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Starwood Reports First Quarter 2013 Results

By on July 29, 2013

During this quarter, the Company signed 26 hotel management and franchise contracts, representing approximately 6,200 rooms, and opened 18 hotels and resorts with approximately 4,000 rooms.

 

The net income for Starwood Hotels & Resorts Worldwide, Inc. was $213 million and $1.09 per share in the first quarter of 2013, compared to $128 million and $0.65 per share in the first quarter of 2012. Frits van Paasschen, CEO, said, “We had a solid first quarter across all lines of our business. Our management and franchise fees grew strongly, and despite our sale of 11 hotels, earnings at our owned portfolio exceeded last year’s levels, driven by great performance at our North American properties. Overall, the global lodging recovery continues along the trend lines we’ve been seeing. Tight supply is driving higher room rates in North America, and our footprint continues to expand in the growing economies. 

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