Tag: Arne Sorenson

Marriott International, which has reopened all its hotels in China, is seeing a steady recovery in the United States, its biggest market. Chief Executive Officer Arne Sorenson said, “It’s not just leisure travel growing, but it is business travel. Chinese are flying again.” Sorenson said the occupancy rate in China was 40% currently, up from 7% to 8% in February, when COVID-19 started spreading. In the United States, Marriott’s hotels that have remained open, crossed the 20% occupancy threshold and continue to see an improvement, Sorenson said. The company had an occupancy rate of about 12% in North America in ... Read more

The corona virus crisis will hit the hospitality sector harder than 9/11 and the great economic recession combined, Marriott International Arne Sorenson has said. “What we’re seeing is dramatically worse than what we saw in those two prior crises,” Sorenson told CNBC. In those two instances, the worst quarterly declines in global revenue that Marriott experienced was around 25%, Sorenson said. “We’re now seeing revenue down 75% plus, probably I suspect nearing a 90% decline in the United States. And obviously at those levels there just isn’t any business in hotels,” said Sorenson, who suspended his salary for the year. ... Read more