updated 7/14/2005 9:24:27 AM ET 2005-07-14T13:24:27

Marriott International Inc., the world’s largest hotel operator by sales, said Thursday its second-quarter earnings fell 14 percent from last year, due to charges related to a recent acquisition and new bedding incentive program.

Net income fell to $138 million, or 59 cents per share, from $160 million, or 67 cents per share, in the year-ago period. However, excluding multiple charges related to the acquisition of 12 hotels from CTF Holdings Ltd. earlier this year and a new bedding incentive program, Marriott reported a rise in quarterly earnings to 75 cents per share.

The company spent $29 million before taxes for new luxurious bedding to cover 628,000 beds at 2,400 hotels, and renovating 331 company-operated hotels worldwide.

The results failed to meet analysts’ expectations for earnings of 78 cents per share, according to a Thomson Financial survey.

Revenue climbed 11 percent to $2.66 billion from $2.40 billion a year ago, above Wall Street’s target of $2.59 billion. Revenue per available room, a closely watched industry gauge known as REVPAR, rose 11.1 percent.

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