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Recovery continues with big Q2 beat from Marriott

“Another big, clean beat from a global hotel brand company” was the headline R.W. Baird & Co. analysts used to describe Marriott International’s Q2 earnings released on Tuesday, further reinforcing recovery in industry fundamentals. It said the beat was driven by better-than-forecasted fee income, particularly franchise fees. Marriott reported RevPAR growth of -43.8% (compared to 2019) versus Q1 growth of -59%; adjusted earnings per share was US$0.79 versus Street estimates of US$0.47; adjusted EBITDA was US$558 versus the Street estimate of US$462 million; total gross fees were US$642 million. Second quarter 2021 comparable systemwide constant dollar RevPAR increased 262.6% worldwide,…
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