Marriott Posts 4th Quarter Profit Thanks to Vaccinations and Holiday Traffic
Marriott International revealed in its fourth-quarter results that increasing vaccination rates and holiday-season traffic boosted occupancy rates across its hotels. The company’s revenue more than doubled to $4.45 billion in three months ended Dec. 31.
Rising vaccination rates worldwide have helped the hotel industry as customers returned to the comforts of luxury stays during the holiday season. Marriott has benefited from the reopening of international borders and more lenient travel restrictions, especially in North America and Europe.
“Each of our regions saw meaningful continued RevPAR (revenue per available room) recovery in the fourth quarter compared to the third quarter, with the exception of Greater China, where recovery stalled due to their zero COVID policy,” said Chief Executive Officer Anthony Capuano, as reported by Reuters. He also said that new bookings had rebounded to pre-Omicron levels despite a setback in January. Capuano is optimistic about global travel demand recovery throughout 2022.
Marriott reported a net income of $468 million, or $1.42 per share, for the fourth quarter of 2021. That’s quite the improvement from a loss of $164 million or 50 cents per share, a year earlier.
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