Tourism briefs

Advertiser Staff

ResortQuest posts $742,000 profit

ResortQuest International, parent company of Aston Hotels & Resorts, reported net income of $742,000, or 4 cents per share, in the first quarter of 2003, compared with a net loss of $3.7 million, or 19 cents per share, in the same period of 2002.

The company said its financial performance was boosted by a 6.4 percent increase to $39.5 million in lodging revenues "as Hawai'i continued to rebound toward pre-Sept. 11 levels," compared with $37.1 million in the first quarter of last year.

Aston Hotels and Resorts has 32 hotels and resort condominiums in Hawai'i.

Starwood loses $116 million

Starwood Hotels & Resorts Worldwide Inc., owner of the Westin and Sheraton chains, had a first-quarter loss as the Iraq war and slowing economy hurt bookings at the company's hotels. It also wrote down the value of hotels it plans to sell by $104 million.

Starwood reported a loss of $116 million, or 58 cents a share, compared with net income of $32 million, or 16 cents a share, a year earlier. Revenue fell 1.2 percent to $1.07 billion, spokesman David Matheson said. White Plains, New York-based Starwood said it will earn less this year than analysts' expect.

In Hawai'i, Starwood operates 14 hotels, including the Sheraton Waikiki Hotel, Royal Hawaiian and Sheraton Moana Surfrider.

Hilton 1st-quarter profit off 74 percent

Hilton Hotels Corp. said first-quarter profit fell 74 percent as the war and slow economy led to reduced travel and lower bookings at its hotels.

Net income at the owner of such hotels as the Waldorf-Astoria and Hilton Hawaiian Village declined to $9 million, or 2 cents a share, from $34 million, or 9 cents, a year earlier. Revenue was $917 million.