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1. Marriott Doubles Revenues, Climbs Back to Black
Marriott International officials reported $635 million in operating income for the fourth quarter of 2021 in its most recent earnings report, compared to a $128 million loss for the same quarter a year prior. The boost in profitability was tied to a drastic increase in revenues as travel resumes in a more widespread way. The company recorded $4.4 billion in revenue for the quarter, compared to $2.2 billion in the fourth quarter of 2020.
Marriott CEO Tony Capuano said during an earnings call with analysts that every region globally saw meaningful gains in revenue per available room, other than Greater China, which suffered due to more extreme COVID-19-related restrictions, reports HNN's Bryan Wroten.
Capuano also reported positive development updates.
"Throughout 2021, Marriott added a record 86,000 rooms and 517 properties, resulting in 6.1% gross rooms growth," Capuano said.
2. Accounting Firm Splits With Trump Organization over Inconsistencies
Mazars USA is cutting ties with the Trump Organization and claiming it can't stand behind past annual financial statements prepared by the accounting firm, The New York Times reports. The news comes out in connection with a New York State investigation into allegations that the former president's business inflated the value of assets to secure loans.
In a statement to the newspaper, officials with the Trump Organization said Mazars work with them "was performed in accordance with all applicable accounting standards and principles and that such statements of financial condition do not contain any material discrepancies.”
3. Court Orders Demolition of Spanish Resort
The Spanish Supreme Court has ordered the demolition of the Marina Isla de Valdecañas after a 14-year battle over breaches of Spanish environmental regulations, The New York Times reports. The island resort, roughly two hours away from Madrid, features a luxury hotel and golf resort.
The property opened in 2010 but the project has been contentious since its initial approval in 2007, as it was built in an area meant to safeguard endangered species and migrating birds.
Environmentalists are seeking to end another larger development in the Extremadura region called Elysium City, which got approval from regional authorities this month.
4. Australia's Crown Resorts Supports Blackstone Takeover
Officials with the embattled Crown Resorts are hoping shareholders will approve a $6.3 billion buyout bid from Blackstone, CNN reports. The private equity group is offering 13.10 Australian dollars per share, which is below pre-pandemic prices.
The news outlets notes the casino company has been the focus of "damaging regulatory inquiries in the three states it operates."
Blackstone currently holds a 10% stake in the company. CEO Steve McCann called Blackstone's offer "a pretty fair price."
5. Canadian Business Group Pushes For Open Travel
The Canadian Travel and Tourism Roundtable, which includes top-level executives from various Canadian travel-related business, issued an open letter to Prime Minister Justin Trudeau, asking him "to remove COVID-19 travel restrictions for fully vaccinated travelers."
"Canadians have been among the most cooperative citizens anywhere in the world, rolling up their sleeves, staying home, and canceling or adjusting travel or personal plans time and time again," the letter reads. "The Canadian travel and tourism industry is calling on the federal government to lay out a plan with a clear timeline for removing travel restrictions for fully vaccinated travelers and their children, including removing unnecessary pre-departure and on-arrival testing and isolation requirements and blanket travel advisories."