Marriot International (NYSE:MAR) shares stumbled to hold ground this morning and have fallen 6.7% dropping nearly $2.50 per share to $35.15. With nearly 8 million shares moved this morning up from the average daily volume of slightly above 3 million shares. This decrease comes on the news of lower consumer demand and low forecast expectations.
Marriot International has said that international demand has been high but revenue per available room (revpar) for the U.S. markets is expected to be lower than initially forecast. Chief Financial Officer Carl Berquist stated that revpar growth in North America “has been modestly lower than expected, especially in large group hotels in markets such as New York, Atlanta, Orlando and Washington, D.C.”.
Other Hotel Companies have also seen shares fall slightly on Marriot’s forecast. Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT), owner of the St. Regis and W brands, fell 4.2 percent to $56.26. Hyatt Hotels Corp. NYSE: H)dropped 4.3 percent to $42.21.
About Marriott International Inc.
Marriott International, Inc. operates and franchises hotels and related lodging facilities worldwide. It operates and franchises hotels and resorts under various brands, including Marriott, JW Marriott, Renaissance, Autograph Collection, Courtyard, Fairfield Inn & Suites, SpringHill Suites, Residence Inn, TownePlace Suites, Marriott ExecuStay, Marriott Executive Apartments, The Ritz-Carlton, Bulgari, and EDITION.