BETHESDA, MD-Locally-based hotelier Marriott International reports that its fourth quarter profits fell 17% and revenue dropped 14% due in part to a shorter quarter.
The fourth quarter of 2013 totaled just 92 days as compared to the prior year's 112-day fourth quarter duration.
Marriott reports a profit of $151 million in the fourth quarter of 2013, or 49 cents per share, down from $181 million, or 56 cents per share, a year earlier. Meanwhile, revenue fell to $3.22 billion from $3.76 billion in the same period a year earlier, according to the Washington Post.
Revenue per available room at Marriott properties rose 5.1% during the fourth quarter.
Marriott added nearly 26,000 new rooms in 2013 and has another 195,000 rooms currently in the pipeline to open later.
"[This] was a year of firsts," Arne M. Sorenson, president and chief executive of Marriott, states. "We signed contracts with owners and franchisees for 67,000 new rooms, the most productive year in our history averaging more than one hotel every day." See story in the Washington Post.
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