Marriott International has reopened all its hotels in China and is seeing a steady recovery in the United States, its biggest market, Chief Executive Officer Arne Sorenson said on Monday.
FILE PHOTO: Arne Sorenson, the President and CEO of Marriott, participates in a meeting between U.S. President Donald Trump and tourism industry executives on coronavirus response in the Cabinet Room of the White House in Washington, U.
S., March 17, 2020. REUTERS/Leah Millis - Marriott International has reopened all its hotels in China and is seeing a steady recovery in the United States, its biggest market, Chief Executive Officer Arne Sorenson said on Monday. Shares of the hotel operator, which owns the Ritz-Carlton and St. Regis luxury brands, rose as much as 8.1% to $95.64 in afternoon trading after Sorenson said the occupancy rate in China was 40% currently, up from 7% to 8% in February, when COVID-19 started spreading. “It’s not just leisure travel growing, but it is business travel. Chinese are flying again,” Sorenson said at a Goldman Sachs conference. In the United States, Marriott’s hotels that remained open crossed the 20% occupancy threshold and continue to see an improvement, Sorenson said.The company had an occupancy rate of about 12% in North America in April, with 16% of its hotels closed temporarily. However, Sorenson warned that it could take Marriott a few years to get back to levels of occupancy seen in 2019, when its global occupancy rate was 71%.
Please follow us on Google to support usUnited States Latest News, United States Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
China reports two new coronavirus cases for May 30China recorded two new confirmed cases of coronavirus on May 30, down from four the day before, data from the country's health authority showed on Sunday.
Read more »
China media bristles at US moves on Hong Kong over national security pushThe China Daily said Trump's pledge to 'take action to revoke Hong Kong's preferential treatment as a separate customs and travel territory', and to impose sanctions on individuals, would hurt the US, and unite Hong Kong with mainland China.
Read more »
Military tensions mount on the India-China borderReports of Chinese incursions into India raise tensions between the nuclear-armed neighbours
Read more »
China buys U.S. soybeans after halt to U.S. purchases ordered: sourcesState-owned Chinese firms bought at least three cargoes of U.S. soybeans on Monday, even as sources in China said the government had told them to halt purchases after Washington said it would eliminate special treatment for Hong Kong to punish Beijing.
Read more »