Starwood
Hotels & Resorts reported a year-over-year dip in average daily rate across
its portfolio during the second quarter. ADR fell 1 percent to $171.39. Systemwide occupancy increased 1.1 percentage
points year over year to 72.7 percent. Second quarter revenue increased 0.4
percent to $1.25 billion. Despite its impending merger with Marriott
International, Starwood signed 120 new hotel management and franchise contracts
and opened 20 properties, comprising 4,200 rooms. The company did not hold a
quarterly earnings call, but its earnings report released Tuesday said the Marriott
transaction is expected to close "in the coming weeks." The
merger gained antitrust approvals from Saudi
Arabia and Mexico earlier this month, but is awaiting final approval from
Chinese regulators.