February 24, 2017
How Accor wants to transform the way everyone uses hotels
Deal by deal, AccorHotels is taking bold steps to bring the traditional hotel company into the future and its newest pilot is absolute proof of that.Read more
Marriott said worldwide revenue per available room, or revpar, rose 6.5 percent before adjustments for currency-exchange rates. That’s below the 7 percent increase the hotelier forecast last month, when it said weak North American demand is holding back growth.
Marriott International Inc.’s first-quarter earnings missed analysts’ estimates because of a slowdown in North American travel, with its hotels in the Washington area being hurt by cuts in conference spending.
Net income rose to $101 million, or 26 cents a share, from $83 million, or 22 cents, a year earlier, the Bethesda, Maryland-based company said yesterday in a statement. It was expected to earn 28 cents, the average estimate of 10 analysts in a Bloomberg survey.
First-quarter earnings were affected by a decline in group bookings in the Washington region, where Marriott has about 5 percent of its rooms, Laura Paugh, senior vice president of investor relations, said during a conference call with reporters yesterday.
Demand in the U.S. capital was hampered by cuts in travel spending, the threat of a federal-government shutdown and “weakness of short-term group meetings,” she said.
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