February 10, 2015 / 12:30 PM / 5 years ago

Starwood profit jumps, to spin off of vacation ownership business

Feb 10 (Reuters) - Hotel operator Starwood Hotels & Resorts Worldwide Inc reported an 83 percent jump in quarterly profit and said it would spin off its vacation ownership business.

Shares of Starwood, which operates the Sheraton and Westin chains, rose 5.4 percent in premarket trading.

The company’s net income rose to $234 million, or $1.34 per share, in the fourth quarter ended Dec. 31, from $128 million, or 68 cents per share, a year earlier.

Revenue fell 1 percent to $1.49 billion.

Worldwide systemwide revenue per available room, or ReVPAR, for hotels open at least a year rose 4.4 percent in constant dollar terms.

Starwood’s vacation ownership business had revenues of about $640 million, or nearly 11 percent of the company’s revenue in 2014. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Savio D’Souza)

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