Marriott Bounces Back As Activity In China Surges
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 worlds 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.
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