1210 ET - Marriott International plans to spend up to $1.1 billion in 2025 on improving its technology, renovating its hotels and adding new rooms. The hotel operator's tech spend will go toward the multi-year transformation of its property management, reservations and loyalty systems, CFO CFO Leeny Oberg says on a call with analysts. About one-third of Marriott's total expenditures this year will go toward renovating its Elegant Hotels portfolio in Barbados, which it expects to sell upon completion, Oberg adds. The company will also spend on new contacts to expand its global portfolio, she says. Analysts surveyed by FactSet were expecting capital expenditures of $506.4 million in 2025. Shares fall 5.4%. (connor.hart@wsj.com)
(END) Dow Jones Newswires
February 11, 2025 12:10 ET (17:10 GMT)
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