China demand boosts Marriott International recovery

Published on : Thursday, August 5, 2021

Marriott International has reported a net income of $422 million for the second quarter, as the hospitality sector continues to rebound from the Covid-19 pandemic. The figure is compared to reported net loss of $234 million in the same quarter a year ago. Second quarter comparable systemwide constant dollar RevPAR increased 262 per cent worldwide.

In the United States and Canada the figure was 274 per cent, while in international markets RevPAR increased 223 per cent when compared to the 2020 second quarter. The company added nearly 25,000 rooms globally during the second quarter, including roughly 13,000 rooms in international markets and a total of approximately 5,300 conversion rooms. Gross rooms growth was 6.1 per cent for the twelve months ended June 30.

Anthony Capuano, Chief Executive, Marriott International said in a statement that the rate of global lodging recovery accelerated during the second quarter and momentum has continued into July. He mentioned that authorities are particularly pleased with the resilience of RevPAR in markets where consumers feel safe traveling. He shared that worldwide occupancy has continued to build, reaching 51 per cent for the quarter.

He also talked about noticing strong improvement in global average daily rate in the second quarter, which was down only 17 per cent compared to the second quarter of 2019 adding that the swift resurgence of lodging demand once the virus has been largely contained and restrictions have eased has been most evident in mainland China. He shared that second quarter RevPAR in mainland China was on par with the second quarter of 2019, and in April, for the first time since the pandemic began, leisure, business transient and group room nights were all ahead of 2019 levels.

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