Marriott predicts: leisure travel will continue and business will accelerate

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Marriott predicts: leisure travel will continue and business will accelerate

Marriott in the first quarter of the year has had a continuous demand and in the future it expects that pleasure trips will continue, business trips will accelerate and international trips will gain more momentum, said Anthony Capuano, CEO of Marriott, during the presentation of the financial results.

“Globally, strong demand trends continued in April and going forward, we expect leisure travel to remain strong, business travel to accelerate and cross-border travel to gain momentum, supporting strong performance from ADR. In the US and Canada, we hit a milestone in April as we estimate that RevPAR for the month fully recovered to 2019 levels.”

Likewise, it forecasts that revenue per room (RevPAR) in the US and Canada for the remaining quarters of this year will be approximately the same as in 2019 levels. “While there is currently more volatility in our international regions, assuming that we do not Whether there are major changes in the global economic environment or the behavior of the virus, we are increasingly optimistic that the global RevPAR gap compared to pre-pandemic levels will continue to narrow significantly in 2022,” said Capuano.

Within the hotel company’s financial results, it is highlighted that in the USA and Canada, RevPAR improved significantly in February and March, particularly in its urban markets, driven by occupancy and rate gains in all customer segments. “Internationally, RevPAR gains were notable during the quarter in all regions except Greater China, given the strict travel restrictions resulting from the country’s zero-COVID political dynamic. The Middle East and Africa region was again the largest recoverer, with Q1 RevPAR up 12 percent compared to 2019,” Capuano noted.

Reported first quarter net income totaled $377 million, compared to a reported net loss of $11 million in the prior year quarter. First quarter adjusted net income totaled $413 million, compared to first quarter 2021 adjusted net income of $34 million. Adjusted EBITDA totaled $759 million in the first quarter of 2022, compared to first quarter 2021 Adjusted EBITDA of $296 million.

as reported REPORTUR.us, Marriott International announced plans to expand its portfolio in Vietnam, taking advantage of the opening of the borders and with the expectation of adding almost 9,000 rooms within the company’s portfolio. (Marriott quadruples its portfolio in Vietnam with the signing of 30 hotels).

The hotelier will debut brands including Ritz-Carlton Residences, Marriott Hotels, Westin and Courtyard by Marriott. “Vietnam experienced impressive economic growth before the pandemic, fueled in part by coordinated development policies and heavy investment in infrastructure,” said Rajeev Menon, president of Asia Pacific (excluding Greater China) for Marriott International. “Our growth in Vietnam reflects the trust our local owners and franchisees continue to have in Marriott International, and we look forward to presenting them with opportunities to leverage our comprehensive portfolio of 30 brands, as well as our strong distribution network.”

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