Starwood achieved record occupancy in North America during Q2
A buoyant business travel market has been the driver for better than expected second quarter results for Starwood Hotels & Resorts.
The Stamford, Connecticut-based group which includes the Sheraton, St Regis and Westin brands, said it will "enjoy full hotels and rising rates for some time" as it posted a record 78% occupancy rate for the quarter in North America.
Average daily rate also increased 3.3% year on year to $175.73.
Group sales business has profited largely from "investment in sales tools to enable our associates to not only access what inventory is available at what prices but targeting customers based on what we know about their past histories and inquiries," said CEO Frits van Paasschen.
"As we look ahead to the balance of the year, we expect that global trend lines will fuel demand for high-end travel," he said.
van Paasschen also said the numbers would have been even better but for a high number of association group business cancellations.
The company said total revenue dropped slightly by 1.5% to $1.54 billion compared to the same quarter a year ago, but second quarter profits rose 12%.
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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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