How did Marriott's reimbursements project fare in 2023?

Marriott's reimbursements project, which includes a large pipeline of rooms and an upgraded loyalty program, is expected to have a positive impact on the company's financial performance and stock price. The following points highlight the key aspects of Marriott's project and its potential benefits:

1. **Pipeline of Rooms**: Marriott has a significant pipeline of rooms in development, totaling 3,200 hotels with approximately 557,000 rooms as of the third quarter of 2023. This represents a strong growth opportunity, as the company is responsible for 30% of all hotel rooms under construction in the global industry.
2. **Loyalty Program**: The introduction of a unified loyalty program across Marriott Rewards, The Ritz-Carlton Rewards, and Starwood Preferred Guest (SPG) is expected to create a rich hospitality loyalty program. Members of the combined program will earn more points faster than under the previous separate programs, with an average increase of 20% more points per dollar spent.
3. **Revenue Growth**: The company's focus on expansion initiatives and digital innovation, along with the loyalty program, is likely to lead to increased revenue. Marriott's development pipeline and the addition of 97 properties (17,192 rooms) to its worldwide lodging portfolio indicate a strategic approach to growth.
4. **Market Position**: Marriott's dominant position in the global hospitality industry, with over 1.5 million rooms across roughly 30 brands, is expected to strengthen its market share and competitive advantage. The company's long-term earnings growth rate of 17.4% and the recent acquisition of Starwood and partnership with MGM's Vegas portfolio are positive indicators.

In conclusion, Marriott's reimbursements project is expected to contribute to the company's financial growth and support its stock price. The company's strategic initiatives, including the expansion of its room pipeline and the enhancement of its loyalty program, are likely to lead to increased revenue and a strengthened market position.