Marriott International, Inc. increased its forecast for its 2014 profit, as a higher number of tourists and business travellers spend higher rates for them to get into its hotels based in North America.
The shares of Marriott rose four percent, reaching 74.88 dollars in extended trading when the said company, the property owner of Renaissance and Ritz-Carlton chains, also released reports of their quarterly profit which has become better-than-expected and got a 20 percent increase.
With a higher percentage of its North America-based hotels than Resorts Worldwide, Inc and Starwood Hotels, Marriott got less stricken by the increased value of the dollar, as well as concerns on Ebola which dragged on the full-year guidance of its rival.
On Tuesday, Arne Sorenson, the chief executive of Marriott, said that by adding greater leisure and corporate demand, the rates of hotel rooms got boosted to record-breaking levels in a lot of markets in North America.
The said company that is also the property owner of Autograph Collection and Marriott hotel brands mentioned that its expected earnings for every share is within the range of 2.48 dollars to 2.52 dollars for this year until the 31st day of December, an increase from the past forecast which is 2.40 dollars to 2.51 dollars.