WHITE PLAINS, NY- Starwood Hotels & Resorts Worldwide reported that its third quarter 2000 total revenues increased 16% to $1.11 billion when compared to the same period in 1999.
Earnings per diluted share from continuing operations were $0.50 compared to $0.38 in the corresponding period in 1999. Income from continuing operations increased 39% to $103 million in the third quarter of 2000 compared to $74 million in the same period of 1999.
For the third quarter of 2000, REVPAR increased 10.5% over the same period in 1999, resulting from a 6.9% increase in average daily rate (ADR) and an increase in occupancy rate of 240 basis points.
For the nine months ended September 30, 2000, total revenues increased 18% to $3.27 billion when compared to the same period in 1999. Earnings per diluted share from continuing operations were $1.32 compared to $1.02 in the third quarter 1999.
The company said it will continue to sell non-strategic assets around the world, closing approximately $310 million of such sales to date in 2000. (10/31/00)