Marriott International, Inc. (“Marriott”) (NYSE:MAR) today announced third quarter 2009 pre-tax impairment charges of approximately $760 million associated with its timeshare segment. The charges largely relate to the company’s plans to reduce prices and development at luxury fractional and residential resorts to accelerate cash flow. “The decisions we announced today were made to enable us to drive long-term cash flow and profitability in our timeshare business,” said Arne Sorenson, Marriott’s president and chief operating officer.
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Is nothing sacred? What with Ferreti yachts going broke, Donald Trump being sued after the failure of his Baja Hotel condo complex, and the Royal Bank of Scotland being conned out of £4.5 million – the latest in a seemingly endless line of high profile bankruptcies is the Greenbrier resort in West Virginia.
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