Marriott’s profit rises on strong travel demand

(Reuters) -Marriott International reported a rise in quarterly profit on Thursday, as the U.S. hotel operator benefited from higher room prices and a resilient demand for travel.

Hotel operators have benefited in the last few months from a recovery in international travel as consumers took advantage of a strong dollar and flexible work arrangements to holiday overseas.

Marriott, which owns hotels such as Sheraton, Westin and St. Regis (NYSE:), has also seen a steady uptick in bookings.

Robust demand for travel has encouraged hotel operators to implement price hikes in the past year, helping companies such as Marriott and Hilton to post higher profits.

Last week, rival hotel operator Hilton Worldwide Holdings (NYSE:) beat third-quarter revenue estimates and lifted its annual forecast.

“Both occupancy and rate contributed to global RevPAR gains in the third quarter, and cross-border travel continued to rise,” Marriott’s CEO Anthony Capuano said in the statement.

Card giants Visa (NYSE:) and American Express (NYSE:) last month said they expect spending to remain resilient as consumers shrug off concerns of an uncertain economy.

Marriott’s net income was $752 million, or $2.51 per share, in the quarter through September, compared with $630 million, or $1.94 per share, a year earlier.

The Maryland-based hotel operator posted an 8.8% rise in its revenue per available room (RevPAR), a key measure for hotels’ top-line performance, for the quarter, compared to a year earlier on a constant currency basis.