The hospitality industry has been suffering as tourism dried up throughout the pandemic, but as Covid vaccine distribution gains headway, Marriott CEO Tony Capuano expects its organization to bounce again.
“As the vaccine gets extensively distributed, we see really sturdy and steady prospects for desire development,” Capuano informed CNBC’s Seema Mody in an job interview Wednesday.
Capuano was recently tapped as the lodge chain’s CEO, pursuing the loss of life of its previous chief Arne Sorenson on Feb. 15. Sorenson had been battling pancreatic cancer.
Sixty p.c of Marriott’s bookings in 2019 were being from small business travelers. Due to the fact much more companies now are adapting to distant workplaces, some business watchers are concerned the development will dent the resort business eternally, but not Capuano.
Marriott’s prospects have instructed the organization that they are “nervous to get out there and be facial area to face with their business associates and buyers,” Capuano reported. However, leisure journey will very likely lead the recovery, he stated.
Marriott is the biggest hotelier with 1.4 million guest rooms around the world.
World-wide markets like China are viewing some rebound by now, as the country adapted swiftly to have the virus and administer vaccines, he said.
Marriott shares are up far more than 3% Wednesday. The stock, which has a market place worth of $50.16 billion, has attained nearly 15% about the earlier 12 months.
