Record year for occupancy at Starwood
Occupancy rates at Starwood’s North American hotels and resorts are at an all-time high, according to the company’s CEO.
Speaking in an interview on the sidelines of the World Economic Forum in Davos, Switzerland, Frits van Paasschen said Starwood brands had "more pricing power today than ever before."
The hotel group which includes the Sheraton, Westin and St. Regis brands, saw third quarter revenues rise 3.6% to $1.51 billion.
Revenue per room for its North American hotels increased 5.8% and by 4.7% worldwide when taking into account foreign currency fluctuations.
Around half of its revenue comes from the company’s loyalty program.
The results follow news of the recent sale of the flagship St. Regis Bal Harbour Resort in Miami for $213 million to Qatar’s Al Faisal Holding Co.
The company will continue managing the property but Starwood is embarking on an "asset-light strategy" according to president of global development Simon Turner, and "is looking to sell owned real estate at the right time to the right owners."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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