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Marriott International (MAR.US): Domestic tourism in china is recovering, with inbound tourism in the last quarter exceeding pre-pandemic levels.
Marriott International (MAR.US) CEO Anthony Capuano stated that despite cutting over 800 employees and the continuous weakness of the travel and sightseeing market in China, the company's business operations and growth remain steady, and he does not believe that the weak demand in China will become a long-term issue. The number of hotel contracts signed in China reached a record high in the first half of this year, indicating that both public and private real estate developers in China are betting on the long-term development of the travel and sightseeing industry. He further mentioned that domestic travel in China is gradually recovering, and inbound tourism in the third quarter has surpassed pre-pandemic levels. Prior to the pandemic, the group accounted for approximately 18% to 19%