Marriott International earns $83M
POSTED: Friday, April 23, 2010
CHICAGO » Increasing visits by both business travelers and vacationers returned Marriott International Inc. to a first-quarter profit, but the company said yesterday that both kinds of guests are still hunting for deals.
The recovery in visits, though muted, is an encouraging sign for an industry that struggled to keep hotel rooms full during the recession. But Marriott, which owns properties throughout Hawaii, said its room rates were generally lower in the first quarter than a year earlier.
As occupancy increases, Marriott executives expect to be able to charge more and move away from price cuts made during the recession. And they boosted their full-year outlook.
“;Corporate business travelers are returning to our hotels in large numbers,”; said Chief Operating Officer Arne Sorenson, adding that visits to the company's luxury hotels and premium rooms were also getting stronger each month.
For the three months that ended March 26, Marriott earned $83 million, or 22 cents a share. That compares with a loss of $23 million, or 6 cents a share, in the same period last year for the company that owns the Marriott, Renaissance and Ritz-Carlton hotel brands.
Revenue climbed 5 percent to $2.63 billion from $2.50 billion a year earlier.