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The rollout of Covid-19 vaccines and signs of pent-up travel demand among consumers have given Marriott International renewed optimism.
“We’re actually seeing a very strong recovery in demand in a variety of our larger markets and it’s not just the demand for leisure which is really encouraging for us,” said Tony Capuano, CEO of Marriott. International.
The global pandemic has caused historic low occupancy levels for the hospitality industry, leading to massive job cuts and hotel closures. Marriott, the world’s largest hotel operator, was particularly hard hit, recording its first full-year loss in more than a decade. It has approximately 7,800 properties and operates brands such as The Ritz-Carlton, Sheraton and Courtyard by Marriott, in 138 countries and territories.
Like its competitors, the company has implemented new cleaning procedures and reduced its offers in order to regain profitability.
Marriott’s efforts were evident in its second-quarter results, net income surged to $ 422 million from a net loss of $ 234 million a year earlier.
Travelers venture out again. An estimated 48 million Americans took to the roads and skies over the busy July 4th weekend. But that was before Covid cases started to rise again.
A resurgence of Covid cases in the United States driven by the highly contagious delta variant could make consumers think twice before traveling. He is also threatening to delay the return to business travel.
Watch the video to see what’s next for Marriott.
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