Starwood Resorts & Hotels reported second-quarter net income of $134 million, up from $106 million a year ago

. Average daily rate declined 18.4 percent to $154.99, occupancy dropped 8.1 percent to 62.5 percent and revenue per available room fell 27.7 percent to $96.92. "The fact that rate trails occupancy is fairly typical for what happens at this stage in the cycle. What is hard to pin down is the pace at which rates will stabilize. History would suggest that it would be one or two quarters after occupancy does," said CFO Vasant Prabhu. "Corporate room nights are down, leisure room nights are up, but in our early indications the corporate business is slowly coming back. But so far this feels like a slow recovery [rather] than a sharp pickup from pent-up demand."