Starwood Hotels & Resorts has released its full year financial results for 2013, revealing that the group signed a worldwide total of 152 hotel management and franchise contracts, representing approximately 32,200 rooms, last year.
In addition to opening74 hotels and resorts totalling approximately 16,200 rooms, Starwood also completed sales of hotels for gross cash proceeds of approximately $251 million.
Starwood CEO Frits van Paasschen said: “Starwood had a strong year in 2013. We exceeded our profit expectations, despite a tepid global business environment, exchange rate headwinds and the effect of having sold six hotels. Occupancies in North America reached record levels for the third straight quarter, and in a weak economic environment occupancies in Europe remained high. In Latin America, Asia Pacific, Africa, and the Middle East, we delivered strong footprint and fee growth.
“We made good progress towards our asset-light goals in 2013. Beyond selling six hotels in the year, we recently announced the sale of the St. Regis Bal Harbour. Our portfolio of managed and franchised hotels grew at a healthy clip, as we opened 74 new hotels. In addition, we signed over 150 new hotel agreements – more than any year since 2007,” he added.
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Starwood also revealed that in the final quarter of 2013, worldwide income from continuing operations reached $128 million, compared to $65 million in the fourth quarter of 2012.
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