From Bloomberg:
North American Travel Slowdown Prevents Better Results
Marriott International Inc.’s first-quarter earnings missed analysts’ estimates because of a slowdown in North American travel, with its hotels in the Washington area being hurt by cuts in conference spending. Net income rose to $101 million, or 26 cents a share, from $83 million, or 22 cents, a year earlier, the Bethesda, Maryland-based company said yesterday in a statement. It was expected to earn 28 cents, the average estimate of 10 analysts in a Bloomberg survey. Marriott, the largest publicly traded U.S. hotel chain, said worldwide revenue per available room, or revpar, rose 6.5 percent before adjustments for currency-exchange rates. That’s below the 7 percent increase the hotelier forecast last month, when it said weak North American demand is holding back growth. Click here for the full story.