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Marriott earnings take a leap
Marriott International Inc., reported yesterday an 11 percent rise in third-quarter earnings resulting form increases in room rates, due to higher demand and higher occupancy levels.
Income rose to $148 million for the period. Revenue rose 18 percent to $2.7 billion.
“In the third quarter, North American meeting attendance exceeded meeting planner expectations and food and beverage revenue accelerated,” said CEO J.W. Marriott Jr. “Transient demand was strong in most markets around the world.” Marriott said markets including New York, Washington, D.C., St. Louis, Florida, and Southern California led in domestic performance.
Given its pricing power, Marriott last month said it expects negotiated rates will jump between 7 percent and 9 percent, while the company also is limiting inventory to the corporate market, reported Business Travel News.
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