Earnings

Marriott posts bigger-than-expected loss as virus hits bookings

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This photo shows a woman walking past Marriott signage in Hangzhou in China’s Zhejiang province.

– | AFP | Getty Images

U.S. hotel operator Marriott International posted a bigger-than-expected quarterly loss on Monday, as the coronavirus crisis curbed global travel and led to a plunge in room bookings.

Marriott’s shares, down 40.3% this year, fell 3% in premarket trading as the company also reported an 84.4% plunge in revenue per available room (RevPAR) – a key performance measure for the hotel industry.

However, Marriott echoed smaller rival Hilton’s comments from last week, saying it now expects a gradual rise in occupancy rates across the world although it may take a few years for them to…



Source cnbc.com

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