Rooms Hotels

Starwood Hotels sees profits narrow in fourth quarter

Feb 07, 2013 5:02 am

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Starwood sees a positive 2013 taking shape, but it notes that several different scenarios could play out in the global economy.

— Dennis Schaal

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Starwood Hotels & Resorts Worldwide Inc., whose brands include Sheraton and Westin, reported a 59 percent fall in fourth-quarter profit from continuing operations as costs rose, and said it expects demand to be higher this year.

“The year looks to be somewhat stronger than 2012, as the uncertainty we saw in major world economies is showing signs of giving way to stronger demand growth,” Chief Executive Frits van Paasschen said in a statement.

Net income from continuing operations fell to $65 million, or 33 cents per share, from $158 million, or 80 cents per share, a year earlier.

Excluding one-time items, the company, which also franchises the W, St. Regis and Le Meridien brands, earned 70 cents per share from continuing operations.

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