Business

Marriott records annual loss for the first time since 2009

Marriott International, which operates hotel chains, reported a net loss of $267 million in 2020, driven by a decline in demand for travel around the world due to restrictions imposed by states to contain the spread of  infection.

In the period from October to December last year, the American operator of hotel chains recorded a loss of $164 million, while for the same three months of the previous year, a net profit of $279 million was received.

At the end of the quarter, adjusted earnings per share of $0.12 were slightly higher than its estimate by economists. Quarterly revenue of $2.17 billion was down 59.6% over the past twelve months.

The forecast of economists assumed its volume at the level of 2.41 billion dollars. The drop in revenue per room was 64.1%, and hotel occupancy for the year fell to 34.9%.

Marriott’s capitalization is approximately $42.6 billion. In three months, it fell by 6%.


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