Marriott has reopened 91 percent of its hotels globally as business travel reemerges in China and worldwide occupancy, which tumbled to 11 percent in April, reached 34 percent. The company reported quarterly profits on Monday that fell far short of expectations, however, and revenue plunged. In China, where business travel and even some group events resumed, occupancy levels reached 60 percent, about 10 percent lower than the same period last year, Marriott said. Marriott had a net loss of US$234 million for the second quarter after a US$232 million profit in the April-June period last year. Adjusted for one-time items, Marriott lost 64 cents per share, far worse than the loss of 41 US cents that Wall Street had expected, according to a survey by FactSet.

Source: The Standard August 11, 2020 04:38 UTC