Vine dining 17 January 2020 Andrew McKenzie and the 2019 Taittinger UK Sommelier of the Year Romain Bourger on the Vineyard’s winning wine formula
In this week's issue... Vine dining Andrew McKenzie and the 2019 Taittinger UK Sommelier of the Year Romain Bourger on the Vineyard’s winning wine formula
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Profits fall at Starwood

24 October 2008 by
Profits fall at Starwood

Starwood has closed three of its sales centers in a bid to cut costs after reporting a fall in third-quarter profit.

The group's earnings for the period ended 30 September dropped to $113m (£70m) from $129m (£80m) a year earlier.

Excluding a $22m (£14m) restructuring charge, income from continuing operations was $129m (£80m). Turnover was flat at $1.54b (£955m).

Starwood warned that 2009 would likely bring a further decline in worldwide revenue per available room and continued weakness in its vacation ownership division.

The company said it would look to offset some of that by lowering vacation ownership, hotel and corporate overhead costs.

The luxury group expects fourth-quarter earnings to be between $65m (£40m) to $75m (£46m), and full-year profit is forecast between $384m (£237m) and $394m (£243m).

Hotel expansions hit financial wall >>

Leicester Square hotel and restaurant development given go-ahead >>

Ducasse to open second Adour restaurant in USA and other international news >>

By Gemma Sharkey

E-mail your comments to Gemma Sharkey here.

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