Marriott to shut down time share, luxury residential operations

Marriott International said in a securities filing it will discontinue all time share and luxury residential construction. The company is aggressively discounting prices to liquidate its existing inventory. Marriott said it will take a $760 million mark-down on projects already under way. "This business, at least for the next 10 years, is going to remain permanently shrunk," said Joseph Greff, a gambling and lodging analyst for J.P. Morgan Securities, referring to the luxury and time share businesses. Wall Street Journal, The (09/24)