Statistics show two hotel groups lost $8.3bn in combined market capitalization amid the coronavirus crisis. For the upcoming Golden Week holiday -- a peak vacation period for Chinese consumers -- bookings look equal to last year’s, he said. Intercontinental Hotels Group ranked as the fourth largest hotel chain globally, with 5,070 hotels across nearly 100 countries. The market cap of Wyndham Worldwide, the biggest hotel chain in the world by the number of hotels, stood at $5.89 billion in December, revealed the Yahoo Finance data. A company representative said Tuesday that Bonitas’ allegations are “without merit” and “contain numerous errors, unsubstantiated statements, and misleading conclusions.”, — With assistance by Charlie Zhu, and Daniela Wei, Vodafone Scores a Victory in $3 Billion Tax Spat With India, Covid Doctors Find a Turning Point in Life-Threatening Cases. I love to share discoveries in travel, food, art, culture and lifestyle through my words and photos. With the virus largely eradicated in China, business travel has recovered and domestic leisure tourism is growing, buoyed by consumers voyaging locally since overseas vacations are near-impossible due to the government’s virus containment measures. Award-winning travel writer, 100-plus countries, Impact 50: Investors Seeking Profit — And Pushing For Change. ... 2020, with more than 1,000 respondents. Huazhu now plans to open more than 1,600 new hotels this year, with a target of 10,000 hotels by 2023, up from 6,000 now, said Jin. The pandemic is nevertheless providing an unexpected boost to certain consumer sectors on the mainland. Have a confidential tip for our reporters? After falling to $6.2bn in March, it rose to $9.7bn in September, a 21% plunge amid the coronavirus crisis. 21 Top Eco Resorts and Eco Hotels Around the World. An award-winning writer and avid photographer, I've contributed to dozens of guidebooks. After a sharp drop caused by the Black Monday crash, it recovered to $25.28bn in September. China’s biggest hotel operator is looking to acquire foreign hospitality chains as the rapid recovery of the country’s domestic travel market puts it at an advantage to ailing global peers. TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry. World`s Five Largest Hotel Chains Lost $25.2bn in Market Cap Amid Coronavirus Crisis September 25, 2020 Hotel News No Comments Email Although hotels implemented increased safety and sanitation measures and cautiously reopened for the summer travel season, recovery to … AHLA conducted the survey of hotel industry owners, operators, and employees from September 14-16, 2020, with more than 1,000 respondents. Last but not least, hoteliers, investors and third … According to data presented by StockApps.com, the combined market capitalization of Wyndham Hotels and Resorts, Choice Hotels International, Marriott International, Intercontinental Hotels Group, and Hilton Worldwide Holdings, as the five largest hotel chains in the world, hit $79.2 billion in September, a $25.2 billion plunge since the beginning of 2020. The 50 Best Hotels in the USA 2020. Although the company's market cap recovered to $33.86bn in September, this figure still represents a 31% plunge since the beginning of 2020. Not only is life in China’s megacities largely back to normal, the inability of consumers to travel and shop overseas has transferred billions of spending back to local companies. ©Copyright Al Hilal Group 2017. Countries Located: … By the end of the second quarter, it halved to $24.25bn. On the other hand, good profitability attracts new investors in the industry allowing fast development ambitions. In December, the combined value of stocks of the Washington-based corporation stood at $49.51 billion. Although many of them lifted off travel restrictions in the last three months, the first two quarters of the year produced colossal revenue and market cap drops to the largest hotel chains globally. By the end of March, this figure dropped to $2.93 billion. Visit my website, tweet me @lealane or follow me on Instagram, where I'm Travelea. Nevertheless, the figure represents an 18% fall since the beginning of the year. During the last nine months, this figure dropped to $5.32 billion. After falling to $6.2 billion in March, it rose to $9.7 billion in September, a 21% plunge amid the coronavirus crisis. Marriot International Witnessed the Biggest Market Cap Drop in 2020. You may opt-out by. In recent months, geopolitical opposition to China has extended from sensitive industries like telecommunications and microchips to consumer companies: last month, China Mengniu Dairy Co. had to scrap plans to buy Kirin Holdings Co.’s Australian beverage unit after being told the deal would likely be blocked by Canberra. Besides. ); appeared weekly on The Travel Channel; and was a regular speaker at The New York Times Travel Show. Although hotels implemented increased safety and sanitation measures and cautiously reopened for the summer travel season, recovery to pre-COVID-19 levels could take years. Among hotel owner respondents, nearly half are in danger of foreclosure by commercial real estate lenders. $8.3bn loss for Intercontinental and Hilton. Its rosy numbers have been questioned by some. Without further governmental assistance, 74% of respondents said they would be forced into further layoffs.
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