Marriott Updates Fourth Quarter REVPAR Outlook
Marriott International, Inc. (NYSE:MAR) today said that while fourth quarter results are not yet available, the company expects its fourth quarter 2009 revenue per available room (REVPAR) for comparable systemwide hotels outside North America will have declined 14 to 16 percent on a constant dollar basis, consistent with the company's outlook disclosed in a press release on December 8, 2009.
Further, Marriott expects comparable systemwide REVPAR inside North America will have declined 13 to 14 percent, somewhat better than prior guidance. Prior guidance for North America initially outlined in a press release on October 8, 2009 and reiterated in the December 8, 2009 release assumed a 13 to 16 percent REVPAR decline for the fourth quarter of 2009 for comparable systemwide hotels in North America.
In his blog yesterday, Marriott International's chairman and chief executive officer J.W. Marriott, Jr. discussed his optimism for the economy and Marriott as the New Year begins. Speaking of REVPAR trends, Mr. Marriott said, "For Marriott, the fourth quarter looked better than we expected outside North America, while things in the U.S. and Canada were also a little better. Leisure travelers are responding to the terrific values we're offering. We've also seen business travel and large meetings start to pick up, which is big for our industry."
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