WHITE PLAINS, NY— Starwood Hotels & Resorts has laid off approximately 40 people, or 10% of its employees, a figure which reportedly includes half of its acquisitions department. The move was part of a previously announced reduction of 10,000 employees worldwide, which included moves at the property level. Starwood Chairman/CEO Barry Sternlicht after the Sept. 11 terrorist attacks held a conference call for analysts to announce a number of expenditure cuts, which included reductions in both operations and capital expenditures. Sternlicht was part of a hotel executive team that traveled to Washington recently, seeking assistance for the industry, which this year will likely hit its lowest occupancy levels since the Gulf War.
