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NEW YORK, Aug 2 (Reuters) – Marriott International Inc (MAR.O) on Tuesday beat Wall Street estimates for second-quarter sales and earnings, boosted by holiday travel demand.
Travelers, largely free from COVID-19-related restrictions, are spending heavily on hotels, airline tickets and rental cars. This trend has so far shown no sign of slowing down, although some are concerned about high inflation and the possibility of an economic slowdown.
“The shift in spending toward experiences rather than goods, sustained high employment levels, and the lifting of travel restrictions and opening of borders in most markets around the world are fueling travel,” Marriott chief executive officer Anthony Capuano told investors on a call.
Revenue per available room (RevPAR) increased 70.6% globally, 66.1% in the US and Canada and 87.8% in international markets compared to the same period last year.
Marriott, which operates the Sheraton and Ritz-Carlton hotel chains, reported adjusted earnings of $1.80 per share, well above the Wall Street consensus of $1.56 per share, according to Refinitiv data.
Net income for the second quarter totaled $678 million, or $2.06 per share, compared to $422 million, or $1.28 a year ago.
Marriott’s second-quarter revenue rose 70% year over year to $5.34 billion. Analysts had expected $4.92 billion, according to data from Refinitiv.
Looking ahead, the company expects third-quarter earnings per share, excluding special items, to be in the range of $1.59 to $1.69 per share. That compares to analyst estimates of $1.58 per share.
Shares of the company fell about 2% in morning trade, in line with the broader market.
Reporting by Doyinsola Oladipo Editing by David Goodman and Mark Potter
Our standards: The Thomson Reuters Trust Principles.
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By defining when a flight can be considered canceled or significantly changed, the proposal aims to fill a gap in the Department of Transportation’s ability to prevent what it sees as unfair practices in the transportation industry and airlines to oblige consumers who they believe are victims of these practices to be reimbursed.
If it goes into effect, it would be the “biggest expansion of travelers’ rights in decades,” according to Scott Keyes, founder of a website that helps travelers search cheap flightshe wrote on Twitter.
So what does it mean for you?
What are the proposed rules?
Under the proposal, which is subject to a 90-day public consultation period, airlines and ticket sellers would have to refund consumers if they “significantly” change their flights.
This applies to domestic flights delayed by three hours or more or international flights delayed by six hours or more. It would also apply if the departure or arrival airport is changed, if additional connections are added, or if the class of service or aircraft type is changed, e.g. than expected.
If an airline published a flight in its online reservation system when the ticket was sold but ultimately did not operate the flight for any reason, it would be considered canceled under the new rules.
“When Americans buy a plane ticket, they should get to their destination safely, reliably and affordably,” Transportation Secretary Pete Buttigieg said in the release. “This new proposed rule would protect travelers’ rights and help ensure they receive the timely refunds they deserve from airlines.”
The new rules would also require airlines to issue ticket holders who decide not to travel because they are ill or are unable to travel due to government travel restrictions, including, for example, imposing a quarantine requirement on incoming passengers, with no expiration date. In the case of airlines receiving future government bailouts, the rule would require them to issue refunds instead of credits.
But there are limitations. For example, if someone books a flight but later new public health restrictions are imposed that would render the trip “pointless”, that person would be eligible for a non-expiring voucher or credit. But if someone does not check what is required for the trip, such as B. PCR tests, and cannot travel, he is not eligible.
How do they differ from the current rules?
Under current rulesTravelers to and from the United States are already eligible for a refund if their flight is canceled or significantly delayed and they choose not to take another option, or if they were involuntarily downgraded to a lower tier than what they paid for , to be demoted.
However, because the Department of Transportation does not define “substantial delay,” the question of whether travelers are eligible for a refund depended in practice on many factors “including the length of the delay, the length of the flight” and individual circumstances, it said. When a complaint is made, the individual process for the department to determine whether a refund is required takes a long time, she warns consumers.
The lack of clarity about what constitutes a canceled or significantly delayed flight has led to “disagreements between airlines about when passengers are eligible for a refund,” the transport ministry said in the press release.
Meanwhile, passengers who choose not to travel because they are ill or are particularly susceptible to illness are generally not protected by current regulations. For this reason, people who are ill and could infect others, or people who are particularly at risk of becoming seriously ill, can still travel so as not to lose the money they spent on their ticket. “This type of action by consumers is not in the public interest,” the department said.
When would this take effect?
The Department of Transportation’s proposed rule still has a while to go before it can be enacted. After the period of public hearing 90 days ends, the department reviews the comments and decides whether to keep the proposed rule unchanged, modify it, or withdraw it.
Anyone can comment, including businesses that would be affected by the rule. If the rules are enacted, companies can apply for an exception, which the department will only consider if it finds that “unique circumstances were not taken into account in the rule-making”.
What rights do I have if my flight is delayed now?
Travelers have reported a spike in travel issues this summer – from canceled or delayed flights to lost luggage and strikes – as many countries eased or eliminated all pandemic-related restrictions, which has led to higher demand and airports and airlines have been unable to cope.
Have nearly 550,000 flights been delayed So far this year, the United States has operated more than twice as many such flights in all of 2021, according to the Department of Transportation. More than 88,000 flights were canceled, about 3.2 percent of all flights, compared to less than 1.6 percent of flights last year.
If your flight is one of them, the current rules still apply. For a flight arriving or departing from the United States, you are eligible for a refund if your flight is canceled or significantly delayed and you decide not to choose another option. This also applies if you are involuntarily downgraded to a lower service than you paid for.
You are also entitled to compensation if you were denied boarding because your flight was overbooked and you did not voluntarily give up your seat. Airlines are allowed to overbook flights and there is no minimum they have to offer when asking travelers if someone is willing to take a later flight. passengers have reported that airlines have offered thousands of dollars for people who voluntarily get kicked off their flights.
If you are involuntarily bumped, airlines should provide you with a form detailing your compensation claims, which are often tied to arrival at your final destination. Keep in mind that most airlines require you to be checked in or at the boarding gate by a certain time in order to be eligible for compensation over and above the cost of the flight.
Passengers could soon fly to Croatia from Vantaa Airport in Helsinki using a digital ID on their phones instead of a physical ID card or passport, subject to approval by the European Commission. However, in the initial phase of the project, passengers would still have to take their passports with them to return home, the reports Sanomat newspaper Helsinginvia online translation.
Finnish authorities will need guinea pigs to test the first cross-border route, but they have yet to pack their tiny suitcases. The first step is to complete the application by the end of August and await the European Commission’s decision on whether to fund the pilot. If approved, a multi-stage pilot would begin, with the Commission reportedly keen to see the results of such pilots, with a view to rolling out digital travel documents across the EU.
If approved, the project could begin by the end of the year, although there are no direct flights between the two Finland and Croatia until spring 2023. Finland is therefore considering other destinations. The Netherlands and Canada are also mentioned.
Mikko Väisänen, inspector of staff at the Finnish Border Guard, said the Commission had contacted Finland to see if it was interested in participating. The use of digital ID cards could help speed up checks.
In the first stage, a passport would still be required. Väisänen told Helsingin Sanomat that a traveler would have an app on their phone containing a digital travel document. Before the trip, they would send the information in the document to the border authorities electronically and in advance. The data will be deleted after the trip.
At the border control, a photo of the passenger is taken for identification. The passenger would have to hold the passport over the reader but not open it for a scan. This would be to read the chip. In a later step, the passenger could hold their mobile phone over the reader.
Similar plans exist for Croatia, but passengers would be required to carry physical ID to ensure they can complete all stages of the journey.
Helsinki’s Vantaa Airport would have a line for departing and arriving passengers to pass through border controls during the digital ID pilot.
The digital travel document could also eliminate the need for boarding passes and other documents, as facial recognition could be used at security and boarding instead, says Väisänen.
Finland may also plan to use it Biometrics from civil and tourist traffic Serious Crime Investigation Register.
First EU travel route with only digital ID pends approval: Finland to Croatia
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