Starwood Hotels shows strong first quarter

Starwood Hotels saw a large jump in net income in the first quarter of 2012, more than quadrupling its income, the Associated Press reported. “Going into the year, we said that 2012 was more likely to surprise on the upside,” said CEO Frits van Paasschen. “So far, that is playing out.” The company’s residential revenue was driven in part by the company’s new St. Regis Bal Harbour project, rising to a tootle of $362 million. “Seemingly unstoppable demographic and economic trends are fueling global growth in demand for high-end travel,” Paasschen said. The company earned $128 million in net income. [AP via Miami Herald]