Message from Marriott CEO: Revenue down 75% globally, 90% in China

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.


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