Qatar Airways' award-winning business class is not the airline's only money-maker.
25.08.2023 - 14:04 / skift.com / Sean Oneill
Marriott Vacations Worldwide Corp‘s new CEO John Geller said on Thursday that the company’s fourth-quarter earnings underscored continued strength in leisure demand for its timeshare properties, package tours, and other offerings for travelers, despite talk of economic uncertainty.
In the fourth quarter, the company generated a net income of $88 million off of $1.19 billion in revenue. Revenue rose 8 percent year-over-year, thanks partly to the company’s lodging averaging nearly 90 percent occupancy.
The company said consolidated vacation ownership contract sales — a key metric in the sector — was $454 million in the quarter, up from $406 million a year earlier. Executives forecasted that the company would end 2023 with contract sales up between 5 percent and 9 percent.
Thursday was the first earnings call for John Geller as the company’s CEO, president and director.
“The past two months have felt a lot like when I joined the company just over 13 years ago, full of potential and possibility. Long term, I expect our timeshare and exchange business to remain the core of our business model while we look to add to our growth by diversifying into adjacent leisure-focused businesses where we can leverage our core capabilities. And finally, I want us to find new ways to unlock the power of data through advanced analytics to improve efficiency and drive top-line growth.”
Marriott Vacations Worldwide’s international active members rose 21 percent year-over-year to 1.6 million.
But average revenue per member — another key performance metric — fell by 17 percent year-over-year.
In January, the company said that beginning this summer, it would rebrand all of its recently acquired Hyatt legacy Welk resorts as Hyatt Vacation Club.
Later this year, it plans to expand the vacation experiences available to Hyatt owners with a new exchange option called Beyond, allowing them to use their ownership for cruises, tours and hotel stays.
Earlier this month, the company acquired a parcel of land in Charleston, South Carolina, where it plans to develop a 50-unit Marriott branded resort, including a new on-site sales gallery by 2025.
Qatar Airways' award-winning business class is not the airline's only money-maker.
Cricket is the most popular sport in India and has a huge fan base. Beyond just being a sport, it is deeply embedded in the nation’s culture, evoking intense emotions from the masses over the victories and losses of their favorite teams: 90% of the global cricket fandom consists of Indians, highlighting the cricket craze in the country.
Airlines used to lean on online travel agencies to find customers. But now in something of a turnabout, airlines have enough loyalists that online travel companies are, in some cases, providing services to airlines to help them sell upsells and packages directly.
Many consumer businesses bemoan rising inflation as a buzzkill, but not Hilton Grand Vacations. The timeshare company believes that consumers will find its stably priced product relatively more attractive compared to increasing rates for hotels and vacation homes.
American Express Global Business Travel has partnered with Emirates Group-owned dnata to offer its global clients more local expertise in the Middle East region.
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Australia’s Qantas Airways Ltd raised its first-half pre-tax profit outlook on Wednesday on strong travel demand, with limits on international capacity helping boost domestic tourism, sending its shares to more than a two-year high.
U.S. airlines and airports are preparing for a surge in passengers over the Thanksgiving holiday, with the number of travelers expected to hit the highest level in three years.
Travel giant TUI (TUIGn.DE) reported on Friday a boost in demand for luxury holidays, driving sales for the winter 2022/23 period higher than they had been in the corresponding 2018/19 period, before the COVID-19 pandemic hit international travel.
Mastercard Inc forecast current-quarter revenue growth short of Wall Street estimates on Thursday, saying the boost from pent-up demand for travel will diminish going forward.
TMC Hospitality has a theory about U.S. travel. It believes that more people are traveling in groups — for reunions, team meetings, and destination weddings — than before. But it also believes that the typical hotel today isn’t aren’t equipped with the amenities addressing these travelers’ needs.
SunExpress, a joint venture between Turkish Airlines and Lufthansa, said on Tuesday that summer bookings to Turkey spiked as of this month after a brief drop following February’s devastating earthquakes.