Marriott Confirms Corporate Layoffs
Skift Take
Marriott International has begun a company-wide restructuring with layoffs across its corporate business, confirmed after hints in previous conference calls.
The DJIA fell 306 points on Friday, while Nasdaq was down 2.4% or 428 points. The S&P 500 was down 79 and the 10-year treasury yield was up .01 to 4.43%. Lodging stocks were lower. SOND fell -12%, BHR was down -7%, and SHCO fell -5% on the day.
Evercore ISI cut their rating on DiamondRock Hospitality to In-Line from Outperform. Their price target is $10.50.
It was first reported by Skift, the parent company of this publication, and then picked up by others that Marriott International has started a company-wide restructuring that includes layoffs in all parts of the corporate business. MAR had hinted at something going on during past conference calls but has confirmed that their review of all aspects of their business has resulted in job reductions companywide.
LuxUrban Hotels Inc announced it will effectuate a one-for-seventy reverse stock split. Stockholders approved this at their special meeting of shareholders on N
