agreements we of territories, signings. rooms signed for development XXX,XXX records setting for
our growth, years six pace pipeline nearly under Over of our pipeline of our of growth. the years gross under-construction rooms implied Using already while in XXX,XXX-room construction. are XXXX's represents well total represents rooms XXX,XXX of rooms openings, three pipeline over
while worldwide our rooms our were X% At flags, year industry of under-construction one XX%. units. of impressive, end, the share are led flew we of STR's adding just be focused industry sure, signings not on but at pipeline global our To
We our that per on brands. valuable are drive fees adding higher enhance room focused hotels and
reason one over upper our the distribution room industry. rooms half and is which fees our Luxury of comprise upscale per globally, lead
STR. by and luxury than signing our of construction, next totaled upper rooms to upscale expanded under the year-end we more a competitors XXXX, At During number XX,XXX three lead tiers. these global according combined this rooms in record the
new of new recent Elegant our all-inclusive achievements augmented platform acquisition program multiple to to Other Marriott rental Marriott International; in Homes our & milestone loyalty included which home by Group in the Villas our Hotels program XXXX Bonvoy Barbados. our was by launches from
guests ways to engagement points. help to These and our expanded offerings value meaningful additional loyalty and provide redeem earn provide to enhancements members and for program and drive owners
around pipeline. locations In in and premium our Villas projects resorts the stay opportunity in XX more the can luxury seven from & guests to X,XXX XXX segment at our the with world. provides rental the choose currently all-inclusive guests for Homes homes
launched In the dining we XX,XXX Eat Town more the Bonvoy restaurants members fourth earn at can U.S. quarter, Around than Marriott our in offering points by where
providing peak, introduced on nights. redeem with better also points off-peak members We redemption value they onwards demand when lower
In award benefiting shifting schedule guests, addition slower from rooms demand helps more the stronger owners to new fill by ones. to periods
international been hotel are program piloting we local restaurants. at our points our The a members has earn lets response Finally, select dining extremely in positive. markets redeem and from that members
the powerful with paid distribution, key Marriott XX%. This advantage. loyalty room of strength our coupled to from a our million competitive and Bonvoy the drove And end at brands efforts these revenues platform members broad January. remains Collectively of XXXX XXX members increased membership over in
Bonvoy were and also XXX offered of meaningfully in of up points America, the XXXX the share program. enjoyed topped year-over-year. as XXX XX% North XX% travelers rooms by reached our choices worldwide up occupied basis versus basis range higher wide Redemptions points in XXXX, Member
our year-over-year. higher co-branded with cards from growth solid sign-ups see to continue credit also We XX%
component three of during were up room XX% one-third of strong booked direct approach more over total an management in yield of approximately Bonvoy digital nights represented centers improved quarters including rooms alone direct year. the an of our XXXX. room Mobile booked members, bookings reservation our group bookings and and in nights. our direct digital by on booked bookings sales, a digital guests With represented year. platforms Direct bookings the increase Worldwide a made bookings
At and through outstanding of associates. thanks efforts the percentage increased same time, XXXX, the Guests scores OTAs of during declined staff intend service our to recommend the to booked year-over-year. nights
impressive We saw across gains also our portfolio. share revenue
quarter. in rising XXX global the points the our Overall, RevPAR index throughout accelerated fourth year basis
improved continents and For our meaningful both from index in growth impressive gains the of saw Each legacy global legacy points. index RevPAR XXX full globally. portfolios, Marriott with basis XXXX, an Starwood year our
making pleased the that, brand. with It is mentioning are worth the we are Sheraton particularly progress we with
years Over hotels or of undergo approximately, have three are worldwide, undergoing to have the Sheraton undergone last XX% committed renovation.
XX long-term months And earlier. signed it We purchasing valuable a just sold Sheraton agreement. downtown Phoenix after last the we month, management
showcase downtown a at Sheraton as Phoenix renovations, additional that, We to serve will hotels. the encourage are confident Sheraton
a we discuss humanitarian major a our outlook, bit thoughts me And with this Before our the many Clearly, crisis. talk impacted. XXXX about the is coronavirus more people let are situation.
in the be assisted associates, of this tirelessly. provided emerged year, significantly couldn't Asia-Pacific earlier been guests As disrupted. and our I have lives for associates in whose support worked virus our Wuhan prouder who teams have region, the
to waive China reservations globally. China continue Marriott through We XX, Greater guests stays, March Greater at hotels from in reservations, for at for with destinations, cancellation fees our guests hotel with and for
In of our China hotels occupancy to Asia-Pacific period Wuhan year. XX%, last declined to impact versus RevPAR in began with the We the coronavirus gradually, see other February, spreading almost at our Greater declines from in in the region. mid-January, the business on same markets
across of end rooms. Greater properties representing our the with total global XXX,XXX China, are roughly XXX had XX At rooms X% Around closed. of these of XXXX, we currently properties
China, February year-over-year. Asia-Pacific RevPAR XX%, declined what region Greater we roughly the outside call APAC, In
For APAC X% had we rooms worldwide at representing with XXX,XXX XXX year-end properties XXXX, total of rooms. our
in in system of Asia-Pacific running in the Outbound compared in, room has last X% room XX% Asia-Pacific February nights around North overall than of up X.X year. to been our of nights down and outside around travelers less of X% February region RevPAR China XXXX America. of made from
the seen significant we citywide have To-date, situation on of remains cancellations, not overall apart impact a from event obviously a handful region, outside the demand of fluid. so Asia-Pacific
estimate financial time. severity the to at business uncertainty of Given situation, the coronavirus cannot length the we and impact surrounding our the fully this
So, outbreak. remarks not are first impact a case the and we any from XXXX in outlook providing and do press release full our our reflect base today, year quarter that
pre-coronavirus our environment, outlook group XXXX budget the reflects as expected of growth. teams case trends, hotel-by-hotel base including part forecasts, company's the This on had based booking the and prepared, supply process,
based will quarter Leeny frame could be on trends. current results first by the how impacted coronavirus
our XXXX, by not base for outlook case with RevPAR impacted coronavirus. start let's Now
for be full basis, On And global flat XXXX a to system-wide will X% in first X% RevPAR currency year. we in X% to up quarter. the global increase constant estimate the will
In expected North around demand around supply of X%. upscale forecasted XXXX also increase for U.S. America grow GDP growth to slower expected supply in with growth with economic X%, point to Industry a X%. growth, to lodging to pace remain estimates modestly is recent
We expect in continuation of U.S. investment the growth outpace this a implies Overall, in demand, continue yet levels. to business there be to leisure low RevPAR transient a has demand will step-up as business
Our revenue a on group group had fourth great all in in for bookings our a With books North mid-single-digit with sales XXXX, strength, America future America in up periods the for quarter at this organization is North up X.X%. XXXX rate.
completed We rate of for running have our predict we to room And roughly volumes, negotiated corporate are rates up while X% accounts. completed comparable corporate X% can't negotiations. XX%
to gains. as off with is strong comps D.C. continuing quarter and easy a markets index Washington first in of benefit the start, Hawaii well as like RevPAR Our
quarter. first RevPAR We will expect to X% X% the America North increase base for case
range the expect up to midpoint the For of of full to we around X%. year, be flat it the global
with For Hong not assume impact outbreak. the XXXX include of RevPAR base case to the we weak this does lapping for half Asia-Pacific back Again, region, before easier results the the X% any X% comps first for in Kong continue the in year half. growth from virus expected to
in from in -- X% and could the Europe X%, RevPAR U.S. to year, case Base grow travelers strong excuse X% Eastern by markets. strength demand European again driven me, for
we For rate RevPAR a East at base XXXX. region, the assume and grow case in single-digit low Middle Africa could
RevPAR UAE. somewhat will offset and from the region benefit Africa higher RevPAR Saudi the believe in We Arabia, lower Qatar by in
growth in in event lodging UAE, new Dubai Continued likely the in despite that RevPAR the fourth challenge begins XXXX XXXX the supply quarter. Expo will
at Latin In political reflecting RevPAR more rate base for growth some the modest grow Caribbean a case economic markets. region, could and XXXX, single-digit uncertainty in America and low
assume the growth include from rooms does persist and assumption around we world. range. rooms coronavirus growth our Again, delays For X% net to X.XX% in including Preconstruction construction impact X.X% any XXXX the the not to deletions situation. X%
the who global shown through Before over thank their especially work, this time. and empathy skill region challenging managing to I to such our all want I continued those for associates Asia-Pacific Leeny, in call turn hard the have
purpose-driven real is fortunate individuals. culture such is Our advantage. to a very and And I work with distinctive caring competitive it and feel
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