MARRIOTT INTERNATIONAL POSTS POSITIVE Q1 RESULTS DRIVEN BY GROWING MIDDLE EAST AND AFRICA PORTFOILO
REVPAR up 2.8% in Q1 2014 excluding Egypt
· Occupancy rates increase 4.2 YOY
· Hotelier becomes largest operator in Africa following signing of Protea Hospitality Group
Dubai, United Arab Emirates – 28 May 2014 –Marriott International, Inc. (NASDAQ:MAR) has reported a positive start to 2014 across the Middle East and Africa (MEA) with a 2.8% increase in revenue per available room (RevPar) across the hoteliers 154 properties compared to the same period in 2013, excluding Egypt. The company further witnessed a 4.2% increase in occupancy rates YoY; a figure boosted by strong performing MEA markets such as Qatar who saw a surge in occupancy rates from 9% to 70% in January 2014 alone1
. In Egypt, the hotelier saw a dip in revenue resulting in reduced overall Q1 revenue of 0.6%.
Commenting on the company’s first quarter results, Alex Kyriakidis, President and Managing Director of Marriott International, MEA, said: “A combination of increased travel across the region and new hotel openings has led to a positive start to the year for Marriott International. As we forge ahead our aim is to make sure we continue to provide the right hotels, in the right location, to meet the demands of both the business and leisure traveler.”
Referring to the dip in overall Q1 revenues due to the Egyptian market, Kyriakidis added: “Egypt, with seven hotels for us, continues to be a challenging market but we are hopeful that the recent elections will bring stability and ultimately safer travel and increased tourism.”
During the first quarter, Marriott International made one of its most prominent deals in its history by becoming the largest hotelier in Africa as a result of its acquisition of Protea Hospitality Group (PHG), based in South Africa. The deal has seen the hotel company nearly double its presence in the region with its current MEA pipeline standing at 161 properties, across 18 countries, offering a total of 23,701 rooms spanning 8 brands; JW Marriott, Marriott Hotels, Renaissance Hotels, The Ritz-Carlton, Residence Inn by Marriott, Courtyard by Marriott, Marriott Executive Apartments and Protea Hotels.
To view the Marriott International global sales results please click here.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,000 properties, and more than 690,000 rooms in 77 countries and territories and reported revenues of nearly $13 billion in fiscal year 2013. For more than 80 years, the company has been committed to guest satisfaction. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 45 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.