Starwood profit rises as occupancy, room rates rise
July 24 (Reuters) - Starwood Hotels & Resorts Worldwide Inc , owner of the Sheraton and Westin brands, reported an 11 percent rise in quarterly profit as occupancy and room rates increased.
The company's net income rose to $153 million, or 80 cents per share, for second quarter ended June 30, from $138 million, or 71 cents per share, a year earlier.
Worldwide systemwide ReVPAR (revenue per available room) for hotels open at least a year rose 5.3 percent in constant dollar terms.
RevPAR is calculated by multiplying a hotel's average daily room rate by its occupancy rate. (Reporting by Rohit T. K. in Bangalore; Editing by Saumyadeb Chakrabarty)