FILE - In this Dec. 19, 2012, file photo, Marriott CEO Arne Sorenson speaks during a groundbreaking ceremony for a Marriott hotel in Port-au-Prince, Haiti. Sorenson was the third CEO in Marriotts 93-year history, and the first without the Marriott surname. Sorenson reduced his schedule at Marriott this month to pursue a more aggressive cancer treatment. He was first diagnosed with pancreatic cancer in 2019; a recent routine scan had confirmed the cancer had returned, the company said. Sorenson was the first Marriott CEO whose name was not Marriott, and only the third to lead the company in its 93-year history.

Marriott saw dramatic improvement in the third quarter as travel demand rebounded in China. Average occupancy at hotels in China hit 61% during the quarter, down just 10% from a year ago. Sorenson said leisure travelers who might usually go abroad are staying in China, boosting occupancy rates. Business and group demand is weaker, partly because international business travel — which normally accounts for 25% of Marriott's business in China — is down significantly. The trend toward remote work could accelerate a shift the industry was already seeing away from business travel, Sorenson said.

Marriott has reopened 91% of its hotels globally as business travel reemerges in China and worldwide occupancy, which tumbled to 11% in April, reached 34%. The company reported quarterly profits on Monday that fell far short of expectations, however, and revenue plunged. In China, where business travel and even some group events resumed, occupancy levels reached 60%, about 10% lower than the same period last year, Marriott said. Marriott had a net loss of $234 million for the second quarter after a $232 million profit in the April-June period last year. Adjusted for one-time items, Marriott lost 64 cents per share, far worse than the loss of 41 cents that Wall Street had expected, according to a survey by FactSet.