Corporate travel supported earnings at Marriott International during the third quarter of financial 2011, with the company reporting a profit of 29 cents a share, excluding exceptional items.
In results released earlier, the company also gave investors their first read of demand into 2012, saying earnings could total $1.48 to $1.68 a share assuming worldwide revenue per available room (RevPAR) growth of three to seven per cent.
Marriott Hotels also operates Residence Inn and Ritz-Carlton hotels, posted a quarterly net loss of $179 million.
RevPAR, a key industry benchmark that multiplies occupancy rate by room rate, was up 8.7 per cent using actual dollars in the quarter.
Nearly 6,000 rooms were added to the worldwide lodging portfolio during the third quarter, including approximately 3,000 rooms in international markets and nearly 1,100 rooms converting from competitor brands, Marriott said.
Looking forward, the company’s worldwide pipeline of hotels under construction, awaiting conversion or approved for development increased to more than 105,000 rooms.
This includes over 47,000 rooms outside North America and more than 26,000 rooms in Asia.
“Despite continued economic uncertainty, revenue per available room growth was very strong and adjusted EPS rose 32 per cent,” chief executive J.W. Marriott, Jr said.
Marriott International’s third largest lodging brand, Residence Inn by Marriott, was also making headlines today with the opening of its first property in Europe, the 125-room Residence Inn Munich City East.
The Residence Inn Munich City East opens alongside the new 227-room Courtyard by Marriott Munich City East under a franchise agreement with SV Group.
Residence Inn by Marriott, the pioneer in the extended-stay hotel segment, has more than 600 properties globally.