Source : Travel Weekly
Marriott International said it could lose about $25 million per month in first-quarter fee revenue due to the coronavirus outbreak, although CEO Arne Sorenson cautioned it was a conservative forecast given the virus’ continued spread.
He called the estimate “a China travel story and an Asia-Pacific story.”
“Obviously, when you look at South Korea and Italy, we will see cancellations and declining RevPAR in those markets,” Sorenson said during Marriott’s Q4 earnings call. “We’re going to see some impact in other markets around the world not entirely dependent on China travel.”
Marriott has approximately 375 properties in Greater China (mainland China, Hong Kong, Taiwan and Macau), accounting for around 9% of the group’s total rooms. Approximately 90 of those hotels are currently closed because of the coronavirus outbreak.