Marriott temporarily laying off thousands of employees worldwide
The novel coronavirus pandemic has upended daily life in practically every corner of the earth. Of course, this has meant that demand for travel worldwide has all but dried up, with airlines, hotel companies and cruise lines making drastic cuts across the world.
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Now, unfortunately, we're seeing real ramifications in a worldwide collapse of demand. Marriott International, the world's largest hotel chain, has begun the process of temporarily laying off tens of thousands of workers at hotels that are either closed or still operating at dramatically reduced capacity, according to the Wall Street Journal.
Related: TPG's full coverage of the coronavirus pandemic
News outlets are reporting that furloughed employees will not be paid but will continue to receive healthcare benefits. However, a TPG Lounge reader who knows some of the furloughed workers wrote in to say that Marriott is providing a percentage of pay for eight weeks to help supplement unemployment (plus the healthcare benefits). TPG is trying to confirm that information independently.
Marriott hopes to re-hire as many furloughed workers as it can after the pandemic subsides.
The layoffs affect hotel employees at all levels, and although corporate-level layoffs haven't happened yet, they are "under discussion," as reported by the WSJ.
Hotel occupancy rates, average daily rates and revenue per available room (RevPAR) have all plummeted in recent weeks, as people stay home out of fear of spreading -- and contracting -- the coronavirus.
The news of massive furloughs comes as executives from the largest hotel chains in the county plan to meet with President Trump at the White House to discuss the possibility of the government intervening to save the industry from this unprecedented crisis.
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Rewards Rate
| 2X miles | 2 miles per dollar on every purchase |
| 5X miles | 5 miles per dollar on flights and vacation rentals booked through Capital One Business Travel |
| 10X miles | 10 miles per dollar on hotels and rental cars booked through Capital One Business Travel |
Intro Offer
Earn 200K miles when you spend $30K in the first 3 months, and an additional 200K miles when you spend $150K in the first 6 monthsLIMITED-TIME OFFER: Earn up to 400K bonus milesAnnual Fee
$395Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.740-850Excellent
Why We Chose It
The Capital One Venture X Business Card has all the Capital One Venture X Rewards Credit Card has to offer and more. It offers an incredible welcome bonus and requires an equally impressive spend to qualify. In addition, the card comes with premium travel perks like annual travel credit. (Partner offer)Pros
- The Capital One Venture X business card has a very lucrative welcome offer.
- In addition, the card comes with many premium travel perks such as an annual $300 credit for bookings through Capital One Business Travel.
- Business owners are also able to add employee cards for free.
Cons
- The card requires significant spending to earn the welcome offer.
- Another drawback is that the annual travel credit can only be used on bookings made through Capital One Business Travel.
- LIMITED-TIME OFFER: Earn up to 400K bonus miles: 200K miles when you spend $30K in the first 3 months, and an additional 200k miles when you spend $150k in the first 6 months
- Earn unlimited 2X miles on every purchase, everywhere—with no limits or category restrictions
- Earn 10X miles on hotels and rental cars and 5X miles on flights and vacation rentals booked through Capital One Business Travel
- With no preset spending limit, enjoy big purchasing power that adapts so you can spend more and earn more rewards
- Empower your teams to make business purchases while earning rewards on their transactions, with free employee and virtual cards. Plus, automatically sync your transaction data with your accounting software and pay your vendors with ease
- Redeem your miles on flights, hotels and more. Plus, transfer your miles to any of the 15+ travel loyalty programs
- Every year, you'll get 10,000 bonus miles after your account anniversary date. Plus, receive an annual $300 credit for bookings made through Capital One Business Travel
- Receive up to a $120 credit for Global Entry or TSA PreCheck®. Enjoy access to 1,300+ airport lounges worldwide, including Capital One Lounge locations and Priority Pass™ lounges, after enrollment
- Enjoy a $100 experience credit and other premium benefits with every hotel and vacation rental booked from the Premier Collection
- This is a pay-in-full card, so your balance is due in full every month