Marriott posts first quarterly loss in nearly nine years as virus hits bookings
BETHESDA, Maryland: US hotel operator Marriott International posted a bigger-than-expected quarterly loss on Monday , as the coronavirus pandemic curbed global travel and led to a plunge in room bookings.
Marriott's shares, down 40.3 per cent this year, fell 3.8 per cent in pre-market trading as the company also reported an 84.4 per cent plunge in revenue per available room - a key performance measure for the hotel industry.However, Marriott said it now expects a gradual rise in occupancy rates across the world although it may be a few years before it sees a return to pre-pandemic demand levels, echoing smaller rival Hilton's comments from last week.
"While our business continues to be profoundly impacted by COVID-19, we are seeing steady signs of demand returning", Marriott CEO Arne Sorenson said in a statement.The company's loss attributable to stockholders was US$234 million, or US$0.72 per share, in the second quarter ended Jun 30, compared with net income of US$232 million, or US$0.69 per share, a year earlier.Total revenue plunged 72.4 per cent to US$1.46 billion.Analysts on average had estimated revenue of US$1.
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