Demand for hotels boosts Marriott profit
A recovering economy and demand for hotel rooms has helped lift Marriott International Inc's first-quarter net income 26%.
More people stayed in the company's hotels and paid 3.2% more per night.
The company earned $US172 million ($A186.10 million), or 57 US cents per share, beating the 51 US cents expected by Wall Street analysts surveyed by FactSet. That's up from $US136 million, or 43 US cents per share, in the same period last year.
Revenue rose five per cent to $US3.3 billion, in line with Wall Street's expectations.
Those increases come even after Marriott adjusted its reporting period to have three fewer days in the quarter this year.
The company's revenue per available room – a key industry metric known as RevPAR – rose 6.2% in the first quarter, showing both an increase in occupancy rates and how much the hotels can charge for those rooms.
And nearly 6,000 rooms were added during the first quarter, including 3,300 rooms in international markets.
"While hotel industry supply in North America is growing only modestly, particularly in the full-service segment, we are taking a greater share of new hotels being developed around the world, reflecting owners' and franchisees' confidence in our brands and operational strength," chief executive Arne Sorenson said in a statement.
Marriott doesn't own most of the hotels in its system but makes money off either managing or franchising its 18 brands, which include Ritz-Carlton, Fairfield Inn & Suites, Courtyard, SpringHill Suites and Renaissance.
Shares rose 43 US cents to $US57.05 in aftermarket trading. The stock had closed up 1.2% to $US56.62 on Tuesday.
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