Marriott Profit Tumbles 76%
Marriott International Inc.'s second-quarter profit fell 76% amid weak lodging and timeshare demand as the hospitality industry continues to suffer. The hotelier -- which operates and franchises hotels under the Marriott, Ritz-Carlton, Residence Inn and Courtyard declined to give its typical earnings forecasts, citing the uncertain economy, but said it expects third-quarter revenue per available room to decline by 20% to 23% in North America and 22% to 24% abroad. For the full year, it expects revpar declines of 17% to 20% globally. Revpar fell 24% in the second quarter, including a worse-than-expected 21% drop in North America.