Marriott International to record $760M in charges - KWWL - Eastern Iowa Breaking News, Weather, Closings

Marriott International to record $760M in charges

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BETHESDA, Md. (AP) -- Marriott says it will record $760 million in third-quarter impairment charges as it lowers prices and curbs development in its timeshare business to boost cash flow.

Marriott International Inc. plans to reduce residential prices to boost sales and convert certain projects for other uses.

The company also will sell some undeveloped land, given the weak economy that has dampened demand for both business and leisure travel.

The Bethesda, Md.-based hotel company also warned that comparable revenue per available room, or revpar, at properties in North America declined 19 percent in the third quarter. RevPar is considered a key metric for lodging companies.

Still, that was better than company expectations for a decline between 20 percent and 23 percent.

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