Marriott International rallies after travelers waved off Omicron anxiety in Q4
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Marriott International (NASDAQ:MAR) pushed higher in early trading on Tuesday after the hotel operator sailed past consensus expectations with its Q4 earnings report. Marriott said demand continued to shine during the quarter, with slower, yet continued improvement in business transient and group demand. The impact of the Omicron COVID variant appears to be lighter than originally feared.
Worldwide REVPAR change was up 124.5% in constant currency during the quarter against the soft pandemic comparable and North America REVPAR increased 143.6%.
Adjusted EBITDA came in at $741M vs. $317M a year ago and the consensus estimate of $685M. Adjusted operating income was $578M vs. $529M consensus.
The company added more than 86K rooms globally during 2021, including approximately 43K rooms in international markets and a total of over 18K conversion rooms. Net rooms were up 3.9% during the year. At the end of 2021, Marriott's (MAR) worldwide development pipeline totaled 2,831 properties and roughly 485K rooms, including approximately 19K rooms approved, but not yet subject to signed contracts
Shares of Marriott International (MAR) gained 2.63% in premarket trading after the Q4 earnings topper.