Business Travel Is Recovering, Marriott Says—Just Not at the Start of the Week

Core Insights - Business travel has largely returned to pre-pandemic levels, with the exception of early weekdays [2][7] - Marriott International reported that overall occupancy is higher than 2019 levels, but Monday to Wednesday occupancy has not fully recovered [3][7] - The return of business travel is uneven, with small- and medium-sized businesses recovering faster than larger corporates [5][6] Business Travel Trends - The traditional business travel model, characterized by consultants traveling from Monday to Thursday, has not returned due to flexible work policies [4] - Key segments of business travel remain below pre-COVID levels, particularly among the largest companies [4][5] - Marriott's revenue per available room (RevPAR) increased by 5% year-over-year in Q4, exceeding expectations, but group RevPAR growth was lower at 3% [5][6] Financial Performance - Marriott's Q4 results surpassed analysts' estimates, but the company's shares fell approximately 5% due to a cautious outlook on room growth and profitability [6][7] - Group RevPAR, which accounted for 23% of room nights, experienced its lowest growth quarter of the year, influenced by fewer group events and a decline in Greater China [6]