Global hotel chain Marriott International (MAR) cut its full-year outlook in connection to declining revenue in the Chinese market. Marriott just missed estimates on its top and bottom lines, posting $6.25 billion in revenue and adjusted earnings per share of $2.26. "You’re seeing groups [bookings] still perform very strongly, business transient remaining solid. But it’s really the higher end leisure that has become a problem," Jefferies managing director David Katz says. "Outbound travel versus inbound is still out of balance. Weather is still weighing on some travel and has impacted, and, frankly, we’re seeing room rates and that consumer just start to push back on the level of cost for high-end leisure travel." Katz tells Yahoo Finance that consumers are also "[pushing] back on how much higher they are willing to pay" even for domestic US travelers, subsequently spreading "across different markets in different ways." He sees there is still room for Marriott to grow in Asia-Pacific non-China markets. Catch Yahoo Finance executive editor Brian Sozzi’s full interview with Marriott International Chairman David Marriott — the grandson of founder J. Willard Marriott — on a recent episode of Opening Bid.
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