Marriott's Q3 profit rises on higher room rates, group travel
Demand in Q4 may not be enough to offset higher expenses due to higher staffing levels and lower non-room revenues
Marriott International reported a rise in third-quarter profit on Thursday, as the hotel operator benefited from pricier rooms and a recovery in group travel but expects higher expenses and lower fee revenue to soften its full-year earnings.
Key takeaways
- Marriott posted an 8.8% rise in revenue per available room for the quarter, compared to a year earlier;
- The company lifted its 2023 room revenue growth forecast for the second consecutive quarter this year to 14%-15% from 12%-14%, as demand for travel encouraged hotel operators to implement price hikes in the past year.
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