Thanks to some obscure tax incentives the company earned in Italy, Starwood Hotels & Resorts was able to post a 26-percent rise in second-quarter earnings. Quarterly earnings were $134 million, versus $105 million for the same quarter last year.

The news wasn’t all good for the brand company. Revenues for the quarter fell 23 percent to $1.21 billion. RevPAR took a big hit, too: down 34 percent for Starwood-branded hotels in North America and 36 percent worldwide. Operating income from timeshare also fell by $7 million.

Growth continues, however, as Starwood signed 20 management and franchise contracts representing 4,300 rooms.

By contrast, the second quarter was a complete bummer for Host Hotels & Resorts. The Maryland-based REIT, which owns 113 hotels, posted a $68-million loss on a 23-percent decline in revenues and a 24-percent dip in RevPAR.