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(WHITE PLAINS, NY) -- Starwood Hotels & Resorts Worldwide (NYSE:HOT) CEO Frits van Paasschen tried to put a positive spin on the numbers but they couldn't be played down.

The White Plains, NY-based organization lost $186 million from continuing operations in the fourth quarter of 2009 compared to $45 million in 2008.

The net loss was $107 million and 59 cents per share in the fourth quarter of 2009 compared to net income of $79 million and earnings per share of 44 cents in the fourth quarter of 2008.

Frits van Paasschen

In a prepared statement, Van Paasschen said, "We ended 2009 with the best REVPAR results we have seen since the third quarter of 2008, and our continued focus on costs allowed us to beat expectations again in the quarter.

"Lodging demand continued to improve in the fourth quarter, with group and business transient posting positive bookings. After being buffeted by headwinds throughout 2009, our portfolio is set to begin a rebound in 2010 from a deep drop-off."

He added, "We believe that our competitive position in the global marketplace as an operator of lifestyle hospitality brands continues to build.

"Importantly, the forces of globalization, capital flows, emerging middle class and demand for hotel infrastructure are alive and well, and we intend to capture more than our fair share of this growth."

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