BETHESDA, MARYLAND - Marriott International has reopened all its hotels in China and is seeing a steady recovery in the United States, its biggest market, Chief Executive Officer Arne Sorenson said on Monday .
Shares of the hotel operator, which owns the Ritz-Carlton and St. Regis luxury brands, rose as much as 8.1% to $95.64 in afternoon trading after Sorenson said the occupancy rate in China was 40% currently, up from 7% to 8% in February, when Covid-19 started spreading. "It's not just leisure travel growing, but it is business travel. Chinese are flying again," Sorenson said at a Goldman Sachs conference.
In the United States, Marriott's hotels that 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 April, with 16% of its hotels closed temporarily. However, Sorenson warned that it could take Marriott a few years to get back to levels of occupancy seen in 2019, when its global occupancy rate was 71%.
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