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Marriott: ‘Hundreds’ of likely closures, but deals still happening

Liquidity, supporting owners and mitigating associates’ pain in light of the hit from COVID-19 were among priorities for Marriott International discussed by executives during a conference call on Thursday. “The markets are understandably looking for assurance that we will survive; there’s no other rational explanation for the selloff in our stock,” President and CEO Arne Sorensen said. With aggressive cost cutting and a healthy credit line, “we’re confident we will,” he added. The call came a day after announcing a raft of cost-cutting measures: suspending salaries for Sorenson and Chairman J.W. Marriott Jr.; halving salaries of other senior executives through…
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