STAMFORD, Conn. — Starwood Hotels & Resorts said Thursday that its third-quarter net income rose 4 percent on higher room rates and occupancy.
The company, which operates hotel chains including Sheraton, Westin, W Hotels and the St. Regis, earned $170 million, or 87 cents per share, compared with $163 million, or 84 cents per share a year earlier. Excluding special items, earnings per share from continuing operations were 58 cents per share compared with 60 cents per share a year earlier.
Revenue rose 6 percent to $1.46 billion from $1.37 billion a year ago. Costs fell 4 percent.
REUTERS
The W Hotel in Austin, Texas
Analysts polled by FactSet, who tend to strip out one-time items from their estimates, expected a profit of 53 cents per share on revenue of $1.46 billion.
Starwood said revenue per available room — which measures the average amount a hotel company collects from rates and fees — rose 1.3 percent across the globe for those properties that have been open at least a year. Excluding newly opened hotels is thought to me a more accurate measure of performance because it removes the bump from grand openings.
In North America, revenue per room at hotels open at least a year rose 4.8 percent.
Starwood said occupancy rose in all regions and is now reaching or topping peak levels in many markets.
"Looking ahead, our results will be driven by two things: first, the trajectory of the global recovery and whether it regains its momentum in 2013; and second, our ability to use our high-end, global brands, to get more than our fair share of the long-term growth in global travel," CEO Frits van Paasschen said in a statement.
Its shares finished at $53.43 on Wednesday.
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