Here are a few excerpts from yesterday’s WSJ article about Marriott’s performance:
- Marriott International Inc. (MAR) posted strong third-quarter revenues and provided an upbeat outlook for its lodging business, even as Wall Street is checking out of hotel stocks on concerns that an economic slowdown will cut travel spending.
- Marriott said that in the fourth quarter it expects 5% to 7% growth in revenue per available room — or revpar, a key profit metric — and said it’s “cautiously optimistic” about 2012.
- Marriott’s stock is down 32% so far this year and shares of Starwood Hotels and Resorts Worldwide Inc. (HOT) is down 34%. Hotel real estate investment trusts were the worst performing in the sector last quarter slumping roughly 30%. (See why we’re glad our hotels don’t depend on Wall Street pricing? Performance up, stock price down! What’s with that? – Dave Hogg)
- Average daily rates rose 4.1%, while revpar grew 6.9%, or 7.4% excluding the Middle East and Japan.
Have a great day!