BETHESDA, MD/PRNewswire-FirstCall/ -- Third Quarter Highlights:
-- Worldwide comparable company-operated revenue per available room (REVPAR) rose 3.4 percent (1.1 percent using constant dollars) for the third quarter ended September 5, 2008;
-- Outside North America, comparable company-operated REVPAR increased 13.4 percent (5.7 percent using constant dollars) with double-digit growth in South and Central America, the Caribbean, and the Middle East;
(Marriott corporate headquarters building, Bethesda, MD, middle left photo)
-- In a weak economic environment, North American comparable company-operated REVPAR declined 1.0 percent with a 1.6 percent increase in average rate;-- The company's worldwide pipeline of hotels under construction, awaiting conversion or approved for development totaled over 130,000 rooms;
-- Over 6,500 rooms opened during the third quarter, including almost 2,300 rooms outside North America.
Marriott International, Inc. (NYSE:MAR) has reported third quarter 2008 adjusted income from continuing operations of $123 million, an increase of 1 percent over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations of $0.34, up 10 percent.
(Marriott Denver International Hotel, middle right photo)The company's EPS guidance for the third quarter, disclosed on July 10, 2008, totaled $0.30 to $0.35.
Adjusted results for the 2008 quarter exclude a $29 million ($0.08 per diluted share) after-tax non-cash charge primarily related to a 1994 tax planning transaction.
Reported income from continuing operations was $94 million in the third quarter of 2008 compared to $122 million in the year-ago quarter.
Reported diluted EPS from continuing operations was $0.26 in the third quarter of 2008 compared to $0.31 in the third quarter of 2007.
J.W. Marriott, Jr., (top right photo) Marriott International's chairman and chief executive officer, said, "In our more than 50 years in the lodging business, we have focused our business strategy on meaningful competitive advantages -- strong brands, skilled management, and leading guest, owner and franchisee preference -- all combined in a time-tested business model of managing and fra
nchising hotels.
"These attributes drive strong returns when the economic picture is bright and allow us to outperform competitors when times are more challenging. The third quarter demonstrated those advantages.
nchising hotels."These attributes drive strong returns when the economic picture is bright and allow us to outperform competitors when times are more challenging. The third quarter demonstrated those advantages.
(Marriott Wailea Beach Resort and Spa, Hawai, middle left photo)
"With soft economic growth, our third quarter North American REVPAR declined modestly. Favorable international REVPAR and strong global unit growth enabled our fee revenue and operating income to remain steady. Over the past 12 months, we have opened over 200 hotels, including over 30 hotels converted from competitor brands.
"Our timeshare business has certainly been far more impacted by the current financial environment than our core lodging business.
" Tight credit, soft consumer spending and a difficult securitization market have lowered our expectations for the fourth quarter and 2009.
"However, our strong brands, high customer satisfaction and loyalty, and the terrific know-how of our associates will reward us in the future. Our financial leverage is modest, we have ample liquidity, and our market share continues to grow.
(Marriott World Center Resort, Orlando, bottom right photo)
"Increasingly, our presence is global. During the quarter, nearly 70 percent of the company's incentive fees were earned at properties outside North America. Today, our pipeline of hotels under development totals over 130,000 rooms worldwide.
We expect to open approximately 30,000 rooms in 2008 and 30,000 to 35,000 rooms in 2009. Companywide we are maximizing revenue opportunities and operating efficiencies while redefining and refreshing our brands. We're confident that as the economy strengthens, we'll be well positioned to achieve solid earnings growth."
We expect to open approximately 30,000 rooms in 2008 and 30,000 to 35,000 rooms in 2009. Companywide we are maximizing revenue opportunities and operating efficiencies while redefining and refreshing our brands. We're confident that as the economy strengthens, we'll be well positioned to achieve solid earnings growth."
For a complete copy of Marriott's news release, please contact:
Tom Marder of Marriott International, Inc., +1-301-380-2553, thomas.marder@marriott.com
Web sites: http://www.marriott.com/
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