Marriott International’s net loss totaled $164 million in Q4 of 2020, with only 35% of global room occupancy, while the Chinese market proved to be more resilient with only 10% loss during COVID-19.
In the wake of the pandemic, Marriott International, the world’s biggest hotel chain, reported a net loss of $164 million in the fourth quarter of 2020, compared to a reported operating income of $274 million in Q4 of 2019.
Yet, despite these significant losses and quite challenging year, the company globally added nearly 63,000 new hotel rooms, including more than 28,000 rooms in international markets, a net room growth of 3.1% from 2019.
According to Stephanie Linnartz, Group President, “With the global pandemic, 2020 was the most challenging year in our 93-year history. In April, we experienced the sharpest worldwide decline on record… with just 12 percent occupancy. Demand around the world improved from this trough at varying rates, with China leading the way… China saw a meaningful rebound through the year and was down less than 10 percent year over year in December.
“Global occupancy remained at 35 percent in the fourth quarter,” said Ms. Linnartz, but optimistically added, “we are seeing some small, early signs that the acceleration of vaccine rollouts around the world will help drive a significant rebound in travel and lodging demand.”
The company is still mourning the loss of President and CEO Arne Sorenson, who passed away last week. “We are all deeply saddened by Arne Sorenson’s unexpected passing,” said Leeny Oberg, Executive Vice President and Chief Financial Officer. “We are grateful to have been able to work with such an inspiring and talented leader and will always treasure our memories of working with him. Our leadership team is committed to honoring him by building on his incredible legacy as we move the company forward.”