Marriott has announced that it has raised $920 million in cash from it’s credit card co-branded partners American Express & Chase. Break down as follows:
- Marriott received $570 million in cash from Chase. $500 million of prepayment of certain future revenues and $70 million from the early payment of a signing bonus that was previously committed.
- Marriott received $350 million from American Express. This is for the pre-purchase of Marriott Bonvoy points and other consideration.
It’s interesting that the American Express figure clearly outlines the pre-purchase of points, whereas the Chase portion just says prepayment of certain future revenues. American Express has previously pre-purchased $1 billion in points from Hilton. In a previous SEC filing it emerged that both United & Delta were considering pre-selling points as well.
Now refund all the resort and destination fees you charged.
Total BS. Marriott benefitted from the blatant misdirection of the nearly $3T stimulus funds to large corporations to bolster Wall Street. You’re a fool to believe otherwise.
That’s how the 6x on grocery purchase comes from…..
And other silly stuff too. Let’s have it!
They wouldn’t NEED to secure financing if they simply ran a better business and treated their customers better. By the way, I offered to upgrade my Bonvoy card and meet a spend goal, but they refused. Ditto for Citi AA, Delta Gold biz, Hilton Honors, etc, etc, etc. All these corporations care about any more are billions in bailouts. They have lost all touch with reality — aka servicing their loyal customers. After seeing firsthand how these companies operate, shorting their stock seems more & more appealing. Where is the economic support for Main Street??
$920 million? Great. They can afford to give me back my Gold status which they abruptly downgraded in March in the middle of a pandemic. Not a big fan of Marriott now, I may even reroute to the IHG chain when business improves and that’s digging pretty deep for us.
Funny I thought it was just me I was Platinum Elite then magically went to gold. I had the status a while through credit card tho so maybe I didn’t deserve it anyway
Same here. I wasn’t sure how i still had Platinum Elite and how i suddenly slipped to Gold.
They hard dropped me from Plat Elite down to Gold as well. However, after messaging ‪@MBonvoyAssist ‬on Twitter, they moved me up to a soft landing to Platinum. I’ve heard reports of people specifically asking to be granted their same previous status again (I didn’t ask for that) and getting it, but of course YMMV…