Stock Groups

Marriott profit doubles as leisure travel boosts demand -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO A Marriott flag is displayed at the New York Marriott Downtown Hotel in Manhattan on November 16, 2015. REUTERS/Andrew Kelly/File Photograph

(Reuters) – Marriott International (NASDAQ) Inc announced Wednesday that its quarter-end profit more than doubled due to higher occupancy rates in its hotels. The improvement was caused by vaccinations, encouraging people to travel again after almost two years.

As countries like Australia, Thailand, and the United States ease or plan to lift COVID-19 travel restrictions that apply to fully-vaccinated foreign visitors, hotel operators anticipate a spike in demand.

Kayak, a travel website, stated last month that international travel searches to the U.S. soared following the White House’s announcement about lifting travel restrictions due to pandemics.

Anthony Capuano (Marriot Chief Executive Officer) stated, “Globally, leisure tourism remained very strong through the quarter.”

Marriott, which owns brands such as the JW Marriott and the Ritz-Carlton, said occupancy in its key U.S. & Canada and Greater China markets stood at 63.5% and 52.7%, respectively, in the third quarter, compared to 37% and 61.4% last year.

Marriott earned 99c per share and revenue rose 75%, to $3.95billion.

From $100 million (or 312 cents per shares) a year ago, the company’s net profit rose to $220million, or 67 per share in the third quarter.

Disclaimer Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]