Marriott suffers

The world’s largest hotel group, with 30 brands and more than 7,000 properties globally, Marriott, is suffering from the pandemic but perhaps not as bad as it could be with the vast majority of its hostelries franchised.

Marriott is currently valued at around $30bn on the New York Stock Exchange, with its shares down 45% on the year after losses of $234m in the second quarter compared with a profit of $232m a year earlier. Its best known properties trade as Starwood, Ritz-Carlton and Le Meridien, and include the JW Marriott Grosvenor House in London’s Park Lane.

In publishing the results, it said that room occupancy was 70% down on a year ago, but added that its hotels in China, Hong Kong, Macau and Taiwan − the first to go into lockdown − were operating now at 60% capacity. “The improvement in Greater China exemplifies the resilience of travel demand once there is a view that the virus is under control,” said Arne Sorenson, its Chief Executive.

www.marriott.com

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