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Starwood Revenues Drop 7%

WHITE PLAINS-Officials with Starwood Hotels & Resorts Worldwide Inc. say that a continuing challenging economic environment led to a seven percent falloff in revenue for the second quarter of this year.

By John Jordan | Updated on July 25, 2002

WHITE PLAINS-Starwood Hotels & Resorts Worldwide Inc. reports that its revenues fell 7% in the second quarter of this year.

Citing a still weak economy that has caused a drop in business travel, Starwood officials say that second quarter revenue totaled $1.032 billion which was seven percent lower than revenues posted during the same period a year ago. Earnings per share excluding special items in the second quarter of this year was $0.41 compared to $0.54 per share in the second quarter of 2001.

Starwood reports that operating income, excluding special items, was $189 million in the second quarter of 2002 compared to $254 million in the same period of 2001. Income from continuing operations, excluding special items, was $85 million compared to $112 million in 2001, the company reports. Revenue per available room for its North American hotels decreased 10.1 percent in the second quarter and 10.2 percent worldwide when compared to 2001.

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