While leisure travel has recovered slightly from April lows, lucrative business travel has been especially hard hit and is expected to take longer to recover.
Marriott said Monday it has reopened most of its hotels around the world, helped by a rebound in business travel in China. The average occupancy at its hotels is also improving, although still at depressed levels.
“A lot of people have written off this summer. They have decided that there isn’t going to be a big summer vacation for all of the reasons that we know,” Michael Bayley, CEO of the Royal Caribbean Cruises affiliate, told analysts. “But people certainly want to have a vacation next year, and I’m kind of hopeful that we’re going to see a nice bump in 2021.”
CEO Arne Sorenson said Marriott has seen “rapid improvements” in hotel occupancy and new bookings there. He said on a call with analysts that China might approach 2019 occupancy and revenue trends as soon as next year, even with limited foreign visitors. “We are optimistic that the second quarter will mark the bottom and that the worst is now behind us,” he said.
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