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Starwood Profit Beats Expectations

Quarterly earnings reports continue to roll in from major hotel industry players this week. Starwood Hotels & Resorts Worldwide today reported better-than-expected first quarter earnings as it works toward closing its merger with Marriott International. “We had a very strong quarter, despite facing a tough macroeconomic environment and the distraction of a very public bidding war for our company,” CEO Thomas Mangas said. Although revenue fell slightly in the quarter, adjusted per-share earnings topped Wall Street expectations. In North America, systemwide RevPAR for same-store hotels increased 2 percent in constant dollars. Overall in the quarter, Starwood posted a profit of $90 million, or 53 cents a share. Hyatt also reported first quarter results today. The company’s profit grew 55 percent as revenue climbed amid higher room rates. To read more, click here.

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