Arne Sorenson posted a video on LinkedIn saying that the worst quarter between 9/11 and the great depression was a 25% drop in revenue, current drop is 75%.
Marriott’s revenues started falling in China first, and the slump continued elsewhere around the world. According to Sorenson, the hotel’s business has plummeted by 75% in most markets. In China, where stringent anti-epidemic measures were enacted earlier than elsewhere, it’s even worse, down 90%.
Sorenson pointed out that both the September 11 terrorist attacks and the 2007-2009 global financial crisis only caused Marriott’s revenues to sink by approximately 25%. “COVID-19 is like nothing we’ve ever seen before,” he said, observing that even World War II and the Great Depression, both weathered by Marriott, had lesser negative effects on the company.
AC