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ResortQuest share price falls

The parent of the Aston hotel chain, ResortQuest International Inc., saw its share price fall 16 percent yesterday to $9.16 after it reported second quarter earnings.

ResortQuest said in a statement that it expects third quarter earnings to be between 27 cents and 30 cents a share.

That's less than the 40-cent average estimate of three analysts surveyed by First Call/Thomson Financial.

The company said revenue from Hawai'i resorts open more than one year decreased primarily due to a 4.8 percent decline in occupancy. ResortQuest's Web site lists 47 properties in Hawai'i.

Marriott sells Waikiki resort

Marriott International Inc. sold its Waikiki Beach Marriott Resort for about $130 million in cash to a group led by CNL Hospitality Corp, but Marriott still will manage the hotel.

Bethesda, Md.-based Marriott, the No. 1 U.S. hotel company, said it will hold a minority stake in the resort and continue to operate it under a long-term agreement.