Marriott CEO Anthony Capuano told Yahoo Finance that forward bookings for the Fourth of July weekend look strong, with solid inbound international bookings in Europe as well, signaling a robust summer. The commentary follows a first quarter where Marriott beat Wall Street expectations with a 6% year-over-year revenue increase to $6.65 billion and a 17% jump in adjusted diluted earnings per share to $2.72. Systemwide revenue per available room rose 4.2% globally, driven by a 4% increase in the US and Canada and a nearly 6% increase in Greater China. The company raised its annual RevPAR growth outlook to a range of 2% to 3%, though it acknowledged unknowns in the Middle East, where Capuano expects RevPAR to be down roughly 50% in the second quarter. Marriott stock is up about 25% year to date, outpacing rival Hilton's 20% gain.
Marriott International IncCEO reports strong July 4 forward bookings and solid international demand, indicating robust summer travel demand.
Hilton Worldwide Holdings Inc