Starwood Hotels, Accor Report Second Quarter Results Jul 25th 2013, 11:11
Starwood Hotel & Resorts Worldwide reported second quarter 2013 net income of $137 million, compared to income of $122 million for the same period in 2012. For the six months ended June 30, 2013, net income totaled $350 million compared with $250 million for the same period in 2012. Adjusted EBITDA for the six month period totaled $648 million compared with $620 million in the same period in 2012.
“Tight supply in North America and Europe is the order of the day, with virtually no new high-end hotels coming on stream,” said Frits van Paasschen, Starwood’s CEO. “Our occupancies in Europe are close to 72%. In North America, they reached 76%, the highest Starwood has ever reported. In China, our hotels significantly outperformed the competition.”
Accor Hotels reported gross revenue of $1.9 million for the second quarter of 2013, a 0.5 percent decline over the same period in 2012, the company reported. Gross revenue for the first half of 2013 totaled $7.4 billion, a 6.7 percent increase over the same period in 2012. The company introduced 9,940 new rooms in the first half of 2013.
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