Starwood Reports Q2 Loss
Starwood Hotels & Resorts reported less-than-expected growth for the second quarter.
The company released its financial results Tuesday. It said a slower rate of Revpar growth contributed to lower earnings for in the second half of 2016.
Starwood posted a loss of $263 million, or 1.56 cents a share, compared with a profit of $136 million, or 79 cents a share, last year. The company said management fees and franchise fees climbed 7.1% compared with last year, as fees increased 3.9%.
Starwood is in the midst of a merger with Marriott International, creating the world’s largest hotel chain. It’s expected to close within the coming weeks.