On July 16, Bethesda, MD-based hotelier Marriott International (MAR) reported financial results for the second quarter of fiscal 2009. Total revenue was $2.6 billion, down 19.6% versus the prior year period. Marriott experienced worldwide declines in revenue per available room (RevPAR) across all its brands. RevPAR is a key metric for the lodging industry. Base management and franchise fees declined 19%, while incentive management fees were down 66% from the prior year. Owned, leased, corporate housing and other revenue decreased 54%, while adjusted timeshare sales and services revenue declined 24%. Worldwide comparable company-operated properties RevPAR decreased 26.1% (23.0% on a constant-dollar basis), while worldwide system-wide RevPAR fell 23.6% (21.4% on a constant-dollar basis). International company-operated RevPAR fell 31.5% (22.1% on a constant-dollar basis) including a 22.3% decline in average daily rate (11.6% using a constant-dollar basis). The results reflected the economic recession in addition to ...