Hotel Brands

Marriott profits plummet in Q3 results

Hotel giant Marriott has reported a 23% decrease in net earnings to $387m (£299m) in its third quarter results.

During the period, the company incurred $6m (£4m) of expenses and recognised $9m (£6m) of insurance recoveries related to the data security incident it disclosed on November 30, 2018.

Despite this, RevPAR rose 1.5% worldwide, and the company also added more than 17,700 rooms during the period, including roughly 3,100 rooms converted from competitor brands and approximately 6,700 rooms in international markets.

Arne M. Sorenson, president and chief executive officer of Marriott International, said: “It’s been just over three years since the completion of the Starwood acquisition.  In that time, we’ve realised meaningful synergies, enhanced guest satisfaction, and recycled more than $2.2bn (£1.7bn) of assets.

“Earlier this year, we launched our new loyalty program, Marriott Bonvoy, which provides meaningfully enhanced member benefits while leveraging our broad portfolio and significant hotel distribution.”

He added: “With more than 12 million guests joining Marriott Bonvoy since the beginning of the year, program membership reached 137 million in the quarter and the percentage of occupancy from members increased 320 basis points worldwide.”

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