Marriott Taps Into New Revenue Streams Amid Strong Recovery in China
Photo Credit: Marriott continues to see its strongest recovery in China (pictured: the Hong Kong International Commerce Centre, which houses a Ritz-Carlton). Wikimedia / Bernard Spragg. NZ
Skift Take
Marriott's newer initiatives and brands like Homes & Villas may find success during the pandemic, but old-fashioned revenue streams like corporate travel are still a vital factor in a full recovery.
China continues to be Marriott’s market leader in terms of revenue recovery from the coronavirus pandemic.
But the world’s largest hotel company also sees global potential in newer business lines like its Homes & Villas short-term rental brand and even a work-from-hotel initiative.
“I think people are really anxious to get out and travel again,” said Stephanie Linnartz, group president at Marriott, on Thursday at Skift Forum Asia held online. “People are really happy to get out of their homes.”
Business is still down roughly 65 percent globally at Marriott, but that’s a significant improvement from the staggering 90 percent decline seen during the worst of the pandemic. The company is performing best in China, where revenue is down only 20 percent from 2019 levels.
Marriott anticipates revenue will be back to pre-pandemic performance sometime next year.
It is a domestic traveler-led recovery in China
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