Marriott International reports best results for six years

03 May 2013 by
Marriott International reports best results for six years

Marriott has enjoyed a buoyant start to 2013, marking new highs not achieved since 2007.

Total revenue for the group was over $3.1 bn (£1.99bn) in the first quarter, compared to $2.5 bn (£1.61bn) for the same period last year, while underlying profit (EBITDA) for the period was $268m (£172m), a 25% increase on 2012 ($215 m/£138m).

The first quarter results for the international hotel group also saw operating income increase by $51m to $226m (£33m to £145m), with net income of $136m (£87m), a 31% increase compared to the same period last year.

Arne Sorenson, Marriott's president and chief executive officer, said, "Our business has seen a dramatic recovery in the past few years and is highly resilient. In fact, in the first quarter of 2013, we exceeded peak 2007 levels for fee revenue and North American system-wide revenue per available room (revpar)."

Marriott's development pipeline also reached new heights. Almost 5,300 rooms opened during the period, with 16,000 rooms added to the pipeline during the quarter. There are currently over 135,000 rooms under construction.

Sorenson said: "Our worldwide development pipeline has reached a record level. We are more global than ever having grown our system outside the US by nearly 40% in the past six years."

While the first quarter of the year has been good for Marriott, it's important to note that the group's change in its fiscal calendar (adding an extra nine days to the reporting period) was responsible for an estimated $23m (£15m) of operating income.

TagsTourism and Hotels
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