Star­wood may be ex­plor­ing sale

Los Angeles Times - - BUSINESS -

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.