The Starwood Hotels group has shown the continuation of a pattern seen throughout the hotel industry of declining income in terms of raw figures, brought on by an unfavorable exchange rate.The group stands with a net income of 157 million dollars in Q3 2013, a 7.6% decline from a net income of 170 million dollars in Q3 2012. However, according to Frits van Paasschen, CEO, prospects "remain bullish on the long-term trends of rising wealth and increasing demand for travel in fast growing economies", especially considering a tough financial context. This confidence is bolstered by a global RevPAR grew by 4.7% in constant dollars.In addition, core management and franchise fees increase of 9.7% as compared to 2012. During the quarter, the group signed 36 hotel management and franchise contracts, representing approximately 7,800 rooms. Starwood Hotels further opened 15 hotels and resorts for approximately 3,700 rooms. In total, there were 141,000 rooms added to the portfolio, 82% under asset-light.
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