MEA strongest region for Starwood in Q2 report
Net income of US $122 million worldwide down on the 2011 Q2 figure
Starwood Hotels & Resorts Worldwide has released its figures for Q2, showing that the Middle East and Africa was its strongest growth region in terms of RevPAR.
Overall, the company posted a net income of US $122 million worldwide, compared to US $131 million for the same period in 2011.
However, RevPAR figures were up across the board in terms of constant dollars, with MEA posting a growth of 11.2%. Of its company-operated properties in the region, occupancy averaged at 65%, while RevPAR was US $110.12.
Frits van Paasschen, Starwood CEO, said, “We kept up our momentum in the second quarter, despite a choppy global economy. Our REVPAR grew 6.9%, with occupancy over a healthy 71%. Despite the uncertain global environment, we expect the trends we saw in our business for the past quarter to continue through the second half of the year.”
“Our approach to an uncertain global marketplace is to be both smart and bold. What we mean by ‘smart’ is having a business model, balance sheet, and cost structure that can weather economic turbulence. At the same time, we are being bold in our efforts to grow our footprint in the right way, and to invest in building guest loyalty to gain more than our fair share of business,” he added.