Global hospitality chain Marriott International saw its second-quarter bottom line turn to profit from the loss last year, following the easing of lockdown restrictions in several of the company’s markets.
- Net income stood at $422 million versus the $234-million net loss in the second quarter last year. Diluted earnings per share totaled $1.28 versus the diluted loss per share of $0.72 in 2020.
- Second-quarter revenue per available room surged by 262.6% worldwide, 274.6% in the United States and Canada, and 223.2% in international markets versus the second quarter of 2020.
- Chief Executive Officer Anthony Capuano said worldwide occupancy reached 51% in the quarter. The COVID-19 delta variant is a concern, but global recovery is expected to continue.
- Leisure demand drove the growth in the United States and Canada. In contrast, the resurgence of lodging demand was most evident in Mainland China, where revenues hit pre-pandemic levels for the first time in April.
- Marriott expects business to increase due to transient and group demand in the fall as workers return to offices on a hybrid basis. Corporate clients are already starting to do so.
Marriott added nearly 25,000 rooms globally in the second quarter, with rooms up 6.1% for the twelve months ending June.
MAR is down 2.48%.