Marriott announced an agreement to acquire the citizenM brand for $355 million, with potential earn-out payments up to $110 million. The acquisition will add 36 open select-service hotels (8,544 rooms) to Marriott's system and is expected to close later in 2025.

Marriott's system grew to 9,463 properties (1,718,542 rooms) at the end of Q1 2025, with approximately 12,200 net rooms added during the quarter. The development pipeline includes approximately 3,800 properties and over 587,000 rooms.

The company expects full year 2025 net rooms growth to approach 5 percent, including the rooms associated with the citizenM brand acquisition discussed in Note 2.

Marriott repurchased 2.8 million shares of its common stock for $0.8 billion in Q1 2025 and declared a quarterly cash dividend of $0.63 per share. This demonstrates management's commitment to returning cash to stockholders.

General, administrative, and other expenses decreased in the 2025 first quarter primarily due to lower compensation costs. This suggests that management is actively managing costs and improving operational efficiency.

The company states that there have been no material changes to its critical accounting policies or methodologies. Additionally, there were no changes in internal control over financial reporting during the 2025 first quarter that materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

The company states that there are no material changes to the risk factors discussed in its 2024 Form 10-K. This suggests that the company's risk profile has remained relatively stable.

The company continues to face legal proceedings related to the Starwood data security incident. While the company believes it is reasonably possible that it may incur losses in excess of the amounts recorded, it is not possible to reasonably estimate the amount of such losses.

The company acknowledges uncertainty regarding further regulatory inquiries or investigations related to the Starwood Data Security Incident. This indicates a potential risk of future regulatory action and associated costs.

Worldwide RevPAR increased 4.1 percent, reflecting ADR growth of 2.9 percent and occupancy improvement of 0.7 percentage points. This indicates that Marriott is maintaining or improving its competitive position in the lodging market.

The acquisition of the citizenM brand demonstrates Marriott's strategic move to strengthen its position in the select-service segment, catering to a different customer base and expanding its market reach.

While RevPAR decreased in Greater China, growth in other international regions and the U.S. & Canada offset the decline. This demonstrates the benefits of Marriott's geographic diversification in mitigating the impact of regional economic downturns.

Cost reimbursements, net remained relatively unchanged in the 2025 first quarter as higher revenues were offset by higher expenses for many of our centralized programs and services.

Over the long term, our centralized programs and services are not designed to impact our economics, either positively or negatively.

General, administrative, and other expenses decreased in the 2025 first quarter primarily due to lower compensation costs.

We made capital and technology expenditures of $135 million in the 2025 first quarter and $109 million in the 2024 first quarter.

Our anticipated capital and technology expenditures include higher than typical spending on our worldwide technology systems transformation, the overwhelming portion of which we expect to be reimbursed over time, and renovations of hotels in our owned and leased portfolio.

The 10Q filing does not provide specific details on innovation and technology. This suggests that the company is not prioritizing the disclosure of innovation and technology initiatives in its financial reporting.

We repurchased 2.8 million shares of our common stock for $0.8 billion in the 2025 first quarter. Year-to-date through April 29, 2025, we repurchased 3.9 million shares for $1.0 billion. On February 13, 2025, our Board of Directors declared a quarterly cash dividend of $0.63 per share, which was paid on March 31, 2025 to stockholders of record on February 27, 2025.

The company expects to continue to return cash to stockholders through a combination of share repurchases and cash dividends.

Capital expenditures and other investments will total approximately $1,355 million to $1,455 million for the 2025 full year, including capital and technology expenditures, loan advances, contract acquisition costs, and other investing activities.

The 10Q filing does not provide specific details on ESG initiatives. This suggests that the company is not prioritizing the disclosure of ESG initiatives in its financial reporting.

The 10Q filing does not provide specific details on ESG initiatives. This suggests that the company is not prioritizing the disclosure of ESG initiatives in its financial reporting.

The 10Q filing does not provide specific details on ESG initiatives. This suggests that the company is not prioritizing the disclosure of ESG initiatives in its financial reporting.

We saw solid global RevPAR growth during the 2025 first quarter compared to the same period in 2024. For the 2025 first quarter, worldwide RevPAR increased 4.1 percent, reflecting ADR growth of 2.9 percent and occupancy improvement of 0.7 percentage points.

In the U.S., we saw some softening of demand in certain customer segments in March, primarily in government business. We continue to monitor macro-economic conditions and impact on lodging demand.

In Greater China, RevPAR decreased 1.6 percent in the 2025 first quarter driven by a decrease in ADR of 2.7 percent, reflecting lower domestic demand as a result of macro-economic conditions.