(Reuters) - Hotel operator Marriott International Inc MAR.N reported a higher quarterly profit on the strength of its corporate business and said it expects a strong second half of 2012.
Revenue from bookings for the second half of 2012 is up 10 percent, Marriott said.
The company, whose brands include Ritz-Carlton, Residence Inn and Courtyard by Marriott, expects 2012 earnings of $1.65 to $1.75 per share, up from its prior forecast of $1.58 to $1.69 per share.
The company’s second-quarter net income rose to $143 million, or 42 cents per share, from $135 million, or 37 cents per share, a year earlier.
“In North America, strengthening group business, more travel by our special corporate customers, especially in the technology and consulting industries, and the impact of modest supply growth, drove our occupancy and room rates higher,” Chief Executive Arne Sorenson said in a statement.
Worldwide comparable systemwide revenue per available room (revPAR) rose 6.7 percent during the quarter. RevPAR is a key metric for hotel companies as it indicates pricing power.
Reporting by A. Ananthalakshmi in Bangalore; Editing by Don Sebastian