In this article MAR Follow your favorite stocks CREATE FREE ACCOUNTMarriott International's business operations and growth are solid, CEO Anthony Capuano told CNBC Monday, amid layoffs of more than 800 corporate employees and continued sluggishness in China's tourism market.
Marriott International reported net room growth of 6% year-on-year and room rate growth of 2.5%, driven by a strong return of group travel, which Capuano called the "bright, shining star" for the business today.
The company raised its year-end guidance for net room growth, and added 9 million new Bonvoy members in the third quarter.
That measure turned out to be corporate layoffs, first reported by the travel media company Skift on Nov. 14, which later linked to a notice of "mass layoffs" of 833 Marriott employees posted on a Maryland government labor website.
watch nowCapuano denied that the company — which doubled in size during the past decade — grew too big, too fast, at least in terms of corporate employees, instead calling the move a much-needed "reorganization" of its global corporate structure.
Persons:
Anthony Capuano, Capuano, Leeny Oberg, —, Rather
Organizations:
Marriott, CNBC, Marriott International, Uber, Starbucks
Locations:
RevPar, China, Greater China, Maryland, Bethesda , Maryland
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