Starwood posts $24 million Q1 profit

Starwood posts $24 million Q1 profit

By Howard Dicus - bio | email

WHITE PLAINS, NY (HawaiiNewsNow) - Starwood Hotels & Resorts Worldwide Inc., parent of the Sheraton brand, reports a $24 million quarterly profit.

Revenues rose less than 3% in North American properties, though international revenue was healthier and rose almost 21% in the Asia-Pacific region.

Starwood said luxury brands did best. Starwood is also the parent company of the St. Regis, W and Westin brands. A timeshare division saw 5% higher revenue.

The $24 million profit was less than half of what First Hawaiian Bank and Bank of Hawaii made in the same quarter.

Starwood manages numerous properties in Hawaii including the Kyo-ya Corp.-owned Sheraton Waikiki, Royal Hawaiian, Moana Surfrider and Princess Kaiulani hotels. It has extensive timeshare holdings in the islands as well.

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