Marriott Posts Steep Declines
Marriott International, the first big lodging company to report second-quarter earnings, posted a 76-percent drop in net income, from $157 million a year ago to $37 million. And the company doesn’t expect to do much better in the third quarter.
Second-quarter system-wide RevPAR fell 23 percent and the company projected declines of 20 to 23 percent for the third quarter. Marriott Hotel and Resorts, Ritz-Carlton and Renaissance plunged the most, down 23.5 percent in RevPAR, thanks to a 14.7 percent drop in ADR.
Marriott added 62 new properties in the second quarter.
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