Hotel chain Marriott's quarterly revenue rises 7.4 percent

Wed Apr 27, 2016 4:56pm EDT
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(Reuters) - Marriott International Inc's revenue rose 7.4 percent in the first quarter, helped by higher room rates and occupancy at its hotels.

The company, which is buying Sheraton hotels owner Starwood Hotels & Resorts Worldwide Inc, also reaffirmed its forecast of 3-5 percent growth in average revenue per available room (RevPAR) this year.

Marriott had cut its RevPAR growth forecast in February from 4-6 percent in October.

The company's net income rose to $219 million, or 85 cents per share, in the quarter ended March 31 from $207 million, or 73 cents per share, a year earlier.

Excluding items, Marriott earned 87 cents per share.

Revenue rose to $3.77 billion from $3.51 billion.

Marriott's shares rose 1 percent to $69.50 in extended trading on Wednesday.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Kirti Pandey)

A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York November 16, 2015. REUTERS/Andrew Kelly