(Adds details, forecast, Wyndham results)
July 24 Starwood Hotels & Resorts Worldwide Inc
reported a higher-than-expected quarterly profit as an
increase in global business travel drove occupancy and room
The operator of the Sheraton and Westin chain of hotels also
raised its full-year profit forecast to $2.78-$2.85 per share
"As we look ahead to the balance of the year, we expect that
global trend lines will fuel demand for high-end travel," Chief
Executive Frits van Paasschen said in a statement.
Excluding the impact of foreign exchange, Starwood reported
a 5.3 percent rise in revenue per available room (RevPAR) at its
global hotels open at least one year.
RevPAR is calculated by multiplying a hotel's average daily
room rate by its occupancy rate.
Smaller hotel operator Wyndham Worldwide Corp also
reported a better-than-expected rise in second-quarter profit on
Starwood'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.
Excluding items, the company earned 77 cents per share from
Stamford, Connecticut-based Starwood, which has nearly half
of its properties outside North America, said total revenue fell
1 percent to $1.54 billion.
Analysts on average had expected a profit of 75 cents per
share, according to Thomson Reuters I/B/E/S.
Starwood's shares closed at $83.74 on Wednesday on the New
York Stock Exchange.
(Reporting by Rohit T. K. in Bangalore; Editing by Saumyadeb