Marriott trims US hotel plans, cancels development meeting

Dive Short:

  • Marriott Worldwide pulled back on growth of new hotels in the U.S. in the next quarter of this year, according to remarks from CEO Arne Sorenson throughout a conference phone with Wall Road analysts. The world-wide lodge chain also canceled a on a regular basis scheduled assembly with developers in April.

  • The agency had 510,000 whole rooms in its pipeline, like 28,000 permitted in the quarter, down from 516,000 rooms a quarter before. Sorenson mentioned various bargains have been set on hold due to developers’ uncertainty more than COVID-19. 

  • “Even if the financing is finished, if construction has not by now started, it effectively could possibly be that you might be sitting down there stating, ‘Well, let us enjoy it in this article now more than the future amount of months and see what transpires,'” Sorenson mentioned. 

Dive Insight:

Sorenson advised analysts that regardless of signing thirty%

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