(TAN): Marriott International has reported a net loss of USD 11 million in Q1 2021, compared to reported net income of USD 31 million in the year-ago quarter, the hotel group said.
First quarter adjusted net income totaled USD 34 million, compared to first quarter 2020 adjusted net income of USD 160 million.
Adjusted EBITDA totaled USD 296 million in the 2021 first quarter, compared to Q1 2020 adjusted EBITDA of USD 442 million.
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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 USD 4.7 billion, representing USD 0.6 billion in available cash balances and USD 4.1 billion of unused borrowing capacity under its revolving credit facility.
