WASHINGTON — Hotel operator Marriott International Inc. said Thursday that its second-quarter earnings rose 11% on higher demand for rooms, but its stock dipped on signs that growth in the lodging industry may be cooling off.
Marriott lowered the upper end of its growth forecast for North American revenue per available room, a key hotel industry benchmark.
The Bethesda, Md.-based company reported net income of $207 million, or 51 cents a share, for the three months ended June 15, up from the $186 million, or 43 cents, a year earlier.
Revenue rose to $3.21 billion from $2.89 billion a year earlier.
Excluding a charge of $54 million, or 13 cents a share, because of a tax settlement and the results of the company's synthetic fuel business, second-quarter earnings were $229 million, or 57 cents a share.