The worldwide recession which literally shook the world economy has even resulted in the downfall of the expected profits of Wyndham Worldwide Corporation.

Wyndham Worldwide is one of the World's largest hospitality companies across six continents, which offers individual consumers and business customers a broad array of hospitality products and services. The limited spending capacity of the consumers has affected the overall profits of the company to a low of 27 per cent in the third quarter.

The net income went down to $104 million, from the earlier figure of $142 million. Though, the researchers had expected higher profits, but the slump in the travel industry has directly affected the company’s business.

The hotel reservations in the United States in the third quarter almost went down to 57 percent from the last year’s 63 per cent.

“The hotel business currently isn’t great, no matter where you are”, said Patrick Scholes, an analyst at FBR Capital Markets and Company in Arlington, Virginia.

“We will probably see the same number of people coming through the door next year, but there will continue to be pricing pressure”, said Stephen Holmes, the Chief Executive Officer.

The hotel industry in China and Asia is expected to growth by 2010, said the Mr. Holmes.