Refilling the minibar Fiji bottles... with sink water. Marriott miraculously turned a profit last quarter by being extra thrifty. It's the world’s largest hotel operator with over 7K properties across 130+ countries — usually something to brag about, not so much during a world-halting pandemic. Room occupancy went the way of the "wake up call" (near-extinct):
Continental Breakfast = 1 Eggo waffle... Hilton and Hyatt had similar RevPAR plunges as Marriott, but they posted losses. How? Travel demand improved a bit from the previous quarter (especially in China), but it's really about cost-slashing...
Budgeting is a skill... that can be used to make the best of worst-case scenarios. Marriott has fixed costs like rent and insurance (just like us) — but it showed budgeting prowess by precisely cutting everywhere it could to turn a profit. Sadly, that included tens of thousands of furloughs in March and corporate layoffs in October.