April 9, 2004 |
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.
June 21, 2003 |
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.
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 7, 2002 |
Aiming to improve the consistency of service at its chain of Sheraton hotels, Starwood Hotels & Resorts Worldwide Inc. will begin compensating guests who report inconveniences including missing bath soap and uncomfortable beds. The company's new program, called Sheraton Service Promise, gives guests a $15 credit or points in Starwood's frequent guest program for minor inconveniences such as slow check-ins, billing problems or a shortage of towels or bath amenities.
December 4, 2001 |
Six Continents is in talks to buy Starwood Hotels & Resorts Worldwide Inc. in a deal that could create a worldwide hotel giant with brands including Holiday Inn, Inter-Continental, Westin and Sheraton, a source and analysts said Monday. According to a source familiar with the situation who spoke on condition of anonymity, an outline of a possible deal has been agreed upon, but many other major points have yet to be resolved. A spokesman for White Plains, N.Y.
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.
May 24, 2000 |
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.
May 4, 2000 |
Starwood Hotels & Resorts Worldwide Inc., the world's largest hotel owner, appointed a committee of directors to investigate Chairman Barry Sternlicht's controversial investment in Priceline.com Inc. The panel was appointed in response to a lawsuit filed against Starwood by a group of shareholders, Sternlicht said. The suit alleged that Sternlicht breached his fiduciary responsibility by investing personally in Priceline instead of having Starwood make the investment.
April 28, 2000 |
Casino mogul Steve Wynn has purchased the Desert Inn hotel-casino, a month after he agreed to sell Mirage Resorts Inc. to rival MGM Grand Inc. "Wynn confirmed [Thursday] afternoon that he is the purchaser of the Desert Inn as a birthday gift for his wife," a spokesman for Wynn said. Wynn also acquired the Desert Inn golf course behind the resort and an adjacent 32-acre parcel.
July 20, 1999 |
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.