Starwood Hotels Resorts Worldwide Inc. reported better-than-expected profit in the latest quarter as the company works to close its
Chief Executive Thomas Mangas said the company’s results were strong, “despite facing a tough macroeconomic environment and the distraction of a very public bidding war for our company.”
Though revenue fell slightly in the quarter, adjusted per-share earnings easily topped Wall Street expectations.
RevPar, a closely watched metric for the hotel industry, decreased 1.3% in comparable world-wide hotels and rose by 1% in constant currencies. In North...