Marriott CEO says business is solid amid corporate layoffs [Video]

Marriott 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.

“We are firing on all cylinders in every geography,” he said.

The company’s third-quarter earnings showed a 3% increase in worldwide RevPar — or revenue per available room — despite an 8% drop in RevPar in China, the company’s second largest market.

Capuano said he does not believe lackluster domestic demand in China will be a long-term problem, pointing to a record-breaking number of hotel signings in early 2024.

“We signed more deals in the first half of 2024 than in any six-month period in our history in China. And so to me, that suggests that both public and private real estate entities in China are betting on the long-term viability of the travel and tourism space,” he said.