Marriott lowers 2024 profit forecast as US, China domestic tourism demand drags
Business
Marriott lowers 2024 profit forecast as US, China domestic tourism demand drags
(Reuters) - Marriott International cut its annual profit forecast on Monday, as domestic travel demand in the US and China remains weak, sending its shares down 4.1% in premarket trading.
The hotel operator now expects full-year adjusted profit of between $9.19 and $9.27 per share, compared with the $9.23 to $9.40 it had previously forecast.
Revenue per available room (RevPAR) or room revenue, an important metric in the hospitality industry, fell 8.4% in Greater China.
Adjusted profit was $2.26 per share for the quarter ended Sept. 30, compared to $2.11 per share a year earlier.
