Nov 3 (Reuters) – Marriott Worldwide Inc (MAR.O) joined its rival Hilton in elevating its annual revenue forecast on Thursday, aided by larger pricing and a powerful rebound in leisure and enterprise journey at the same time as recession dangers cloud shopper spending.
Marriott, which owns lodges like Sheraton, Westin and St. Regis, expects adjusted revenue per share of between $6.51 and $6.58 this yr, in contrast with its earlier forecast of $6.33 to $6.59 per share.
“We anticipate continued demand development world wide within the fourth quarter and anticipate that world RevPAR may enhance 2 % to 4 % in comparison with 2019,” Marriott CEO Anthony Capuano stated.
Pent-up need to journey bolstered by a extra highly effective U.S. greenback and versatile work preparations have emboldened consumers and prolonged the journey season into the autumn.
Upbeat earnings from Visa Inc (V.N) and American Categorical (AXP.N) additional underscored the power in U.S. shopper spending regardless of worries over inflation and rising rates of interest.
Final week, Hilton (HLT.N) additionally bumped its annual revenue forecast.
Marriott posted a 36.3% rise in its income per accessible room (RevPAR), a key measure for a lodge’s top-line efficiency, for the quarter to Sept. 30, in comparison with a yr earlier on a relentless foreign money foundation.
Marriott’s revenues rose almost 35% to $5.31 billion, falling barely in need of analysts’ common estimate of $5.34 billion, as per Refinitiv information.
Reporting by Priyamvada C in Bengaluru; Enhancing by Saumyadeb Chakrabarty and Milla Nissi
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