REALTOR® Magazine-Daily News-Marriott Announces Big Cutbacks

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Daily Real Estate News | September 25, 2009 | Marriott Announces Big Cutbacks
Marriott International Inc. announced Wednesday that it will stop building new timeshare and luxury-vacation projects and write down the value of the projects it already has under construction by $760 million.

Marriott and its largest competitors, Wyndham Worldwide Corp. and Starwood Hotels & Resorts Worldwide Inc., have already reduced their timeshare and vacation business significantly in the last year. Analysts expect Wyndham and Starwood will follow Marriott’s lead when they report third-quarter results.

"The [timeshare and luxury-vacation] business, at least for the next 10 years, is going to remain permanently shrunk," says Joseph Greff, a gambling and lodging analyst for J.P. Morgan Securities.

Source: The Wall Street Journal, Kris Hudson (09/24/2009)