Marriott has reopened all of its properties in China. The news comes as a big sign that the post-coronavirus hotel industry may be ready to make a comeback. Marriott operates around 350 properties throughout China. The hotel chain is reporting an occupancy rate hovering near 40 percent for its Chinese hotels. That's a major rebound from an occupancy rate of just 7 percent at the end of January. What's more, Marriott's chief executive is reporting that the comeback is being pushed forward by both business and leisure travelers.
Marriott is also seeing a rebound among its American properties. However, the increase is far less dramatic in the United States than it is in China at the moment. Occupancy for Marriott-owned properties in the United States is somewhere around 20 percent going into summer.
The fact that Marriott has opened all of its properties in China comes as promising news. Marriott's decision to resume full operations comes just after Shanghai Disneyland opened its door again to welcome visitors at a reduced capacity. However, Marriott's leadership is still being extremely cautious about declaring any major victories. In fact, Marriott's leadership believes that pre-coronavirus occupancy numbers won't be returning until some time beyond 2021.
Marriott released a statement on its website on May 27 making it clear just how dramatic the impact of COVID-19 has been on the brand. In fact, the statement describes the COVID-19 pandemic as having an impact more severe than the combination of 9/11 and the 2008 financial crisis.