COO Sorenson Reports May Revenue per Available Room up 9 Percent
BETHESDA, Md., June 8, 2010 /PRNewswire via COMTEX News Network/ — The recovery in the lodging sector is continuing, with improvement in both occupancy and average daily rate, Marriott International, Inc. (NYSE: MAR) reported today.
Speaking to a lodging conference in New York, Arne M. Sorenson, Marriott's president and chief operating officer, reported that Revenue per Available Room (RevPAR), the key hotel sector benchmark, rose about 9 percent year-over-year in the company's fifth accounting period which includes most of May, at its North American company-operated properties. Room rates at Marriott's company-operated North American properties increased 1 percent in the company's fifth accounting period compared to the year-ago period, said Sorenson. This was the first room rate increase in nearly two years.
Sorenson added that in the second quarter through the company's fifth accounting period, RevPAR was up 7.3 percent, and room rates were flat compared to the same period last year. The company's second quarter runs from March 27 through June 18.
Beyond the immediate business climate, Sorenson pointed to brand strength, growth of emerging markets, technology advances and the expansion of leisure travel as four trends he said "portend excellent opportunities for the lodging business."
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