NEW YORK (Dow Jones)--Hotel giant Marriott International Inc. (MAR) late Wednesday said it swung to a fiscal third-quarter profit as rising room rates helped to boost revenues.
While the results continue to underscore a rebound in lodging, one of the hardest hit industries in the recent recession, it signals the recovery will be much slower and daunting than Wall Street had anticipated.
Marriott, Bethesda, Md., posted its quarterly profit following a prior-year $502 million write-down at its timeshare business. Marriott's stock, up 39% this year, fell 2.5% to $36.89 in after-hours trading as revenue numbers were slightly short of what Wall Street's expectations.
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