STAMFORD, Conn.
Anyone who had doubts about the seller’s market has had their questions answered: Starwood Hotels & Resorts Worldwide has done gangbusters in the first quarter.
The company topped profit estimates for January to March as strength in the Americas helped offset softness in Europe, and the company raised its outlook for a key revenue measure.
A business-led recovery has helped lift U.S. hotel occupancy rates and aided an industry whose financing challenges have slowed construction.
"Despite the headlines and uncertainty, our business is better than some might think," Chief Executive Officer Frits van Paasschen told analysts during a conference call on Thursday. "We believe we're on the cusp of a golden age of global travel.”
