Hotel group Wyndham Worldwide has attributed a $1.4bn Q4 loss to the global economic downturn and a drop in demand for timeshare properties. RevPAR was down 6.4% in the quarter, to December 2008, with overall sales dropping by 12%, to $911m. Full-year revenues were $4.3bn, with a full-year net loss of $1.1bn. The results were slightly better than analysts had been expecting, but the hotel group has warned of there are difficult times ahead in the uncertain market. Wyndham, which owns the Ramada, Days Inn and Howard Johnson brands, explained: “Given the disruptions in the global economy and capital markets, and uncertainty about how these will impact employment, consumer spending and other macroeconomic drivers, guidance related to Wyndham Worldwide's 2009 performance is subject to higher-than-normal levels of uncertainty.”
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