Hotel operator Starwood Hotels & Resorts Worldwide Inc reported an 83 percent jump in quarterly profit and said it would spin off its vacation ownership business. Shares of Starwood, which operates the Sheraton and Westin chains, rose 5.4 percent in premarket trading.The company's net income rose to $234 million, or $1.34 per share, in the fourth quarter ended Dec. 31, from $128 million, or 68 cents per share, a year earlier.Revenue fell 1 percent to $1.49 billion.Worldwide systemwide revenue per available room, or ReVPAR, for hotels open at least a year rose 4.4 percent in constant dollar terms.
Starwood Hotels & Resorts Worldwide, Inc. (Starwood) is hotel and Leisure Company. Shares of HOT fell by 0.6% or $-0.43/share to $71.23. 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 4318527.
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