Marriott Q2 corporate demand 'slow but steady'
Business transient recovery progressing at a slow yet steady pace, thanks to strong demand from SMEs and group bookings
Recovery in business transient remains slow but steady," Marriott president and CEO Anthony Capuano said, adding that demand from corporate accounts was "progressing modestly" in the second quarter.
Key takeaways
- SMEs represent about 60% of Marriott's business and that demand continues to be "quite robust;"
- However, the large corporate room nights continue to be recovering a bit more slowly;
- As for 2024 negotiated corporate rates, the company does expect a "meaningful increase next year," adding that "overall business transient is up compared to 2019, and we are continuing to see some recovery. … Overall, business transient is doing well from a revenue perspective."
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