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Marriott International Reports Solid Q1 Results

Marriott International Reports Solid Q1 Results

Marriott International posted a better-than-expected quarterly profit as increased business travel boosted occupancy and allowed the company to raise room rates in North America, Reuters reports. The company said comparable systemwide revenue per available room rose 6.3 percent in North America in the first quarter ended March 31. Marriott was helped also by higher business group bookings as Easter fell after the quarter ended, unlike last year when the holiday hurt business bookings in the March quarter. Marriott’s average daily room rate rose 3.3 percent to $141.66 across its properties in North America. Read more over at Reuters.

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Year-End Results Show Positive Industry Uptick

Year-End Results Show Positive Industry Uptick

End-of-the-year earnings statements released by major hotel companies show that the industry ended 2013 on a positive note, with gains in RevPAR, occupancy, and ADR. Although some companies saw a drop in fourth-quarter revenues, year-end results for the majority remained largely favorable. The positive performance was aided by the recovery of the North American market, and company executives said that strong demand in the U.S. helped to drive up their overall earnings. “The lodging recovery in North America continued unabated, driven by strong corporate transient demand,” said Fritz van Paasschen, president and CEO of Starwood Hotels and Resorts Worldwide, on a call to analysts and investors. “We’ve now seen three quarters in a row of record occupancy.” Starwood saw RevPAR increases of 6 percent in North America. Marriott saw a 5 percent boost with big gains in San Francisco, Houston, and Miami. Choice Hotels and InterContinental Hotels Group (IHG) both saw domestic increases of 3 percent and 4.2 percent respectively. Hilton saw a 2013 RevPAR boost of 5.2 percent in the Americas compared to 2012. Hilton’s fourth quarter earnings were down 57 percent due to IPO-related costs. The Blackstone-owned company went public in December, and raked in $2.3 billion—marking the ...

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