Marriott International Inc's MAR.O fourth-quarter results have topped Wall Street estimates, as increasing vaccination rates and holiday-season traffic boosted occupancy rates across its hotels.
Some Space To Breathe
Rising vaccination rates worldwide have given the COVID-19 pandemic-battered hotel industry some space to breathe, with customers returning to the comforts of luxury stays during the holiday season.
Benefitted From Borders Reopening And Leniency In Travel Restrictions
The world's largest hotel chain has benefitted from the reopening of international borders and leniency in travel restrictions, especially in its prime North America and Europe markets.
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The company's revenue more than doubled to $4.45 billion in three months ended 31 December, beating analyst estimates of $3.99 billion.
Statements By CEO
"Each of our regions saw meaningful continued RevPAR (revenue per available room) recovery in the fourth quarter compared to the third quarter, with the exception of Greater China, where recovery stalled due to their zero COVID policy," CEO Anthony Capuano said.
Capuano added that new bookings across customer segments had rebounded to pre-Omicron levels despite a setback in January, and that he is optimistic about global travel demand recovery throughout 2022.
Occupancy In The US And Canada Region
Occupancy in the JW Marriott and Ritz-Carlton owner's key US and Canada region stood at 60% in the fourth quarter, compared with 35.1% a year earlier.
Quarterly Adjusted Net Income Per Share
The company reported quarterly adjusted net income per share of $1.30, topping analyst estimates of $1.00 per share.