Marriott International has reported a net income of $726m for the second quarter (Q2) of 2023, up by 7% compared with $678m a year ago.
For the quarter which ended 30 June 2023, total revenues were $6.07bn, an increase of 14% over the $5.33bn reported a year earlier.
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The hospitality group registered a 13.5% increase in the worldwide comparable systemwide constant dollar revenue per available room (revPAR) in the latest quarter.
This increase in revPAR includes 6% growth in the US and Canada and 39.1% in international markets.
The adjusted earnings before interest, taxes, depreciation and amortisation stood at $1.21bn, up 20% from $1.01bn a year ago.
Marriott’s operating income during the quarter rose by 15% to $1.09bn from $950m in the year-ago period.
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By GlobalDataTotal expenses increased by 13% to $4.97bn from $4.38bn a year ago.
Marriott International said it added nearly 33,100 rooms to its portfolio worldwide during Q2.
Commenting on the performance, Marriott International CEO and president Anthony Capuano said: With continued momentum in demand for global travel, we posted another quarter of outstanding results. Q2 worldwide RevPAR increased 13.5%, aided by significant growth in all of our international regions, where RevPAR rose 39%.
“Greater China rebounded quickly once travel restrictions were lifted in January, with Q2 RevPAR surpassing pre-pandemic levels. In the US and Canada, RevPAR increased by 6%, with many urban markets showing impressive growth in Q2.
“Within customer segments, the group once again performed extremely well, with revenue rising 10% above 2022. Business transient revenue also saw strong year-over-year growth, driven by solid average daily rate growth. Leisure transient revenue rose as well, albeit more slowly, as more travellers from the region chose to visit overseas destinations.”
The company also revealed that it repurchased 5.2 million shares of common stock for $903m during Q2.
