Marriott International Inc. (NASDAQ: MAR) reported its first-quarter 2020 results, which were dramatically impacted by the COVID-19 global pandemic. The bottom line was hurt by impairment charges, bad debt expense, and guarantee reserves related to the COVID-19.
The company added 88 new properties (14,525 rooms) to its worldwide lodging portfolio during Q1, including nearly 2,100 rooms converted from competitor brands and about 7,200 rooms in international markets. Eighteen properties (3,670 rooms) exited the system during the quarter.
Due to the numerous uncertainties associated with COVID-19, Marriott cannot presently estimate the financial impact of this unprecedented situation, which is highly dependent on the severity and duration of the pandemic and its impacts, but expects that COVID-19 will continue to be material to the company’s results.
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According to a report by the US Census Bureau, adjusted retail and food services sales totaled $540.9 billion in December 2020, down 0.7% from November 2020 but up 2.9% from