Starwood Posts Profit as Bookings Rebound
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From Bloomberg News
Starwood Hotels & Resorts Worldwide Inc., the largest U.S. hotel owner, swung to a profit in the fourth quarter as bookings rebounded at the company’s Westin and Sheraton chains from a year earlier as a result of a travel slowdown after the Sept. 11 terrorist attacks.
Net income was $91 million, or 45 cents a share, compared with a loss of $54 million, or 28 cents, a year earlier. Revenue rose 12% to $1.17 billion.
Shares of Starwood rose $1.23 to $23.17 on the New York Stock Exchange.
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