Starwood Hotels & Resorts Worldwide Inc reported a better-than-expected rise in quarterly profit and said it would spin off its timeshare business as it looks to focus on operating properties instead of owning them.Shares of the owner of the St. Regis and Sheraton brands of hotels rose as much as 8.7 percent to $77.46 as Starwood's results and spin off plans overshadowed a lower-than-expected full-year profit forecast.The spin-off of the timeshare business, which accounted for 11 percent of Starwood's revenue in 2014, into a publicly traded company comes nearly four years after Marriott International Inc spun off its timeshare business. (bit.ly/1zGuBFw)Starwood's plan is the latest move in the company's "asset-light" strategy, under which it has sold properties worth about $1.5 billion over the past two years.
Starwood Hotels & Resorts Worldwide, Inc. (Starwood) is hotel and Leisure Company. Shares of HOT traded higher by 6.3% or $4.49/share to $75.72. In the past year, the shares have traded as low as $68.53 and as high as $86.11. On average, 2291880 shares of HOT exchange hands on a given day and today's volume is recorded at 1868606.
Marriott International, Inc. is a diversified hospitality company. Shares of MAR traded higher by 3.45% or $2.535/share to $75.92. In the past year, the shares have traded as low as $49.02 and as high as $79.61. On average, 2017710 shares of MAR exchange hands on a given day and today's volume is recorded at 674827.
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