{"id":120694,"date":"2023-11-02T21:39:04","date_gmt":"2023-11-02T21:39:04","guid":{"rendered":"https:\/\/yourclomid.com\/?p=120694"},"modified":"2023-11-02T21:39:04","modified_gmt":"2023-11-02T21:39:04","slug":"marriott-reports-terrific-third-quarter","status":"publish","type":"post","link":"https:\/\/yourclomid.com\/travel\/marriott-reports-terrific-third-quarter\/","title":{"rendered":"Marriott reports 'terrific' third quarter"},"content":{"rendered":"

Marriott International CEO Anthony Capuano touted another “terrific” quarter during the company’s Q3 earnings call Thursday, telling analysts that global travel demand “has remained strong” across the board.<\/p>\n

International demand continued to be a standout, however, with Marriott’s international RevPAR up 22% on the same period in 2022, driven primarily by “significant gains” across Asia.<\/p>\n

“We’re within a percentage point of getting back to prepandemic levels of cross-border travel,” said Capuano, who added that more “upside is still expected to come in Asia-Pacific,” as international airlift in Greater China is expected to ramp up from around 15% of 2019’s capacity in the third quarter to around 60% by the end of this year.\u00a0<\/p>\n

Demand from outbound U.S. and Canadian travelers also helped boost international performance. According to Capuano, third-quarter leisure room nights from U.S. and Canadian guests traveling outside the region were up nearly 25% over last year.\u00a0<\/p>\n

Group demand shows ‘remarkable’ strength<\/h2>\n

Also showing “remarkable” strength in Q3 was group demand, which Capuano said is “expected to continue to be a meaningful driver of revenue growth going forward.” In the U.S. and Canada, Marriott’s fourth-quarter 2023 group revenues were projected be up 12% year over year at the end of September, with full-year group revenue pacing up 19%.<\/p>\n

Marriott’s leisure demand also remained robust, with global leisure revenue up 9% on the same quarter last year and leisure revenue in the U.S. and Canada rising 4% during the same period.<\/p>\n

Lastly, business transient demand continued a trend of “slow and steady” progress, as business transient revenue in the U.S. and Canada also increased 4%, bolstered in part by “nice, sequential improvement in demand” from companies within the technology and finance sectors.<\/p>\n

For the third quarter, Marriott reported systemwide RevPAR growth of 8.8%, to nearly $130. Occupancy for the quarter increased 3.2 percentage points to 72.1%, while ADR was up 4.1%, to roughly $180.\u00a0<\/p>\n

Marriott reported the company posted third-quarter net income of $752 million, compared with of $630 million in the year-ago quarter. Revenue for the period totaled $5.9 billion, up from $5.3 billion in Q3 of 2022.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Marriott International CEO Anthony Capuano touted another “terrific” quarter during the company’s Q3 earnings call Thursday, telling analysts that global travel demand “has remained strong” […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\nMarriott reports 'terrific' third quarter - yourclomid.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/yourclomid.com\/travel\/marriott-reports-terrific-third-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marriott reports 'terrific' third quarter - yourclomid.com\" \/>\n<meta property=\"og:description\" content=\"Marriott International CEO Anthony Capuano touted another “terrific” quarter during the company’s Q3 earnings call Thursday, telling analysts that global travel demand “has remained strong” [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/yourclomid.com\/travel\/marriott-reports-terrific-third-quarter\/\" \/>\n<meta property=\"og:site_name\" content=\"yourclomid.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-02T21:39:04+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/yourclomid.com\/travel\/marriott-reports-terrific-third-quarter\/\",\"url\":\"https:\/\/yourclomid.com\/travel\/marriott-reports-terrific-third-quarter\/\",\"name\":\"Marriott reports 'terrific' third quarter - 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