Starwood bullish after Middle East turmoil and Japan earthquake impact financial results

Starwood Hotels and Resorts has reported a downturn in its income in the first quarter of 2011 compared to last year.

Starwood Hotels and Resorts reports first quarter results 2011
Starwood Hotels and Resorts reports first quarter results 2011
The hotel group’s net income for the three months to the end of March 2011 was £16.8m ($28m) compared to £18m ($30m) in the same period of 2010.

Starwood chief executive Frits van Paasschen said: "We were able to exceed expectations despite turmoil in North Africa and the Middle East and the devastating earthquake in Japan.

"The outlook for the rest of the year looks promising as we view the events of the past few months as not having derailed the overall global economic recovery.  For example, our group and transient bookings remain robust.  As such we remain cautiously confident for 2011 and are bullish about our long-term prospects."

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