Business Travel Is Recovering, Marriott Says—Just Not at the Start of the Week | Global News Avenue

Hotel executives said that apart from the beginning of this week, most business trips returned to pre-pandemic levels.

“You think the overall occupancy of our global system is higher than it was in 2019,” Marriott International (March) CFO Leeny Oberg said on a conference call with analysts on Tuesday that his transcript was provided by Alphaense. “But Monday, Tuesday, Wednesday is still the night when residence time has not recovered yet, and another night of this week is actually higher than our former farm.”

This is partly due to the change in the needs of flexible work policies throughout the week. Gary Leff, a travel expert and owner of the website, said that “a big part of business travel” has not returned. Viewed from the wings.

“The prototype road fighter was a consultant on Monday morning/after Thursday night, and he spent a week in the client’s office,” Lef said. “The trip has not returned yet because even if the company ‘returned to the office’ place, this and It doesn’t mean every employee every day, so it’s not necessary to have a large number of consultants on site.”

Marriott executives say business travel is still behind the largest companies in 2019.

“SMEs are returning faster than the biggest companies,” Oberg said. “You still see their nights meaningfully lag behind 2019 levels, although I’m going to say, among some of the other big companies. Some, like the economic financing sector, actually came back.”

Marriott’s Global Revenue per Available Room (REVPAR) In the fourth quarter, it was up 5% year-on-year, exceeding analyst expectations, but the group REVPAR growth was smaller.

“Revpar, which accounts for 23% of room nights, rose 3% in the quarter,” CEO Anthony Capuano said on the phone. “As expected, due to less group activity in the U.S. , this is the lowest growth quarter for the group Elections around November And the decline of the large Chinese group Revpar. ”

Marriott’s fourth-quarter results (released on Tuesday) exceeded estimates, but stocks fell by about 5% Soft prospect Used for room growth and profit.