Starwood Hotels & Resorts 4th Quarter profit declines
Starwood Hotels 4th Quarter revenue falls 17%, sees difficult 2009
Hotel and leisure company Starwood Hotels & Resorts Worldwide Inc. said Thursday that its fourth-quarter profit fell 46 percent, hurt by severance costs and a writedown for two vacation ownership projects.
The company also said its first-quarter and full year results will be squeezed by a significant drop in worldwide revenue per available room and ongoing struggles at its timeshare business.
Revenue per available room, also known as revpar, is a key gauge of a hotel operator's performance.
The hotel sector has been pressured as the financial crisis has prompted consumers and businesses to pull back sharply on travel spending, leading to a sharp decline in room demand. Luxury and upscale properties have been particularly hard hit as travelers cut costs by trading down to less expensive places to stay.
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Source - AP
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