Starwood Hotels & Resorts reported third quarter net income of $40 million

compared with $113 million the year before. Global systemwide average daily rate decreased 16.8 percent to $152.75; revenue per available room declined 20.3 percent to $100.60; and occupancy fell 2.8 percentage points to 65.9 percent. During the quarter, Starwood signed 19 hotel management and franchise contracts representing 4,200 rooms and expects income from continuing operations in the fourth quarter to be approximately $32 million to $39 million.