Marriott International Inc. has announced that it will stop the development of residential timeshare projects, because it will take up around $760 million worth of write-downs in that space.

For the third quarter, the fiscal results of the company were better than expected. Revenue per available room dropped by 19 percent, which is better than the projected 20-24 percent drop.

The company announced last Wednesday that it will cut timeshare prices and development to hasten cash flows. Around $300 million of the write-downs are five luxury residential projects. A similar-sized write-down was anticipated for nine North American timeshare projects and $95 million to a separate North American project.

Marriot said that its is not expecting to pursue residential timeshares any time soon; however, the company said that it will continue licensing and managing projects for its affiliates and clients.

Source: The Wall Street Journal