The Caterer

Marriott International's profits fall in third quarter

05 October 2006
Marriott International's profits fall in third quarter

Global hotel chain Marriott International today announced that earnings for the third quarter of 2006 fell by 5.4%.

Marriott, whose brands include the Ritz-Carlton, Residence Inns and Renaissance Hotels, said net income for the three months to 8 September fell to $141m (£75m), from $149m (£79m), in the same period last year.

Adjusted earnings from continuing operations, which exclude the company's synthetic fuels business, totalled $144m (£78m), in the latest quarter.

Turnover was about flat at $2.7b (£1.45b), Revenue per available room rose by 9.4%, while the average daily rate was up 9.1%.

JW Marriott Junior, chairman and chief executive of the company, said: "We are pleased with the continued strong growth in the third quarter. And with strong meeting and business travel coupled with healthy holiday travel bookings to the Caribbean and other resort destinations, we are optimistic about our fourth-quarter performance."

Marriott International predicts 40% boost to hotel profits for 2006>>

New Courtyard by Marriott planned for London's Gatwick Airport>>

Marriott International to open 50 more UK hotels>>

By Daniel Thomas

E-mail your comments to Daniel Thomas]( International's profits fall in third quarter) here.

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