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Starwood Hotels Resorts Worldwide Inc

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BUSINESS
June 2, 2006
* Schering-Plough Corp. plans to cut 1,100 jobs in New Jersey and Puerto Rico as part of an overhaul intended to make the drug maker more competitive. * Volkswagen said it had offered severance packages to 85,000 workers. * Starwood Hotels & Resorts Worldwide Inc. said it would enter the extended-stay business by opening at least 25 properties a year over the next five years.
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BUSINESS
June 2, 2006
* Schering-Plough Corp. plans to cut 1,100 jobs in New Jersey and Puerto Rico as part of an overhaul intended to make the drug maker more competitive. * Volkswagen said it had offered severance packages to 85,000 workers. * Starwood Hotels & Resorts Worldwide Inc. said it would enter the extended-stay business by opening at least 25 properties a year over the next five years.
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BUSINESS
April 29, 2005 | From Reuters
Starwood Hotels & Resorts Worldwide Inc., Starwood Capital Group and investment bank Lehman Bros. said they would buy the Le Meridien chain of high-end hotels in a long-expected deal. That news came just hours after Marriott International, Sunstone Hotel Investors and Walton Street Capital said they would buy 32 hotels and joint ventures from CTF Holdings Ltd. in a $1.45-billion deal.
WORLD
March 1, 2006 | Hector Tobar and Carlos Martinez, Times Staff Writers
The swank Sheraton Maria Isabel Hotel aspires to be many things, but a symbol of U.S. imperialism is not one of them. But such has been the case since Feb. 3, when staff at the U.S.-owned hotel just across from the American Embassy politely suggested that 16 visiting Cuban officials check out. The reason: U.S. Treasury officials had told the Sheraton's owner, Starwood Hotels & Resorts Worldwide, of White Plains, N.Y., that taking money from the guests from Cuba violated the 4-decade-old U.S.
BUSINESS
January 30, 2003 | 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.
BUSINESS
September 22, 2004 | From Associated Press
Starwood Hotels & Resorts Worldwide Inc., operator of the Sheraton, Westin and W Hotels brands, has named former Coca-Cola Co. President Steven J. Heyer as chief executive to succeed company founder Barry S. Sternlicht, effective Oct. 1. The firm said Sternlicht would assume the position of executive chairman, reducing his day-to-day role to focus on long-term strategies for the firm as well as capital investment and real estate matters. Shares of Starwood rose $1.69 to $46.26 on the NYSE.
BUSINESS
May 19, 1999 | Bloomberg News
Sun International Hotels, owner of the Atlantis resort in the Bahamas, agreed to buy Desert Inn from Starwood Hotels & Resorts Worldwide Inc. for $275 million in cash. The purchase would mark Sun International's entry into Las Vegas, the world's largest gambling market. Starwood, the world's largest hotel owner, is selling its major casino resorts to focus on its Sheraton and Westin hotel chains.
BUSINESS
November 1, 2000 | Reuters
Starwood Hotels & Resorts Worldwide Inc. said it plans to sell its luxury Ciga Group of hotels in Europe for more than $1.44 billion in a bid to boost its sagging share price. White Plains, N.Y.-based Starwood owns 25 hotels in the Ciga Group, including former royal palaces and historic buildings such as the Gritti Palace and Danieli in Venice. It plans to begin marketing the properties sometime next year.
BUSINESS
April 13, 1999 | Reuters
Upscale resort operator Starwood Hotels & Resorts Worldwide Inc. confirmed it is in talks to sell its gaming business, including the Caesars casino line. It did not disclose details of the negotiations, including the other party or the potential price tag on any deal. Last week, shares of Starwood and casino giant Park Place Entertainment Corp. rose on rumors that Park Place would acquire an interest in Starwood. Reports of the talks surfaced in January.
BUSINESS
February 4, 1999 | Bloomberg News
Starwood Hotels & Resorts Worldwide Inc. and Marriott International Inc. said their fourth-quarter earnings jumped as demand for rooms allowed them to raise rates. Starwood, the largest hotel chain with brands that include Sheraton and Westin, said its profit climbed fivefold to $279 million, or $1.40 a share, from $56 million, or 85 cents, a year earlier, and revenue was up fourfold at $1.24 billion. Analysts had lowered their estimates to $1.
BUSINESS
August 24, 2005 | Jerry Hirsch, Times Staff Writer
Starwood Hotels & Resorts Worldwide Inc. confirmed Tuesday that it was launching a major expansion of its Las Vegas operations by becoming an equity partner in a $1.7-billion hotel and condominium project next to the Hard Rock hotel-casino. The owner of the Sheraton, W Hotels, Westin and St. Regis lodging chains said that it planned to open an upscale W hotel at the site, which it is developing with Edge Resorts, a group of private investors. The venture acquired the 21-acre parcel for $108.
BUSINESS
April 29, 2005 | From Reuters
Starwood Hotels & Resorts Worldwide Inc., Starwood Capital Group and investment bank Lehman Bros. said they would buy the Le Meridien chain of high-end hotels in a long-expected deal. That news came just hours after Marriott International, Sunstone Hotel Investors and Walton Street Capital said they would buy 32 hotels and joint ventures from CTF Holdings Ltd. in a $1.45-billion deal.
BUSINESS
September 22, 2004 | From Associated Press
Starwood Hotels & Resorts Worldwide Inc., operator of the Sheraton, Westin and W Hotels brands, has named former Coca-Cola Co. President Steven J. Heyer as chief executive to succeed company founder Barry S. Sternlicht, effective Oct. 1. The firm said Sternlicht would assume the position of executive chairman, reducing his day-to-day role to focus on long-term strategies for the firm as well as capital investment and real estate matters. Shares of Starwood rose $1.69 to $46.26 on the NYSE.
BUSINESS
September 16, 2004 | Ronald D. White, Times Staff Writer
The union representing workers in contentious contract negotiations with nine local hotels said it would file a lawsuit today against Starwood Hotels & Resorts Worldwide Inc. alleging unfair job practices. The lawsuit will accuse two hotels managed by Starwood, the St.
BUSINESS
April 9, 2004 | Richard Verrier, Times Staff Writer
Former U.S. Sen. George J. Mitchell, recently tapped as chairman of Walt Disney Co., is scaling back another board commitment. Mitchell will leave the board of Starwood Hotels & Resorts Worldwide Inc., the owner of the Sheraton and Westin chains, at its annual meeting May 7, according to a regulatory filing. Neither Starwood nor Mitchell commented on the reason for his retirement. Mitchell, 70, joined the board of the White Plains, N.Y.-based company in 1997.
BUSINESS
June 21, 2003 | From Bloomberg News
A group that includes Starwood Hotels & Resorts Worldwide Inc. and the founder of the Planet Hollywood restaurant chain will be allowed to buy the Aladdin Hotel & Casino in Las Vegas, a bankruptcy judge ruled Friday. The purchase was endorsed by creditors for the property's owner, Aladdin Gaming, which filed for Chapter 11 bankruptcy in 2001, 13 months after the hotel opened.
BUSINESS
May 24, 2000 | Reuters
Starwood Hotels & Resorts Worldwide Inc., owner of the Sheraton, Westin and other major hotel chains, said it will invest $30 million in Zoho Corp. and will channel much of its $3 billion a year in purchases through the Internet-based hotel-goods supplier. The deal with Zoho follows the collapse of talks between Starwood and rival hotelier Marriott International Inc. to establish an online supply pact with massive purchasing power on the Internet. Under terms of the deal with Sunnyvale, Calif.
BUSINESS
July 20, 1999 | From Bloomberg News
Starwood Hotels & Resorts Worldwide Inc., the world's largest hotel owner, agreed to buy Vistana Inc. for about $645 million in cash, stock and assumed debt, to enter the time-share resort business. White Plains, N.Y.-based Starwood said it will pay $19 a share, 10% more than Vistana's closing price Friday. Vistana holders would receive $5 a share in cash and the rest in Starwood stock. Starwood also would assume about $240 million of debt. Orlando, Fla.
BUSINESS
January 30, 2003 | 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.
BUSINESS
November 1, 2000 | Reuters
Starwood Hotels & Resorts Worldwide Inc. said it plans to sell its luxury Ciga Group of hotels in Europe for more than $1.44 billion in a bid to boost its sagging share price. White Plains, N.Y.-based Starwood owns 25 hotels in the Ciga Group, including former royal palaces and historic buildings such as the Gritti Palace and Danieli in Venice. It plans to begin marketing the properties sometime next year.
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