Marriott to Delist Its Shares from the Chicago Stock Exchange to ‘Reduce Costs’

By Kurt Stolz on 31 August 2020
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Marriott International said Monday it would delist its stock from the NYSE Chicago Exchange.  The market was formerly known as the Chicago Stock Exchange.

The move comes after the world’s largest hotel chain reported a net loss of $234 million in the second quarter and a decline in revenue per available room, or RevPar, of 84% amidst a unprecedented drop in travel due to the coronavirus pandemic.

The “frustratingly high” coronavirus rate in many parts of the world was to blame for the loss, said Arne Sorensen, the chain’s president, earlier in the month.

The company said it was withdrawing the listing “to reduce administrative costs and requirements.”

The move will be effective on September 20, 2020 and the exchange will suspend trading in Marriott’s stock before the market opens on September 21.

Marriott said that its common stock will continue to be traded on the Nasdaq Global Select Market.

(Photo: Accura Media Group)

Accura News

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