NEW YORK (TheStreet) -- Hotels are looking for growth in a U.S. economy that many are describing as anemic.
"We were thinking GDP might grow in the 2% to 3% range over the course of 2016 ... but I think we're probably more in the 1% to 2% range," Sorenson said on CNBC's "Squawk Alley" Thursday afternoon.
The leisure traveler is providing Marriott with "relative strength" as Sorenson says "the American consumer is actually doing quite well." Yet the number of midweek business travelers has not grown as expected and seem "a little bit worried about the future."
"I don't think people are necessarily talking about a recession but they are being more cautious and that caution I think is directly driven by that GDP growth which is kind of plodding along," Sorenson noted.
Shares of Marriott International are up by 1.09% to $71.31 in late afternoon trading today.
Separately, TheStreet Ratings team rates Marriott as a "buy" with a ratings score of B-.
This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, revenue growth, good cash flow from operations and increase in net income. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MAR