Marriott, Hilton shares fall on fears of weaker demand in China
Marriott fell as much as 5.1%, and Hilton slipped as much as 5.2%.
Marriott International and Hilton Worldwide Holdings led hotel stocks lower after Apple reported slowing sales in China -- giving investors cause to worry about an important source of the travel industry’s future growth.
Marriott fell as much as 5.1%, and Hilton slipped as much as 5.2%. They were down 3.5% and 3.2%, respectively, at 11:57 a.m. New York time, compared with a 2% drop in the Bloomberg Americas Lodging Index. Hyatt Hotels fell 2.5%.
While China accounts for a relatively small share of global lodging companies’ current revenue, it’s an important development market, as the hospitality industry rushes to open hotels for foreign business travelers and the country’s emerging middle class.
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