Hotels & ResortsNews

Marriott International Reports Second-Quarter 2020 Results

783c27 1e3709567ff04c2db3d3c2842fe54f54~mv2 Marriott International Reports Second-Quarter 2020 Results​​

Marriott International reported its second-quarter 2020 results, which were dramatically impacted by the COVID-19 global pandemic and efforts to contain it (COVID-19).

  • Second-quarter 2020 comparable systemwide constant dollar RevPAR declined 84.4 per cent worldwide, 83.6 per cent in North America and 86.7 per cent outside North America;
  • Second-quarter reported diluted loss per share totalled $0.72, compared to reported diluted EPS of $0.69 in the year-ago quarter. Second-quarter adjusted diluted loss per share totalled $0.64, compared to second quarter 2019 adjusted diluted EPS of $1.56. Second-quarter 2020 impairment charges and bad debt expense related to COVID-19 impacted reported and adjusted diluted loss per share by $0.19 and $0.17, respectively;
  • Second-quarter reported net loss totalled $234 million, compared to reported net income of $232 million in the year-ago quarter. Second-quarter adjusted net loss totalled $210 million, compared to second quarter 2019 adjusted net income of $525 million. Second-quarter 2020 impairment charges and bad debt expense related to COVID-19 impacted reported and adjusted net loss by $61 million after-tax and $54 million after-tax, respectively;
  • Adjusted EBITDA totalled $61 million in the 2020 second quarter, compared to second quarter 2019 adjusted EBITDA of $952 million. Second-quarter 2020 adjusted EBITDA included $36 million of bad debt expense related to COVID-19;

Arne M. Sorenson, President and CEO, Marriott International, said, “While our business continues to be profoundly impacted by COVID-19, we are seeing steady signs of demand returning. Worldwide RevPAR[1] has climbed steadily since its low point of down 90 per cent for the month of April, to a decline of 70 per cent for the month of July. Worldwide occupancy rates, which bottomed at 11 per cent for the week ended April 11, have improved each week, reaching nearly 34 per cent for the week ended August 1. Currently, 91 per cent of our worldwide hotels are now open compared to 74 per cent in April, and 96 per cent are open today in North America. 

“Greater China continues to lead the recovery. As of early May, all our hotels in the region are open, and occupancy levels are now reaching 60 per cent, compared to 70 per cent the same time last year, and a marked improvement from single-digit levels in February. While Greater China’s recovery was originally led by demand from leisure travellers, particularly in resorts and drive-to destinations, we are now seeing more widespread business demand, including some group activity.

“The improvement we have seen in Greater China exemplifies the resilience of travel demand once there is a view that the virus is under control and travel restrictions have eased. Our other regions around the world have also experienced steady improvements in demand and RevPAR over the last couple of months, though the pace varies and tends to be slower in regions that depend more on international travellers.

“While the full recovery from COVID-19 will clearly take time, the current trends we are seeing reinforce our view that when people feel safe travelling, demand returns quickly. My thoughts continue to be with all who have been impacted by the pandemic.”

Related posts

Discover the coolest dreamiest honeymoon spots for the year

A honeymoon is not merely a vacation. It is an unforgettable once in a lifetime experience that every couple wants. Candle-lit dinners,…

Fortune Hotels announced its 6th hotel in Delhi NCR

Fortune Hotels announced its 6th hotel in Delhi NCR Inks an agreement for Fortune Park Vivek Vihar, New Delhi Fortune Hotels, a…

IHG Hotels & Resorts debuts 141-key Holiday Inn Express and Suites Jaipur in popular holiday circuit

a management agreement with notable real estate developer, Dinesh Kumar Choudhary (HUF) for a new hotel – Holiday Inn Express & Suites Jaipur Karoli Bagh

FNP Gardens rebrands as FNP Venues- a perfect destination for weddings and events

FNP Gardens revamps to new brand identity as FNP Venues, a unit by Ferns N Petals. A perfect place to celebrate happiness…

The splendid 281 room Leela Bhartiya City Bengaluru opens in vibrant Bengaluru

The Leela Bhartiya City Bengaluru opens in Bengaluru

Pride opens doors of Pride Chira Meadows Ecoresort and Wellness spa in Dapoli

Pride has launched Pride Chira Meadows Ecoresort and Wellness Spa

Accor reimagines homeownership with a spectacular collection of branded residences

Accor, a world-leading hospitality group featuring one of the industry’s most diverse and fully integrated hospitality ecosystems, has established itself as a…

ibis opens its 20th hotel in India - the new generation design- ibis Mumbai Vikhroli

ibis Mumbai Vikhroli

Tourism Fiji - International borders reopen on Dec 1, 2021, for visitors to the paradise island

Tourism Fiji tells the world it’s time to book a trip to the ‘Place Where Happiness Finds You’. The island paradise of…

Monaco is For You. At last!

With the launch of its new campaign, the Monaco Tourist and Convention Authority communicates that it’s time for tourism recovery.