Starwood Hotels enjoys solid second quarter

28 July 2006
Starwood Hotels enjoys solid second quarter

Starwood Hotels & Resorts has delivered solid second quarter results.

Turnover at the company, which owns Le Meridien Hotels, was $1.51b (£810m) in the three months to 30 June, 3.5% down on last year's $1.56b (£837m).

The reduction was primarily credited to the sale of 48 hotels during the quarter, including 33 hotels to Host Hotels & Resorts.

It meant operating profit leapt to $680m (£365m) compared with $145m (£78m) in 2005. Stripping out proceeds from the sales, operating income was $169m (£91m) compared with $156m (£84m) a year ago.

Steven Heyer, chief executive officer, said: "I am pleased with our results this quarter. We have good momentum in our business and we're making progress."

Turnover for the first six months of the year was 0.6% lower at $2.95b (2005: $2.97b). Operating profit, including disposals, hit $685m (2005: $224m).

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By Chris Druce

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