Starwood Hotels 3Q profit declines 64 percent

The travel slump sparked by the recession pushed profit down 64 percent at Starwood Hotels & Resorts Worldwide Inc., which has been cutting room rates, especially at its high-end hotels, to try to recoup business.

The owner of Sheraton and W brands, like other hotel operators, has been trimming its own costs and slashing room rates to respond to the sharp downturn in business and leisure travel as companies and consumers try to rein in costs.

CEO Frits van Paasschen conceded that Starwood's most expensive hotels have been squeezed, but he remained upbeat that business would pick up when the economy recovers. He noted half the company's hotels are …