NEW YORK (AP) — Marriott International's third-quarter earnings rose 12 percent thanks to higher occupancy, room rates and a pickup in short-term group bookings.
The hotel chain, best known for brands like Courtyard, Ritz Carlton and Fairfield Inn, reported net income of $160 million, or 53 cents per share, for the three months ended Sept. 30. That was up from $143 million, or 45 cents per share, in the 2012 third quarter.
The Bethesda, Md.-based company changed its reporting calendar and this year's quarter is eight days longer than last year.
Marriott reported $3.16 billion in revenue, up 16 percent from $2.73 billion last year.
Analysts, on average, expected earnings of 45 cents per share and revenue of $3.04 million, 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 figure is an important gauge for the industry because it measures occupancy and rates.
"Our development pipeline increased for the fifth-straight quarter and we're on track to sign a record number of rooms in 2013," CEO Arne M. Sorenson said in a statement. "In Asia, we expect to open, on average, one hotel every eight days through 2016."
Most of the company's growth continued to come from hotels it manages or franchises. Revenue was flat on the handful of properties the company itself owns.
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