Investopedia: Should Value Investors Check Into Marriott?

Hospitality is a tricky business. Treat people right, and your restaurants, hotels and resorts can become multi-generational destinations; think of Disney (NYSE:DIS) or the Four Seasons. At the same time, it's a brutal business - demanding customers, rampant competition and the vagaries of the economic cycle all put heavy demands on management. Marriott (NYSE:MAR) is clearly a long-term winner and a leader in the industry, but there is an incredible amount of noise in the market right now. 

A Pretty Comfy Third Quarter 

All things considered, Marriott delivered solid third quarter results. Revenue (net of reimbursements) rose almost 11%, with constant currency revenue per available room (RevPAR) about 7% globally. The RevPAR was pretty consistent both at home and abroad, and the company is seeing modestly positive occupancy trends (up 2%) despite rate increases.

Profitability is also coming in fairly well. Operating profits rose nearly 14% and earnings before interest, taxes, depreciation and amortization (EBITDA) climbed about 11% this quarter. On an adjusted basis, EBITA was up a more modest 9%, but still slightly more positive on balance than many analysts had expected. (For related reading, see A Clear Look At EBITDA.)

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Investopedia: Should Investors Ride Along With Ctrip?

As growth in the U.S. looks increasingly shaky and investors try to figure out which listed Chinese companies tell the truth, well-established names like Baidu (Nasdaq:BIDU) and Ctrip (Nasdaq:CTRP) seem to be getting a little extra love. The question, though, is whether Ctrip's valuation already more than credits the company for its likely impressive future growth in China's travel industry. 

Some Reasons for Concern in Q2  
Top line revenue for Ctrip was a solid 20% and in line with analyst expectations. Hotel booking is still the largest individual revenue component and grew about 16%. Air ticketing was weaker, though, as lower commissions offset higher volume, and growth came in at 13%. Packaged tours continues to be a growth driver, and Ctrip saw 62% higher revenue from this category in the second quarter.

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