HONOLULU and WHITE PLAINS, N.Y. (HawaiiNewsNow) - The first quarter produced higher revenue but lower profits for Starwood Hotels & Resorts Worldwide Inc.
The 7 percent year-to-year decline in profit, however, was attributed to a one-time charge in a Tokyo hotel investment. Not counting that, profit was twice as much. Revpar - revenue per available room - rose 10 percent in North America and 12 percent worldwide.
Starwood brands are Sheraton, Westin, St. Regis and W, and the company manages the Sheraton Waikiki, Royal Hawaiian, Moana Surfrider and Princess Kaiulani hotels as well as other Hawaii properties.
The quarter at a glance:
- Revenue: $1.30 billion. Year ago: $1.28 billion.
- Net income: $28 million. Year ago: $30 million.
- Per share: 14 cents. Year ago: 16 cents.
"We view the events of the past few months as not having derailed the overall global economic recovery," said CEO Fritz van Paasschen.