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.

 

READ  Gammon: US Helping CHINA Take Over The World!! (Here’s How)
READ  How China won Trump’s trade war and got Americans to foot the bill

AC

 

29 views