We all know that the hotelier industry was amongst the most affected by the pandemic. If last week, Hilton posted higher-than-expected quarterly losses, today the American Marriott released its financial report.
Marriott posted bigger-than-expected losses as the pandemic led to a plunge in bookings.
The revenue figures came in at $1.46 billion, 72.4% lower than last year’s numbers. It underperformed the $1.68 billion expected. After adjustment, Marriott had a loss per share of 64 cents.
Revenue per available room dropped by 84.4% at a global level, while in the US shed 83.6%. For this year, Marriott expects the room booking to grow by 2% up to 3%.
Marriott stock price slid 3.8% after the report. Year-to-date the share price fell 40.3%, while the USA500 is up 3.73%.
Visit CAPEX.com for more financial news!
Sources: cnbc.com, foxbusiness.com