Marriott Corp. reported that its third-quarter earnings fell by one-third compared with the same period a year ago despite an increase in sales and operating profit in its core lodging division.
The company, which had 683 hotels with a total of 158,400 rooms at the end of the quarter, said that it earned $18 million, or 18 cents a share, compared with $27 million, or 27 cents a share, in the same period last year. Marriott operates hotels under the names Courtyard, Fairfield Inn and Residence Inn as well as the corporate name.
Chairman J. W. Marriott Jr. said that lodging profits for the 1991 third quarter were ahead of 1990 levels, despite the recession and an oversupply of rooms in the industry.
Excluding a series of costs that affected this year's and last year's third quarter, Marriott's earnings per share declined only 6 percent, to 30 cents a share from 32 cents a share, the company said. Bethesda-based Marriott is a diversified hospitality company involved in lodging and contract services.