Marriott profits up 27%

Marriott International Inc. reports first quarter net income of $145 million, up 27 percent from the same quarter last year.

Revenues rose 13 percent. Lodging operation income surged 34 percent.

"The favorable demand momentum that we saw building in 2004 has continued into 2005," CEO J.W. Marriott Jr. said. "Demand for our hotels is strong in most markets around the world."

First quarter at a glance:

• Revenue: $2.5 billion. Year before: $2.2 billion.
• Net income: $145 million. Year before: $114 million.
• Per share: 61 cents. Year before: 47 cents.

Synthetic fuel operations contributed approximately $18 million in the first quarter versus $11 million a year earlier.

Same-store revpars -- revenues per available room -- rose 9.2 percent from the same quarter last year, driven mostly by rate increases. Marriott now expects 8 percent to 10 percent growth this year.
Marriott (NYSE: MAR) hotels under development or awaiting conversion: 350 hotels and more than 55,000 rooms

Source: http://www.bizjournals.com/pacific/