Marriott Trims Loss, Reduces Forecast

Marriott International Inc., the largest U.S. hotel company, said its fourth-quarter loss narrowed from a year earlier, when the Sept. 11 terrorist attacks depressed travel. Marriott lowered its 2003 profit forecast 14% as companies cut travel budgets.

The company’s net loss was $37 million, or 15 cents a share, compared with a loss of $116 million, or 48 cents, in 2001. Revenue rose 25% to $2.67 billion for the quarter ended Jan. 3, Chief Financial Officer Arne Sorenson said.

Although occupancy and room rates improved from the fourth quarter of 2001, Bethesda, Md.-based Marriott said the gains may not continue and trimmed its 2003 outlook because companies continue to curtail spending.

Marriott shares rose $1.20 to $30.55 on the NYSE.