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October 23, 2009

Starwood 3Q profits have fallen 64 percent

By EMILY FREDRIX
AP Business Writer

MILWAUKEE — The travel slump sparked by the recession pushed profit down 64 percent at Starwood Hotels & Resorts Worldwide Inc., which has been cutting room rates, especially at its high-end hotels, to try to recoup business.

The owner of Sheraton and W brands, like other hotel operators, has been trimming its own costs and slashing room rates to respond to the sharp downturn in business and leisure travel as companies and consumers try to rein in costs.


 
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