Marriott

Marriott East Side, Once One of the City’s Tallest Hotels, Won’t Be Reopening

The storied Marriott East Side hotel, which first opened its doors to guests in as the Shelton Towers in 1924, won’t be reopening and the location, at 525 Lexington Avenue in Manhattan, may not necessarily remain a hotel in the future.
The property closed temporarily in March along with hundreds of others amidst the outbreak of the coronavirus pandemic.
The Romanesque Revival structure was designed by Arthur Loomis Harmon and the hotel’s …

Marriott Loses 122 Properties in $11 Million Default on Payments

Marriott Loses 122 Properties in $11 Million Default on Payments

Marriott International lost 122 properties after defaulting on payments of over $11 million to Service Properties Trust, which owns the hotels. The hotelier’s failure to pay the shortfall triggered SVC’s termination rights, the company said on Wednesday.
This is the second major hotel default reported amidst the coronavirus pandemic.
The world’s largest hotel chain will see nine Marriott branded properties reflagged as Sonesta hotels on December 15, 2020, and 89 properties in …

Marriott to Lose Over 100 Properties in Default

Marriott to Lose Over 100 Properties in Default

Marriott International stands to lose over 100 properties come November, in second major hotel default reported amidst the coronavirus pandemic.  The world’s largest hotel chain owes Service Properties Trust, which owns the hotels, over $11 million.
“Marriott failed to meet the termination threshold of 80% of owner’s priority return through August,” the company said in a statement. A “failure to pay the shortfall will trigger SVC’s termination rights.”
The move comes on …

Marriott to Expand Bonvoy Guest Loyalty Program with New Benefits

Marriott to Expand Bonvoy Guest Loyalty Program with New Benefits

Marriott International announced a partnership with Ascenda to offer members of its guest loyalty program a variety of new benefits.
The move should give members of Bonvoy more ways to earn and redeem points.
The hotelier will be able to “tap into a network of global partners to enrich our loyalty program offerings,” said Julie Purser, the company’s vice president of loyalty.
Marriott’s new guest loyalty program, Bonvoy, made its debut in February, …

Marriott to Lay Off 17% of Staff at Corporate HQ

Marriott to Lay Off 17% of Staff at Corporate HQ

Marriott International said Tuesday that it would lay off 673 employees at its Bethesda, Maryland headquarters.
The cuts will go into effect on October 23 of this year.
The hotel chain currently employs about 4,000 workers at its headquarters offices.
In March, Marriott furloughed thousands of employees amidst the start of the pandemic.  It said it plans to welcome some back this fall.
Marriott, which merged in 2015 with Starwood Hotels and Resorts to form …

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

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

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 …

Marriott Posts First Quarterly Loss in Nine Years Amidst Coronavirus Pandemic

Marriott Posts First Quarterly Loss in Nine Years Amidst Coronavirus Pandemic

Marriott International announced financial results for the second quarter of 2020.
The world’s largest hotel chain reported a net loss of $234 million, compared to net income of $232 in the same period one year prior. The adjusted net loss for the quarter was $210 million, compared to $525 million in Q2 2020.
The quarterly loss was Marriott’s first in nine years.
Travel bans and the need for social distancing during the coronavirus …