Marriott Posts 23% Drop in Net Income in 3rd Quarter
It’s no secret that not many have been thrilled with Marriott since the Bonvoy rebranding. And it might be catching up with the hotel chain. Marriott International has reported a 23% decrease in net income for the third quarter.
Marriott Third Quarter 2019 Results
Marriott’s reported net income totaled $387 million in the 2019 third quarter, compared to 2018 third quarter reported net income of $503 million. Third quarter 2019 adjusted net income totaled $488 million, compared to 2018 third quarter adjusted net income of $598 million.
The company added more than 17,700 rooms during the third quarter, including roughly 3,100 rooms converted from competitor brands and approximately 6,700 rooms in international markets. At quarter-end, Marriott’s worldwide development pipeline totaled roughly 2,950 hotels and nearly 495,000 rooms, including more than 31,000 rooms approved, but not yet subject to signed contracts. Approximately 214,000 pipeline rooms were under construction at the end of the third quarter.
12 million guests joining Marriott Bonvoy since the beginning of the year, program membership reached 137 million in the quarter.
Maybe Marriott is getting Bonvoyed itself? That’s definitely a huge drop and their bottom line is clearly hurting. But is not all bad news for the hotel chain as they have added 12 million members to the program this year thus far, and they keep expanded in the US and around the world.
How has Marriott Bonvoy treated you so far? Let us know!