US hotel operator Marriott International Inc has said that it is withdrawing its 2020 financial outlook as cancellations mount due to the coronavirus outbreak.
The hotel industry could lose $1.4 billion in revenue every week on account of the virus, according to estimates by American Hotel and Lodging Association and the US Travel Association, as demand craters.
Working To Reduce Costs
Marriott said that it is working to reduce its 2020 corporate general and administrative costs by at least $140 million and asking senior executives to take significant pay cuts.
The company has decided to start furlough for what it anticipates will be tens of thousands of employees.