Marriott Swings to Profit, Sees Blending of Leisure Trips with Business

By Paul Riegler on 3 August 2021
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Marriott International announced financial results for second quarter of 2021.

The hotel operator reported revenue of $486 million in the quarter compared to a net loss of $234 million in the same period in 2020 amidst the coronavirus pandemic induced downturn in travel and to net income of $232 million in the same period in 2019.  The improvement was driven by leisure travel, while the company keeps “a close eye” on the spread of the Delta variant, the company’s CEO, Anthony Capuano, said.

The second-quarter loss was Marriott’s first in nine years.

Revenue for the period $3.15 billion, a 115.1% increase from Q2 2020.

The hotelier said that leisure traffic was the driver for the increase in revenue.

“Leisure demand once again led the way, although business transient and group demand also continued to grow,” said Anthony Capuano, the company’s CEO, who added that “we are optimistic that the upward trajectory of the global recovery will continue.”

Capuano said that he sees the return of workers to offices as a “catalyst” for a meaningful increase in business and group travel come fall.

Meanwhile, the Bethesda-based hotel chain has also seen more blending of leisure trips with business travel, a trend it expects to continue, he said.

The company, which owns hotel brands such as the JW Marriott and Sheraton, said that constant dollar revenue per available room had increased 262.6% worldwide compared to the same period in 2020 and was down 43.8% compared to the same period in 2019.

(Photo: Accura Media Group)

Accura News

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