On April 14, Marriott International provided another update to its business amid the COVID-19 pandemic. First, the company will provide for a 364-day senior unsecured revolving credit facility in an aggregate principal amount of $1.5 billion.
Marriott also announced that it expects to report that worldwide systemwide RevPAR declined approximately 23 percent in the first quarter of 2020, with RevPAR in North America down about 20 percent.Currently, about 25 percent of the company’s more than 7,300 hotels are temporarily closed. Marriott also anticipates further hotel closures and erosion in RevPAR performance and does not expect to see a material improvement until there is a view that the spread of COVID-19 has moderated and governments have lifted restrictions.
Photo: Courtesy of Marriott International