The luxury hotel industry might take a couple of years to recover from the impact of the Covid-19 pandemic, says Marriott CEO Arne Sorenson.
Ulet Ifansasti/Getty ImagesRecovery has begun for luxury hotels since the Covid-19 pandemic swept across the world this year, but it might take the next couple of years for the industry to go back to pre-pandemic levels, according to an industry leader.
In China where the coronavirus pandemic first broke out, Marriott International hotels are seeing their occupancy rate climb to 40% to 50%, compared to less than 10% in the two months from January to March. “We have come up a long way from the bottom, that shows you about the potential path forward,” said Arne Sorenson, president and CEO of Marriott International, on Thursday.
Sorenson made the remarks during an industry forum hosted by Chip Rogers, president and CEO of the American Hotel & Lodging Association (AHLA).
In the U.S., as businesses have returned to some normalcy in many cities and travelers are allowed to go to beaches, hiking, and on other trips, recovery for the hospitality industry “is underway,” Sorenson said.
The hopeful signs of an early recovery is attributable to the cautious and phased lifting of restrictions, according to Sorenson. Equally important is that “travelers have to believe it’s not only legal to travel, but also it’s safe to do whatever they want to do, not risking their lives,” he said.
In New York, the epicenter of the pandemic in the U.S., the health concerns have been vastly lessened. But the virus is still spreading in many other states, including Florida, Texas, and Arizona.
While nobody knows how quickly the industry will gain robust growth, it might take a couple of years to fully recover to the pre-pandemic level, Sorenson said.
The “impact of this has been so profound, disruptive if nothing else,” he said.
Thursday’s call was the first of a series of virtual discussions about the hotel industry of tomorrow, titled “The Forum, An AHLA Experience.”
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June 26, 2020 at 04:39AM
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Luxury Hotel Industry Might Take a Couple of Years to Recover - Barron's
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