Marriott International Inc. said its profit rose in the third quarter, a gain it attributed to continuing demand for leisure travel even as the spread of the Covid-19 Delta variant weighed on the second half of the period.
The hotel chain, whose portfolio encompasses roughly 7,900 properties world-wide, on Wednesday posted net income of $220 million, compared with a $100 million in the prior year. Adjusted earnings were 99 cents a share, meeting Wall Street estimates.
Revenue for the three months ended Sept. 30 rose to $3.95 billion from $2.25 billion, beating expectations of analysts polled by FactSet.
“Globally, leisure travel generally remained very strong throughout the quarter, while the Delta variant had the most impact on business transient demand,” Chief Executive Anthony Capuano said. “With the worst of the Delta variant wave now hopefully behind us, business transient demand picked up again in October, a trend we expect to continue.”
The Bethesda, Md., company said comparable systemwide revenue per available room, a closely watched industry metric known as RevPAR, rose 118.4% world-wide from the same period last year, and world-wide occupancy rose 23.4 percentage points to 58.2%.
Results, however, remain below the same period in 2019. Compared with the third quarter of 2019, global RevPAR declined 25.8%, and occupancy fell 16.8 percentage points.
Hilton Worldwide Holdings Inc. in late October reported a quarterly profit and higher revenue as it saw leisure travel remaining its driver of recovery and business travel continuing to pick up in the third quarter.
Hyatt Hotels Corp. is set to report quarterly results after the market closes Wednesday.
This story has been published from a wire agency feed without modifications to the text
Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!