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Outlook for next year based on three market factors
The top executive at Starwood Hotels & Resorts Worldwide says he has “cautious confidence” about his company’s prospects for the coming year. In Starwood Hotels’ third-quarter earnings release, ceo Frits van Paasschen said he bases that outlook on these three factors:
“First, in developed markets, occupancies are now at 2007 levels and at a point where rates historically have always risen. And yet, few new hotels are being built. Second, many emerging markets are continuing to see strong growth. Even if economic activity were to cool down, we see unmet demand for hotels. Third, our efforts to gain share have enabled our brands to outgrow the marketplace for more than eight quarters in a row.”
For its recently completed third quarter, Starwood—whose operations include 1,071 hotels operating under the St. Regis, Luxury Collection, W, Westin, Le Méridien, Sheraton, Four Points by Sheraton, aloft and element flags—reported adjusted earnings of $241 million, up 18 percent from a year earlier.
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