Marriott’s top-performing hotels in 2025 were defined not by their brand tier or room count, but by the experiences over cost-saving measures. Conversely, U.S. business travel remained inconsistent, and the company’s select-service hotels faced some headwinds.
This divergence is evident in Marriott International’s full-year and fourth-quarter earnings. In 2025, the company’s luxury segment achieved RevPAR growth exceeding six percent, significantly outperforming the rest of the system and continuing a trend that has persisted since demand levels stabilized. Leisure-focused properties, particularly resorts, saw greater benefits from strong room rates than from increases in occupancy.
“Our portfolio is well-positioned to benefit from continued expected strength at the upper end as higher-end consumers remain resilient and continue to prioritize spending on experience and travel over goods,” said Anthony G. Capuano, Marriott’s president and CEO, during the company’s earnings call on Tuesday.
International markets were the primary source of this momentum. During the fourth quarter, RevPAR in the Asia-Pacific region climbed nearly nine percent, bolstered by robust results in Japan, India, and Australia. Europe, the Middle East, and Africa saw seven percent growth, highlighted by a 17 percent jump in the UAE. Greater China returned to modest growth toward the end of the year, aided by a recovery in inbound travel and leisure demand, even as the broader macroeconomic environment remained sluggish.
North America’s performance was more subdued. RevPAR for the U.S. and Canada remained essentially flat in the fourth quarter, as consistent leisure demand was balanced out by weakness in the corporate sector. A government shutdown late in the year impacted transient business demand across several urban markets, further highlighting the performance gap between leisure-oriented and business-driven properties.
Beyond room revenue, Marriott’s financial results underscored the rising significance of loyalty-related fees. Marriott Bonvoy added roughly 43 million members in 2025, bringing the global total to approximately 271 million. Loyalty penetration increased across all regions, with members accounting for 68 percent of global room nights and 75 percent in the U.S. and Canada.
This scale is increasingly driving fee revenue. Earnings from co-branded credit cards grew by more than eight percent in 2025, with particularly notable gains outside the U.S. Looking ahead, Marriott anticipates these fees will rise by approximately 35 percent in 2026, fueled by higher royalty rates from card partnerships and increased spending by cardholders.
For 2026, Marriott projects global RevPAR growth between 1.5 and 2.5 percent, with net rooms growth expected to reach 4.5 to 5 percent. The company also anticipates that the FIFA World Cup will add 30 to 35 basis points to global RevPAR growth, with the most significant impact expected in North American host cities.
Taken together, the results point more to durability than to acceleration: luxury demand holding firm, international markets driving growth, and a loyalty platform quietly compounding as one of Marriott’s most reliable revenue engines.
