Marriott International has reported that its second-quarter profit rose 42% in the 12 weeks ended June 18, 2010. It has increased its full-year earnings forecast based on improving travel demand.
Net income climbed to $119m from $84m in the same period a year earlier. Second-quarter revenue climbed 7.7% to $2.77bn. Revpar rose 7.5% based on constant dollars for company-operated properties in North America. Outside North America revpar gained 9.8%.The group plans to add at least 21 hotels in China in the next three years and double its rooms in Europe to 80,000 by 2015. It added 46 properties to its portfolio worldwide in the second quarter 2010 and gave up 14 properties.
See the full results here: http://news.marriott.com/2010/07/marriott-international-reports-second-quarter-results.html