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Marriott sees greater-than-expected quarterly loss

Marriott sees greater-than-expected quarterly loss

Mubasher: Marriott International reported on Monday a bigger-than-expected quarterly loss, as room bookings and global travel were hit hard by the coronavirus crisis, Reuters reported.

On an adjusted basis, the US hotel operator incurred a loss of 64 cents per share in the second quarter (Q2) of 2020, surpassing analysts’ expectation of a loss of 42 cents per share.

Total revenue contracted by 72.4% in Q2-20 to $1.46 billion, missing estimates of $1.68 billion.

“While our business continues to be profoundly impacted by COVID-19, we are seeing steady signs of demand returning”, said Marriott’s CEO, Arne Sorenson, in a statement, adding that Greater China continued to lead the recovery.

Marriott was seeing a recovery across all regions, with global occupancy rates of 34% for the week ended 1 August, compared with 11% in the week ended 11 April. In China, occupancy levels have reached 60%.

Marriott has reopened 91% of its worldwide hotels, compared with 74% in April, the statement noted.