Marriott Losses Wider Than Expected; Return to Pre-Pandemic Levels Will Take Time
Hotel operator Marriott International (NASDAQ: MAR) reported continued declines in its business in the second quarter due to the COVID-19 pandemic. The company reported overall revenue down 72% for the period ending June 30, and revenue per available room (RevPAR) down 84.4% worldwide. This led to an adjusted quarterly loss of $210 million, or $0.64 per share, compared to average analyst estimates of a $0.41 loss per share.
The company said it is starting to see business improving, but president and chief executive officer Arne Sorenson said in a statement, "the full recovery from COVID-19 will clearly take time." He said worldwide RevPAR has climbed consistently from its low point in April to July.
Source Fool.com
