Marriott International, the owner of the Ritz-Carlton and its namesake hotel chains, said yesterday first-quarter profit tripled on higher room rates and a year-earlier accounting change.
Net income rose to $182m, or 44c a share, from $61m, or 14c, a year earlier, Marriott said. Excluding results from its synthetic fuel unit, Marriott earned 40c a share, 2c higher than analysts’ estimates.
Average room rates rose 8,3% because demand from corporate travellers increased while supply was limited by rising building costs and lengthening approval times for new construction. The US hotel industry has rebounded as executives and tourists seek rooms in New York, Miami and other markets where demand for hotels is outstripping supply.
“The strongest part of the average daily rate growth is from corporate travel, and you haven’t seen any new supply,” said Richard Clattenburg, an analyst with Baltimore-based T Rowe Price Group.
Sales climbed 7,4% to $2,9bn.Marriott is the largest US owner, manager and franchiser of hotels with about 2900 hotels and timeshare properties.
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