Marriott lifts annual room revenue growth forecast on resilient travel demand

Nov 2 (Reuters) - Hotel operator Marriott International raised its full-year room revenue growth forecast on Monday, betting that strong travel demand would drive bookings across its properties.

Shares of the company were up 3.4% in premarket trading.

Wealthier consumers splurged on luxury experiences, while demand for mid-scale and budget hotels also improved during the quarter as leisure travel held up despite still-high inflation and geopolitical uncertainty.

Business travel remained robust too, benefiting hotel operators such as Marriott.

The Bethesda, Maryland-based company expects 2026 revenue per available room (revPAR) - a key lodging metric that tracks average daily rate and occupancy - to grow between 4.5% and 5%, compared with its prior forecast of a 3% to 3.5% increase.

Marriott’s up-scale segment, which houses brands such as Ritz-Carlton and St. Regis, reported an 8.3% rise in revPAR in the US and Canada.