Marriott International reports third quarter 2021 results
RevPAR in dollars increased 118.4 percent worldwide over the same period last year
Marriott International, Inc. today reported third quarter 2021 results today. Anthony Capuano, CEO of the company said: "We were pleased to see continued significant improvement in global trends in the third quarter, despite the impact of the Delta variant. during the second half of the quarter. For the quarter, global RevPAR 1 decreased 26 percent compared to the third quarter of 2019, a significant improvement over the second quarter RevPAR decrease of 44 percent compared to the same 2019 quarter. Third-quarter occupancy exceeded 58 percent, driven in large part by continued strength in leisure demand. It was just 4 percent below 2019 levels for the quarter,it has been recovering much faster than in the last two recessions.
"Most of our regions saw a significant improvement in RevPAR in Q3 compared to Q2. In our largest region, the US and Canada, Q3 RevPAR was 20 percent below Q2. same quarter in 2019, compared to 40 percent less in the second quarter compared to the same quarter of 2019. Europe saw a dramatic increase in demand in the quarter, as many key international borders were opened, with the RevPAR of 2021 compared to 2019 improving to 44 percent from 77 percent in the second quarter. ADR for the region lagged behind the levels of the third quarter of 2019 by only 5 percent".
"Globally, leisure travel overall remained very strong throughout the quarter, while the Delta variant had the biggest impact on business transient demand. With the worst of the Delta variant wave now hopefully behind, demand business transient rebounded again in October, a trend we hope to continue".
"During the pandemic, we have worked closely with our owners and franchisees to drive revenue and lower costs. And we are seeing the benefits of this work in our development activity. Room signings from the third quarter of the year to date, nearly a third of which were conversions, up nearly 30 percent year-over-year, and our portfolio remains the largest in the industry. With over 40 percent of our portfolio rooms at the deluxe and deluxe tiers top, we think we also have the most valuable ones Lastly, on the development front, with more clarity around our estimated eliminations for the full year, we now expect net room growth in 2021 to be about 3.5 per cent. hundred".
"We are proud of the dedication and perseverance our associates have shown over the last year and a half, as they navigated the most challenging environment we have ever faced. With improving global trends, we believe we are well positioned for growth as The global recovery continues. We are very optimistic about our future".