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Speaker 1: Joining us now, mister Capiano Marriott is making his ninety

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Speaker 1: day visit. How do you do it? How do you

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Speaker 1: take a four hundred and thirty two dollars room and

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Speaker 1: parse it down to a fourteen percent annualized return on

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Speaker 1: your stock?

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Speaker 2: Well, I think we tap into the resilience of travel,

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Speaker 2: and if anything, during the pandemic, the traveling public came

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Speaker 2: to the conclusion maybe I didn't miss buying a handbag

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Speaker 2: or a watch or another pair of shoes, but I

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Speaker 2: sure missed exploring the world yep. And that that human

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Speaker 2: condition that has this appetite to run around the world

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Speaker 2: and explore, I think is a fabulous driver of our business.

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Speaker 1: Do you have pricing power through the Olympics into the

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Speaker 1: late summer season in into Q three? Based on what

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Speaker 1: I see in airfares.

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Speaker 2: So certainly into Europe broadly, we do. We had a

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Speaker 2: record summer in Western Europe last summer, and our forward

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Speaker 2: bookings today are up about seven percent over that number.

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Speaker 2: And that's going not only into France with the Olympic benefit,

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Speaker 2: but Italy, Spain, Greece, all those markets are way up

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Speaker 2: here over year.

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Speaker 1: Tom.

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Speaker 3: These guys are they got free cash flow? Two and

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Speaker 3: a half billion dollars a year. And it's not like

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Speaker 3: they're not spending money five hundred six hundred seven hundred

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Speaker 3: million dollars in capex. Where are you guys allocating your

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Speaker 3: capital today? Where do you see the opportunities in your business?

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Speaker 1: So a few places.

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Speaker 2: Right now, we're going through a massive replatforming of our

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Speaker 2: most important technology systems, our reservation system, our property management system,

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Speaker 2: and our loyalty platform. And so we've mentioned on the

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Speaker 2: earnings calls for the next couple quarters will be elevating.

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Speaker 1: How do you get people to call Marriott Direct, call

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Speaker 1: a hotel direct instead of some impersonal thing like I'm

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Speaker 1: going to pick on booking dot com. I go to

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Speaker 1: hotels where I can book the hotel directs instead at

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Speaker 1: the desk, you know, be sure they can take missus

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Speaker 1: King seven, Lewis Vieuton luggages in properly. How do you

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Speaker 1: get back to that personal service?

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Speaker 2: It's really through the Bontonvoy platform. It's creating a suite

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Speaker 2: of benefits and making sure through the Bonvoy platform, we

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Speaker 2: educate the consumer of the benefits of Booking Direct.

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Speaker 1: Okay, I'm just gonna this is what Lisa wants to

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Speaker 1: talk about. So we're going there, Tony Capriano. How the

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Speaker 1: Saint Regis mal Dives Voluly Resorts, it's the best points,

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Speaker 1: Guy Brian says, it's the best, you know, best Saint

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Speaker 1: Regis in the world. Do you link with airplanes so

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Speaker 1: Lisa Matteo can get there for the one week in September?

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Speaker 1: It's easy to get there. How does Lisa Matteo pack

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Speaker 1: the bag a little? You know, surely have the knapsack

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Speaker 1: thing and get to the mall dives? How do you

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Speaker 1: do that?

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Speaker 2: She jumps on Emirates, flies straight to Mollie and then

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Speaker 2: there'll be a beautiful Saint Regis boat waiting for you to.

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Speaker 1: See right to the Doc's you do?

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Speaker 2: Or if you really want a beautiful view of that destination,

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Speaker 2: you get on a seaplane which flies at about two

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Speaker 2: thousand feet and you get to view all those beautiful.

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Speaker 1: I've never seen her much. Colooney could walk right.

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Speaker 3: So Tony, I mean, I see a lot of demand.

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Speaker 3: The Maldive's great, that's for Lisa Minteo. But I see

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Speaker 3: demand for the kind of the mid range people want

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Speaker 3: to take those longer term stays. I didn't know that

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Speaker 3: that was a business until recently, but that really is

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Speaker 3: a business where people want to take long term stays.

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Speaker 3: Maybe their contract workers are something like I talked to

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Speaker 3: us about that business.

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Speaker 2: Again, another interesting byproduct coming out of the pandemic this

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Speaker 2: notion that folks, even if they're a little suboptimized, they

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Speaker 2: can work from anywhere. There is a younger generation of

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Speaker 2: nomads that wants to work from anywhere, and so the

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Speaker 2: ability whether it's a traditional extended stay hotel like residents In,

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Speaker 2: whether it's a more value focused extended stay product like

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Speaker 2: Studio res Our new mid scale extended stay platform, or

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Speaker 2: whether it's a bit longer term stay in an apartments

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Speaker 2: by Marriott Bonvoy. There is a consumer that for their

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Speaker 2: travel needs, is much better served with something focused on

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Speaker 2: not a one or two night transience day, but really

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Speaker 2: purpose built to accommodate that longer stay.

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Speaker 1: What are you doing with New York City? The cheapest

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Speaker 1: hotel in Manhattan, I think is eight hundred dollars a night.

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Speaker 1: I'm kidding, But what's your plan for New York City? Well,

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Speaker 1: we'll continue to grow.

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Speaker 2: This city is remarkable, and the pace at which it's

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Speaker 2: recovered from a travel perspective is a terrific story. One

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Speaker 2: of the great benefits of having such a broad brand

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Speaker 2: portfolio across multiple quality tiers. We'll continue to grow at

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Speaker 2: the luxury end we just announced, but at the same

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Speaker 2: time we'll continue to grow with our new mid scale.

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Speaker 1: Our good friend David gra loves to have a Gibson

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Speaker 1: at the Old King Cole. Tell me you're not ruining

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Speaker 1: the Saint Regis absolutely first floor. What are you doing

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Speaker 1: right now at the St. Regions Hotel. You're blowing up

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Speaker 1: the first floor floor of an icon What are you

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Speaker 1: going to do with it?

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Speaker 2: We're just updating it. We're making it more convenient for

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Speaker 2: our guests, We're improving some of the track flow, but

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Speaker 2: we are absolutely not touching that iconic king hole.

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Speaker 1: I mean, this is great and what's so great about

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Speaker 1: this The restoration of the painting at the Old King

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Speaker 1: Cole was like something out of the loof. Yeah, did

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Speaker 1: you get the invoice on that? Somebody did? It didn't

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Speaker 1: come to me, didn't come to you, you know.

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Speaker 2: Saint Regis is another brand that we just announced today.

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Speaker 2: The iconic Pelican Hill Resort on Newport Coast in southern

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Speaker 2: California is going to be reflagged as a Saint Regis

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Speaker 2: as well.

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Speaker 1: So it's a.

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Speaker 2: Brand that is really this is a newport. Yeah, it's

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Speaker 2: Don brann in the Irvine Company.

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Speaker 1: Are you calling this hotel Alrium? You know? Yeah? I

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Speaker 1: mean is this like a Pimco outpost? Is that what

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Speaker 1: is now?

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Speaker 2: I think they continue to be a valued client.

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Speaker 1: They'll be good, Tony. Thank you so much. Congratulations in

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Speaker 1: fourteen percent per year total return that off of Marriotte stock.

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Speaker 1: And thank you for the ninety day visits. Will MATTEO

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Speaker 1: M A T to the mal dives. It's a I see.

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Speaker 1: Tell them to get your slippers ready. Thank you so much, Tony,