Marriott’s profits were slammed in the first quarter of this year, plunging about 92%.

The world’s biggest hotel chain on Monday reported net income of just $31 million from January to March compared to $375 million in the same period last year.

Revenue per available room, an important industry metric that assesses a hotel’s ability to fill its rooms, fell 22.5% throughout the quarter and as much as 90% in April “as the pandemic moved around the world,” the company said.

About a quarter of Marriott’s hotels worldwide are currently closed, mostly in Europe and the United States.

But there was a “glimmer of good news,” said Marriott International CEO Arne Sorenson.

He told investors in a call that demand appears to be picking up, especially in Greater China, where bookings are coming in mostly from domestic travelers.

Occupancy levels there have reached “just over 30%, up from the lows of under 10% in mid-February,” Sorenson said.

“In terms of hotel closings/openings, April seems to have defined the bottom,” the CEO added.

“Most days, we’re seeing one or two or three more hotels reopen than we are seeing hotels closed.

“And if anything, as we see demand start to crawl back, as restrictions are released, I think the trend line now is towards more openings, not towards more closings.”

Marriott (MAR) shares are down almost 46% this year. The company’s stock fell 5.6% on Monday after earnings.