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MARRIOTT INTERNATIONAL, INC.

(MAR)
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Marriott International : Weak U.S. bookings hurt Marriott profit, China shines

05/10/2021 | 07:13am EDT

May 10 (Reuters) - Marriott reported lower-than-expected quarterly profit and revenue because of fewer bookings in its main U.S. market, but the business showed a sharp rebound in China, which is emerging from the coronavirus pandemic at a faster pace.

It is a long road to recovery for Marriott and its smaller rival Hilton, analysts have said, as the hotel operators rely heavily on business travel, which remains weak due to border curbs in many countries.

Marriott, which gets about three quarters of its revenue from the United States and Canada, said its RevPAR, a key measure for a hotel's top line performance, fell 46.3% in the region, sending its shares down as much as 3.8%.

Greater China was the only market that showed positive occupancy growth as RevPAR surged nearly 77%, while it plunged 80% in Europe, making the continent the worst performing region due to the fresh restrictions that have been imposed.

"While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level," Chief Executive Officer Tony Capuano said.

"Given rising COVID cases and strict restrictions in many countries (in Europe), 25% of the region's hotels are currently closed," he told analysts.

Last week, rival Hilton had said Asia, including China, was its only market with positive quarterly occupancy rates and the smallest year-over-year fall in RevPAR.

Marriott, which owns the JW Marriott and Ritz-Carlton brands, said more than 95% of its hotels were open globally.

The hotel operator's adjusted profit fell 33% to $296 million in the first quarter, below market expectation of $305.6 million, according to IBES data from Refinitiv.

Total revenue halved to $2.32 billion and missed Wall Street estimate of $2.36 billion.

(Reporting by Shreyasee Raj in Bengaluru; Editing by Arun Koyyur)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
JW HOLDINGS CORPORATION -0.74% 4675 End-of-day quote.-19.81%
MARRIOTT INTERNATIONAL, INC. 0.29% 143.9 Delayed Quote.9.08%
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Financials (USD)
Sales 2021 13 157 M - -
Net income 2021 644 M - -
Net Debt 2021 9 349 M - -
P/E ratio 2021 71,8x
Yield 2021 0,06%
Capitalization 46 859 M 46 859 M -
EV / Sales 2021 4,27x
EV / Sales 2022 3,00x
Nbr of Employees 121 000
Free-Float 83,5%
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Technical analysis trends MARRIOTT INTERNATIONAL, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 146,24 $
Last Close Price 143,90 $
Spread / Highest target 21,6%
Spread / Average Target 1,62%
Spread / Lowest Target -9,66%
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Managers and Directors
NameTitle
Anthony G. Capuano Chief Executive Officer & Director
Stephanie C. Linnartz President
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
John Willard Marriott Executive Chairman
James H. Scholefield Chief Information & Digital Officer
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