Marriott Reports Q1 Revenue Down by 50%

By Paul Riegler on 10 May 2021
  • Share

Marriott International announced financial results for first quarter of 2021.

The hotel operator reported a net loss of $11 million in Q1, compared with a profit of $31 million in the same period in 2020, amidst the coronavirus pandemic-induced decline in travel.

Revenue fell to $2.32 billion to $4.68 billion in Q1 2020.

The company has seen a gradual recovery in the United States and Canada, as vaccines rolled out,  said Marriott CEO Tony Capuano, but the recovery has been greatest in China.

“While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level,” Capuano said.

The hotelier said that its first-quarter REVPAR, or revenue per available room, a key measure of a hotel’s performance, fell by 46.3%, to $45.68 on a worldwide basis. Occupancy in Q1 was down 15%.

(Photo: Accura Media Group)

Accura News

Read previous post:
New York City to Offer Vaccinations to Tourists in Times Square

Officials in New York City have plans to make travel safer for tourists by offering to vaccinate them in Times...