Sorenson says there is “no visibility” about when RevPAR might return to 2019 levels >>
by: Harvey Chipkin
Arne Sorenson, CEO of Marriott International, told investors on a quarterly earnings call that the three months through June “will mark the bottom and that the worst is now behind us.” He said that since April, occupancy levels have increased each month in every region, albeit at varying rates. While saying there is “no visibility” around when revenue per available room (RevPAR) might return to 2019 levels, the global industry trends experienced over the past couple of months “give us confidence that people will continue to increase their travel.” About 9% of Marriott properties worldwide remain closed, versus a high of more than 25% in April. Globally, occupancy has hit 31% across the Marriott portfolio. By region, Greater China saw the most dramatic recovery trends in the second quarter, with occupancy up from single digits in February to a current level of approximately 60%. RevPAR in that market for July was down 34% compared with the same month in 2019. In North America, Marriott reported a RevPAR drop of 69% year over year, with around 96% of the region's hotels currently up and running.
We use cookies to offer you a better browsing experience, analyze traffic and personalize content. Read how we use and protect your data in our privacy policy. Do you accept cookies?