Marriott Group Room Revenue Up 8 Percent for Q3

Group revenue at Marriott Hotels and Resorts in North America rose 8 percent year-over-year, the hotel company disclosed in its third-quarter earnings report. Group room rates rose 3 percent for the quarter. The company was pleased with its third-quarter performance, according to president and CEO Arne Sorenson, which included worldwide Marriott International increases of 4.7 percent in average daily rate and 6 percent in systemwide revenue per available room for the quarter. Third-quarter net income was $143 million, a 40 percent increase over third-quarter 2011's adjusted net income. Projected 2013 business is strong, added Sorenson in the report. "We are particularly bullish about our prospects in North America and expect North American systemwide RevPAR to increase 5 to 7 percent in 2013," he said. "In that market, negotiations for special corporate business are already under way, and we are targeting room rates to increase at a high single-digit rate. Group revenue on the books for 2013 for the Marriott brand in North America is up over 7 percent, with rates up nearly 4 percent." The company expects to add 28,000 rooms to its inventory in 2012, and 30,000 to 35,000 more in 2013.