American City Business Journals:
While profits have been down that doesn’t mean hotel expansion is coming to a standstill. Lima, Peru newspaper El Comercio is reporting that several hotel chains, including Marriott International, Inc., and Hilton Hotels Corp. are planning to build new luxury properties in Peru.
Third-quarter profits at Bethesda-based Marriott International were down 28 percent from a year ago. In early November Marriott reduced its earnings forecast for 2008 and projected 2009 earnings that were short of most analyst estimates. Marriott chief executive J.W. Marriott is rethinking even those lowered expectations…