Marriott Gets $920 Million Cash Infusion from American Express and JPMorgan Chase

By Kurt Stolz on 5 May 2020
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Marriott International will get acash infusion of $920 million under the terms of amended co-branded credit card agreements with American Express and JPMorgan Chase & Co., the hotelier said.

The world’s largest hotel company will receive $570 million from JPMorgan Chase including a $500 million prepayment of certain future revenues and $70 million from the early payment of a signing bonus under the agreement.

In addition, Marriott will receive $350 million from American Express covering the pre-purchase of Marriott Bonvoy points and other consideration.

Marriott has seen plunging occupancy rates in every market since the outbreak of the coronavirus pandemic. The company is expected to report that its systemwide revenue per available room, or RevPAR, fell by 23% in the first quarter of 2020 due to the Covid-19 pandemic. In the month of March, RevPAR plunged roughly 60% worldwide.

(Photo: Accura Media Group)

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