HONOLULU (HawaiiNewsNow) - Starwood Hotels & Resorts Worldwide, the owner of the Sheraton, Westin, St. Regis and W hotel brands, Thursday posted a $107 million fourth quarter loss. It made a $79 million profit in the same quarter a year earlier.
Revenue was $1.28 billion, near year-before levels. Much of the loss was on paper, the result of the real estate downturn, which forced accountants to write down the value of Starwood's timeshare inventory, including many units in Hawaii.
Starwood holds management as well as branding contracts for Kyo-ya Corp. hotels in Hawaii, among them the Sheraton Waikiki, Westin Moana Surfrider, and Princess Kaiulani Hotel in Waikiki.
Starwood recently spent billions renovating the Sheraton Waikiki and dozens of other hotels, and plans an ad campaign called "Rediscover Sheraton."
In its earnings report the company said it was difficult to predict the pace of recovery because it was difficult to predict how fast hotel chains can begin raising room rates.