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1、1 Marriott International,Inc.First Quarter 2025 Earnings Conference Call Transcript1 May 6,2025 Operator:Good day,everyone,and welcome to Marriott Internationals First Quarter 2025 Earnings Conference Call.Todays call will be recorded.It is now my pleasure to turn the call over to Senior Vice Presid

2、ent,Investor Relations,Jackie McConagha.Jackie McConagha:Good morning,everyone,and welcome to Marriotts first quarter 2025 earnings call.On the call with me today are Tony Capuano,our President and Chief Executive Officer,Leeny Oberg,our Chief Financial Officer and Executive Vice President,Developme

3、nt,and Pilar Fernandez,our Senior Director of Investor Relations.Before we begin,I would like to remind everyone that many of our comments today are not historical facts and are considered forward-looking statements under federal securities laws.These statements are subject to numerous risks and unc

4、ertainties,as described in our SEC filings,which could cause future results to differ materially from those expressed in or implied by our comments.Unless otherwise stated,our RevPAR,occupancy,average daily rate and property-level revenues comments reflect systemwide,constant currency results for co

5、mparable hotels and all changes refer to year-over-year changes for the comparable period.Statements in our comments and the press release we issued earlier today are effective only today and will not be updated as actual events unfold.You can find our earnings release and reconciliations of all non

6、-GAAP financial measures referred to in our remarks today on our investor relations website.And now I will turn the call over to Tony.Tony Capuano:Thank you,Jackie,and good morning,everyone.We reported strong first quarter results this morning,despite an uncertain macro-economic environment,and each