Marriott lifts profit forecast on strong travel demand

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Marriott, which owns hotels like Sheraton, Westin and St. Regis (NYSE:RGS), expects adjusted profit per share of between $6.51 and $6.58 this year, compared with its previous forecast of $6.33 to $6.59 per share.

Pent-up desire to travel bolstered by a more powerful U.S. dollar and flexible work arrangements have emboldened consumers and extended the travel season into the fall.

Upbeat earnings from Visa Inc (NYSE:V) and American Express (NYSE:AXP) further underscored the strength in U.S. consumer spending despite worries over inflation and rising interest rates.

Marriott posted a 36.3% rise in its revenue per available room, a key measure for a hotel’s top-line performance, for the quarter to the end of September, compared to a year earlier on a constant currency basis.