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Arne Sorenson, Marriott International CEO & president, on the company’s success in the U.S., plus the growing opportunities in Europe and Latin ...
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This one they are the largest publicly traded hotel -- in North America.
Mary -- international.
Stock is soaring it's up 36% since January today hit a new 52 week high.
Investors are cheering a rise in first quarter earnings and an upwardly revised forecast for the entire year.
Joining me now for exclusive interview -- -- very international CEO and president mr.
-- it's great to have you back on the -- Thank you agree to be with you it looks like Meyer got is doing incredibly well in the United States -- -- -- that Europe is the issue here though RT are you worried about.
More deterioration over there.
Well actually we were gratified by how strong Europe was relatively in the first quarter.
When we started the year we were -- in about 3% -- sales.
And we we admitted to the street at that point in time that we can easily see -- be zero or maybe negative.
The first quarter came in at about what we budgeted and we feel pretty good about that what we're seeing is that places like London and -- are carrying the rest of the content.
What you 172 countries we should say there isn't another property is across the world at the same time Latin America the Caribbean -- looking to expand to other a look at actually double down.
Over the next few years and those -- -- -- it a Latin American story that you see from area.
Well I think it's a developing world story in many respects so I was in Brazil two weeks ago I was in Colombia last week.
The opportunities across Latin America are really strong those economies are growing.
They're growing obviously because of natural resources and because of commerce with United States and the rest of the world.
But there -- other parts the world where these economies are growing strong to in India and China of course which we talk about so much.
But even in places like sub saharan Africa where the governments are getting out of the way and -- business do their work.
Things are happening and where things are happening and economies are growing there's opportunity for us with new hotels.
I'm glad you brought up the issue of Columbia know that you were down -- -- were obviously looking -- trade opportunities the administration also.
In Colombia as well what do you see their do you is that kind of a gauge do you think -- to where Mary -- gonna go in the future with regards to nations like Columbia developing.
Countries.
Well Colombia we have just two hotels -- -- we've got a JW Marriott the Marriott Bogota.
We had this meeting in Cartagena where President Obama came to serve at the end of that it was first business CEOs and it was of course the political presidents.
Her and -- is beautiful city of about a billion people on the C.
We don't have anything -- we have -- hotel which we hope we'll start construction in the next twelve months or so.
But you look at Cali and Medellin in these -- markets in Colombia it wasn't so many years ago that we thought of Columbia in the worst possible way.
But because with the government's -- there and what business has done you've got opportunities which are -- and all across that country and so we wanna be there'd be part of -- I know.
-- I have to say I was looking through the quarterly numbers as everybody is on the streets data -- performing based on this a couple of things that we should mention you this if even a CEO -- pretty much Hillary management position America at this point.
Profit coming in a 104 million dollars earnings per share thirty cents.
So let's talk about overall what you think the next few quarters are gonna bring certainly.
There's -- -- be concerns about global growth is gonna be concerns about corporate customers concerns about the global economy.
Considering all the jobs they've had a very and I you're leading -- got how do you turn the company to the next level.
And make it the worldwide leader when it comes to -- Well I think there -- few things that that need to happen and -- and one of as a matter of fact we are heavily reliant on the economy and economic growth and there's only so much we can do that will insulate us from.
So we do the best we can compete in the economic environment that we're dealt I think at the moment on that issue.
We've got a broad recovery that's underway.
And it is led by the United States in many respects him again you can talk about various aspects of our economy and there are more concerning than others we still have.
High unemployment as an example.
But we've got business travelers back on the road we've got through in the middle -- Class -- upper middle -- back on the road with their vacations and so that's good and that gives us a lot of tail wind.
I think what we look at the next number of years from area that the focus has got to be on global expansion.
How do we make sure our brands are as strong in China in India and Brazil and sub saharan Africa as they are in the United States.
So it's investing in brands and invest in people.
And Mary got the Ritz Carlton the court yard a residents and it it was -- -- -- winds under the Marriott.
Name before I let you got I do wanna ask you though about added that the growth story twenty -- -- 30000 rooms you plan to add this year that's got -- mean jobs.
-- -- you going to be hiring her North America.
Oh will hire about twenty to 25000 people in North -- this here.
I suspect.
Five.
To 101000 maybe of those jobs are brand new and the rest would be replacing some some forward turnover.
But we are hiring because were any new units in the system and by and large that's what drives what.
-- Sorensen Marriott International CEO president -- great to have you on the show again come back next quarter -- great to be with you.
Our pictures out again soaring today well -- down through golf industry --
