Starwood Hotels & Resorts Worldwide Inc.’s earnings fell 15% on charges as the lodging company continued to see demand improve.
The hotel industry has seen demand strengthen in recent quarters, with Starwood’s first-quarter results boosted by a return of corporate travel and overseas demand.
Marriott International had reported sharply higher second-quarter earnings last week, adding to optimism the industry is finally turning the corner.
Host Hotels & Resorts had also reported stronger demand, leading it to raise its 2010 guidance.
Starwood, whose brands include W Hotels, Westin and Sheraton, reported a second-quarter profit of $114 million, or 61 cents a share, down from $134 million, or 74 cents, a year earlier.
Excluding items such restructuring costs and write-downs, earnings from continuing operations rose to 35 cents from 22 cents. The company in April expected 21 cents to 25 cents.
Revenue increased 11% to $1.29 billion.
