Marriott International Inc’s revenue rose 7.4 percent in the first quarter, helped by higher room rates and occupancy at its hotels.The company, which is buying Sheraton hotels owner Starwood Hotels & Resorts Worldwide Inc, also reaffirmed its forecast of 3-5 percent growth in average revenue per available room (RevPAR) this year. Marriott had cut its RevPAR growth forecast in February from 4-6 percent in October. The company’s net income rose to $219 million, or 85 cents per share, in the quarter ended March 31 from $207 million, or 73 cents per share, a year earlier.
Excluding items, Marriott earned 87 cents per share.
Revenue rose to $3.77 billion from $3.51 billion.Marriott’s shares rose 1 percent to $69.50 in extended trading on Wednesday.
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Kirti Pandey)Download
