Marriott bounces back as activity in China surges

The world's largest hotel company on Friday reported earnings of USD 100 million in the July-September period, down from USD 387 million in the same quarter a year ago.

Marriott is reporting dramatic improvements in the third quarter as travel demand rebounded in China. Average occupancy at hotels in China was 61 per cent during the quarter, down just 10 per cent from a year ago.

Occupancy in North America was 37 per cent as some leisure demand returned. That was down 40 per cent from the July-September period a year ago. The world's largest hotel company on Friday reported earnings of USD 100 million in the July-September period, down from USD 387 million in the same quarter a year ago. It said 94 per cent of its hotels are now open worldwide.

Earnings, adjusted for one-time items, were 6 cents per share. Wall Street had been expecting an 8 cent loss, according to a survey of analysts by FactSet. Revenue fell 57 per cent to USD 2.25 billion, slightly better than analyst projections.

Shares of the Bethesda, Maryland, company slipped about 1 per cent before the opening bell..