July 24 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
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
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