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Company reports higher net income, RevPAR for 1Q
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For the second time in a week, a major global hotel operator has released financial results that point to a significant upturn in the market. Starwood Hotels & Resorts Worldwide Inc. reports that for the first quarter of 2010, its worldwide system-wide RevPAR for same-store hotels increased 6.3 percent from a year earlier and its net income totaled $30 million, up from $6 million.
“Lodging demand for our nine global brands accelerated as we moved through the first quarter, allowing us to beat expectations on robust top-line growth,” said ceo Frits van Paasschen. “We continued to hold the line on costs. Most encouraging for us was that occupancy gains were led by the luxury market. This benefits Starwood, thanks to our leading presence in the four and five star categories. With the depths of the downturn behind us, we have a long runway ahead as we move into the up cycle.”
During the quarter, Starwood signed 13 hotel management and franchise contracts representing approximately 3,000 rooms and opened 14 hotels and resorts with approximately 2,600 rooms.
Starwood's upbeat assessment is similar to that of Marriott, whose ceo said last week that 2010 “is shaping up to be a good year” based on his company's first-quarter performance.
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