As tourism revives, Marriot International witnesses jump in pent-up demand

Published on : Wednesday, August 4, 2021

In the second quarter of 2021, Marriott International’s sales have more than doubled from a year ago. It’s the recent sign of the recovery in the hospitality industry.

In the three months through June 2021, revenue increased to $3.15 billion, the company on Tuesday has reported, from $1.5 billion in the year-ago quarter. The lodging giant reported profit of $422 million in comparison to a $234 million loss in the same time in 2020.

Marriot International has explained that rebound had continued since June, as vaccination rates have increased followed by easy travel rule helping raise occupancy. Global occupancy increased to 51 percent in the second quarter.
“The rate of global lodging recovery accelerated during the second quarter and momentum has continued into July,” Anthony Capuano, Marriott’s chief executive, said in a statement.

The company is witnessing an increase in repressed demand from all the small and midsize groups, along with social groups that have suspended events for more than a year. However, bookings from large citywide events are still lagging.

Even though domestic leisure travel is reviving gradually, the rebound process of the sector is getting hampered by the spread of the Delta variant of the coronavirus. The Biden administration will stop the entry of travelers from Europe into the United States, referring to the concerns that infected travelers may contribute to the additional spread of the variant all over United States.

“While we are keeping a close eye on the Delta and other variant strains, we are optimistic that the upward trajectory of the global recovery will continue,” Mr. Capuano said in the statement. “Timelines are hard to predict and will continue to vary by region, but I believe that we are on our way to a full global recovery.”

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