Marriott Lowers 2024 Revenue Forecast Due to Weakening US Tourism
Reuters Reports on Marriott's Forecast Revision
Declining Domestic Travel Impacts Hotel Industry Growth
Washington, D.C. - July 31, 2023 - In a recent development, Reuters reported that hotel operator Marriott International (MAR) has lowered its forecast for 2024 revenue growth. The company attributed the revision to weakening domestic tourism in the United States. The forecast decline comes despite Marriott's previous positive outlook.
Marriott, a leading hotel chain, initially anticipated a strong performance in 2024. However, the weakening domestic tourism market has led the company to adjust its expectations. The industry metric closely watched for top-line hotel performance, revenue per available room, is now projected to grow at a lower rate than previously estimated.
The decline in domestic tourism is attributed to several factors, including economic uncertainty, geopolitical tensions, and the rising cost of travel. These factors have led to a decrease in leisure and business travel, impacting Marriott's revenue projections. Despite the revised forecast, the company expressed confidence in its long-term growth prospects.
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