Starwood Hotels & Resorts experienced a 2.4
percent year-over-year drop in average daily rate to $169.34 during the first
quarter. Occupancy increased 0.8 percentage points to 67.2 percent. In North
America, ADR increased 1.4 percent to $178.08, and occupancy dipped 0.1
percentage points to 71.3 percent. Systemwide revenue fell 0.8 percent to $1.4
billion. The company had "a very strong quarter," CEO Thomas Mangas
said, "despite facing a tough macroeconomic environment and the
distraction of a very public bidding
war for our company." Ahead of its planned merger with Marriott
International, Starwood did not host a conference call to discuss its first-quarter
earnings.