Marriott loses $10m in fourth quarter of 2008

Marriott hotels made a loss of $10m (£6.9m) in the fourth quarter last year, as restructuring charges and a fall in revenue proved costly.

The hotel operator posted a net loss of $10m (£6.9m) compared to a profit of $176m (£122m) in the same period a year earlier.

Turnover slipped to $3.78b (£2.61b), down 6% from $4.09b (£2.83b) a year ago and both revenue per available rooms and management and franchise fees were down.

Chairman and chief executive J.W. Marriott said: "Results in the fourth quarter of 2008 demonstrated the impact of economic disruption to our business.”

The group was the first hotel group last year to admit its new openings plan could be hit by property owners cancelling or delaying projects due to the credit crunch.

Last week Marriott rival Hilton announced it would be making 1,000 job losses around the world>>

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By Gemma Sharkey

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