Marriott Corp. said yesterday it will report a loss in the fourth quarter of 1990 -- the first time the Bethesda company has had a losing quarter in 28 years -- because of an $80 million to $90 million charge to cover costs incurred on discontinued construction projects.

At the same time, the company said it has lined up $400 million in new credit lines and will cut its spending on construction projects for the third time in 10 months, actions that seemed to reassure Wall Street that Marriott will have a sufficient cash cushion to see it through the recession.

The company's stock rose 27 percent in heavy trading yesterday on the New York Stock Exchange to close at $13, up $2.75.

Marriott, which will report its earnings later this month, did not specify the size of the anticipated fourth-quarter loss, its first since 1962. For the full year, analysts said the company's results will dip below those of 1989 and that they expect a further decline in 1991, in part because the company is having difficulties selling hotels it has already built.

However, in an interview, chief executive J. Willard Marriott said that operating income -- the profit Marriott derives directly from its hotels and food-service businesses apart from write-offs or other charges -- would rise in both 1990 and 1991. Marriott also said the company's hotels had not been severely hurt by the recession or war in the Persian Gulf, with occupancy figures for January down only about 2 percentage points from 1989.

Marriott said it was taking the write-off to cover costs it has already incurred to develop new hotels and retirement communities it plans to delay or cancel. The charge also covers severance pay to former employees who worked primarily in construction and development jobs. Marriott laid off about 1,000 employees last year, and chief financial officer William Shaw said yesterday he expected about 200 more to be cut during the next few months.

Marriott's capital budget -- essentially the funds it will devote to finishing hotel construction -- will be pared from $650 million to less than $500 million this year and to $300 million next year. Having put the brakes on new development in the past year, Marriott will open 45 new hotels this year and as few as three or four next year, down from 100 in 1990, said Shaw.

In an additional step to conserve cash, Marriott will delay paying annual bonuses to management-level employees for 45 days.

Analysts Joseph Doyle of Smith, Barney, Harris, Upham & Co. and John Rohs of Wertheim Schroder & Co. said investors were encouraged by the news that Marriott had arranged for additional bank loans and was taking steps to increase its cash flow. Since autumn, rumors have swirled that the company was facing a growing cash shortage.

But Marriott said the company had $250 million in cash before the loans were made and that the additional credit should quiet any concerns.

"I imagine you want to have as much reserves going into this recession and this war as you can get to cover any possibility," Marriott said. "We don't expect to use {the additional funds}, but it's an insurance policy."