The fourth quarter, ending Dec. 29, 2000, earnings per share were $0.59, up 74% from $0.34 in the last quarter of 1999. Net income increased to $149 million, up from $90 million in 1999. Sales totaled $3.2 billion in the 2000 fourth quarter, up 12% from $2.8 billion a year ago.
J.W. Marriott, Jr., chairman and chief executive officer, says the comparable revenue per available room growth in their domestic lodging brands is strong 6.7%. The firm showed one full percentage point improvement in house profit margin in the fourth quarter for the Marriott Hotels, Resorts & Suites, Renaissance and Residence Inn brands in the US.
The company opened 17,000 new rooms in the fourth quarter and 39,995 for the year. Nearly 30% percent of the new room openings represented conversions to the Marriott brands.
Marriott Lodging reported a 13% increase in operating profit on 11% sales in 2000. Results reflected higher room rates for US hotels, contributions from new properties worldwide, and strong interval sales in resort timesharing. The fourth quarter's lodging operating profits increased 14%.
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