Starwood's reports 42% profit in the fourth quarter
Starwood Hotels & Resorts' fourth─quarter profit, excluding one─time items, rose 42 per cent on higher demand for luxury and upper─upscale hotels throughout the Americas. Profit, excluding one─time items, increased to USD 140 million from USD 99 million a year earlier, while revenue rose 14 per cent, to USD 1.53 billion. Actual fourth─quarter earnings dropped 51 per cent from a year earlier to USD 167 million, primarily due to a charge from an unfavorable legal decision and a gain from another legal decision the year before, according to a report by Travel Weekly.
The W, St. Regis and Westin brands performed well in the fourth quarter. W's revenue per available room (RevPAR) rose 8.2 per cent in constant dollars, while Westin's increased 7.9 per cent. The St. Regis Bal Harbour, a luxury condo─hotel that opened in South Florida during the fourth quarter, contributed USD 33 million in EBIDTA for the fourth quarter, Starwood said.
The W, St. Regis and Westin brands performed well in the fourth quarter. W's revenue per available room (RevPAR) rose 8.2 per cent in constant dollars, while Westin's increased 7.9 per cent. The St. Regis Bal Harbour, a luxury condo─hotel that opened in South Florida during the fourth quarter, contributed USD 33 million in EBIDTA for the fourth quarter, Starwood said.
Related Articles:
-
With contempo auberge openings in Ningbo, Sanya, Yangzhou and Xian, Starwood Hotels & Resorts... Read Full Story » -
April 19 (Bloomberg) -- Frits Van Paasschen, chief executive officer of Starwood Hotels... Read Full Story » -
April 19 (Bloomberg) -- Frits Van Paasschen, chief executive officer of Starwood Hotels... Read Full Story »
Comments
