Starwood saw its profit more than quadruple to US$128 million in the first quarter of 2012 from US$28 million during the same period in 2011.
Starwood Hotels & Resorts Worldwide, Stamford, Connecticut, saw its corporate margin boosted by increased income from continuing operations, which was at US$129 million in the first quarter of 2012, compared to US$29 million in the first quarter of 2011.
“Our momentum picked up in the first quarter. Fees were up a healthy 13.6%. We are proud to report that our brand portfolio again outperformed the market, posting our 11th straight quarterly gain in REVPAR index,” said Frits van Paasschen, Starwood CEO.
The largest first quarter increases in RevPAR by region were seen in Latin America while by brand Aloft and W Hotels saw the largest RevPAR upticks.
Meanwhile total vacation ownership revenues increased 3.4% to US$152 million in the first quarter of 2012 when compared to 2011 and residential revenues were US$362 million compared to US$6 million in 2011.
Looking ahead, Starwood projects that worldwide RevPAR increases at its operated hotels to increase 6% to 8% in 2012 in constant dollars.
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