Marriott posted year-on-year revpar growth of 4.9 per cent in the second quarter of 2024, aided by strong group revenues and improvement in business transient revenues.
For the quarter, global group revpar gew 10 per cent globally, with business transient revpar growing 4 per cent. Average daily rate increased by about 3 percent and occupancy reached 73 per cent, up about 100 basis points from the year prior. In the EMEA region, revpar grew nearly 10 per cent with continued strong regional and cross-border demand
The company reported operating income of $1.2 billion in the second quarter, compared to $1.1 billion for the same period last year.
At the end of the quarter, the company’s worldwide development pipeline totaled 3,509 properties.
Looking ahead, Marriott said it expects global revpar to grow 3 per cent to 4 per cent in the third quarter and for the full year.
What they said
Leeny Oberg, chief financial officer at Marriott said: “RevPAR growth is expected to remain higher in the vast majority of our international markets than in the US and Canada. We have a lot of momentum in our business and strong growth prospects across our over 30 brands around the world, thanks to our terrific team.
The primary change in our four-year outlook is Greater China's updated expectation of negative revpar growth for the rest of the year. We expect a continuation of current weak demand and pricing trends in the region, with the third quarter anticipated to see the most meaningful revpar decline as outbound travel accelerates during summer holidays.”