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Starwood Hotels Earnings Beat Estimates on Luxury Demand

11/02/2011| 9:29:43 AM| 中文

Starwood Hotels & Resorts Worldwide Inc., owner of the St. Regis and W brands, reported a profit that topped analyst estimates as demand rose for rooms at luxury properties, sending shares to an almost three-month high.

Oct. 27 (Bloomberg) -- Starwood Hotels & Resorts Worldwide Inc., owner of the St. Regis and W brands, reported a profit that topped analyst estimates as demand rose for rooms at luxury properties, sending shares to an almost three-month high.

Third-quarter net income was $163 million, or 84 cents a share, compared with a loss of $6 million, or 3 cents, a year earlier, the White Plains, New York-based company said in a statement today. Adjusted earnings, which exclude a tax benefit and other items, were about 42 cents a share, beating the 39- cent average estimate of 25 analysts in a Bloomberg survey.

High-end hotels in major U.S. cities such as New York, Boston and San Francisco have fared best during a recovery in travel. The occupancy rate was 71 percent for the highest-priced segment of the hotel market this year through September, compared with 62 percent for all U.S. hotels, according to Smith Travel Research Inc. in Hendersonville, Tennessee.

Read full story at: http://www.businessweek.com/news/2011-10-27/starwood-hotels-earnings-beat-estimates-on-luxury-demand.html

TAGS: Starwood | luxury properties | financial reports
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