Hotel chain Marriott International reported an income of $189m for the second quarter of 2008 of $189m, a drop of 17% compared to the same three months of 2007.
But the chain said that revenue per available room (revPAR) rose worldwide by 5.6% with double digit growth in some regions and average rates went up by 6.3%.
Total Marriott revenues for the three months were $3.2bn, an increase of 2% on the same period in 2007.
J.W. Marriott, Marriott's chairman and ceo, said: "Our second quarter saw higher year-over-year RevPAR for our global lodging business, despite weaker economic conditions in the US International demand for our products remains high.
"Our hotels outside the US had strong revenue growth in the quarter. Europeans continue to visit US gateway cities and customers from Asia and Latin America show growing demand for Marriott's timeshare products.
"But while our hotels outside the US continue to benefit from solid global demand, business conditions have deteriorated in the US.
"While there is much uncertainty, we expect weak economic growth and soft US lodging demand to persist into 2009."
Portman announces profits rise
Portman Travel, one of the largest independent travel management companies in the UK, announced a 29% rise in pre-tax profits
The company, which has offices in Glasgow and London, pre-tax income for the 2007 financial year were £6.4m compared with £5m for 2006.
The increase is despite paying £11.5m for Fleet Street Travel, another UK independent TMC, earlier this year.
The company said the sales in 2007 rose by £78m (36%).
This included a £42m boost from the purchase of P&O Travel in 2006.
Client transactions rose by 28% during 2007 while income from suppliers rose by 3%.