Marriott International’s third-quarter earnings rose 12 percent, thanks to higher occupancy and room rates, and a pickup in short-term group bookings.
The company, best known for hotel brands like Courtyard, Ritz Carlton and Fairfield Inn, reported net income of $160 million, or 53 cents per share, up from $143 million, or 45 cents per share, last year. The company had $3.16 billion in revenue, up 16 percent.
Analysts, on average, expected earnings of 45 cents per share and revenue of $3.04 billion, according to FactSet.
The company’s revenue per available room — or REVPAR — was $104.77, up 4.8 percent from the prior year. Analysts had predicted it would be $104.
The Bethesda, Md.-based company changed its reporting calendar, and this year’s quarter is eight days longer than last year.