Marriott occupancy levels defy the odds as US travellers head to Europe

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Marriott International has reported higher by occupancy levels thanks to a rebound in travel following the removal of travel restrictions in many parts of the world.

Guests are staying longer (up by 25%) compared with 2019 along with the size of new bookings.

Revenue per available room rose 70.6 per cent worldwide, with Europe seeing a strong surge in international guests driven in part by the continued parity between the US dollar and Euro, which is driving more US travellers to venture abroad.

Revenue also rose 70 per cent year on year to US$5.34 billion, beating analyst expectations.

“The shift of spending towards experiences versus goods, sustained high levels of employment and the lifting of travel restrictions and opening borders in most markets around the world are fuelling travel,” said Marriott CEO Anthony Capuano.

Corporate room bookings continued to increase as the year went on but were still down 9 per cent in June compared with the same month in 2019.

“Downtown office occupancies continue to lag and that ultimately puts a governor on the growth that urban hotels can expect since travelers can just substitute a Teams or Zoom call instead,” said CoStar group national director of hospitality analytics Jan Freitag.