Marriott guidance drags down Hyatt, others

By Dow Jones Newswires
Posted March 28 at 1:00 p.m.

Marriott ($35.76, down 5.05 percent) said it has had robust demand internationally, but North American growth has been lower than expected during the first quarter.

The company expects first-quarter worldwide systemwide revenue per available room a key industry metric to increase 7 percent, at the low end of its 7 to 9 percent guidance.

Marriott weighed on the hotel sector, including Wyndham Worldwide Corp. ($30.81, down 3.17 percent), Starwood Hotels & Resorts Worldwide Inc. ($56.37, down 4.03 percent), Hyatt Hotels Corp. (41.72, down 4.87 percent) and real-estate investment trust Diamondrock Hospitality Co. $10.82, down 4.59 percent).

Earlier Monday, Goldman Sachs lowered its stock-investment rating on Marriott to neutral from buy, saying the valuation of Marriott’s timeshare unit, which it is spinning off, is creating a drag.

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