Marriott CEO Sorenson Details Crisis Contingency Plans in Emotional Address
Skift Take
It's fairly certain that many Marriott International-affiliated properties will never reopen. CEO Arne Sorenson is showing leadership in being candid about the tough measures the hotel chain has to take to emerge with a business worth running when coronavirus hopefully fades.
In an emotional video message on Thursday to Marriott International employees, CEO Arne Sorenson characterized the coronavirus crisis as more severe for the hotel chain than the Great Depression and World War 2. He added that the chain's global business is running about 75 percent lower than normal, hundreds of hotels have closed, and some may never re-open.
The current financial situation, he said, is more dire than the worst quarter ever in the company's business, which saw roughly a 25 percent decline on average in hotel revenue globally. He didn't detail which quarter that was, but said later it was the fourth quarter of 2001.
"In terms of our business, COVID
