BETHESDA, MD Host Marriott Corp., owner of 122 hotels, reported that it is cutting overtime hours, running its restaurants fewer hours, and buying energy in bulk to cope with slowing profits.
Hotel RevPAR is expected to rise 2-3% in 2001, down from an increase of 6.6% last year. And last week UBS Warburg lodging analyst Keith Mills downgraded nine hotel stocks, including Host Marriott.
The company also reported that is looking to sell $100 million to $200 million of its suburban hotel properties this year, and will invest the proceeds in the development of one or two larger, urban hotels. (3/8/01)