Marriott Revenue Up for First Quarter
Marriott International announced financial results for the first quarter of 2014.
Total revenue was nearly $3.3 billion, an increase from $3.1 billion during last year’s first quarter.
During this year’s first quarter, revenue per available room, or Revpar, for worldwide comparable system-wide properties grew 6.2%, driven by a 3.2% rise in average daily rate (ADR). Comparable system-wide Revpar in North America was up 6.3% driven by a 3.3% rise in ADR. Both metrics were above management’s guidance of 4.0% to 6.0% increase.
Meanwhile, international comparable system-wide Revpar climbed 5.7%, above management’s expectation of 3.0% to 5.0%.
The hotelier added 32 new properties, or 5,855 rooms, worldwide in the first quarter of 2014, while 14 properties, or 2,154 rooms, exited the system. This brings the total number of properties operated by Marriott worldwide to 3,934, or nearly 680,000 rooms.
The hotelier said it expects Revpar for 2014 to increase between 4.5% and 6.5% from last year, for both worldwide and North American comparable system wide properties.
(Photo: Accura Media Group)