Marriott reports $164 million loss for fourth quarter

Published on : Friday, February 19, 2021

Marriott

Marriott has recently reported a fourth quarter net loss of $164 million as the COVID-19 pandemic continues to take the hospitality industry by storm. The figure has been compared to a net income of $279 million in the quarter of the year before. Comparable systemwide constant dollar RevPAR for the three months period declined 64 per cent worldwide, 65 per cent in the United States and Canada, and 63 per cent in international markets when compared to the 2019 fourth quarter.


The company added nearly 63,000 rooms globally during 2020, including more than 28,000 rooms in international markets and a total of roughly 8,100 conversion rooms. Stephanie Linnartz, President, Marriott Group said in a statement that with the global pandemic, 2020 was the most challenging year in that brand’s 93-year history. She shared that in April 2020, the company experienced the sharpest worldwide RevPAR decline on record, down 90 per cent year over year with just 12 per cent occupancy.

She informed that demand around the world improved at varying rates, with China leading the way and RevPAR in mainland China saw a meaningful rebound through the year and was down less than ten per cent year over year in December. She mentioned that while China has shown that demand can be quite resilient when the virus is perceived to be contained, it was also noticed that progress can be slowed by significant spikes in virus cases, such as in the United States and Europe towards the end of 2020.

She also informed that global occupancy remained at 35 per cent in the fourth quarter, in line with the third quarter, and still substantially above the trough in April. She added that while no one is aware how long the pandemic will last, the company is seeing some small, early signs that the acceleration of vaccine rollouts around the world will help drive a significant rebound in travel and lodging demand.


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