In a conference call with analysts on Thursday Starwood said it is seeing the hotel buyers market around the world deepen amid questions about the pace of its asset sales.

　　In a conference call with analysts on Thursday after releasing its fourth quarter earnings statement, Starwood Hotels & Resorts Worldwide, Stamford, Connecticut, said it is seeing the hotel buyers market around the world deepen amid questions about the pace of its asset sales.

　　Starwood reported net income of US$128 million in the fourth quarter of 2013, down from US$124 million in the fourth quarter of 2012. However, net income for the full year of 2013 was up to US$635 million compared to US$562 million for 2012 and managemet fees, franchise fees and other income increased 7.7% year-on-year in 2013. Starwood executives said the company is continuing toward its goal of 80% of its revenue from fees and to achieve US$3 billion in asset sales revenue by 2016 as analysts focused their questions on Starwood’s cash returns and asset sales.

　　"Our pace of sales is very much based on the appetite of the hotel investment community and the volume of sales. We’ve seen some pickup in demand,” said Frits van Paasschen, Starwood’s president and CEO. “It’s important to us to have partners that want to work with us over the long term."

　　Vasant Prabhu, Starwood’s vice chairman and CFO, said he is seeing cap rates below 5% for some of its better hotels to 6% of 7% for suburban or airport hotels and said hotels in the U.S., Mexico, Brazil, Australia and certain trophy assets in Europe are looking attractive for buyers.

　　In his initial presentation to analysts, van Paasschen said that although the company is sitting on over US$800 million in cash and has an underleveraged balance sheet, it is lowering its capital expenditures budget for its existing properties and instead continuing to invest in mobile technology.

　　"Mobile accounts for 42% of our website visits,” van Paasschen said. “This year more guests will reach us through mobile than PCs.”