Marriott lowers debt by over $600 million in fourth quarter of 2020

By Devika Patel

Knoxville, Tenn., Feb. 18 – Marriott International Inc. reduced its debt by more than $600 million last quarter.

“At the end of the fourth quarter, our net liquidity was approximately $4.4 billion after the paydown of over $600 million of debt during the quarter,” executive vice president and chief financial officer Leeny Oberg said on the company’s fourth quarter and year ended Dec. 31, 2020 earnings conference call on Thursday.

“We believe our liquidity position and resilient cash flow from operations comfortably position us to meet our short- and long-term obligations,” she said.

Adjusted EBITDA was $317 million in the fourth quarter of 2020, compared to adjusted EBITDA of $901 million in the fourth quarter of 2019.

At year-end 2020, Marriott's net debt was $9.5 billion, representing total debt of $10.4 billion less cash and cash equivalents of $900 million. In comparison, at year-end 2019, the company's net debt was $10.7 billion, representing total debt of $10.9 billion less cash and cash equivalents of $200 million.

The lodging company is based in Bethesda, Md.

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