Marriott (NASDAQ: MAR) reported Q1 EPS of $0.10, $0.06 better than the analyst estimate of $0.04. Revenue for the quarter came in at $2.32 billion versus the consensus estimate of $2.39 billion.

• First quarter 2021 comparable systemwide constant dollar RevPAR declined 46.3 percent worldwide, 46.3 percent in the U.S. & Canada, and 46.1 percent in international markets, compared to the 2020 first quarter;
• First quarter 2021 comparable systemwide constant dollar RevPAR declined 59.1 percent worldwide, 57.1 percent in the U.S. & Canada, and 64.1 percent in international markets, compared to the 2019 first quarter;
• First quarter reported diluted loss per share totaled $0.03, compared to reported diluted EPS of $0.09 in the year-ago quarter. First quarter adjusted diluted EPS totaled $0.10, compared to first quarter 2020 adjusted diluted EPS of $0.49;
• First quarter reported net loss totaled $11 million, compared to reported net income of $31 million in the year-ago quarter. First quarter adjusted net income totaled $34 million, compared to first quarter 2020 adjusted net income of $160 million;
• Adjusted EBITDA totaled $296 million in the 2021 first quarter, compared to first quarter 2020 adjusted EBITDA of $442 million;
• The company added more than 23,500 rooms globally during the first quarter, including nearly 12,000 rooms in international markets and a total of about 7,300 conversion rooms;
• At quarter end, Marriott's worldwide development pipeline totaled over 2,800 properties and approximately 491,000 rooms, including roughly 18,000 rooms approved, but not yet subject to signed contracts. More than 222,000 rooms in the pipeline were under construction as of the end of the 2021 first quarter;
• At the end of the first quarter, the company's net liquidity totaled approximately $4.7 billion, representing $0.6 billion in available cash balances and $4.1 billion of unused borrowing capacity under its revolving credit facility.

Tony Capuano, Chief Executive Officer, said, "We were pleased to see demand improve meaningfully during the first quarter. We are welcoming more and more guests to our hotels as consumers are traveling again once they feel it is safe. While recovery trajectories vary from region to region, the resiliency of demand has been most keenly demonstrated in mainland China, where occupancy is near the pre-pandemic level. Occupancy[1] reached 66 percent in mainland China in March, nearly the same as in March 2019, on strong demand from both leisure and business travelers.

"In our largest region, the U.S. & Canada, demand increased rapidly as vaccine rollouts accelerated. Occupancy started the year at 33 percent in January and reached 49 percent by March. Leisure demand gained momentum, particularly in ski and beach resort destinations. We are encouraged to see green shoots in special corporate and group bookings, which have been improving as companies slowly begin to return to their offices. The pickup in transient booking pace for the U.S. & Canada points toward continued improvement in consumer sentiment around travel.

"Our conversion signings were particularly strong in the quarter and included nearly 7,000 rooms that were part of an all-inclusive deal in our Caribbean and Latin America region. More than 23,500 rooms joined our system in the quarter. Consistent with our view a quarter ago, we expect gross rooms growth could accelerate to approximately 6 percent in 2021. Including deletions, we continue to estimate our rooms distribution could grow 3 to 3.5 percent, net, for the full year.

"Throughout the pandemic we have been proactive in connecting with our Marriott Bonvoy members, and we continue to focus on enhancing our valuable loyalty platform for our 150 million members. Over the last few weeks, we have announced several exciting new programs. We introduced new co-brand credits cards in South Korea and Mexico, and we rolled out a new collaboration with Uber, allowing members in the U.S. to earn points through ride sharing and food delivery.

"As vaccines roll out around the world and government restrictions ease, I am optimistic that demand will continue to strengthen. We have seen signs that there is a significant amount of pent-up demand, regardless of trip purpose, and we look forward to welcoming travelers in increasing numbers to our more than 7,600 properties around the world."

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