Marriott CEO Tony Capuano recently said at a Bank of America analyst conference that the company’s Greater China RevPAR fell 10% year-on-year in July. He expressed that the Chinese market is expected to remain weak in the short term.
However, Marriott remains strongly confident in the long-term potential of the Chinese market.
In the first half of 2024, the company signed more deals in China than in any other six-month period in Marriott's 97-year history, signaling robust development momentum.
Marriott has already established a strong presence in the luxury and upper upscale segments. Now the company is particularly enthusiastic about the rapid growth of its select-service brands like Courtyard, Fairfield, and Four Points, which are gaining significant traction.
Many of the company’s real estate partners are involved with state-owned enterprises, which tend to take a long-term view on the vitality of the travel sector. According to Mr. Capuano, the majority of these partners are long-term investors who share a similar belief in the sustained vibrancy of the Chinese travel market.
