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• The company records a net income of $468 million, or $1.42 per share
• Net rooms grow by 3.9 % from the end of 2020
Marriott International Inc (NASDAQ: MAR) reported a quarterly net income of $468 million on Tuesday following a loss the previous year, as the holiday season drove occupancy rates at its properties.
Rising vaccination rates throughout the world have given the pandemic-ravaged hotel business some breathing room, with consumers returning to the comforts of luxury stays during the Christmas season, Reuters stated.
For the fourth quarter ended Dec. 31, the firm recorded a net income of $468 million, or $1.42 per share, compared to a loss of $164 million, or 50 cents per share, the previous year.
The results exceeded Wall Street's expectations. Earnings of $1.02 per share were predicted by analysts.
“The 2021 fourth quarter capped off a year that showed the incredible resilience of people’s desire to travel and the appeal of our broad portfolio of 30 global brands, Anthony Capuano, Chief Executive Officer, said, in a statement.
When compared to the fourth quarter of 2020, comparable systemwide constant dollar RevPAR rose 124.5 % globally, 143.6 % in the United States and Canada, and 83.3 % in international 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,” Capuano said.
In 2021, the business build more than 86,000 rooms globally, including roughly 43,000 rooms in overseas markets and a total of more than 18,000 conversion rooms.
Net rooms increased by 3.9 % from the end of 2020.
After the fiscal year, Marriott's global development pipeline included 2,831 properties and about 485,000 rooms, including approximately 19,000 rooms authorized but not yet subject to signed contracts.