Host Marriott Hurt by Business-Travel Slump
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Host Marriott Corp., an owner of Four Seasons, Marriott and Hyatt hotels, had a fiscal first-quarter loss, reflecting a decline in business travel that sliced revenue by 10%.
Host had a loss of $8 million, or 3 cents a share, contrasted with net income of $27 million, or 12 cents, a year earlier. Revenue fell to $790 million.
Funds from operations fell to $79 million, or 25 cents a share, from $136 million, or 41 cents. On that basis, results beat Wall Street’s expectation of 19 cents.
Shares of Bethesda, Md.-based Host Marriott rose 14 cents to $12.05 on the NYSE.
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