Starwood Sees Q1 RevPAR Rise

 Starwood Hotels and Resorts reported a worldwide 5.0 percent year-over-year revenue per available room increase in its first-quarter earnings report, released Tuesday. In North America, RevPAR rose 6.2 percent. The lodging company's net income for the quarter was $213 million, up from $128 million a year ago. "We had a solid first quarter across all lines of our business," said CEO Frits van Paasschen in the report. "Overall, the global lodging recovery continues along the trend lines we've been seeing. Tight supply is driving higher room rates in North America, and our footprint continues to expand in the growing economies." The company opened 18 hotels and resorts during the first quarter, totaling approximately 4,000 rooms, and signed 26 hotel management and franchise contracts, representing about 6,200 additional rooms. Starwood is projecting RevPAR growth of about 5 to 7 percent for the year at operated hotels worldwide.