Marriott CEO: Coronavirus Is Hurting the Hotel Chain Worse Than 9/11 or World War II
Speaking via video to the employees of Marriott International (NASDAQ: MAR), CEO Arne Sorenson declared Thursday that the COVID-19 coronavirus has gutted company revenues more severely than World War II, 9/11, or any other historic crisis. Marriott's share value is currently in the neighborhood of $70, down dramatically from approximately $150 in mid-February, underlining the scope of the company's problem.
Image source: Marriott International
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%.
Source Fool.com
