Starwood rides economic recover to strong 1Q
STAMFORD, Connecticut (AP) — Starwood’s first-quarter net income declined 36 percent compared with last year when it booked some big asset sales, but it easily beat Wall Street expectations for profit and revenue.
The owner of Sheraton and St. Regis hotels earned $137 million, or 72 cents a share. That compares with $213 million, or $1.09 a share, a year ago.
Removing tax benefits and an impairment charge, earnings from continuing operations were 63 cents per share, 7 cents better than analysts had projected.
Revenue slipped 5 percent to $1.46 billion, but that still edged out Wall Street’s expectations.
Worldwide revenue per available room, a key metric, rose 6.3 percent. North American activity surged on rising business travel during the economic recovery.
Starwood Hotels & Resorts Worldwide Inc. is based in Stamford, Connecticut.