Marriott Says 25% of its Hotels Are Temporarily Shuttered

By Kurt Stolz on 16 April 2020
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Marriott International said that approximately 25% of its 7,300 properties across the globe have been temporarily closed amidst the novel coronavirus outbreak.

The hotelier said it anticipates “further hotel closures and erosion in RevPAR performance and does not expect to see a material improvement” until the coronavirus pandemic abates. It also said that it took appropriate measures to minimize the damage to its business.

“Marriott moved quickly to take substantial proactive measures to mitigate the negative financial and operational impacts for its hotel owners and its own business.  Business contingency plans have been implemented around the world and the company continues to adjust these in response to the global situation.

Occupancy rates in North America and Europe are currently “hovering” at or below 10%. More than 870 hotels are temporarily closed, in North America, approximately 16% of the total.  But in Europe, some 79% of Marriott hotels are shuttered,

Meanwhile, in China, Hong Kong, and Taiwan, Marriot saw a 20% uptick in occupancy rates in the first two weeks of April.

Marriott said that it expects additional hotel closures and “does not expect to see a material improvement” until the spread of the novel coronavirus significantly slows down and governments lift travel restrictions.

(Photo: Accura Media Group)

Accura News

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