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Marriott's March RevPAR drops 83% in Greater China

04/15/2020| 6:06:19 PM| 中文

The world's largest hotel group expects its global RevPAR to decline by 23% in the first quarter.

Marriott announced that it has entered into a commitment letter for a 364-day senior unsecured revolving credit facility in an aggregate principal amount of USD 1.5 billion.

The world's largest hotel group expects its global RevPAR to decline by 23% in the first quarter of 2020. Some 25% of the company’s over 7,300 hotels are temporarily closed. 

Marriott expects that its RevPAR dropped 60% worldwide in March and that RevPAR in Greater China declined 83% in the time. 

Leisure and regional transient demand are driving the RevPAR improvement in Greater China. During the Qingming holiday weekend on April 4 and 5, more than 20 hotels in leisure destination markets ran occupancy over 60%, including eight hotels that were sold out.

In the rest of the world, trends have not yet stabilized. North American occupancy levels are currently around 10%, and more than 870 hotels, or 16%, are temporarily closed. Occupancy in Europe is currently under 10%, with around 500 hotels, or 79%, temporarily closed.

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TAGS: Marriott | Greater China | RevPAR
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