LOS ANGELES According to a recent Reuters report, many of the nation s top hotel chains have discounted their dot-com investments in recent weeks, mirroring a trend by investors grown tired of waiting for once-promising Internet companies to turn profitable. Starwood Hotels & Resorts Worldwide led the retreat, according to the report, when it disclosed its write-off of $19 million in Internet investments.
Marriott International also made reference to a similar misstep in its first quarter earnings report. The company s corporate expense for the quarter included a $6 million “write-off of an investment in a technology partner,” according to Marriott s press release accompanying its earnings.
Hilton Hotels Corp., however, avoided such investments and finished the first quarter without any dot-com write-downs. Hilton had the opportunity to take warrants in PurchasePro, but has not done so, the company said. (5/7/01)
SOURCE:Reuters