Marriott International’s fourth-quarter revenue rose 1.4% from a year earlier, as higher overall demand more than offset lagging revenue in the Middle East, Europe and Japan.
Earnings fell 18% due to a one-time tax benefit in the fourth quarter of 2010.
Marriott’s revenue per available room (RevPAR) increased 6.3%, excluding currency effects. North America RevPAR was up 6.4%, with strong performance across most of Marriott’s brands and sectors. Ritz-Carlton, Fairfield Inn and TownePlace Suites each had RevPAR increases in the 9% range.
Such U.S. gains more than offset the 8.4% RevPAR drop in the Middle East/Africa and a RevPAR increase of just 1.3% in Europe.
Companywide, revenue was $3.69 billion.
Marriott’s fourth-quarter net income fell to $141 million from $173 million a year earlier because of a year-earlier income-tax benefit stemming from an IRS settlement related to how funds from the company’s overseas divisions were being taxed.
Profit, excluding one-time items, rose 18% to $159 million.
For the year, Marriott’s net income fell 57% to $198 million, largely because of the 2010 tax benefit and a $324 million impairment charge related to Marriott’s timeshare business in 2011.
Marriott spun off the timeshare division, which had accounted for about 10% of the parent company’s revenue, during the fourth quarter.
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