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Profits shorten at Marriott hotels
Marriott International, the hotelier whose brands include Ritz-Carlton and Residence Inn, reported a lower quarterly profit but raised the lower end of its 2012 forecast for a key industry revenue metric. Fourth quarter net income was $141m (£89.9m), or 41 cents a diluted share, compared with $173m, or 46 cents a share, a year earlier. Revenue rose one per cent to nearly $3.7bn.