Marriott International has reported a 13% increase in net income for Q2 2011, compared to the same period in 2010.
The company reported that their second quarter 2011 net income totalled US $135 million.
Diluted earnings per share (EPS) totalled $0.37, a 19% increase from diluted EPS in the year-ago quarter. On April 20, 2011, the company forecasted second quarter diluted EPS of $0.34 to $0.38.
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Marriott International chairman and chief executive officer, Bill Marriott, Jr., said: "Around the world, we've never been more excited about our opportunities. Now in 71 countries, the Marriott International brand portfolio, already the broadest in the industry, is growing rapidly".
"We expect to add over 200 hotels to our system in 2011, leveraging the hospitality and local know-how of our associates with our global size, systems, and guest loyalty programs. Emerging markets provide especially attractive opportunities."
In the past five years, Marriott has increased its hotel distribution in Brazil, Russia, India and China at a 12% compound annual growth rate while tripling its development pipeline in those markets.
"As the world's economy continues to recover, results at prime destination hotels from Europe to Asia show our appeal with customers," Marriott said.
"In the U.S., strengthening lodging demand and limited supply growth are contributing to higher occupancies and room rate growth. While our market share in the U.S. is currently 10 percent, Marriott International brands accounted for about a quarter of new industry openings and conversions over the last 12 months, reflecting the strength of our portfolio and preference for our brands.
"We continue to generate substantial cash flow and repurchase stock, returning over $700 million to shareholders through share repurchases and dividends year-to-date. Clearly, we have plenty of reason for optimism," he added.
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