ALL MAJOR PUBLICLY traded hotel companies listed in the earnings charts listed below pulled their RevPAR and financial guidance for 2020 in March as the new-coronavirus pandemic all but halted non-essential travel in the U.S. and around the world. Some companies announced other actions to ease financial losses.
On March 18, Arne Sorenson, president and CEO of Marriott International, said in a statement the new coronavirus pandemic has caused a “complex and unprecedented” crisis in the global hospitality industry. He said he expected the crisis to get worse before it gets better.
To mitigate its financial losses and to preserve at least $140 million in cash, Sorenson said, Marriott planned to lay off employees at its owned and leased properties and in corporate levels. It employs 175,000 around the world.
The company owns or leases more than 2,100 properties around the world. Plans are to temporarily close the hotels’ retail F&B outlets, close off floors to reduce needed staff and in some cases close hotels.
Both Sorenson and J.W. “Bill” Marriott, executive chairman and chairman of the board, reduced their salaries to zero. Sorenson’s annual base salary is $1.3 million. Marriott’s total compensation is $3.2 million. Senior executives will see their salaries cut by half.
As for Marriott International’s more than 5,200 franchisees, Sorenson said routine mandated PIPs that were due this year have been extended into 2021. The company has also deferred required funding of FF&E by six months and has temporarily halted brand audits.
“Owners are responsible for maintaining adequate levels of working capital,” he said. “We are focused on easing their burden as together we manage through this crisis.”
During a March 19 call with analysts, Sorenson said, the company will help owners evaluate if they need to close their hotels. Many are deciding their own courses of action. He said owners and the franchiser are in “uncharted territory.”
Hilton moves to save cash
With travel at a virtual standstill, Hilton suspended operations at many managed and franchised hotels, Hilton announced on March 26. Hotels that remained open had reduced services for guests because of decreased occupancy levels.
At the corporate level, Hilton’s President and CEO, Christopher Nassetta, will forgo his salary for the remainder of 2020. His annual base salary is $1.25 million.
The executive team will take a pay cut of 50 percent to reduce losses.
Beginning April 4, Hilton will cut hours of corporate employees, reducing their pay by 20 percent. It also will furlough workers up to 90 days.
Hilton is working with large retailers such as Amazon, Walmart, Albertsons, CVS and Walgreens to connect laid off workers with 500,000 temporary jobs.
Since the new coronavirus began to spread in China, Hilton employees are donating points (converted to cash) and cash to the company’s Team Member Assistance fund to help co-workers who have contracted COVID-19 or have a family member directly affected.
Hyatt Hotels responds
Hyatt Hotels Corp. on March 24 announced that beginning on April 1 it will lay off or cut the hours of two-thirds of its corporate employees. The program to mitigate losses will continue through May 31.
President and CEO Mark Hoplamazian and Chairman Tom Pritzker will not collect their salaries in April and May to avoid more losses. Hoplamazian’s annual base salary is $1.2 million. Pritzker’s annual base salary is $562,000. Other senior executives will see their pay cut in half. The money saved will go toward helping furloughed workers.
The following are earnings charts for Marriott International, Hilton, Choice Hotels International and Wyndham Hotels & Resorts for 2018 and 2019.
MARRIOTT INTERNATIONAL Inc.
2019
2018
% change
4Q19
4Q18
% change
Properties
7,349*
6,755
8.8
Rooms
1,380,921
1,296,172
6.5
Total revenue
$21B
$20.7B
1
$5.4B
$5.3B
2
Franchise fee revenue
$2B*
$1.8B
8
$500M
$455M
10
Net income
$1.3B
$1.9B
-33
$279M
$317M
-12
*Notes
Franchised hotels total 5,205 (796,042 rooms), representing 58 percent of total rooms.
Growth in 2019 franchise fee revenue includes $88 million from new hotels and $16 million in higher application, relicensing and other fees
HILTON WORLDWIDE HOLDINGS
2019
2018
% change
4Q19
4Q18
% change
Properties
6,110*
5,685
7.4
Rooms
971,780
912,960
6.4
Total revenue
$9.5B
$8.9B
6.1
$2.4B
$2.3B
3.5
Franchise fee revenue
$1.7B
$1.5B
9.9
$412M
$388M
5
Net income
$886M
$769M
15.2
$176M
$225M
-21.8
*Notes
Franchised hotels total 5,432 (729,608 rooms).
CHOICE HOTELS INTERNATIONAL Inc.
2019
2018
% change
4Q19
4Q18
% change
Properties
5,955
5,863
2
Rooms
462,973
450,028
2.8
Total revenue
$1.1B
$1B
7
$268M
$245M
9.4
Franchise* fee revenue
$371M
$360M
3
$87.7M
$85.8M
2.2
Net income
$223M
$216M
3
$42.2M
$31.5M
34
*Notes
Royalty fee revenue. Average royalty rate was 4.75% in 2018 and 4.86% in 2019. Separately, initial and relicensing fees totaled $26M in 2018 and $27.5M in 2019. For 4Q18 and 4Q19, initial and relicensing fees were $7.1M and $7.3M, respectively.
WYNDHAM HOTELS & RESORTS Inc.
2019
2018
% change
4Q19
4Q18
% change
Properties
9,280*
9,157
1.3
Rooms
831,025
809,900
2.6
Net
revenue
$2B
$1.9B
9.9
$492M
$527M
-7
Franchise* fee revenue
$1.3B
$1.1B
12.6
$300M
$295M
2
Net income
$157M
$162M
-3
$64M
$43M
49
*Notes
In North America, WHR has 6,342 properties and 150,163 rooms.
Franchise fees, respective of 2018 and 2019, include: Royalty and franchise fees of $432M and $465M; marketing, reservation and loyalty fees of $489M and $559M; license and other fees, $241M and $255M.
For 4Q18 and 4Q19, respective franchise fees include: Royalty and franchise fees of $110M and $113M; marketing, reservation and loyalty fees of $132M and $142M; license and other fees of $32M and $35M.
HYATT HOTELS Corp.
2019
2018
% change
4Q19
4Q18
% change
Properties
913*
843
8.4
Rooms
223,111
208,207
6.9
Total revenue
$5B
$4.5B
10.5
$1.3B
$1.1B
16
Franchise* fee revenue
$141M
$127M
11.3
$34M
$31M
10.1
Net income
$766M
$769M
0.4
$321M
$44M
-151
*Notes
Franchised hotels total 441 (73,840 rooms). Of those, 431 (72,720 rooms) are in the U.S.
Worldwide portfolio also includes an additional 111 resorts, vacation ownership and residential properties.
Hyatt partners with Way to unify guest experiences on one platform.
Members can earn and redeem points on experiences booked through Hyatt websites.
Way’s technology supports translation, payments and data insights for Hyatt.
HYATT HOTELS CORP. is working with Austin-based startup Way to consolidate ancillary services, loyalty experiences and on-property programming on one platform across its global portfolio. The collaboration integrates Way’s system into Hyatt.com, the World of Hyatt app, property websites and FIND Experiences to create a centralized booking platform.
World of Hyatt members can earn and redeem points on experiences booked through Hyatt websites, including wellness programs, cultural activities, ticketed events and local collaborations, the companies said in a statement. Members can also access FIND Experiences, which includes activities and auctions where points can be used to bid on events.
"In our search for an on-brand platform to power experiences and tap into ancillary revenue opportunities, Way's collaboration has been a true unlock for us," said Arlie Sisson, Hyatt’s senior vice president and global head of digital. "After a thorough evaluation of potential solutions, Hyatt chose Way to power the next chapter of our digital strategy by streamlining operations, elevating brand differentiation, enhancing personalization and, most importantly, delivering care at every touchpoint in the guest journey."
The Way initiative spans Hyatt’s portfolio, covering cabana rentals, in-room amenities and partnerships with local providers, the statement said. Way’s technology supports real-time translation, more than 100 currencies, multiple payment methods and data insights to help Hyatt manage operations globally.
"Hyatt set a high bar and Way is proud to bring their vision to life," said Michael Stocker, Way’s co-founder and CEO.
"The platform supports enterprise needs while preserving the guest experience."
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Global hotel rates are expected to remain stable through 2026, according to AMEX GBT.
New York is a key business travel and meetings destination.
India is likely to be a focus for travel programs during 2026 negotiations.
GLOBAL HOTEL RATES are expected to remain stable through 2026, as geopolitical tensions and potential U.S. tariffs limit demand and constrain price increases, according to American Express Global Business Travel. New York remains a popular destination for business travel and meetings.
AMEX GBT’s Hotel Monitor 2026, an annual forecast of global hotel rates in business travel destinations, identified India as a key market, with hotel rates and occupancy set to rise.
“This year’s forecast reveals a global environment where geopolitical uncertainties are tempering hotel rate increases,” said Dan Beauchamp, Amex GBT’s vice president for consulting. “These insights allow businesses to make more informed travel decisions. Understanding local market conditions will help companies optimize travel budgets and strategies.”
The report also projects continued rate increases for high-end accommodation based on demand.
New York hotel rates are projected to rise 4 percent in 2026. Despite expected softening in inbound U.S. travel from tariff uncertainty, New York remains a leading destination for business travel and meetings. The forecast is based on company data and IMF inflation and GDP projections.
India is expected to see rising hotel rates and occupancy in 2026. Rate growth will be below last year’s levels but above regional and global averages. India is likely to be a focus for many travel programs during 2026 negotiations. Bengaluru, a major technology and AI hub, recorded the country’s highest occupancy and ADR in the first quarter of 2025.
Simon Fishman, Amex GBT’s vice president for global hotels, said data shows news cycles can affect hotel prices in unpredictable ways.
“Amex GBT’s hotel marketplace gives companies access to over two million properties across 180 countries, including more than 45,000 hotels with pre-negotiated discounts and amenities via the Preferred Extras Hotel Program,” he said. “It enables companies of all sizes to adapt to changing business needs while accessing the best rates and traveler experiences.”
A May report by commerce media firm Criteo found that hotel booking values in Asia-Pacific rose 23 percent in early 2025, compared with 2 percent growth in the Americas.
The Trump administration says it is reviewing more than 55 million visa holders.
Reviews cover a wide range of visas for law enforcement and overstay violations.
The administration also suspended worker visas for foreign commercial truck drivers.
THE TRUMP ADMINISTRATION is reviewing more than 55 million people who hold valid U.S. visas for potential violations. It is expanding a policy of “continuous vetting” that could result in revocation and deportation.
The State Department confirmed all visa holders are subject to ongoing review, which includes checking for overstays, criminal activity, threats to public safety or ties to terrorism. Should violations be found, visas may be revoked, and holders in the U.S. could face deportation, according to the Associated Press.
Officials said the reviews will include monitoring of visa holders’ social media accounts, law enforcement records and immigration files. New rules also require applicants to disable privacy settings on phones and apps during interviews. The department noted visa revocations since President Trump’s return to office have more than doubled compared to the previous year, including nearly four times as many student visas.
The administration also announced an immediate halt on issuing worker visas for foreign commercial truck drivers, with Secretary of State Marco Rubio citing road safety and competition concerns for U.S. truckers.
“The increasing number of foreign drivers operating large tractor-trailer trucks on U.S. roads is endangering American lives and undercutting the livelihoods of American truckers,” Rubio posted on X.
The Transportation Department linked the move to recent enforcement of English-language proficiency requirements for truckers, aimed at improving safety. The State Department later said it was pausing visa processing while it reviewed screening protocols.
Critics, including Edward Alden of the Council on Foreign Relations, warned the actions could have significant economic consequences.
“The goal here is not to target specific classes of workers, but to send the message to American employers that they are at risk if they are employing foreign workers,” Alden wrote, according to AP.
Data from the Department of Homeland Security shows there are 12.8 million green card holders and 3.6 million temporary visa holders in the United States. The 55 million figure under review includes many outside the U.S. with valid multiple-entry tourist visas.
Earlier this week, the State Department reported revoking more than 6,000 student visas for violations since Trump returned to office, including around 200 to 300 for terrorism-related issues.
The vast majority of foreign visitors require visas to enter the U.S., with exceptions granted to citizens of 40 countries under the Visa Waiver Program, primarily in Europe and Asia. Citizens of China, India, Russia and most of Africa remain subject to visa requirements.
A $250 Visa Integrity Fee in President Donald Trump’s Big Beautiful Bill drew criticism from groups that rely on seasonal workers from Latin America and Asia on J-1 and other visas.
Peachtree Group originated a $176.5 million retroactive CPACE loan for a Las Vegas property.
The deal closed in under 60 days and ranks among the largest CPACE financings in the U.S.
The company promotes retroactive CPACE funding for commercial real estate development.
PEACHTREE GROUP ORIGINATED a $176.5 million retroactive Commercial Property Assessed Clean Energy loan for Dreamscape Cos.’s Rio Hotel & Casino in Las Vegas. The deal, completed in under 60 days, is its largest credit transaction and one of the largest CPACE financings in the U.S.
The 2,520-room Rio, now under the Destinations by Hyatt brand, was renovated in 2024 and comprises two hotel towers connected by a casino, restaurants and retail, Peachtree said in a statement.
“This transaction is a milestone for Peachtree Group and a testament to the ecosystem we have built over the past 18 years,” said Greg Friedman, Peachtree's managing principal and CEO. “Through our vertically integrated platform, deep expertise and disciplined approach, we have developed the infrastructure to be a leader in private credit. Our ability to deliver speed, creativity and certainty of execution positions us to provide capital solutions that create value for our investors and partners across market cycles.”
Atlanta-based Peachtree is led by Friedman; Jatin Desai as managing principal and CFO and Mitul Patel as principal.
The CPACE loan retroactively funded the renovations, allowing the owners to pay down their senior loan, the statement said. The property improvement plan included exterior work, upgrades to the central heating and cooling plant, electrical infrastructure improvements and convention center renovations.
Jared Schlosser, Peachtree’s head of originations and CPACE, said the deal marks an inflection point, with major financial institutions consenting to its use for the benefit of the capital stack.
“By closing quickly on a marquee hospitality asset, we were able to strengthen the position of both the owner and its lenders,” he said.
The CPACE market has surpassed $10 billion in U.S. originations in just over a decade, according to the C-PACE Alliance, with growth expected as more institutional owners and lenders adopt it.
“We see significant opportunity for retroactive CPACE and its use in funding new commercial real estate development,” Schlosser said. “It is an alternative to more expensive forms of capital.”
In June, Peachtree named Schlosser head of originations for all real estate and hotel lending and leader of its CPACE program. Peachtree recently launched a $250 million fund to invest in hotel and commercial real estate assets mispriced by capital market illiquidity.
Spark acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey.
Hunter Hotel Advisors facilitated the transaction with DC Hospitality Group affiliates.
The 2020-built hotel is near William Paterson University and less than 20 miles from Manhattan.
SPARK GHC RECENTLY acquired the 120-key Home2 Suites by Hilton Wayne in Wayne, New Jersey, from affiliates of DC Hospitality Group. Hunter Hotel Advisors facilitated the deal for an undisclosed amount.
The 2020-built hotel is less than 20 miles from Manhattan in a commercial corridor with major employers including Driscoll Foods, FedEx Group, Advanced Biotech, St. Joseph’s Wayne Hospital, and the Passaic County Administration, Hunter said in a statement. William Paterson University, Willowbrook Mall, and MetLife Stadium are also nearby.
It features an on-site fitness center, business center and indoor pool.
“The Home2 Suites by Hilton Wayne represents the type of asset we target,” said Patel. “Its proximity to major corporate demand generators, higher education institutions, and retail and entertainment venues supports strong performance.”
Hunter’s senior vice presidents, David Perrin and Spencer Davidson, brokered the transaction.
Patel said this is their second transaction with Hunter and praised the process and partnership.
“We look forward to building on the hotel’s recent performance and continuing to deliver guest experiences in the Greater New York City community,” he said.
Northstar Hotels Management recently acquired a 78-key Residence Inn and an 81-key Courtyard near the Jacksonville, Florida, airport.