Marriott bounces back as activity in China surges
Dee-Ann Durbin | Hagadone News Network | UPDATED 5 years, 1 month AGO
Marriott is reporting dramatic improvements in the third quarter as travel demand rebounded in China.
Average occupancy at hotels in China was 61% during the quarter, down just 10% from a year ago. Occupancy in North America was 37% as some leisure demand returned. That was down 40% from the July-September period a year ago.
The world’s largest hotel company on Friday reported earnings of $100 million in the July-September period, down from $387 million in the same quarter a year ago. It said 94% of its hotels are now open worldwide.
Earnings, adjusted for one-time items, were 6 cents per share. Wall Street had been expecting an 8 cent loss, according to a survey of analysts by FactSet.
Revenue fell 57% to $2.25 billion, slightly better than analyst projections.
Shares of the Bethesda, Maryland, company slipped about 1% before the opening bell.
ARTICLES BY DEE-ANN DURBIN
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