Marriott CEO Anthony Capuano is ready for a strong year-end as pandemic-era global travel restrictions are eased.
"I think it was Sept. 20 when the administration announced their intention to open up the borders. We saw an immediate spike in bookings and have seen it right through to today," Capuano said on Yahoo Finance Live.
Today, the U.S. ended a pandemic travel ban on international visitors from 33 countries. The ban has lasted 19 months, and was first implemented by the Trump administration. International travelers will be required to show proof of vaccination and a recent negative test for COVID-19.
Added Capuano, "I was in Europe about a month ago, and the Europeans were mystified. They welcomed me across the borders with my little handwritten CDC card and they have digitized health credentials, so I think it's great news for us."
Marriott rival Hyatt echoed Capuano's upbeat sentiment on Yahoo Finance Live.
"This is a momentous day. Reopening the borders for vaccinated travelers is a really great step to take forward and re-engage. The day the Nov. 8 date was announced, we saw an instant surge in bookings. By the way, this week was up 50% overnight in terms of bookings. It just demonstrates what we have seen in virtually every segment of our industry, which is there is tremendous pent up demand for people to get back on the road," said Hyatt CEO Mark Hoplamazian.
The influx of international travelers will likely further fuel the recovery taking hold at Capuano's Marriott.
Marriott's third quarter systemwide revenue per available room (RevPar) rose 118.4% from a year ago. Average daily rates were only 4% below the level seen in the third quarter of 2019.
Capuano said Marriott is experiencing continued strength in the rates it could charge travelers.
"The holiday season will be gangbusters if the last three holiday weekends are any indication. I actually had somebody call me and say can you help us get into one of your ski resorts for New Year's week. I said perhaps, but rates are 100% higher. There is massive pent-up demand for leisure travel."
Investors have caught on to the hotel recovery trade of late.
Marriott shares are up 19% in the past three months, outperforming the S&P 500's 6% gain. Hilton and Hyatt are up 19% and 20%, respectively.
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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Marriott CEO: Holiday season travel could be gangbusters for hotel industry - Yahoo Finance
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