Marriott Posts Loss of $116 Million in Quarter

Marriott International Inc. reported a quarterly loss as business and leisure travel fell and the largest U.S. hotel company wrote down the value of properties and loans.

The loss of $116 million, or 48 cents a share, for the fiscal fourth quarter ended Dec. 28 contrasts with net income of $149 million, or 59 cents, a year earlier. Bethesda, Md.-based Marriott said revenue fell 10% to $2.87 billion.

Marriott took $85 million in write-downs of off-balance-sheet loans it guaranteed or made to developers. Chief Financial Officer Arne Sorenson said no more write-downs are expected, fueling optimism that the hotel industry is rebounding from a drop in travel.

The company had $1.15 billion in off-balance-sheet items representing loans and guarantees to hotel developers as of the end of the year.

Marriott’s shares rose $2.46 to close at $39.36 on the NYSE.