06/01/2020

Marriott Opens All Hotels in China, Sees Steady U.S. Recovery

Business travel has resumed in China

Marriott International has reopened all its hotels in China and is seeing a steady recovery in the United States, its biggest market, said Arne Sorenson, Marriott's chief executive officer, said on Monday.

Shares of the hotel operator, which owns the Ritz-Carlton and St. Regis luxury brands, rose as much as 8.1 percent to $95.64 in afternoon trading after Sorenson said the occupancy rate in China was 40 percent currently, up from 7 percent to 8 percent in February, when COVID-19 started spreading.

“It’s not just leisure travel growing, but it is business travel," Sorenson said at a Goldman Sachs conference. "The Chinese are flying again."

Please select this link to read the complete article from Reuters.