Marriott international says number of closed hotels in greater china has declined

Marriott international provides business update amidst the rapidly evolving coronavirus situation.marriott - number of closed hotels in greater china has declined from over 90 hotels a month ago to under 30 today.marriott - in rest of world, where crisis is much more recent, trend lines are still negative.marriott - there have not yet been meaningful group cancellations for 2021 related to covid-19.marriott - many group customers are at least tentatively rebooking for later in 2020.marriott - wednesday there are very early signs of improvement in greater china, as workers return to their jobs.marriott - temporarily deferred most brand standards to help owners and franchisees, including delaying renovations due in 2020 by one year.marriott - withdraws all aspects of its outlook and assumptions for 2020 provided on feb. 26 & 27.marriott - estimates cost cutting measures will reduce 2020 corporate general and administrative costs by at least $140 million.marriott - number of closed hotels in greater china declined from over 90 hotels a month ago to under 30 on wednesday.marriott - expects to eliminate or defer at least one-third of its prior forecast of $700 to $800 million of spend in 2020,.marriott - anticipates that its previously announced q1 2020 dividend, payable on march 31, 2020, will be last until conditions improve.marriott - working with vendors and other partners in order to preserve working capital.
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