Marriott Internatioal (MAR) yesterday morning reported results for their 3rd quarter ended August 31, 2009. With 3,292 hotels and more than 570,000 rooms worldwide, Marriott is an excellent barometer of travel & leisure spending.
The key metric in the hotel business is REVPAR: Revenue Per Available Room Day. In its North American division, systemwide REVPAR declined by 19.3% to $80.16 compared to the year ago period. That was a result of a 5.6% decline in occupancy rates to 68.5% and a 12.7% decline in the average daily room rate to $117.09.
At its 350 brand name domestic Marriott Hotel & Resorts, REVPAR declined 19.9% to $90.69.
In its International division, systemwide REVPAR declined 22.1% to $101.66. That was a result of a 6.3% decline in occupancy rates to 66.0% and a 14.7% decline in the average daily room rate to $154.10.
Not exactly a robust recovery here (click to enlarge).
Disclosure: Top Gun has no position in Marriott International (MAR) shares.