Marriott International Reports First Quarter 2021 Results

Marriott International has released its first-quarter report for 2021, which ended March 31, 2021. In comparison with the numbers from the first quarter last year, during which the pandemic first began, the company has dealt with large losses.

It seeks to gain more traction as vaccinations continue to roll out and the demand for travel rises both domestically and internationally. It also continues to grow throughout the pandemic, having added 134 new properties (a total of 23,567 rooms) in its first quarter this year.

Worldwide RevPAR (revenue per available room) declined 46.3 percent compared to the first quarter of 2020. In the U.S. and Canada, RevPAR declined 46.3 percent. In the first quarter of last year, Marriott reported an adjusted net income of $160 million. This year’s first-quarter adjusted net income was $34 million.

In terms of development, Marriott International has grown its portfolio, with 2,825 properties in development and 134 new properties added, including 11 all-inclusives in the Caribbean and in Latin America. Almost half of those are currently under construction.

“We were pleased to see demand improve meaningfully during the first quarter. We are welcoming more and more guests to our hotels as consumers are traveling again once they feel it is safe,” said Tony Capuano, Chief Executive Officer. “While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level. Occupancy reached 66 percent in mainland China in March, nearly the same as in March 2019, on strong demand from both leisure and business travelers.”

“In our largest region, the U.S. & Canada, demand increased rapidly as vaccine rollouts accelerated. Occupancy started the year at 33 percent in January and reached 49 percent by March. Leisure demand gained momentum, particularly in ski and beach resort destinations. We are encouraged to see green shoots in special corporate and group bookings, which have been improving as companies slowly begin to return to their offices. The pickup in transient booking pace for the U.S. & Canada points toward continued improvement in consumer sentiment around travel,” Capuano continued.

Please click here to read the full report.