Marriott International reports recovery in third quarter

Published on : Tuesday, November 9, 2021

Marriott International recently reported an operating income of $545 million in the 2021 third quarter, compared to 2020 third quarter reported operating income of $252 million.

As per reports, net income totalled $220 million in the 2021 third quarter, compared to 2020 third quarter reported net income of $100 million. Reported diluted earnings per share (EPS) totalled $0.67 in the quarter, compared to reported diluted EPS of $0.31 in the year-ago quarter.

The hotel giant said third quarter 2021 comparable systemwide constant dollar RevPAR increased 118 per cent worldwide, 135 percent in the United States and Canada, and 76 per cent in international markets, when compared to the 2020 third quarter.

Anthony Capuano, Chief Executive, Marriott International said in a statement that the company was pleased to see continued meaningful improvement in global trends in the third quarter, despite the impact of the Delta variant of Covid-19 during the second half of the quarter.

He mentioned that for  the quarter, worldwide RevPAR was down 26 per cent compared to the 2019 third quarter, a significant improvement from the second quarter RevPAR decline of 44 per cent compared to the same quarter in 2019. He also said that third quarter occupancy topped 58 per cent, driven largely by continued strength in leisure demand.

He added that average daily rate, which was only four percent below 2019 levels for the quarter, has been recovering much more quickly than in the past two downturns. He also shared that most the regions saw considerable improvement in RevPAR in the third quarter compared to the second quarter.

He said that in the largest region, the United States and Canada, third quarter RevPAR came in 20 per cent below the same quarter in 2019, compared to down 40 per cent in the second quarter versus the same quarter in 2019. He further stated that Europe saw a dramatic rise in demand in the quarter, as many key international borders opened, with 2021 RevPAR compared to 2019 improving to down 44 per cent from down 77 per cent in the second quarter and ADR for the region trailed third quarter 2019 levels by just five per cent.

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