Hyatt, Marriott Increase Profit With Booming Travel Demand

Hyatt Hotels and Marriott International, two of the largest hotel chains in the world, ended the third quarter with higher profit as travel demand recovers globally.

At Hyatt, net income more than doubled to $68 million from $28 million a year earlier. Marriott’s profit rose to $752 million from $630 million.

“We had a tremendous quarter, largely driven by the strength in our core business,” Hyatt Chief Executive Officer Mark Hoplamazian said in the earnings statement.

“We expect strong fee growth to continue, fueled by our record pipeline of 123,000 rooms and higher levels of conversion opportunities combined with robust demand for travel around the globe.”

Both companies expanded their number of rooms available to book.

Marriott, which owns 30 hotel brands including W, Sheraton and The Ritz-Carlton, increased its growth estimate for revenue per available room in the year to 14% to 15% from 12% to 14%.

“Demand for our brands remains strong,” Marriott CEO Anthony Capuano said in a statement. “Our development pipeline continues to grow.”

Airbnb also said Wednesday after markets closed that it had the most profitable third quarter as the website benefited from a global recovery in travel during the summer in the northern hemisphere.

Airbnb highlighted the performance of its international business, which fully recovered to pre-pandemic levels in the Asia Pacific region.

The post Hyatt, Marriott Increase Profit With Booming Travel Demand appeared first on International Business Times.

Leave a Comment

Scroll to Top