Hotel operator Marriott International Inc. returned to a profit in the third quarter as revenue rose on higher room rates and an increase in business and leisure travel. Marriott’s performance suggests that the hotel industry is gradually emerging from the recession, and could signal increased room rates at other chains.
CEO J.W. Marriott Jr. said that the hotel industry is the now one of the leading business sectors pushing retail price increases.
Marriott reported profits $83 million for the quarter, up dramatically from a loss of $466 million last year when the company was forced to take charges to write down the value of its time-shares.
Marriott said the revenue for each available room rose 7.5 percent during the third quarter. The chain’s growing portfolio of hotels also boosted revenue, with Marriot adding 32 properties and more than 5,000 rooms during the quarter.
