April 27, 2016 / 8:57 PM / 2 years ago

Hotel chain Marriott's quarterly revenue rises 7.4 percent

(Reuters) - Marriott International Inc’s revenue rose 7.4 percent in the first quarter, helped by higher room rates and occupancy at its hotels.

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

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

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