Marriott says Coronavirus pandemic’s financial impact on its business is worse than 9/11 and 2008 crisis combined

Marriott International said on Wednesday that the coronavirus pandemic is “having a more severe and sustained financial impact on Marriott’s business than 9/11 and the 2008 financial crisis, combined.”

The world’s largest hotel chain added that it is extending its furloughs and reduced work week that began in March until at least October, according to its news release.

Marriott also warned of a “significant number” of layoffs later this year as it does not expect bookings to return to pre-pandemic levels until “beyond 2021.”

To date, Marriott employs 130,000 people in the United States. It manages around 2,000 properties and 560,000 rooms worldwide. Combined with its franchisees, Marriott has 7,300 properties across the world.

It also owns 30 brands including W Hotels, Courtyard, and the Sheraton among others.