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Marriott International CEO-elect Arne Sorenson breaks down how the company has recovered from the recession and grown overseas.
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The world economic performance on the way and double Switzerland and Liz -- and joins the company now.
From -- with a special guest.
Well -- issue we're here -- great great scenery behind me but more importantly better -- sitting in the chair next to me.
Really happy to say that -- my next company is able to say -- mansion.
In essence saying that the recession did not really affect -- in fact the financial crisis was quote irrelevant to the business.
Pretty incredible that's an -- Sorenson who's the president and incoming C.
EO to marry -- says and he's joining us now good to have you here -- to be here well.
Obviously that's -- -- people statement to say that the financial crisis was quote irrelevant your business well -- possible I don't know that it -- irrelevant in 20082009.
But the way that world has come back with travel.
-- and fabulous.
We're seeing the developing world explode in a good way with travelers coming from China India Brazil and elsewhere.
To destinations in the United States and in Europe.
We're seeing US business come back the US and leisure -- come back.
And so we've got travel levels back to where they were before you're in 72 countries.
Under many different brands Ritz Carlton and Marriott courtyard residence.
Where is the strongest point on the globe for your business right.
It's Asia.
No doubt.
In China -- both when you look at what the stores are doing in terms of -- -- -- what we revenue is up year over year that's -- or revenue per available room it's essentially same store sales.
And that's up in the low double digits.
But when you look at our growth so we're -- hotel essentially every two weeks in China.
We're open and -- -- agreement that India.
These are places that are fabulous -- remember a few years ago we opened our six -- six rich Carlton Hotel in China.
And we thought isn't this particular who would have thought it today we've got a dozen open -- we probably got another ten -- construction.
Well some -- -- luxury brands that cost a lot of money where's the money coming from here if all we hear is due Angela.
Well it's mostly coming from China.
So every one of our hotels and China's own by the Chinese -- depressed that it's not the United States now I don't think so I mean I think it's a great great economic story will receive a nation of China India -- seen.
Wealth we're seeing commerce that's being created great opportunities for people -- they're people that work with us hopefully -- people that work elsewhere.
And now increasingly that they want to see the rest the world.
How well do you think you'll -- -- I'd say that you really hoped to double your presence in China and hotel numbers by 2015 -- -- on track to do that or -- -- best that I think -- blow those numbers away.
Really that's a quote everyone that's it has I think outlook as Chinese -- -- was where we're about sixty hotels today.
And I think we have nearly a hundred that are side.
Many of them under construction.
They don't take factors to build some might say your competitor start -- had a head start -- but he said.
How our portfolio of hotels open in China is second.
Okay a year ago and by the way art is that -- CEO of the history of area in the first not to have -- out as a last name.
Look at that the president's speech last -- state of the union.
What is the one thing you feel government could do to work with you to help tourism come back to the United States are talking about how great it is time.
-- Government should leave the united stick its opening up.
The opportunities -- so if you -- touch on.
There will soon be -- hundred million annual outbound Chinese travelers.
If we had our fair share of that which is about ten or 12% depending on what you're you calculate.
Its ten million visitors from China alone what slowing down.
He says.
It takes ninety days to -- you see after an in person interview.
-- even worse than that the word on the street Chinese you can't get an interview how the president announced last week that he's -- -- under thirty days that's a great first step.
He's also gonna extend student visas without requiring personal interview which is another good step but we gotta get the word out on the street that -- you are welcome to come.
Here you are the CEO -- -- out what was your first job you know we hear a lot of people complaining the government doesn't give me enough you were working first at what age proper.
It's a Paper boy at the age of twelve I think beyond that I probably work for -- neighborhood Christmas tree farm we -- December November and I've failed Christmas trees.
-- -- -- -- -- -- -- -- -- Hard work leads you to success sometimes in America CEO of -- CEO elect good luck in the new position thanks very much -- -- great to have you here in Davos and -- we've got much more coming up the CEO.
JPMorgan chase international Jacob Frankel and so much more -- Clark Kent of Coca-Cola all right here in Davos back to you all right thanks so much -- appreciate it.
