Marriott Lifted By Leisure Travel Gains

Marriott International ($MAR@US) In beat analyst estimates with an impressive 3rd quarter report. Revenue and profit both rose for the hotelier as leisure travel rebounds with increased openings across the world. Even as new restrictions in Asia—a critical market—slowed down any gains made in the region. The Delta Variant has been a concern for hotel chains around the world, but occupancy is still rising. CEO Anthony Capuano said, “Globally, leisure travel generally remained very strong throughout the quarter, while the Delta variant had the most impact on business transient demand. Operating both the Marriott and Ritz-Carlton brands, the chain had 63 and a half percent occupancy in the 3rd quarter in the U.S. and Canada compared to just 37% a year ago. Europe from to just under 47%, up from 26.3% a year ago. The company earned 99 cents per share in the 3rd quarter, beating analyst estimates of 98 cents per share. Revenue rose 75% to just under $4 billion, beating analyst estimates of $3.81 billion. Even so, Marriott stock fell just over 1% in early trading.