Starwood Hotels and Resorts - whose brands include Sheraton, Westin and W - boosted its earnings before interest, tax, depreciation and amortisation (EBITDA) by 25% to $291m (£159m) in the third quarter of 2004. Net income rose by from $48m (£26m) to $107m (£58.5m), while turnover increased by 7% to $2.5b (£1.4b).
The company forecasts that full-year EBITDA will grow by 23% to $1.1b (£607m) on a turnover of $5.3b (£2.9m).
Golden Tulip will open its first hotel in Ireland next summer, as part of its expansion plans. The company has signed a 25-year lease on a two-acre site near Dublin for a 155-bedroom Golden Tulip Inn, which will be worth £13.8m on completion. The hotel will create 70 jobs. Golden Tulip plans to open 15 new hotels over the next three years and is looking for sites in London, Belfast, Coventry, Cambridge, Epsom, Surrey, and Swindon, Wiltshire.