Shares of Marriott International Inc. (MAR) rose 1.0% in afternoon trading Thursday after the hotel operator indicated that business has stabilized following some weakness in August as a results of the recent spike in new COVID-19 cases. Speaking at the Bank of America Gaming & Lodging Conference, Marriott Chief Executive Anthony Capuano revenue per available room (RevPAR) for August is expected to be down 27% from 2019 levels, a slight worsening from the 23% decline seen in July, as COVID-19 infections increased. But after the "slight retrenchment" in RevPAR in August, Capuano said "we are seeing some stabilization in the early days of September," according to a FactSet transcript. He added that while business transient demand may not return as quickly as expected, as the rise in COVID-19 cases has slowed the return of employees to the office, he said the full approval of the Pfizer Inc. (PFE) and BioNTech SE (BNTX) COVID-19 vaccine and the return of in-person schooling at more and more school districts "is great news for us." Marriott's stock has slipped 6.0% over the past three months, while the S&P 500 has gained 6.5%.
(END) Dow Jones Newswires
September 09, 2021 14:40 ET (18:40 GMT)
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