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Starwood Hotels profit rises on higher room rates
The Westin Lombard Yorktown Center, a hotel of the Starwood chain, is pictured in Lombard, Illinois July 24, 2008 July 24, 2008.
Credit: Reuters/Jeff Haynes
(Reuters) - Starwood Hotels & Resorts Worldwide Inc, whose brands include Sheraton and Westin, reported a higher quarterly profit, and the company raised its full-year earnings forecast.
Starwood, which said it was being helped by higher room and occupancy rates, now expects full-year earnings of $2.55 to $2.57 per share, up from its earlier forecast of $2.49 to $2.56.
Revenue per available room, or revPAR, a key metric to measure hotel health rose 4.7 percent in the third quarter from a year earlier.
Net income rose to $170 million, or 87 cents per share, from $163 million, or 84 cents per share, a year earlier.
The company, which also franchises the W, St. Regis and Le Meridien brands, earned 58 cents per share excluding items.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Sriraj Kalluvila)
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