What caused MAR's earnings to beat forecasts in Q4 2024?

Marriott International's (MAR) earnings surpassed forecasts in Q4 2024 due to several key factors: 1. **Revenue Growth**: Total revenue for the quarter was reported at $6.43 billion, which is in line with analyst expectations of $6.4 billion. This slight variance could be attributed to differing assumptions on occupancy rates, average daily rates, and revenue per available room (RevPAR). 2. **Strong Demand in International Markets**: Marriott experienced a 7.2% increase in RevPAR in international markets, driven by strong demand in Asia-Pacific and Europe. This growth was primarily due to higher average daily rates and occupancy. The company's expansion into South Asia, as highlighted by the opening of new JW Marriott resorts in Costa Rica and India, has likely contributed to this international growth. 3. **Strategic Brand Expansion and Asset-Light Model**: Marriott's strategic brand expansion and asset-light business model have enhanced its market presence and revenue streams. The company's management and franchising focus have allowed it to scale up its business with minimal capital investment risks. The addition of over 123,000 rooms globally in 2024, including significant contributions from international markets, has bolstered Marriott's room growth. 4. **Loyalty Program Impact**: Marriott's Bonvoy loyalty program has been instrumental in customer retention and engagement, with nearly 228 million members. This network effect contributes to increased occupancy and revenue. In summary, Marriott's earnings beat expectations can be attributed to strong revenue growth, particularly in international markets, strategic brand expansion, asset-light model, and the impact of its loyalty program. These factors combined to drive the company's financial performance in Q4 2024.