Marriott raises 2024 profit forecast after mixed Q1 results

The hotel operator raised its forecast for annual adjusted profit, banking on international travel demand to offset normalizing domestic travel in the U.S.

May 3, 2024

As travelers flock to overseas destinations in Asia, the Caribbean and Latin America, Marriott expects the boost in international and group travel to lift its full-year profit.

Key takeaways

• Global revenue per available room (RevPAR) or room revenue, an important metric in the hospitality industry, rose by more than 4% on the back of 11% growth in international markets;
• North American RevPAR rose by 1.5% in the quarter, mostly driven by group and business travel from large corporate businesses;
• Leisure RevPAR was flat in the U.S. and Canada, with more customers going abroad to find warmer weather. A similar pattern held true in China, the company said.

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