While Marriott International Inc. (NASDAQ: MAR) saw its worst earnings performance in the company’s nearly 100-year history during the second quarter, vastly improved occupancy and demand in China slightly buoyed what were dismal systemwide revenue numbers.
Marriott CEO Arne Sorenson told investors during a Monday call he believes the worst of the pandemic is behind the company, although he could not say if 2019 demand levels would return in 2021.
In the second quarter, the Bethesda hospitality giant posted revenue of $1.46 billion, down 72% from the $5.3 billion it earned in the same quarter of 2019. It ended the quarter with a net loss of $234 million, compared to net income of $232 million in the second quarter of 2019.
Revenue per available room, a key industry metric, declined 84.4% worldwide — 83.6% in North America, but only 59.2% in Greater China — compared to the same period in 2019.
The company’s worldwide RevPAR has climbed from its low point of being down 90%…Read the full story from the Washington Business Journal.