Marriott Swings To 3Q Loss On Timeshare Write-Downs
Marriott International Inc. (MAR) swung to fiscal-third quarter loss amid write-downs of its timeshare business. But the results beat Wall Street's targets and suggest that stabilization in the recession-battered hotel industry is finally gaining traction. Amid sagging revenue at its core hotel business there were signs the hotelier has seen the worst of the declines. For the coming fiscal year Marriott expects worldwide revenue per available room may decline as much as 5%, excluding currency effects, with performance strengthening as the year progresses.