Industry Update
External Article 9 November 2020

Marriott posts surprise profit on cost cuts, improved bookings

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reuters.com external

Marriott International Inc MAR.O on Friday reported a surprise third-quarter profit, helped by cost cuts and a near doubling of occupancy rates in its North American hotels from the previous quarter as leisure travel rebounded on easing COVID-19 curbs.

While international travel continues to be affected because of border restrictions in many countries, travel within nations has picked up and resulted in a recovery in occupancy rates for hotel chains.

Marriott, which owns the JW Marriott and Ritz-Carlton brands, said 94% of its hotels around the world had resumed operations and demand continues to improve.

Read the full article at reuters.com

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