Marriott Records First Loss Since 2009
Marriott International announced financial results for the fourth quarter of 2020 and the full calendar year.
The world’s largest hotel chain ended 2020 with a loss of $267 million, its first loss since 2009.
The year-end results were reported several days after its CEO, Arne Sorensen, died of pancreatic cancer. Sorensen was only the company’s third CEO and the first not to carry a Marriott surname. He presided over what was the hospitality industry’s worst year on record, amidst the coronavirus pandemic-induced downturn in travel.
Marriott reported a fourth-quarter loss of $164 million, compared with a profit of $279 million in the same period a year earlier, on revenue of $2.17 billion, down 59.6% from Q4 2019.
Revenue for 2020 was down by 50%, to $10.6 billion, compared to $20.97 billion in 2019. The company reported a loss of $267 million, a 121% drop, versus a profit of $1.3 billion the prior year.
Meanwhile, the company said that RevPAR, or revenue per available room, an important performance metric in the hotel industry, declined 64.1% worldwide, 64.6% in the U.S. and Canada, and 62.7% in international markets, compared to the same period in 2019.
(Photo: Accura Media Group)
