On the call: Starwood CEO van Paasschen

By The Associated Press

About three-quarters of Starwood Hotels & Resorts Worldwide Inc.'s revenue comes from business travelers, but many corporations and small businesses scaled back employee travel during the recession, hurting hotel companies.

Now, though, business travelers are returning, boosting revenue for each available room, CEO Frits van Paasschen told investors during a conference call Thursday related to the company's report on its second-quarter results.

QUESTION: How was business travel during the quarter?

RESPONSE: Revenue from global accounts and midweek occupancy are nearly back to 2008 levels. And the sectors that are leading the charge are financials and consulting and tech.

Group business played out well in the second quarter, also, with surging bookings .... For the first time in two years, total group business on the books is in positive territory.