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Amy Pezzicara

Element Hotels, part of Marriott Bonvoy’s extraordinary portfolio of 30 hotel brands, today unveils an innovative collaboration with Lettuce Grow, a nationally recognized leader of hydroponic gardening. Together, they are providing travelers with direct access to free, farm-fresh produce while on the road. Element Hotels is driven by a wellness-first mindset that is deeply rooted in its commitment to sustainability and providing a balanced stay while redefining the longer stay experience. Designed for the healthy, active traveler, Element’s signature fully equipped kitchens make eating nutritiously a little bit easier while away from home.

This first-of-its-kind hospitality collaboration brings all the perks of mindful eating to travelers, no matter how long they stay or how far they’re away from home. Starting in November 2022, travelers staying in select Element Hotels can wake up to Element’s signature Rise^® breakfast, garnished with fresh herbs and greens sourced from a Lettuce Grow Farmstand on-property. During their stay, guests will also have the opportunity to harvest their own produce directly from the Farmstand to bring up to their private studio kitchens, embracing clean eating by giving their bodies the fuel they need for whatever adventure they have in store.

“Element Hotels has always believed that everyone deserves to be well, no matter who they are or where they’re coming from, which is why we’ve made it a top priority to provide locally grown options and sensible choices for our guests,” said Marlon Whyte, Global Brand Leader, Element Hotels. “Lettuce Grow helps us achieve this in a way that is environmentally friendly, while also creating a fun, unique, and complimentary experience for groups to come together and reconnect over a nutritious meal.”

For Element Guests, Access to Fresh Produce is Always in Season
Travelers are often uniquely challenged by a lack of healthy food options, at times being forced to opt for the nearest or quickest meal available. This collaboration solves a common travel problem by not only offering fresh ingredients, but also fully equipped kitchens and recipes that are tasty and easy to follow, because eating well should never be compromised. The range of delicious herbs and greens is sure to be a great addition to any meal, or the perfect complement to a refreshing craft cocktail, and can be harvested right in the Element hotel lobbies.

Lettuce Grow Farmstands yield the same amount of produce as a 40-square-foot farm, all within a one four-foot-square footprint. They’re also sustainable, eliminating waste and reducing CO2 emissions and water use by more than 98 percent. Each Element Farmstand will be equipped with six to eight varieties of leafy greens and herbs inspired by ingredients found in Element’s Rise^® breakfast. All varieties are sustainably grown, non-GMO, unprocessed, and packed with flavor. The offerings will range from: classic butter lettuce, arugula, rainbow Swiss chard, bok choy, and popular herbs like parsley, dill, cilantro, and green onion.

“I’m proud to be a part of Lettuce Grow’s ongoing journey to make healthy eating fun and easy,” said Zooey Deschanel, Co-Founder, Lettuce Grow. “I know first-hand how difficult it can be to eat well while traveling and I’m excited our partnership with Element Hotels will allow people to prioritize their health while on the go.

The Farmstands are growing at select Element locations across the U.S., including:

• Element Bend
• Element Tampa Midtown
• Element Atlanta Buckhead

Amy Pezzicara

Each Element location also features Studio Commons, an industry-first room concept that blends a hotel room with a home rental, providing a flexible living space anchored by four private guest rooms, complete with a fully equipped kitchen for groups to spend time together privately.

Exclusive, Locally Inspired Chef-Curated Recipes
In addition to complimentary greens at the above locations, Element guests will also have access to exclusive recipes curated by Michelin award-winning Chef, Sammy Monsour. He will create one-of-a-kind recipes inspired by the unique regions of each hotel with locally sourced ingredients. Chef Sammy is passionate about the environment and dedicated to increasing access to healthy and nutritious protein for all while improving biodiversity in kitchens throughout the globe for a more diverse, sustainable, and delicious future.

“At Lettuce Grow, we believe cultivating community partnerships furthers our mission to help people reconnect with their food and lead healthier lives,” said Jacob Pechenik, Founder and CEO, Lettuce Grow. “Now, Element Hotels’ guests will experience the joys of harvesting their own fresh, vibrant herbs and vegetables, grown right in front of their eyes.”

Marriott Bonvoy Members Can Access Produce That Keeps on Giving
Marriott Bonvoy – Marriott International’s award-winning travel program – provides members with endless benefits and the chance to earn points for hotel stays, exclusive rates, room upgrades, late checkout and more taking them everywhere they want to go. More travel means more points, offering unlimited travel possibilities. Members will receive special offers on Lettuce Grow products, so they can eat healthfully any time of year.

Additionally, members will have the opportunity to bid on and redeem an exclusive Lettuce Grow experience in early 2023 through the Marriott Bonvoy Moments platform, which provides access to amazing once-in-a-lifetime experiences. The Moments experience will include a stay at one of the participating Element Hotels and a private cooking demonstration with Chef Sammy Monsour in Element’s Studio Commons. To continue eating mindfully, the member will also receive a Lettuce Grow Farmstand for their own home.

To book an Element Hotels stay, visit www.ElementHotels.com. To learn more about Element and Lettuce Grow, visit www.LettuceGrow.com/Element-Hotels.

About Element by Westin^®
With more than 90 hotels across North America, Europe, Middle East & Africa, and Asia Pacific, Element Hotels is designed for today’s healthy, active traveler who wants to maintain the balance of daily routines while on the road. Offering many of the comforts of home, Element caters to those looking to stay both short and long-term. All hotels have an outdoor-inspired, sustainability-focused design philosophy and feature spacious and airy guest rooms with in-room kitchens, spa-inspired bathrooms, and signature Heavenly^® Beds. The brand’s signature amenities include a complimentary healthful Rise breakfast and a Relax evening reception. Always prioritizing guest wellness, all hotels are equipped with 24/7 Motion Fitness centers, all-natural saline pools, and a Bikes to Borrow program. Further increasing flexibility and convenience for small groups, Element now offers Studio Commons, a one-of-a-kind room concept with private communal space to cook, convene, or relax together. For more information, visit, www.ElementHotels.com and follow along on Facebook and Instagram. Element is proud to participate in Marriott Bonvoy^®, the global travel program from Marriott International. The program offers members an extraordinary portfolio of global brands, exclusive experiences on Marriott Bonvoy Moments, and unparalleled benefits including free nights and Elite status recognition. To enroll for free or for more information about the program, visit www.MarriottBonvoy.com.

About Lettuce Grow
Lettuce Grow is a mission-driven organization with the goal of empowering consumers to lead the transition to a sustainable food system. Lettuce Grow’s hydroponic gardening system, the Farmstand, helps people grow and harvest 20% of their own fresh produce, eliminating food waste and reducing water and carbon impact by more than 98%. Designed for home growers regardless of time, space, or growing experience, Lettuce Grow provides living starter plants that mature into nutritious food easily in the Farmstand, bringing joy and simplicity to harvesting your own produce. With its commitment to improving access to fresh, healthy food for everyone, Lettuce Grow established the Lettuce Give program which donates 1 Farmstand to a school or other non-profit organization for every 10 sold. For additional information visit www.LettuceGrow.com or @lettucegrow.

Media Contacts
Christine Lin
Senior Manager, Global Communications, Select Brands
Marriott International
Christine.Lin@Marriott.com

Caroline Chau
Jack Taylor PR
Lettucegrow@JackTaylorPR.com

Read original article at Marriott Hotels

First published at TravelNewsHub.com – Global Travel News

• Third quarter 2022 comparable systemwide constant dollar RevPAR increased 36.3 percent worldwide, 28.5 percent in the U.S. & Canada, and 66.1 percent in international markets, compared to the 2021 third quarter;
• Third quarter 2022 comparable systemwide constant dollar RevPAR increased 1.8 percent worldwide and 3.5 percent in the U.S. & Canada, while RevPAR declined 2.4 percent in international markets, compared to the 2019 third quarter;
• Third quarter reported diluted EPS totaled $1.94, compared to reported diluted EPS of $0.67 in the year-ago quarter. Third quarter adjusted diluted EPS totaled $1.69, compared to third quarter 2021 adjusted diluted EPS of $0.99;
• Third quarter reported net income totaled $630 million, compared to reported net income of $220 million in the year-ago quarter. Third quarter adjusted net income totaled $551 million, compared to third quarter 2021 adjusted net income of $327 million;
• Adjusted EBITDA totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million;
• The company added roughly 14,000 rooms globally during the third quarter, including approximately 8,700 rooms in international markets and nearly 3,900 conversion rooms;
• At quarter end, Marriott’s worldwide development pipeline totaled over 3,000 properties and more than 502,000 rooms, including roughly 33,300 rooms approved, but not yet subject to signed contracts. Approximately 204,800 rooms in the pipeline were under construction as of the end of the 2022 third quarter;
• During the third quarter, Marriott repurchased 6.2 million shares of common stock for $950 million. Year-to-date through October 31, the company has returned $1.9 billion to shareholders.

Marriott International, Inc., (NASDAQ: MAR) today reported third quarter 2022 results.

Anthony Capuano, Chief Executive Officer, said, “We are very pleased to report another quarter of outstanding results. Global RevPAR¹ more than fully recovered, rising nearly 2 percent above 2019. In the third quarter, RevPAR compared to 2019 improved sequentially from the second quarter in every region around the world.

“In the U.S. & Canada, our largest region, RevPAR exceeded 2019 levels by 3.5 percent in the third quarter. Occupancy in the region has been rising throughout the year, reaching 72 percent in September, just 2 percentage points below the same month in 2019. Leisure transient demand remained very robust, and group RevPAR more than fully recovered to 2019 levels in the quarter. Business transient demand, though still lagging in recovery, continued to improve.

“Our EMEA and CALA regions posted nearly 10 percent and 18 percent third quarter RevPAR growth over 2019, respectively. Demand in these regions was boosted by the strong U.S. dollar and the ramping of cross-border travel.

“In mid-October, we announced that we signed an agreement to acquire the City Express brand portfolio, marking our entry into the affordable midscale segment. We see meaningful opportunities to further expand the brand in the CALA region and globally, as we have successfully done with other brand acquisitions. Upon closing, we look forward to offering our guests more stay options and our owners and franchisees new opportunities to grow their portfolios.

“Our award-winning loyalty program, Marriott Bonvoy, hit 173 million members at the end of September. During the quarter, Bonvoy member penetration achieved record highs, reaching 60 percent in the U.S. & Canada and 53 percent globally. Co-brand cardholder acquisitions and total card spending worldwide have continued to grow meaningfully, increasing our third quarter co-brand card fees more than 20 percent compared to the year-ago quarter.

“While we are carefully monitoring macroeconomic trends, bookings across all our customer segments remain strong, contributing to the ongoing momentum in our business. We expect continued demand growth around the world in the fourth quarter and anticipate that global RevPAR could increase 2 percent to 4 percent compared to 2019.

“With our solid financial results and strong cash generation, we have already returned $1.9 billion to shareholders year-to-date through October 31. For full year 2022, we now expect to return more than $2.7 billion to our shareholders through dividends and share repurchases.”

Third Quarter 2022 Results
Marriott’s reported operating income totaled $958 million in the 2022 third quarter, compared to 2021 third quarter reported operating income of $545 million. Reported net income totaled $630 million in the 2022 third quarter, compared to 2021 third quarter reported net income of $220 million. Reported diluted earnings per share (EPS) totaled $1.94 in the quarter, compared to reported diluted EPS of $0.67 in the year-ago quarter.

Adjusted operating income in the 2022 third quarter totaled $815 million, compared to 2021 third quarter adjusted operating income of $527 million. Adjusted operating income in the 2021 third quarter excluded impairment charges of $11 million.

Third quarter 2022 adjusted net income totaled $551 million, compared to 2021 third quarter adjusted net income of $327 million. Adjusted diluted EPS in the 2022 third quarter totaled $1.69, compared to adjusted diluted EPS of $0.99 in the year-ago quarter. The 2022 third quarter adjusted results excluded special tax items of $30 million ($0.09 per share) and a $2 million ($0.01 per share) gain on an investee’s property sale. The 2021 third quarter adjusted results excluded a $122 million after-tax ($0.37 per share) loss on the extinguishment of debt and $8 million after-tax ($0.02 per share) of impairment charges.

Adjusted results also excluded cost reimbursement revenue, reimbursed expenses and restructuring, merger-related charges, and other expenses. See pages A-3 and A-12 for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release.

Base management and franchise fees totaled $953 million in the 2022 third quarter, compared to base management and franchise fees of $723 million in the year-ago quarter. The year-over-year increase in these fees is primarily attributable to RevPAR increases due to the ongoing recovery in lodging demand, as well as unit growth. Other non-RevPAR related franchise fees in the 2022 third quarter totaled $192 million, compared to $173 million in the year-ago quarter, largely driven by higher credit card branding fees.

Incentive management fees totaled $106 million in the 2022 third quarter, compared to $53 million in the 2021 third quarter. Roughly two-thirds of the incentive management fees recognized in the quarter were earned at hotels in international markets.

Owned, leased, and other revenue, net of direct expenses, totaled $44 million in the 2022 third quarter, compared to $37 million in the year-ago quarter. The year-over-year increase in revenue net of expenses largely reflects the ongoing recovery in lodging demand, partially offset by $23 million of lower termination fees and a $19 million accrual related to a portfolio of 12 leased hotels in the U.S. & Canada.

Depreciation, amortization, and other expenses for the 2022 third quarter totaled $50 million, compared to $64 million in the year-ago quarter. Expenses in the 2021 third quarter included an $11 million impairment charge.

General, administrative, and other expenses for the 2022 third quarter totaled $216 million, compared to $212 million in the year-ago quarter.

Interest expense, net, totaled $93 million in the third quarter compared to $99 million in the year-ago quarter. The decrease is largely due to lower interest expense associated with lower debt balances.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled $985 million in the 2022 third quarter, compared to third quarter 2021 adjusted EBITDA of $683 million. See page A-12 for the adjusted EBITDA calculation.

Selected Performance Information
The company added 77 properties (14,071 rooms) to its worldwide lodging portfolio during the 2022 third quarter, including nearly 3,900 rooms converted from competitor brands and approximately 8,700 rooms in international markets. Thirty-five properties (7,440 rooms) exited the system during the quarter, including roughly 5,200 rooms in Russia. At quarter end, Marriott’s global lodging system totaled nearly 8,200 properties, with over 1,507,000 rooms.

At quarter end, the company’s worldwide development pipeline totaled 3,024 properties with more than 502,000 rooms, including 1,039 properties with approximately 204,800 rooms under construction, or 41 percent of the pipeline, and 233 properties with roughly 33,300 rooms approved for development, but not yet subject to signed contracts.

In the 2022 third quarter, worldwide RevPAR increased 36.3 percent (a 33.4 percent increase using actual dollars) compared to the 2021 third quarter. RevPAR in the U.S. & Canada increased 28.5 percent (a 28.3 percent increase using actual dollars), and RevPAR in international markets increased 66.1 percent (a 51.0 percent increase using actual dollars).

Balance Sheet
At quarter end, Marriott’s net debt was $8.4 billion, representing total debt of $9.4 billion less cash and cash equivalents of $1.0 billion. At year-end 2021, the company’s net debt was $8.7 billion, representing total debt of $10.1 billion less cash and cash equivalents of $1.4 billion.

In the third quarter, the company issued $1.0 billion of Series JJ Senior Notes due in 2027 with a 5.00 percent interest rate coupon.

Marriott Common Stock
Year-to-date through October 31, the company has repurchased 11.1 million shares for $1.7 billion at an average price of $153.21 per share.

2022 Outlook¹

The change in expected gross rooms growth compared to the company’s prior guidance primarily reflects lengthened construction timelines in Greater China resulting from extended lockdowns.

Marriott International, Inc., (NASDAQ: MAR) will conduct its quarterly earnings review for the investment community and news media on Thursday, November 3, 2022, at 8:00 a.m. Eastern Time (ET). The conference call will be webcast simultaneously via Marriott’s investor relations website at http://www.Marriott.com/Investor, click on “Events & Presentations” and click on the quarterly conference call link. A replay will be available at that same website until November 2, 2023.

The telephone dial-in number for the conference call is US Toll Free: +1 (888) 632-3384, or Global: +1 (785) 830-7975. The conference ID is MAR3Q22. A telephone replay of the conference call will be available from 1:00 p.m. ET, Thursday, November 3, 2022, until 8:00 p.m. ET, Thursday, November 10, 2022. To access the replay, call US Toll Free: +1 (800) 695-2533 or Global: +1 (402) 530-9029.

[1] The outlook provided above assumes that the $100 million City Express transaction does not close before year-end 2022.

[2] The anticipated deletions rate includes 50bps related to the company’s suspension of its operations in Russia.

[3] See pages A-13 & A-14 for the adjusted EBITDA calculation.

[4] Adjusted EBITDA and Adjusted EPS – diluted for fourth quarter and full year 2022 do not include cost reimbursement revenue, reimbursed expenses, or restructuring, merger-related charges, and other expenses, each of which the company cannot forecast with sufficient accuracy, and which may be significant, and do not reflect any asset sales that may occur during the remainder of the year. Adjusted EPS – diluted for full year 2022 excludes impairments, gains on investees’ property sales, gains on asset dispositions, and special tax items reported in the first three quarters of 2022. See page A-3 for the Adjusted EPS – diluted calculation for the first three quarters of 2022.

[5] Assumes the level of capital return to shareholders noted above.

[6] Investment spending includes capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.

[7] Assumes the level of investment spending noted above and no asset sales that may occur during the remainder of the year.

Note on Forward-Looking Statements
All statements in this press release and the accompanying schedules are made as of November 3, 2022. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise. This press release and the accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including statements related to the possible effects on our business of the COVID-19 pandemic (COVID-19); our RevPAR, rooms growth and other financial metric estimates, outlook and assumptions; travel and lodging demand trends and expectations; occupancy, ADR and RevPAR recovery trends and expectations; our development pipeline, signings, rooms growth, deletions and conversions; our investment spending and capital return expectations; our expectations regarding the addition of the City Express brand portfolio to our system; and similar statements concerning anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we identify in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release.

About Marriott International
Marriott International, Inc., (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of nearly 8,200 properties under 30 leading brands spanning 138 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy^®, its highly awarded travel program. For more information, please visit our website at www.Marriott.com, and for the latest company news, visit www.MarriottNewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

Marriott encourages investors, the media, and others interested in the company to review and subscribe to the information Marriott posts on its investor relations website at www.Marriott.com/Investor or Marriott’s news center website at www.MarriottNewsCenter.com, which may be material. The contents of these websites are not incorporated by reference into this press release or any report or document Marriott files with the SEC, and any references to the websites are intended to be inactive textual references only.

Media Contacts
Melissa Froehlich Flood
Corporate Relations
Marriott International
+1 (301) 380-4839
Newsroom@Marriott.com

Jackie Burka McConagha
Investor Relations
Marriott International
+1 (301) 380-5126
Jackie.McConagha@Marriott.com

Betsy Dahm
Investor Relations
Marriott International
+1 (301) 380-3372
Betsy.Dahm@Marriott.com

Download MAR Q3 2022 Press Release Schedules or visit http://Marriott.com/Investor.

Read original article at Marriott Hotels

First published at TravelNewsHub.com – Global Travel News