WSJ CEO COUNCIL: Marriott Sees Slow Return Of Business Travel
By Paul Ziobro, Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Companies are slowly starting to loosen the purse
strings on corporate travel, according to J.W. Marriott Jr., chairman and chief
executive of Marriott International Inc. (MAR).
Speaking on the sidelines of the WSJ CEO Council, Marriott said: "Business
travel seems to be coming back slowly," as companies "come out of the bunker" to
hold meetings and visit customers.
Leisure travelers responded to bargain rates over the summer, but Marriott
says it will be "quite some time" until the hotel chain can get back to the peak
rate charges in 2007. Consumers are wary of unemployment, he said, and
overwhelmed with uncertainty stemming from federal legislation such as health-
care overhaul efforts.
"There's going to have to be a lot of uncertainty taken out of the economy,"
Marriott said. "The government's going to have to back off these programs that
are causing the uncertainty."
Marriott also said the hotel company will restore some corporate bonuses this
year after not paying them out in 2008.
Nearly 100 chief executives are attending the annual WSJ CEO Council meeting
Monday and Tuesday in the nation's capital to discuss business and political
issues, and meet with top policymakers.
-By Paul Ziobro, Dow Jones Newswires; 212-416-2194; paul.ziobro@dowjones.com
(END) Dow Jones Newswires
11-17-091612ET
Copyright (c) 2009 Dow Jones & Company, Inc.
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