Demand for hotels and lodges in all markets but Greater China is “extraordinary†at present, says Tony Capuano; he’s the CEO of Marriott International Inc (NASDAQ: MAR).
CEO’s remarks on CNBC’s ‘Closing Bell’
Still, Capuano added, the hospitality company will benefit further once passengers are no longer required to test for COVID-19 before entering the United States. On CNBC’s “Closing Bellâ€, he said:
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For folks that are experienced international travellers, it’s just one more necessary step. But for people that are not, it’s one more thing that gives them pause. So, I think this requirement when lifted will unlock a huge volume of inbound international travellers.
Forward bookings within Europe, as per the chief executive, are now up roughly 50% versus the 2019 equivalent. MAR has recovered more than 15% since May 24th.
Demand remains strong despite higher prices
Last month, Marriott reported results for its fiscal first quarter that handily topped Wall Street expectations. According to CEO Capuano, demand is keeping up in the face of higher prices.
At Memorial Day weekend, our revenue per available room was up 25% versus 2019. I think as long as we’re delivering on service, we continue to see really remarkable pricing power and no pushback from the consumer.
Wall Street, at present, has an “overweight†rating on the Marriott stock. Also on Monday, the U.S. Commerce Department set a promising goal of 90 million international visitors by 2027.
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