The hospitality industry has been hit by the drying up of tourism during the pandemic, but as the distribution of the Covid vaccine continues, Marriott CEO Tony Capuano expects his business to recover.
“With the vaccine being widely distributed, we see quite a strong and steady outlook for demand growth,” Capuano told CNBC’s Seema Mody on Wednesday.
Capuano was recently appointed CEO of the hotel chain following the death of former leader Arne Sorenson on February 15. Sorenson fought pancreatic cancer.
Sixty percent of Marriott’s 2019 bookings were from business travelers. As more companies now adapt to remote workplaces, some industry viewers fear the trend will dent the hotel industry forever, but Capuano won’t.
Marriott customers have told the company that they “want to go out and be face to face with their business partners and customers,” said Capuano. Leisure travel is likely to lead the recovery, he said.
Marriott is the largest hotelier with 1.4 million rooms worldwide.
Global markets such as China are already seeing some revival as the country quickly adapted to contain the virus and administer vaccines, he said.
Marriott shares are up more than 3% on Wednesday. The stock, with a market value of $ 50.16 billion, is up nearly 15% in the past year.