Starwood may be exploring sale
Starwood Hotels & Resorts Worldwide says its board of directors will explore strategic and financial options for the hotel company. Although Starwood did not cite specific actions, the possibilities could include a sale.
Starwood also reported better-than-expected firstquarter financial results. Profit fell 28% to $99 million, or 58 cents a share. Earnings adjusted for one-time costs were 65 cents a share. Analysts surveyed by Zacks Investment Research expected, on average, earnings of 57 cents a share.
Revenue fell 3% to just under $1.42 billion. Analysts expected $1.4 billion.