COVID-19 has devastated nearly every business sector worldwide. The travel and hospitality industries have been particularly hard hit. Hotels reopened for the summer, but revenues were a fraction of what they were in 2019. And five of the biggest hotel groups lost in excess of $25 billion in market cap up until now. Key experts say that a recovery is years down the road.
New data from StockApps shows that the combined market capitalization of Wyndham Hotels and Resorts, Choice Hotels International, Marriott International, Intercontinental Hotels Group, and Hilton Worldwide Holdings plunged to $79.2bn in September, which is a $25.2bn drop since the beginning of 2020.
According to the report, the market cap of the world’s biggest hotel chains, Wyndham Worldwide, stood at $5.89bn in December. By the end of March, this figure dropped to $2.93bn, and the figure now stands at about $5bn, or a nosedive of $870 million since the beginning of the year.
Marriot International stocks sank 31% plunge since the beginning of 2020. Similarly, Choice Hotels International, lost $440 million in market capitalization, while Intercontinental and Hilton lost $8.3bn in total stock value.