:Marriott International Inc said on Tuesday it expects an over 30 per cent rise in its 2023 revenue per available room (RevPAR), a key measure for a hotel's top-line performance, in China from a year ago after strict COVID-19 restrictions were lifted. Shares of the company were up about 3 per cent in afterno
:Marriott International Inc said on Tuesday it expects an over 30 per cent rise in its 2023 revenue per available room , a key measure for a hotel's top-line performance, in China from a year ago after strict COVID-19 restrictions were lifted.Hotel operators were affected by uneven recovery in China as a rise in infections led to indefinite lockdowns, which in turn extended the construction timelines of some luxury properties and impeded travel to the world's second largest economy.
"We saw tremendous leisure demand associated with the Chinese New Year, but we are really pleased with the overall pace of demand that we're seeing there," Marriott's finance chief Kathleen Oberg said in a conference call with analysts. Marriott has more exposure to China than its competitor Hilton, said Bernstein analyst Richard Clarke.
Meanwhile, the company expects its adjusted profit in the current quarter to come in between $1.82 and $1.88 per share, compared with analysts' estimates of $1.66 per share, as per Refinitiv data.
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