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.
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