Marriott International Reopens All Hotels in China... "Business Is Improving Again"

[Asia Economy Reporter Seungjin Lee] Marriott International, one of the world's top three hotel chains, which had suspended operations in China due to the impact of the novel coronavirus disease (COVID-19), announced on the 1st that it has reopened all 350 of its hotels in China.

According to major foreign media such as the BBC, Arne Sorenson, CEO of Marriott, said at the Goldman Sachs Conference that "Currently, the occupancy rate of our hotel rooms in China is around 40%, a significant increase compared to 7-8% in early February when the COVID-19 outbreak began," and added, "Not only travel but also business trips are increasing, leading to improved operations in China."

Sorenson continued, "Operations in the largest market, the United States, have also begun to recover, with occupancy rates exceeding 20%." However, he predicted that it may take several years for occupancy rates to return to the global average of 71% before the COVID-19 crisis last year.

Last week, Marriott also stated that the operational damage caused by COVID-19 is more severe than the combined impact of the September 11 attacks in 2001 and the 2008 financial crisis.