Are you itching to go on vacation?
Many people are, as shutdown restrictions have been lifted for most states.
And with the summer coming around the corner, many
Steve Weisz, CEO of Marriott Vacations (VAC) - Get Marriott Vacations Worldwide Corporation Report, sat down with TheStreet to talk about the vacation business.
"Well, it's been an interesting ride. You know, starting, call it the middle of March, um, obviously people were paying attention to all the, uh, advisories about staying home and... and not traveling. and so, uh, our business, uh, occupancies dropped rather radically. We actually closed 32 of our 110 resorts, because of government restrictions and regulations. But the remainder stayed open, but with very low occupancies. And when that happened, you know, we... we tried to figure out, all right, what do we have to do to make sure that we are ready for when people want to come back. And so we obviously instituted all the kind of next-level hygienic and cleaning processes and put all the social distancing things in place. And I'm happy to report that, uh, starting the middle of May, people have actually started to come back, occupancies have started to build, and, uh, in some of the, uh, more drive-to locations, we're seeing a very substantial uptick in people going back on vacation, which I think is good for us and it's obviously good for them," Weisz said.
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