Marriot's RevPAR in Greater China drops 90% in February
Marriot's RevPAR in Greater China dropsMarriott is the world’s largest hotel operator with 800 properties in the Asia Pacific region and roughly half in Greater China.
China is also Marriott’s fastest-growing market, where it is building a number of new hotels. Leeny Oberg, EVP and CFO said openings could slow down due to the virus.
At the end of 2019, Marriott had 375 properties with roughly 122,000 rooms across Greater China, representing 9% of our total global rooms. Around 90 of these properties are currently closed.
In the Asia-Pacific region outside Greater China, what Marriott called APAC, February RevPAR declined roughly 25%, year-over-year. For APAC Marriott had 412 properties with 100,000 rooms at year-end 2019, representing 7% of our total worldwide rooms.
February RevPAR in the Asia-Pacific region overall has been running down around 50% compared to February of last year. Outbound travelers from China in, 2019 made up less than 1% of room nights in the system outside of Asia-Pacific and around 0.5 of 1% of room nights in North America.
To date, apart from a handful of citywide event cancellations, Marriott has not seen a significant impact on overall demand outside of the Asia-Pacific region, so the situation obviously remains fluid. 90% in February