Marriott International Inc. reported a $121 million net profit for its fiscal first quarter
, down from $182 million a year earlier. North American full-service and limited-service hotel revenue increased 5 percent. "Business and leisure travel demand remains robust in most markets around the world," said CEO J.W. Marriott Jr. "While performance at our U.S. hotels reflected slowing economic growth, few markets have witnessed discounting and full service room rates rose 4 percent during the quarter. Attendance at group meetings was on track during the quarter and group cancellations remained lower than 2007 levels. Group meeting bookings for the remainder of 2008 are strong. Given these trends, we remain cautiously optimistic about 2008 demand trends."