Marriott CEO: China hotels all reopened, sees steady U.S. recovery

02.06.2020 - Petr Mazaylo
Marriott CEO: China hotels all reopened, sees steady U.S. recovery

On Monday, Chief Executive Officer Arne Sorenson stated that Marriott International (MAR.O) has resumed all its hotel operations in China and is seeing a sustained recovery in its biggest market, the United States.

After Sorenson’s statement, Marriott International’s shares went up to 8.1% to $95.64 in the afternoon trading.

Occupancy rates in China have risen from as low as 7% in February to approximately 40% in May due to the coronavirus pandemic.

“It’s not just leisure travel growing, but it is business travel. Chinese are flying again. The (U.S.) hotels that are performing strongest are those that are most dependent on the drive to the business.” Sorenson said at the Goldman Sachs’s (GS) travel conference.

However, Sorenson warned that it could take a few years to get back Marriott International’s 2019 global occupancy rate of 71%.


Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?