Business Travel Executive Logo
Banner - ad - Desktop
Back To Travel News

Marriott Business Travel RevPAR Up 4% in Second Quarter Over 2023

Business travel revenue per available room (RevPAR) at Marriott hotels increased 4% year over year, according to executives speaking on a second quarter earnings call.…

Written by:

Harvey Chipkin

Published on:

August 1, 2024
Marriott Launches Online Booking Tool for SMEs

Business travel revenue per available room (RevPAR) at Marriott hotels increased 4% year over year, according to executives speaking on a second quarter earnings call. They said they expect the trend to continue through the year.

According to CEO Anthony Capuano, total business transient room nights and average daily rate (ADR) also increased during the quarter. The segment, he said, was responsible for 33% of the company’s room nights during the period.

Capuano said that nearly 55% of business transient room nights came from small and midsize enterprises (SMEs) in the quarter. He added that that market has grown significantly over the last few years.

Banner - ad - Desktop

Despite those increases, Marriott reduced its projected full-year RevPAR forecast to 3%-4% above 2023 levels, down from the previous 4%-5% forecast. Capuano said the reduction was mostly due to softening demand and rates in China.

Group RevPAR in the second quarter increased 9% year over year, Capuano said, including a 4% increase in ADR and a 5% increase in occupancy. Leeny Oberg, CFO, added that the company expects a slowdown in group business in November due to the US presidential election.

Business Access by Marriott Bonvoy, the company’s recently introduced travel management program option for SMEs, “is already seeing great interest,” said Capuano. He added, “We’re extremely pleased with the initial account signups and users of the platform, both of which have outpaced expectations.”

Image: Shutterstock

Categories: Lodging, NewsTags: Lodging, Marriott

Related Posts