Marriott joins Hilton in lifting profit forecast on unabated travel demand
Marriott International Inc (US.MAR) joined its rival Hilton in raising its annual profit forecast on Thursday, aided by higher pricing and a strong rebound in leisure and business travel even as recession risks cloud consumer spending. Marriott, which owns hotels like Sheraton, Westin and St. Regis, expects adjusted profit per share of between $6.51 and $6.58 this year, compared with its previous forecast of $6.33 to $6.59 per share.
Marriott posted a 36.3% rise in its revenue per available room (RevPAR), a key measure for a hotel's top-line performance, for the quarter to Sept. 30, compared to a year earlier on a constant currency basis. Marriott's revenues rose nearly 35% to $5.31 billion, falling slightly short of analysts' average estimate of $5.34 billion, as per Refinitiv data.