Starwood forecasts rebound in 2010 despite fourth-quarter losses of £117m
American-owned Starwood Hotels and Resorts has predicted a ‘rebound' in 2010, despite seeing losses from continuing operations deepen to $186m (£117m) in the fourth quarter of 2009.
Profits were hurt by a $362m (£228m) impairment charge, largely caused by calling a halt to the development of several timeshare projects.
Meanwhile worldwide system-wide revenue per available room (revpar) for same-store hotels fell 7.2% compared to the fourth quarter of 2008.
By brand, changes for worldwide, system-wide revpar were:
St Regis/Luxury Collection -4.4%
W Hotels -2.3%
Weston -7.2%
Sheraton -7.6%
Le Meridien -8.9%
Four Points by Sheraton -8.8%
Commenting on the results, chief executive Frits van Paasschen said: "We ended 2009 with our best revpar results we have seen since the third quarter of 2008, and our continued focus on costs allowed us to beat expectations against the quarter. Lodging demand continued to improve in the fourth quarter, with group and business transient posting positive bookings. After being buffeted by headwinds throughout 2009, our portfolio is set to begin a rebound in 2010 from a deep drop-off."
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By Neil Gerrard
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