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Starwood's earnings gets a boost

03 February 2006
Starwood's earnings gets a boost

Starwood Hotels and Resorts' acquisition of the Le Meridien brand last year helped boost its annual earnings by $267m (£150m) to $1.42b (£798m).

Earnings before interest, depreciation and amortisation in the full year to 31 December 2004 were $1.15b (£646m).

For the 12 months ending 31 December 2005 net profit for the group was $422m (£237m) compared with $395m (£222m) in 2004.

In the fourth quarter net profit increased 59% to $159m (£89m) after the group signed 42 new management and franchise agreements.

This was in addition to the 122 Le Meridien properties it added in November.

Fourth quarter revenue per available room (revpar) at owned hotels in North America increased by 12.2%, with a 9.4% increase worldwide.

W hotels was the most successful brand, seeing revpar growth of 18.9%. Westin achieved a revpar increase of 8.4%, Sheraton 8.2% and St Regis 5.2%.

Chief executive Steven Heyer said he was very pleased with the results.

"During the quarter we made significant progress toward reducing our investment in owned real estate. Entering into 2006, we have significant opportunities ahead of us," he said.

By Emily Manson

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