Search
The Caterer

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.

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.