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[Travel News]: Marriott sees 76.8% RevPAR rise in Greater China, but still a long way to full recovery

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The following is the [Travel News]: Marriott sees 76.8% RevPAR rise in Greater China, but still a long way to full recovery from [ChinaTravelNews] recommended by TheTourAttraction.com:

Total revenues for this quarter was USD 2.3 billion, down by 51% compared with the same period of 2020.

Marriott International reported first quarter 2021 results, which were materially impacted by the COVID-19 global pandemic and efforts to contain it.

First quarter 2021 comparable systemwide constant dollar RevPAR declined 46.3% worldwide, 46.3% in the U.S. & Canada, and 46.1% in international markets, compared to the 2020 first quarter.

First quarter 2021 comparable systemwide constant dollar RevPAR declined 59.1% worldwide, 57.1% in the U.S. & Canada, and 64.1% in international markets, compared to the 2019 first quarter.

The RevPAR in Greater China increased by 76.8% year-on-year to USD 53.6. The occupancy in this region also saw growth on a year-on-year basis. Despite the growth, there is still a long way to full recovery.

First quarter reported net loss totaled USD 11 million, compared to reported net income of USD 31 million in the year-ago quarter.

Total revenues for this quarter was USD 2.3 billion, down by 51% compared with the same period of 2020.

The company added more than 23,500 rooms globally during the first quarter, including nearly 12,000 rooms in international markets and a total of about 7,300 conversion rooms.

At quarter end, Marriott’s worldwide development pipeline totaled over 2,800 properties and approximately 491,000 rooms, including roughly 18,000 rooms approved, but not yet subject to signed contracts. More than 222,000 rooms in the pipeline were under construction as of the end of the 2021 first quarter.

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