Marriott profits plummet, U.S. revenues to decline
October 08, 2008 | Hospitality Industry
Marriott International expects domestic revenues to decline and international revenue growth to weaken through 2009 following announcement of its third-quarter performance, in which it saw profit drop by 28 percent.
Citing the weak economic environment, Marriott reported that revenue per available room in the third quarter was down 1 percent compared with 2007 levels, and the average daily rate increased by 1.6 percent. Worldwide RevPAR was up 3.4 percent, boosted by 13.4 percent RevPAR growth outside North America and double-digit growth in South America, Central America, the Caribbean and the Middle East. However, the company expects the numbers will worsen in the fourth quarter and beyond.
“Tight credit, soft consumer spending and a difficult securitization market have lowered our expectations for the fourth quarter and 2009,” Marriott chairman and CEO J.W. Marriott Jr. said in a statement.
Get the full story at BTNonline
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