Arne Sorenson, Marriott CEO, attended Yahoo Finance’s All Markets Summit last week. He answered a broad range of questions, though two of the more interesting takeaways concern Marriott properties in Puerto Rico and the health of the US travel business.
The CEO notes that many Marriott properties in Puerto Rico and the Caribbean will be closed for extended periods of time due to the numerous September hurricanes. On the US hotel business, the CEO says that the anti-globalism rhetoric and “America’s unwelcoming message” is hurting the US travel business.
“Now in 2017 what we’re seeing is that there is a shift of international travel increasingly toward Europe, maybe within Asia. The rest of the world is hearing too many of the voices which are coming out of the United States as in effect, ‘You’re really not welcome here,’ ‘It might be difficult for you to get a Visa,’ ‘You may need to wonder about the experience you’re going to have there. I don’t know if that’s what the administration or anyone else intends the message to be. But that’s the way the message is heard in the rest of the world.”
In the second video below, Sorenson explains that any loss in travelers leads to a loss in jobs.