Name: How Tariffs are Affecting the Hotel Industry in the U.S. and Abroad
Uploaded: 2025-08-05T14:01:00Z
Duration: 2 min 45 s
Description: Marriott International CEO Anthony Capuano breaks down the micro and macro effects of tariffs on the company, specifically in China.

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Marriott International CEO Anthony Capuano breaks down the micro and macro effects of tariffs on the company, specifically in China.

https://m.wsj.net/video/20250805/b8b663a5-37f7-4034-976a-27044ecc58b1/1/hls/manifest-hd-wifi.m3u8

How Tariffs are Affecting the Hotel Industry in the U.S. and Abroad

What about tariffs per se? Do they impact your company?

Yeah, maybe I'll give you a micro and a macro answer. From a micro perspective, to the extent tariffs are impactful on construction materials, the furniture fixtures and equipment that we use to either build or renovate hotels, that could create additional pressure on the economic equation for our owners and franchisees. From a macro perspective, the thing I worry a little bit about is consumer confidence. Not that long ago, we heard that the US had hit a 52 year low in terms of consumer confidence. Generally industries like travel and tourism thrive in times of stability and high consumer confidence, so that's a worry as well. Although this fundamental shift we've seen in consumer discretionary spending, moving away from hard goods towards travel and experiences at least so far, seems to have offset any dilution of that demand from weakening consumer confidence.

Oh yeah, you hear all about that experiential.

Absolutely.

And what about China? I know you have a number of hotels there and relations between the US and China have been difficult, quite frankly, for a number of years now. What's been going on there?

So we have about 600 operating hotels in China today, more than 400 in the pipeline behind that. Those hotels tend to be owned by domestic owners, staffed by domestic associates. And so in many ways, in the best of ways, I think we're sort of woven into the fabric and the economy of China. So I'm not sure that relations between the countries are as impactful as they might be for other sectors and other industries. With that said, inbound international travel into mainland China has not recovered to pre-pandemic levels, and that's something that obviously represents upside in the future for the performance of our business.

Having said that, you have 400 in the pipeline.

That's right. And maybe I'll just make one other point, which is interesting. 2024 and first quarter of 2025 were record years of deal volume for our greater China business, which would suggest that the development community across greater China fundamentally believes in the long term potential of the travel and tourism sector. So they're not necessarily pushing and pulling levers based on the fluid nature of the relationship over a quarter or two. These are assets that have decades of useful life, and so they're making long-term bets in the future of travel across China.

How Tariffs are Affecting the Hotel Industry in the U.S. and Abroad

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