Bethesda, MD.-based hotelier Marriott International posted a net income loss of $267 million for 2020, the hotel giant’s first annual loss since 2009.

During the fourth quarter of 2020, the company posted a net loss of $164 million, a marked drop from its net income of $279 million in the fourth quarter of 2019. In fourth-quarter 2020, Marriott’s worldwide revenue per available room (RevPAR) declined 64.1 percent, and RevPAR in the United States and Canada declined 64.6 percent. Despite the losses, the company’s develop pipeline remains strong. The hotel giant’s inventory grew by 3.1 percent in net rooms over the course of 2020.

“With the global pandemic, 2020 was the most challenging year in our 93-year history,” said Stephanie Linnartz, Marriott’s group president of consumer operations, technology and emerging businesses.

Linnartz and Tony Capuano, Group President, Global Development, Design and Operations Services at Marriot are overseeing the company’s day-to-day operations of corporate matters after president and CEO Arne Sorenson passed away earlier this week.