Marriott quarterly profit misses lowered estimates as bookings plunge

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Marriott quarterly profit misses lowered estimates as bookings plunge
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Marriott International Inc fell short of already drastically lowered expectations for quarterly profit on Monday, as bookings plunged due to coronavirus-led travel restrictions.

FILE PHOTO: A guest arrives at the Marriott Marquis hotel in Times Square in New York City, U.S., November 8, 2017. REUTERS/Brendan McDermid

Shares of the company, which owns the Ritz-Carlton and St. Regis luxury hotel brands, fell 1.5% to $85.85 in premarket trading, after having declined about 42% this year. Marriott said its bookings in Greater China improved in April as the world’s second-largest economy gradually reopened for business.

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