Marriott International (NASDAQ:MAR) CEO Craig Smith says Asia will lead the world in the recovery in the hotel industry.
The hotel operator forecasts room occupancy in Greater China will rise to 60% next month from 55% this month and could recover to pre-pandemic levels by the start of 2021. The occupancy rate bottomed out at 10% last February.
The strong pace of recovery in Asia from the pandemic has kept Marriott on its expansion track in the region, with plans to open 70 or 80 hotels in the region next year.
