Marriott Says 2009 Worldwide Gross Rooms Additions, REVPAR Outside North America Better Than Expected; North American REVPAR on Track
Bethesda, MD, Marriott International, Inc. (NYSE: MAR) today said that it expects to add approximately 38,000 rooms to its worldwide lodging system in 2009, raising its guidance of 33,000 gross room additions for 2009 provided in its third quarter earnings press release on October 8, 2009.
The company also said that systemwide revenue per available room (REVPAR) outside North America for the fourth quarter of 2009 should decline 14 to 16 percent, which is two percentage points better than expected. Marriott expects that the decline in systemwide REVPAR inside North America to be within prior guidance. On October 8, the company provided guidance of a 16 to 18 percent REVPAR decline for the fourth quarter of 2009 year-over-year for comparable systemwide hotels outside North America on a constant dollar basis, and a 13 to 16 percent REVPAR decline for comparable systemwide hotels in North America.
For its timeshare business, Marriott expects contract sales of timeshare intervals in the fourth quarter of 2009 to be slightly better than the guidance of $185 million to $190 million the company provided on October 8. The successful completion of a note sale securitization during the current fourth quarter, which yielded a $37 million gain, and stronger than expected rental profits should enable Marriott’s timeshare segment to outperform its expectations.
Marriott will issue fourth quarter and full-year 2009 results on February 11, 2010.
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