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Tuesday, July 26, 2005 | 10:50 a.m.
Starwood Hotels & Resorts Worldwide Inc., owner of the Sheraton and Westin chains, said second-quarter revenue rose 14 percent, lifted by higher room rates and timeshare gains. Profit fell after a tax benefit a year ago.
The company raised its 2005 profit outlook, citing a surge in demand for lodging. Sales rose to $1.56 billion, the 11th consecutive quarterly gain. Net income fell to $145 million, or 65 cents a share, from $154 million, or 72 cents, the White Plains, N.Y.-based company said today in a statement.
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