Hotel giant's earnings dive 64%
China Daily | Updated: 2009-10-23 08:43
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Starwood, owner of Sheraton and W Hotels, has been cutting costs to respond to the downturn. Bloomberg News |
WHITE PLAINS, New York: The travel slump sparked by the recession shows little sign of abating, as Starwood Hotels & Resorts Worldwide Inc said yesterday that its third-quarter profit fell 64 percent on lower room rates, especially at its high-end hotels.
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