Marriott International shows signs of recovery

Published on : Friday, March 20, 2020

Amid the rapidly evolving coronavirus outbreak, Marriott International has pointed to small signs of recovery in the Chinese hospitality market as the chief executive Arne Sorenson offered a business update.

 

In Greater China the number of closed Marriott hotel has declined from over 90 a month ago to under 30 today.

 

An improvement is seen in the occupancy levels in Greater China and the trends lines are showing the right direction.

 

The picture was darker elsewhere though  and Sorensen explained that in the rest of the world the crisis is much more recent.

 

Over the last few days North America and Europe saw occupancy levels below 24 per cent as compared to around 70 per cent a year ago.

 

In the weeks ahead the company said that it would notice further erosion and cannot expect to see material improvement until the sense of the spread of the virus has moderated.

 

Through the first half of the year there have been historically high levels of cancellations. For 2021 there have not yet been meaningful group cancellations it was noted that many group customers were tentatively re-booking for later in 2020.

 

Sorensen went on saying that the travel industry is being impacted in unprecedented ways by Covid -19.

 

To mitigate the negative financial and operational impacts of Covid -19 the company is taking numerous proactive steps.

 

There will be significant cuts in the senior executive salaries and required temporary leaves in North America  and shorten work weeks around the world and cancel all non-essential travel and spending.


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