Marriott books lower 3Q profit, expects tough 2009
By The Associated Press Friday, October 03, 2008BETHESDA, Md. - Hotel company Marriott International Inc. said Thursday that its third-quarter profit dropped 28 percent, compared with 2007, and it warned investors about deteriorating conditions for 2009 amid the ongoing financial crisis.
Marriott said its revenue per available room declined in North America and timeshare sales dried up amid the tight credit market and cutbacks in business and consumer spending.
Revenue per available room, or revpar, is considered a key gauge of a hotelier’s performance.
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