Metric loss

Marriott expects key revenue metrics at pre-pandemic levels for rest of year – Metro US

People are seen outside a Courtyard Marriott hotel in Manhattan, New York City

(Reuters) – Marriott International Inc said on Wednesday it expects a key revenue indicator for its U.S. and Canadian markets to reach pre-pandemic levels for the rest of the year as leisure travel accelerates.

The Ritz-Carlton owner expects April RevPAR, or revenue per available room, to be “fully restored” to 2019 levels in the United States and Canada.

Marriott shares rose 2.1% to $176.63 before the bell.

“Going forward, we expect leisure travel to remain strong, business travel to accelerate and cross-border travel to gain momentum,” Chief Executive Anthony Capuano said.

Hoteliers benefited from higher demand in the first quarter as people spent more on travel, restaurants and hotel stays despite rising inflation.

Marriott also reinstated its dividend to 30 cents per share and set a goal to resume stock buybacks this year.

The company’s comparable RevPAR increased 96.5% in the first quarter.

Net income reached $377 million, or $1.14 per share, for the quarter ended March 31, compared with a loss of $11 million, or 3 cents per share, a year earlier.

Revenue increased 80% to $4.19 billion.

(Reporting by Kannaki Deka in Bengaluru; Editing by Shinjini Ganguli, Sriraj Kalluvila and Shounak Dasgupta)