Marriott International Timeshare Division Earnings are Hurting
Monday, November 23rd, 2009Timeshare division of Marriott International has hurt earnings. According to the Orlando Sentinel, Marriott International lost $466 million in the recent quarter on hefty impairment charges from its Orlando-based timeshare business, which declined drastically in the recession as vacationers cut back spending.
Marriott lost $1.31 a share for the period ending September 11 compared with a profit of $94 million or 25 cents a share a year earlier. In the recent quarter, adjusted timeshare contract sales declined 42% to $176 million, compared with $49 million in the prior year quarter.
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