Marriott posts higher quarterly profit

NEW YORK: Marriott International Inc reported a higher quarterly profit on Wednesday as room revenue from corporate business rose, and the company raised its forecast for a key revenue metric.

Net income was $104 million, or 30 cents a diluted share, in the first quarter ended March 23, compared with $101 million, or 26 cents a share, a year earlier.

But revenue at the hotel company slipped to $2.55 billion from $2.78 billion a year earlier.

Marriott, whose brands include Ritz-Carlton, Residence Inn and Courtyard by Marriott, said it expects systemwide revenue per available room, which multiplies occupancy rate by the room rate, to rise 6 percent to 8 percent this year, compared with a prior view of 5 percent to 7 percent growth.