Marriott Internatioal (NYSE: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.