Marriott to Furlough Tens of Thousands of Staff, Stock Price Sinks 10%

Marriott to Furlough Tens of Thousands of Staff, Stock Price Sinks 10%

Marriott to Furlough Tens of Thousands of Staff, Stock Price Sinks 10%

The company has also begun shutting down some of its managed hotels.

Two Hilton-managed properties in the USA - the Capital Hilton in Washington D.C. and the New York Hilton Midtown - have temporarily suspended operations.

Through a Marriott spokeswoman, the Journal reported the jobs are from hotel managers down to housekeeping. According to Marriott, the Bethesda-based company employs 130,000 people nationwide.

Tens of thousands of workers could be affected by the furloughs as demand dries up for travel because of the growing coronavirus pandemic. The spokeswoman said there have not been any corporate-level furloughs, but those are being discussed.

Once the outbreak is contained and travel resumes, Marriott expects to bring back "as numerous furloughed employees as possible".

Majority of Lakers players in L.A. get tested for coronavirus
This comes on the heels of four Brooklyn Nets players testing positive for the virus, including superstar Kevin Durant . Moments after the official release, Marcus Smart confirmed he was the Celtics player who had tested positive.

The American Hotel & Lodging Association, a trade group, said the impact of the virus outbreak to the industry is already more severe than anything before, including the September 11th terrorist attacks and the 2007-09 recession of 2008 combined.

According to The Journal, U.S. hotels have seen occupancy levels drop to 20 percent or lower, leading many to close down and lay off employees.

As it continues to be unknown how long this public health situation will last, the coronavirus has already had a more severe economic impact on hotel industry than 9/11 and the recession combined. In January, the company said that it had 515,000 rooms in its global pipeline - its highest number ever - after signing 815 new agreements a year ago.

The group, which will also include representatives from the Walt Disney Co. and Hilton Worldwide Holdings Inc., plans to tell government officials that declining occupancies are costing hotels more than $200 million a day in room revenue at current rates.

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