The hotel group achieved earnings before interest, taxes, depreciation and amortisation (EBITDA) of $247m in the last three months of 2009, with income from continuing operations of $95m.
Worldwide revenue per available room (revPAR) decreased 7.9% compared to Q408, with 9.6% decline in North America.
Operating income from vacation ownership and residential fell $5m compared to the same period in 2008.
Frits van Paasschen, chief executive of the group, said: ‘Our continued focus on costs allowed us to beat expectations again in the quarter.
‘Lodging demand continued to improve in the fourth quarter, with group and business transient posting positive bookings.
‘After being buffeted by headwinds throughout 2009, our portfolio is set to begin a rebound in 2010 from a deep drop-off.
‘We believe that our competitive position in the global marketplace as an operator of lifestyle hospitality brands continues to build.
‘Importantly, the forces of globalisation, capital flows, emerging middle class and demand for hotel infrastructure are alive and well and we intend to capture more than our fair share of this growth.’
In Q409, the company signed 20 hotel management and franchise contracts and opened 24 hotels.
Starwood expects revPAR for the first three months of 2010 to be -2% to flat, and full-year revPAR for 2010 to be flat to +5%.
Click here to see the Q409 results in full (181KB pdf).
See also:
Sheraton campaign blends business and leisure (04/02/2010)
Starwood results salvaged by tax benefit [Q209] (24/07/2009)
Marriott and Starwood add meetings technology (01/07/2009)