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Starwood plans to sell $4 billion assets; income down for 3rdQ
Starwood net income for 3rd Qtr 2005 dropped sharply to $39 million compared to $107 million in the 3rd Qtr 2004. Plans to sell up to $4 billion of assets within the next year.
Starwood announced its net income for the third quarter of 2005 was $39 million, compared to net income of $107 million in the third quarter of 2004 and that it plans to sell up to $4 billion of assets within the next year.
Steven J. Heyer, CEO, said Starwood is focusing on increasing their margins through productivity initiatives and developing strong brands with their large portfolio of hotel, which cover multiple market segments.
Heyer explained that the plans to sell $2-$4 billion of assets in the next twelve months will represent assets which do not fit their ‘strategic criteria’.
During the third quarter, Starwood signed 17 hotel management and franchise contracts (representing approximately 4,000 rooms).
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