Marriott buys MVIS stock, valuing Marriott’s hotels and restaurants at $1.6B
Marriott stock was up 2.3% to $32.26 after the company reported its fourth-quarter results on Thursday.
The stock is up 8.2% this year, including a 6.9% jump in the last 24 hours.
Marriott said it will continue to buy back stock in its hotels and resorts.
The company also said it expects its total revenue to reach $1 trillion this year.
The stock has seen a surge in popularity among millennials, a demographic that is increasingly searching for luxury accommodations in the United States and abroad.
In March, Marriott said its total guest count had surpassed 5 million, a milestone that has been attributed to the rise of Airbnb.
Mvis stock is down about 1% in after hours trading.
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