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Starwood Hotels & Resorts (HOT Quote) beat analyst expectations for its second quarter as red-hot lodging demand boosted room rates and occupancy levels.
The White Plains, N.Y.-based lodging company also raised guidance.
Starwood Tuesday said net income fell to $145 million, or 65 cents a share, from $154 million, or 72 cents a share, a year earlier, when results were boosted by a gain related to an asset disposition.
Excluding special items, Starwood earned 70 cents a share in the latest quarter. That topped the average Wall Street analyst estimate of 65 cents from Thomson First Call and was ahead of the adjusted EPS of 50 cents a year earlier. ...
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