Posted at 11:47 a.m., Thursday, February 1, 2007
Starwood Hotels reports 28% rise in 4th quarter profit
Advertiser Staff
Starwood Hotels & Resorts Worldwide Inc., the U.S. hotel operator whose operations here include the Westin Maui Resort and Sheraton Kauai Resort, said fourth-quarter profit increased 28 percent as the company charged more for rooms.Net income climbed to $203 million, or 93 cents a share, from $159 million, or 70 cents a share, a year earlier, Bloomberg News reported. Revenue increased 3.7 percent to $1.57 billion.
More guests filled rooms and paid more to stay at Starwood properties in markets where demand for hotels is outstripping supply, particularly at high-end locations such as the four Whotels in New York. Starwood also reported higher payments from hotel owners for management fees and received a tax credit.
