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Marriott Posts First Annual Loss Since 2009

Marriott Posts First Annual Loss Since 2009

Marriott International Inc. ended 2020 with a loss of $267 million—its first annual loss since 2009—as the company absorbed the effects of the downtu

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Marriott International Inc. ended 2020 with a loss of $267 million—its first annual loss since 2009—as the company absorbed the effects of the downturn in global travel during a pandemic that emptied most of its rooms last March and continues to sap demand.

The results came after Arne Sorenson, the first person outside Marriott’s founding family to become its chief executive, died Monday. Two executives—Stephanie Linnartz and Tony Capuano—are currently leading Marriott’s day-to-day operations. Marriott has said the board will select a new chief within two weeks, and one of those two executives is expected to get that role, according to a person familiar with the situation.

The world’s largest hotel operator Thursday posted a fourth-quarter loss of $164 million, compared with a profit of $279 million in the prior year. It reported a loss of 50 cents a share, compared with a profit of 85 cents a share in the same period a year earlier.

Adjusted earnings were 12 cents a share, matching expectations of analysts polled by FactSet.

Revenue fell 59.6% to $2.17 billion. Analysts were looking for $2.41 billion.

This post first appeared on wsj.com

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