Marriott International is still very much in the testing phase of its six-month London home-sharing pilot with Tribute Portfolio Homes, but CEO Arne Sorenson seems fairly confident that the 90-year-old hotel company can learn enough from it to succeed in a market dominated by platforms like Airbnb and HomeAway.
In London, where Marriott is conducting its pilot, there is a 90-day annual cap for the number of days an entire home can be rented. Sorenson also said the company is ensuring that it pays the appropriate taxes to the local government.
Marriott had a fairly strong first quarter, with net income up 7 percent from the same period last year to $398 million. Adjusted net income was $487 million, up 30 percent from last year’s first quarter.
Revenue per available room (RevPAR) was up 3.6 percent worldwide during the first quarter, increasing by 7.5 percent outside of North America and by 2 percent within North America.
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