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Marriott International reported a 25% jump in second-quarter earnings on strong room revenue, solid group business and growing inventory.
Net income totaled $610 million, up from $489 million in the same period last year, the company said Monday in advance of a call with investors Tuesday morning.
Marriott said revenue per available room (RevPAR) was up 3.8%, similar to growth reported recently by other global hotel companies.
CEO Arne Sorenson attributed the strong results to “particularly strong transient demand in many markets outside North America” and solid North America group business that “allowed us to drive higher room rates in the quarter.”
RevPAR results closely mirrored those of Hilton, Hyatt and AccorHotels, all of which predicted continued growth in room revenue through the end of the year.
Hyatt and Accor, however, were forced to take write-downs for underperforming investments in the home-sharing business. Marriott earlier this year entered a partnership with London-based home rental management company Hostmaker.
Source: travelweekly.com