Maryland’s Marriott opens all hotels in China, forecasts steady US recovery

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Maryland’s Marriott opens all hotels in China, forecasts steady US recovery

On Monday, Chief Executive of the American multinational hotel chain operator and hospitality industry megalith, Marriott International, said in a statement that the Maryland-based hotel and lodging facility provider had reopened all of its hotels in China and had been witnessing a steady recovery in demands in the United States, which happens to be the Marriott International’s largest market.

Apart from that, followed by the remarks of Marriott Chief Executive Arne Sorenson late on the day, Nasdaq-listed shares’ prices of the American multinational hotel operator that holds a broad range of portfolio in the global hospitality industry, surged as much as 8.1 per cent to $95.64 per share in the late-afternoon trading and wrapped up the day 7.38 per cent higher to $95.03 per share.

Besides, Marriott Chief Executive Sorenson was also quoted saying on his statement that the company was experiencing an occupancy rate of 40 per cent in China at this moment, up from a record-low of 7 to 8 per cent in early-February, when the pandemic had started off spreading across the Southern and South-east China.

‘Chinese are flying again,’ says Sorenson as Marriott reopens all hotels in China

Meanwhile, as the global hospitality industry tycoon had begun a gradual reopening of all of its businesses across the world where the conditions were favourable, Sorenson said in a Goldman Sachs Conference late on the day, “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 drive to business”. adding that the Marriott hotels in the United States, which remained open amid the pandemic outbreak, had been witnessing an improvement in demands and currently holding a 20 per cent occupancy rate.

Nonetheless, despite an upbeat reflection of its hotel chain businesses, Marriott Chief Executive Sorenson had also cautioned that the multinational hospitality industry tycoon might take a few years to reach an occupancy level of 71% which it had observed last year.