Marriott International Inc posted a quarterly profit on Tuesday, compared to a year-ago loss, as increasing vaccination rates and holiday-season traffic boosted occupancy rates across its hotels, Trend reports with reference to Reuters.
Rising vaccination rates worldwide have given the pandemic-battered hotel industry some space to breathe, with customers returning to the comforts of luxury stays during the holiday season.
Marriott has benefited from reopening of international borders and leniency in travel restrictions, especially in its prime North America and Europe markets.
"Each of our regions saw meaningful continued RevPAR recovery in the fourth quarter compared to the third quarter, with the exception of Greater China, where recovery stalled due to their zero COVID policy," Chief Executive Officer Anthony Capuano said.
Occupancy in the JW Marriott and Ritz-Carlton owner's key U.S. and Canada region stood at 60% in the fourth quarter, compared with 35.1% a year earlier. Occupancy in Greater China region was 54.1%.
Marriott's quarterly revenue more than doubled to $4.45 billion from last year.
The company reported a net income of $468 million, or $1.42 per share, for the fourth quarter ended Dec. 31 compared to a loss of $164 million or 50 cents per share, a year earlier.