Marriott Lowers Quarterly Profit Forecast as Middle East Revenue Slumps
Marriott said the travel outlook remains clouded as the prolonged U.S.-Israeli war on Iran threatens consumer spending and reduces Middle East travel demand. The company cut its current-quarter adjusted EPS range to $2.74-$2.82 and expects room growth at the low end of its 4.5%-5% target due to Middle East construction delays, plus headwinds from Japanese co-branded credit cards amid a weaker yen.