Heyer added that Starwood expects to retain long-term management or franchise contracts on the assets to be sold. "Our core lodging business remains strong. The time is right to harvest previously unrecognized assets, build on our innovative culture, build world class brands, drive related growth and secure our position as the premier owned, management and franchise hotel and resort company," Heyer said.
Total revenues for the third quarter ended Sept. 30 was nearly $1.5 billion as compared to $1.34 billion a year ago. Net income for the third quarter was $39 million, compared to $107 million in the third quarter of 2004. Excluding special items, income from continuing operations was $131 million in the third quarter of 2005 as compared to $85 million a year ago.
The company also said that five of its 13 hotels in South Florida are fully operational with another seven properties expected to open in the next week. The Sheraton Yankee Clipper in Fort Lauderdale remains closed due to storm damage and scheduled remodeling. Due to the direct hit sustained in the Cancun resort area from Hurricane Wilma, the Sheraton Cancun Resort and Towers and the Westin Regina Resort are not scheduled to reopen until Dec. 20.
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