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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.