Marriott Expects to Report a Massive Drop in March Room Revenue
Global hotel franchisor Marriott International (NASDAQ: MAR) is finalizing its first-quarter results, and in an investor update provided Tuesday morning, preliminary numbers revealed unsurprisingly drastic declines against the prior year.
The hotelier expects to report that its systemwide revenue per available room (RevPAR) slumped 23% in the first quarter of 2020 due to the COVID-19 pandemic. In the month of March, RevPAR plunged roughly 60% worldwide. While Marriott is beginning to see preliminary signs of stabilized demand in Greater China, it noted that "the negative trends in the rest of the world have not yet stabilized." Currently, 25% of the company's 7,300 properties remain temporarily shuttered.
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Source Fool.com
