Shares of hotel real estate investment trusts dropped further on Monday amid a global market sell-off, after a gloomy forecast by Marriott International Inc. last week heightened investors' worries about the already-battered industry.
In a note to investors on Sunday, Citi Investment Research analyst Joshua Attie cut his fourth-quarter and 2009 estimates for six lodging REITS to reflect lower-than-expected U.S. revenue per available room.
Revenue per available room, or revpar, is considered a key gauge of a hotelier's performance. Marriott International Inc. said it expects at least a 3 percent decline in North American revpar next year.
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