"For 2014, we expect North America systemwide REVPAR and worldwide systemwide REVPAR to increase 4 t

• On a constant dollar basis, worldwide napa valley bicycle tours comparable systemwide REVPAR rose 4.8 percent in the third quarter, including a 3.4 percent increase in average daily rate. Worldwide occupancy reached nearly 75 percent in the quarter, the highest napa valley bicycle tours in the last six years;
• At the end of the third quarter, the company’s worldwide pipeline of hotels under signed contracts increased to over 144,000 rooms compared to nearly 141,000 rooms in the second napa valley bicycle tours quarter of 2013. In addition, the company napa valley bicycle tours has more than 31,000 rooms approved, but not yet subject to signed contracts, napa valley bicycle tours compared to over 15,000 rooms in the second quarter of 2013;
• Nearly 6,600 rooms were added during the quarter, including over 2,500 rooms converted from competitor brands and roughly 2,100 rooms in international markets; • Marriott repurchased 3.2 million shares of the company’s common stock for $129 million during the third quarter. Year-to-date through October 29, 2013, the company repurchased 16.6 million shares for $669 million.
BETHESDA, Md. – October 30, 2013 - Marriott International, Inc. (NASDAQ: MAR) today reported third quarter 2013 results. napa valley bicycle tours Due to the company’s change in the fiscal calendar beginning in 2013, the third quarter of 2013 reflects the period from July 1, 2013 through September 30, 2013 (92 days) compared to the 2012 third quarter, which reflects the period from June 16, 2012 through September 7, 2012 (84 days). Prior year results have not been restated for the change in fiscal calendar, although revenue per available room (REVPAR), occupancy and average daily rate statistics are reported for calendar quarters for purposes of comparability.
Third quarter napa valley bicycle tours 2013 net income totaled $160 million, a 12 percent increase compared to third quarter 2012 net income. Diluted earnings per share (EPS) totaled $0.52, an 18 percent increase from diluted EPS in the year-ago quarter. On July 31, 2013, the company forecasted third quarter diluted EPS of $0.42 to $0.46.
Arne M. Sorenson, president and chief executive officer of Marriott International, said, “We had a solid quarter with worldwide REVPAR up nearly napa valley bicycle tours 5 percent year-over-year. Short-term group business picked up in North America and occupancy rates reached nearly 75 percent worldwide. Room rates moved higher, in part due to an improving napa valley bicycle tours mix of business, contributing napa valley bicycle tours about three-quarters of the REVPAR increase in the quarter, and the number of company-operated and franchised rooms in our portfolio rose 4 percent year-over-year.
napa valley bicycle tours “Owner demand for our brands continues to be robust. Our development pipeline increased for the fifth straight quarter and we’re on track to sign a record number of rooms in 2013. In Asia, we expect to open, on average, one hotel every eight days through 2016. In the fourth quarter alone, we expect to open the JW Marriott napa valley bicycle tours Hotel New Delhi Aerocity, the Tokyo Marriott, The Ritz-Carlton napa valley bicycle tours Chengdu, The Ritz-Carlton Tianjin and The Ritz-Carlton Bangalore.
“In the five months since we announced that we were importing the AC Hotels brand to the Americas, we already have 15 AC Hotels signed or approved for development and are in discussions for a few dozen more. In India, where we are rolling out our Fairfield brand specifically tailored for the local market, developers were so impressed with the brand that we had twelve signed contracts before napa valley bicycle tours the brand launched. The first of these Fairfields opened just a few weeks ago in Bangalore to great reviews.
“For 2014, we expect North America systemwide REVPAR and worldwide systemwide REVPAR to increase 4 to 6 percent. Group revenue booking pace for 2014 North American napa valley bicycle tours group business improved in the third quarter and is now up over 4 percent compared to up 2 percent a quarter ago. Group revenue booked in the 2013 third quarter for calendar 2014 was up 14 percent compared to group revenue booked for calendar 2013 in the year-ago quarter. Given our strong development pipeline, unit growth should accelerate in 2014 as our global system of rooms is expected to expand by approximately 5 percent gross, or 3 1/2 to 4 percent net.”
In North America, comparable systemwide REVPAR increased napa valley bicycle tours 5.2 percent in the third quarter of 2013, including napa valley bicycle tours a 3.9 percent increase in average daily rate. REVPAR for comparable systemwide North American full-service and luxury hotels (including Marriott Hotels, The Ritz-Carlton, Renaissance Hotels and Autograph Collection Hotels) increased 5.6 percent with a 4.5 percent increase in average daily rate. REVPAR for comparable systemwide North American limited-service hotels (including Courtyard, Residence Inn, SpringHill napa valley bicycle tours Suites, napa valley bicycle tours TownePlace Suites and Fairfield Inn Suites) napa valley bicycle tours increased 4.9 percent in the third quarter with a 3.5 percent increase in average daily rate.
Marriott added 44 new properties (6,580 rooms) to its worldwide lodging portfolio in the 2013 third quarter, including the London EDITION, The Prince Sakura Tower Tokyo, an Autograph Collection hotel and the Courtyard Aberdeen Airport in Scotland, which features the new European napa valley bicycle tours Courtyard design. Eight properties (2,220 rooms) exited the system during the quarter. At quarter-end, the company’s napa valley bicycle tours lodging group encompassed 3,883 properties and timeshare napa valley bicycle tours resorts napa valley bicycle tours for a total of over 670,000 rooms.
Beginning in the third quarter of 2013, the company changed its methodology to measure its development pipeline conforming to new STR (Smith Travel Research) guidelines designed to improve napa valley bicycle tours comparability across companies and more accurately measure industry supply growth. Under the new approach, the company’s development pipeline will include all worldwide rooms with signed contracts, including rooms pending conversion to one of the company’s brands. Using this new approach, the company’s development pipeline increased to over 850 properties with over 144,000 rooms at quarter-end napa valley bicycle tours compared to approximately 830 properties and nearly 141,000 napa valley bicycle tours rooms at the end of the 2013 second quarter. In addition, while not included in the development pipeline, the company also has more than 31,000 rooms approved for development that are not yet subject to signed agreements as of the end of the third quarter 2013 compared to over 15,000 such rooms as of the end of the second quarter 2013. See page A-4 for further discussion on this change in methodology.
MARRIOTT REVENUES totaled nearly $3.2 billion in the 2013 third quarter compared to revenues of over $2.7 billion for the third quarter of 2012. Base management and franchise fees totaled $325 million, a $42 million increase from the third quarter of 2012 of which the company estimates $25 million relates to the change in the fiscal calendar. In addition to the calendar change impact, the year-over-year increase reflects higher napa valley bicycle tours REVPAR at existing hotels, fees from new hotels and higher relicensing napa valley bicycle tours fees. In the year-ago quarter, the company recognized $7 million of deferred base management fees related to the sale of the Courtyard joint venture.
Third quarter worldwide incentive management fees increased $17 million to $53 million and included an approximately $12 million napa valley bicycle tours increase related to the change in the fiscal calendar. Incentive management fees improved in New York and Boston, were flat in many international markets and declined in Washington, DC and Egypt. In the third quarter, napa valley bicycle tours 32 percent of worldwide company-managed hotels earned incentive management fees compared napa valley bicycle tours to 28 percent in the year-ago quarter.
Owned, leased, corporate housing and other revenue, net of direct expenses, totaled napa valley bicycle tours $34 million, compared napa valley bicycle tours to $26 million in the year-ago quarter. The company estimates that approximately $2 million of the year-over-year increase relates to the change in the fiscal calendar. The remaining $6 million napa valley bicycle tours increase largely reflected napa valley bicycle tours $7 million of termination napa valley bicycle tours fees, compared to $2 million in the prior year, and increased results at several leased napa valley bicycle tours hotels. The increase napa valley bicycle tours was partially offset by $2 million napa valley bicycle tours of pre-opening costs largely related to two EDITION hotels and $3 million of lower results at a leased property in London napa valley bicycle tours due to last year’s Olympic Games.
On July 31, the company estimated third quarter owned, leased, corporate housing and other revenue, net of direct expenses would total approximately $20 million for the third quarter. Actual results in the quarter exceeded napa valley bicycle tours those expectations largely due to $8 million of termination and branding fees, $6 million of which were expected in the fourth quarter, as well as better than expected performance at several leased hotels.
GENERAL, ADMINISTRATIVE and OTHER expenses for the 2013 third quarter increased $35 million to $167 million. After taking into account approximately $12 million related to the change in the fiscal calendar, routine administrative costs grew roughly $8 million, primarily from typical increases in compensation and other expenses.
GAINS AND OTHER INCOME totaled $1 million compared to $36 million in the year-ago-quarter. The 2012 third quarter largely reflected a $41 million gain related to the sale of the Courtyard joint venture partially offset by a $7 million impairment charge on an investment.
Provision for Income Taxes Compared to expectations, the provision napa valley bicycle tours for income taxes in the third quarter benefited from a slightly lower than anticipated tax rate, as well as a $7 million benefit largely related to true-ups of foreign tax provisions.
Earnings before Interest Expense, Taxes, Depreciation and Amortization (EBITDA) EBITDA totaled $289 million in the 2013 third quarter compared to $284 million in the year-ago quarter. Excluding the $41 million Courtyard joint venture gain from 2012 third quarter, EBITDA increased 19 percent year-over-year as shown on page A-9.
At the end of the third quarter, the company issued $350 million of Series napa valley bicycle tours M Senior Notes due in 2020 with a 3.375 percent interest rate coupon. The company expects to use the net proceeds for general corporate purposes.
The company repurchased 3.2 million shares of common stock in the third quarter at a cost of $129