by Donald Wood
Last updated: 12:40 AM ET, Wed February 16, 2022
Officials from Marriott International announced that revenue for the fourth quarter of 2021 topped estimates and reached $4.45 billion.
According to Reuters.com, Marriott topped analyst estimates of $3.99 billion for the three-month period ending on December 31, thanks in part to rising vaccination rates around the world and a busy winter holiday travel period.
Marriott Chief Executive Officer Anthony Capuano said new bookings have rebounded to pre-Omicron levels, and the company remains optimistic about global travel demand recovery throughout 2022.
As international travel restrictions continue to be lifted, Marriott's key North American markets continue to rebound, standing at 60 percent in the fourth quarter, compared to 35.1 percent the previous year.
"Each of our regions saw meaningful continued RevPAR (revenue per available room) recovery in the fourth quarter compared to the third quarter, with the exception of Greater China, where recovery stalled due to their zero COVID policy," Capuano said.
Earlier this week, Marriott announced J.W. Marriott, Jr. plans to retire as Executive Chairman in May, with David S. Marriott succeeding him as Chairman of the Board, effective immediately following the Annual Meeting of Stockholders.
Despite damages inflicted on the hospitality sector by the COVID-19 pandemic, Marriott International reported that 2021 proved to be a strong year for the company's overall development in terms of rooms growth and signings.
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