BETHESDA, MD— As a result of higher rates at its urban hotels, Marriott International Inc. exhibited a 12% increase in year-over-year fourth quarter profit, according to a published report. The company’s fourth quarter net income jumped up to $189 million, or 79 cents per share, from $169 million in Q4 2003. Furthermore, revenue climbed 9.6% up to $3.21 billion in the same period of time. Marriott has reportedly raised room rates at its hotels in New York and Boston as business travel has improved. Also, Marriott hotel owners and franchisees are now spending a collective $190 billion on new bedding packages.
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