(Reuters) -Marriott International Inc reported a 43.8% rise in its fourth-quarter profit on Tuesday as the U.S.-based hotel operator benefited from strong travel demand.
Shares of the company were up 2% in premarket trading.
Pent-up desire to travel coupled along with a strong U.S. dollar and flexible work arrangements have enabled hotel operators to boost their margins through the key holiday season.
Marriott, which owns hotels such as Sheraton, Westin and St. Regis, posted a 28.8% rise in its revenue per available room (RevPAR), a key measure for a hotel’s top-line performance, in the reported quarter on a constant-currency basis.
The company’s net income rose to $673 million, or $2.12 per share, in the quarter through December, from $468 million, or $1.42 per share, a year earlier.
(Reporting by Priyamvada C in Bengaluru; Editing by Sherry Jacob-Phillips)
