1) Strong Financial Performance and RevPAR Growth - Second quarter global RevPAR increased by 3.4%, with U.S. and Canada RevPAR rising 5%, marking the highest quarterly increase in 13 quarters. - Luxury and resort hotels outperformed, with luxury RevPAR up over 9%. - Total gross fee revenues rose 13% YoY to $1.58 billion, driven by higher RevPAR and room growth. - Adjusted EBITDA increased 13% to $1.59 billion, and adjusted diluted EPS rose 20% to $3.19.

2) Segment Performance and Customer Trends - Leisure RevPAR globally rose 5%, with U.S. and Canada seeing a 7% increase. - Group RevPAR increased by 3% globally and 4% in the U.S. and Canada. - Business transient RevPAR grew 2% globally, with government transient up 5% due to easier comparisons. - Strong demand trends are expected to continue, particularly in leisure and group segments.

3) Development and Pipeline Expansion - Record global signings in the first half of 2026, with the global pipeline growing nearly 7% YoY to approximately 629,000 rooms. - Over 279,000 rooms are currently under construction, with conversions representing 34% of signings and 40% of openings. - New brand Series by Marriott is set to launch in Greater China, adding approximately 100 hotels.

4) Operational Enhancements and Owner Relations - Implemented productivity enhancements and lowered loyalty charge-out rates by roughly 5%. - New ITR incentive program introduced to improve hotel owner economics, offering fee reimbursement for achieving defined thresholds. - Long-term agreements with JPMorgan Chase and American Express for co-branded credit cards expected to drive significant value across the Marriott Bonvoy ecosystem.

5) Guidance and Outlook - Full year 2026 global RevPAR growth guidance raised to 3% to 3.5%, with third quarter expectations of 3.5% to 4%. - Full year gross fee revenues expected to rise 11% to $6.03 billion to $6.06 billion. - Investment spending projected at $1.25 billion to $1.35 billion, with a focus on technology transformation and renovations.

Bottom line: Marriott's strong second quarter performance, driven by RevPAR growth and a robust development pipeline, positions the company favorably for continued growth. The strategic focus on enhancing owner relations and leveraging technology is expected to further strengthen its competitive advantage, making it an attractive proposition for shareholders.