Revenue during the quarter surged 47.22 percent to $5,456 million from $3,706 million in the previous year period. Gross margin for the quarter contracted 63 basis points over the previous year period to 13.67 percent. Total expenses were 91.92 percent of quarterly revenues, up from 91.64 percent for the same period last year. That has resulted in a contraction of 28 basis points in operating margin to 8.08 percent.

Operating income for the quarter was $441 million, compared with $310 million in the previous year period.

Arne M. Sorenson, president and chief executive officer of Marriott International, said, "The company delivered record high fee revenues in 2016, boosted by significant unit growth, RevPAR improvement, outstanding property-level margin gains and the acquisition of Starwood Hotels & Resorts. We added 11 leading brands to our portfolio as a result of the acquisition and welcomed the 6,000th hotel to our system. Together with owners and franchisees, Marriott and Starwood added more than 68,000 rooms during the year and, despite a tightening credit market, drove our pipeline of hotels under development to more than 420,000 rooms."

For the first-quarter 2017, Marriott International projects revenue to be in the range of $740 million to $750 million. The company projects operating income to be in the range of $500 million to $525 million. The company forecasts diluted earnings per share to be in the range of $0.87 to $0.91. 

For fiscal year 2017, Marriott International projects revenue to be in the range of $3,175 million to $3,245 million. The company projects operating income to be in the range of $2,335 million to $2,430 million. The company forecasts diluted earnings per share to be in the range of $3.79 to $3.97.