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Marriott reports 6% revpar rise and is set for record development year

31 July 2014 by
Marriott reports 6% revpar rise and is set for record development year

Marriott International has reported a worldwide increase in revenue per available room (revpar) of nearly 6% in the company's second quarter 2014 results.

Net income was also up by 7% to $192m (£113.5m), compared to the same period last year.

The group, which has more than 3,900 properties across 18 brands, also announced that it is on target for another record development year in 2014 with contracts for around 295 hotels with nearly 46,000 rooms already signed.

Arne M Sorenson, president and chief executive officer of Marriott International, said that the company is "bullish" about its performance for the rest of the year: "The strong revpar growth in the second quarter, combined with very strong group bookings for the third quarter, give us the confidence to increase our full year 2014 North American and worldwide revpar growth guidance to 5%-7%," he said. "We are also increasing our expectations for gross room additions to 7%, 6% net, based on strong development interest in our brands.

"Through the first two quarters, we have returned $766m (£453m) to our shareholders through dividends and share repurchases and are on pace to return $1.35b (£800m) to $1.6b (£950m) to shareholders for the full year."

Marriot International brands include Bulgari Hotels & Resorts, Edition, JW Marriott Hotels, Autograph Collection and Moxy Hotels.

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