The company lowered its 2024 room revenue growth forecast, citing weaker domestic travel demand in China and North America
Aug 1, 2024
Domestic travel within the U.S. has been sluggish since the beginning of the year as more tourists opt for international destinations in Asia, Latin America and Europe. Global companies are revising their annual sales and profit forecasts downward, influenced by weakened consumer confidence due to economic challenges in China.
Key takeaways
- Marriott now expects its revenue per available room (RevPAR) to increase 3% to 4% this year, revising down the high end of its previous estimate of 5%;
- The company expects fourth-quarter group bookings in the U.S. and Canada to be impacted by the upcoming U.S. election;
- Marriott’s global room development pipeline increased approximately 2.2% sequentially to 559,000 rooms at the end of June.
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