(Reuters) – U.S. hotel operator Marriott International Inc
The hotel industry could lose $1.4 billion in revenue every week on account of the virus, according to estimates by American Hotel and Lodging Association and the U.S. Travel Association, as demand craters.
Marriott said it was working to reduce its 2020 corporate general and administrative costs by at least $140 million and asking senior executives to take significant pay cuts.
The company had decided to start furlough for what it anticipates will be tens of thousands of employees.
Marriott is the latest hotel operator to abandon it forecast. Smaller rivals Hilton Worldwide Holdings Inc
(Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel and Arun Koyyur)




