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Article: Marriott Announces Timeshare Segment Charge; Notes Third Quarter 2009 RevPAR Ahead of Expectations.
- Article from:
- Marketing Weekly News
- Article date:
- October 10, 2009
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Marriott International, Inc. ("Marriott") (NYSE:MAR) announced third quarter 2009 pre-tax impairment charges of approximately $760 million associated with its timeshare segment. The charges largely relate to the company's plans to reduce prices and development at luxury fractional and residential resorts to accelerate cash flow.
"The decisions we announced were made to enable us to drive long-term cash flow and profitability in our timeshare business," said Arne Sorenson, Marriott's president and chief operating officer.
Specifically, the company is recording impairment charges of approximately $295 million associated with five luxury residential ...