TheTourAttraction.com aims to provide the latest global travel and free travel news, travel and visa policies, and flight information. We hope to provide insights into tourism market, technology and development trends with everyone by providing the latest relevant information. Despite the raging COVID-19 epidemic in 2020, we always firmly believe that mankind will overcome the disease and the tourism market will definitely recover. TheTourAttraction.com look forward to your attention and support, and witness the development of the global tourism industry with us. Looking forward to the information TheTourAttraction.com provide can help you. We will continue to follow up and obtain the latest data, and look forward to your attention and support.
The following is the [Travel News]: Marriott reports $164 million net loss in Q4, with Greater China leading recovery from [ChinaTravelNews] recommended by TheTourAttraction.com:
RevPAR in mainland China saw a meaningful rebound through the year and was down less than 10% year over year in December.
Marriott reported that fourth quarter 2020 comparable systemwide constant dollar RevPAR declined 64.1 percent worldwide, 64.6% in the U.S. & Canada, and 62.7% in international markets, compared to the 2019 fourth quarter.
Fourth quarter reported net loss totaled $164 million, compared to reported net income of $279 million in the year-ago quarter.
The company added nearly 63,000 rooms globally during 2020, including more than 28,000 rooms in international markets and a total of roughly 8,100 conversion rooms. Net rooms grew 3.1% from year-end 2019.
At year end, Marriott’s worldwide development pipeline totaled nearly 2,900 properties and more than 498,000 rooms, including roughly 20,000 rooms approved, but not yet subject to signed contracts. Over 229,000 rooms in the pipeline were under construction as of the end of 2020.
Stephanie Linnartz, Group President, Consumer Operations, Technology and Emerging Businesses, and Tony Capuano, Group President, Global Development, Design and Operations Services, who together are sharing responsibility for overseeing the company’s da-to-day operations until Marriott’s Board of Directors appoints a new President and Chief Executive Officer, commented on the company’s quarterly results.
Ms. Linnartz said, “With the global pandemic, 2020 was the most challenging year in our 93‐year history. In April, we experienced the sharpest worldwide RevPAR decline on record, down 90% year over year with just 12% occupancy. Demand around the world improved from this trough at varying rates, with China leading the way. RevPAR in mainland China saw a meaningful rebound through the year and was down less than 10% year over year in December.”