Marriott and Hyatt report ‘robust’ global hotel demand

Marriott International and Hyatt have demonstrated positive trends in the hotel industry with improved summer financial results.

Marriott reported solid growth in revenue per available room (revpar) with a 4.3% increase in the US and Canada and a 21.8% rise in international markets over the equivalent third quarter last year. 

Adjusted earnings [ebitda] reached $1.14 billion, up from $985 million year-on-year as 97 hotels representing 17,192 rooms were added by the company.

President and chief executive Anthony Capuano said: “We are extremely pleased with our results in the quarter. Worldwide revpar grew 9% year over year, reflecting robust demand around the world. 

“International revpar increased 22%, with particular strength in Asia Pacific. Both occupancy and rate contributed to global revpar gains in the third quarter, and cross-border travel continued to rise.”

Meanwhile, Hyatt reported net income of $68 million for the quarter, compared to $28 million the previous year. 

The group reported adjusted earnings of $247 million, slightly below on the same quarter in 2022. Revpar increased by 8.9%.

Hyatt said: “Overall demand remained resilient, particularly among leisure guests and group customers.”

The company’s Europe and. Middle East region reported a 40% rise in earnings led by strong international inbound demand and increased airlift into western Europe in the summer. 

The company opened 20 new hotels with 3,262 rooms in the third quarter and has a pipeline of management or franchise contracts for about 600 properties representing 123,000 rooms.

Hyatt president and chief executive Mark Hoplamazian, citing “robust” demand for travel around the globe, said: “We had a tremendous quarter, largely driven by the strength in our core business.”

Related Articles

Raffles to add three properties to global portfolio in 2024

Silversands Grand Anse Grenada unveils boutique sister property

Crystal Ski showcases premium accommodation with new Summit Collection