Marriott reports green shoots despite losses | News

Marriott has noted a fourth quarter net loss of $164 million as the Covid-19 pandemic

Marriott has noted a fourth quarter net loss of $164 million as the Covid-19 pandemic carries on to hit hospitality.

The determine is compared to a internet cash flow of $279 million in the calendar year-back quarter.

Comparable systemwide continual dollar RevPAR for the a few months period declined 64 per cent worldwide, 65 per cent in the United States and Canada, and 63 for each cent in global markets when compared to the 2019 fourth quarter.

The enterprise added nearly 63,000 rooms globally through 2020, like extra than 28,000 rooms in international markets and a overall of approximately 8,100 conversion rooms.

Stephanie Linnartz, Marriott group president, said: “With the international pandemic, 2020 was the most difficult year in our 93-12 months history.

“In April, we knowledgeable the sharpest throughout the world RevPAR drop on file, down 90 for each cent calendar year about calendar year with just 12 per cent occupancy.

“Demand all-around the environment improved from this trough at different premiums, with China main the way.

“RevPAR in mainland China observed a significant rebound via the year and was down a lot less than 10 for each cent year around calendar year in December.”

She added: “While China has revealed that demand from customers can be really resilient when the virus is perceived to be contained, we have also observed that development can be slowed by important spikes in virus situations, this sort of as we observed in the United States and Europe towards the end of 2020.

“Global occupancy remained at 35 per cent in the fourth quarter, in line with the 3rd quarter, and nonetheless considerably above the trough in April.

“While no one particular can know how prolonged this pandemic will final, we are observing some little, early indications that the acceleration of vaccine rollouts about the entire world will support travel a substantial rebound in travel and lodging need.”

Sorenson

Marriott earlier this 7 days announced that chief executive Arne Sorenson experienced died soon after staying identified with pancreatic cancer.

Leeny Oberg, Marriott chief monetary officer, stated: “We are all deeply saddened by Arne Sorenson’s unforeseen passing.

“We are grateful to have been in a position to do the job with this kind of an inspiring and talented chief and will generally treasure our recollections of doing the job with him.

“Our leadership crew is fully commited to honouring him by building on his amazing legacy as we shift the company forward.”