Arne Sorenson, chief executive of Marriott, has confirmed that the organisation has decided to reopen all of its properties in China. The company has more than 350 properties in China. Business travel is significantly helping with recovery in the market.
Improvement in the occupancy rate of hotels
During the peak of the COVID-19 pandemic, occupancy rates had reduced to seven percent. Things are looking up now as occupancy rates have shot up to 40 percent.
Sorenson said at a Goldman Sachs conference “It is not just leisure travel growing, but it is business travel. Chinese are flying again.” He also added that in the USA, occupancy rates in Marriott hotels that remained open have crossed 20 percent. They continue to see an improvement. He also highlighted the fact that occupancy rates will take years to reach pre-coronavirus levels.
The hotel group owns about 30 brands and recorded occupancy rates of over 70 percent last year.
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