share
by Michael J. Shapiro | November 02, 2011

 Starwood Hotels & Resorts reported impressive worldwide growth of 11.6 percent in revenue per available room for the third quarter, led by the European and Latin American regions, which posted increases of 20.0 percent and 19.3 percent, respectively. North American RevPAR grew by 8.8 percent for the quarter. The company is projecting overall RevPAR growth of 7 to 9 percent worldwide for the full year. "It is still too early to have a clear view into 2012," noted Starwood CEO Frits van Paasschen. "There are, to be sure, many clouds over the global economy. But three facts give us cautious confidence. First, in developed markets, occupancies are now at 2007 levels and at a point where rates historically have always risen. And yet, few new hotels are being built. Second, many emerging markets are continuing to see strong growth. Even if economic activity were to cool down, we see unmet demand for hotels. Third, our efforts to gain share have enabled our brands to outgrow the marketplace for more than eight quarters in a row." Wyndham Worldwide, meanwhile, posted significant RevPAR growth of 6.3 percent for the quarter, along with a 14 percent year-over-year increase in revenue. For the Wyndham Hotel Group specifically, revenue grew by 9 percent for the quarter.