The hospitality industry suffers as tourism dries up during the pandemic, but as the distribution of the Covid vaccine grows, Marriott CEO Tony Capuano expects his business to return.
“As the vaccine is widely distributed, we see quite strong and steady prospects for growing demand,” Capuano told CNBC’s Seema Mody in an interview Wednesday.
Capuano was recently appointed CEO of the hotel chain after the death of his former leader Arne Sorenson on February 15. Sorenson had battled pancreatic cancer.
Sixty percent of Marriott’s bookings in 2019 were from business travelers. As more companies are now adapting to remote jobs, some industry observers are worried that the trend will affect the hotel industry forever, but not Capuano.
Marriott customers told the company that they are “looking forward to going there and being face to face with their business partners and customers,” Capuano said. However, leisure travel is likely to lead to recovery, he said.
Marriott is the largest hotel with 1.4 million rooms worldwide.
Global markets such as China are already facing a recovery as the country has quickly adapted to contain the virus and administer vaccines, he said.
Marriott shares rose more than 3% on Wednesday. The stock, which has a market value of $ 50.16 billion, has gained almost 15% in the last year.