January 30, 2003 |
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.
September 22, 2004 |
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.
May 19, 1999 |
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.
November 1, 2000 |
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.
April 13, 1999 |
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.
February 4, 1999 |
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.