Trending
Billionaire hedge funder Larry Robbins makes South Florida move
“I wouldn’t use it, I would just lock the door”: Landlords pan new rehab law
After yearslong litigation, former lender wins lawsuit tied to Miami Design District dev site
Keith Menin buys waterfront Miami Beach home of late Telemundo exec Don BrowneDip in US revenue prompts shorter forecast for Marriott
Hyatt and Hilton also experienced a slip in 3Q U.S. revenues and growth targets
A dip in North America revenues has prompted Marriott to slightly lower its forecast.
Marriott, the parent company of brands Westin, Ritz-Carlton and Renaissance, said it had previously forecasted its comparable systemwide revenue per available room (RevPAR) at between 3 and 4 percent, but has lowered it closer to 3 percent, following a weaker than expected third quarter, according to the Wall Street Journal.
The forecast, described during a during an analyst conference call Tuesday, revealed the company’s third-quarter profit dipped 0.4 percent to $483 million, and total revenue dropped 1 percent to $5.05 billion. The company’s shares fell 5.1 percent Tuesday.
The company also pointed to a weaker turnout out for Yom Kippur, the Jewish holiday, which this year fell during the week.
Company CEO Arne Sorenson said that the weak performance in September applied not only to Marriott, but across the whole industry. “The sky is not falling, notwithstanding the weak September,” Sorenson said.
Hyatt Hotels Corp. and Hilton Worldwide Holdings Inc. have also reportedly lowered their outlook on growth in RevPAR.
Marriott is dealing with more than 7,000 striking workers affecting 21 properties in San Jose, San Francisco and Boston. [WSJ] — David Jeans