Starwood Hotels and Starwood Timeshares have released their latest financial report, which has both good prospects and bad prospects. The report showed that the company’s fourth quarter profits fell by 46 percent. Net income fell from $146M to $79M year-over-year.

Company CEO Frits van Paasschen has already approved streamlining, timeshare centers closures, restaurant closures, and has suspended share buybacks. According to Forbes, the decrease overall revenue was pushed by severance costs and a write down for two vacation ownership projects.

Starwood spokespersons said, “At the current time, given significant uncertainty in the global economy, it is very difficult to provide any definitive guidance looking out four quarters.”

On a positive note, Starwood shares rose after the report was released.
The company made clear that it will do all the necessary tasks to curtail the effects of the recession. In fact, Starwood is continuing its expansion plans. The timeshare company is aiming to increase their hotel network by 40 percent within the next five years.