Starwood Hotels & Resorts Worldwide said its second-quarter net income attributable to the company slipped to $114m from $134m last year. The net profit included a $36m after-tax gain in discontinued operations from the sale of two hotels. Revenue rose 10.5% to $1.29bn.
Income from continuing operations was $79m in the second quarter of 2010 to June 30, 2010 versus $140m in 2009. Income from continuing operations excluding special items, was $67m in the second quarter of 2010 versus $40m in 2009.
Revpar for Starwood branded same-store owned hotels increased 18.4% compared to the second quarter of 2009. Revpar for similar hotels in North America increased 21.1%. Management and franchise revenues were up 14.0% compared to 2009.
Operating income from vacation ownership and residential increased $6m compared to 2009. Starwood signed 25 hotel management and franchise contracts and opened
18 hotels and resorts during the quarter.