DOW JONES NEWSWIRES 
 

Starwood Hotels & Resorts (HOT) will cut rates by up to half at nearly 600 of its global hotels and resorts in an effort to boost slumping sales as businesses and consumers slash spending.

While other hoteliers have stepped up discounts and promotions to boost sagging results at hotels and time-share businesses, they don't appear to match the size and scope of Starwood's offer. Cruise lines have had some success with cutting rates and offering packaged deals to shore up their booking amid the economic downturn.

Participating locations in North America, Latin America and the Asia Pacific Region will offer the reduced rates to travelers that make reservations by Monday for stays between Thursday and Oct. 12. Starwood operates 960 properties in 97 countries, including hotels under the W Hotels, Westin, St. Regis and Sheraton brands.

Highly leveraged Starwood has been trying to raise capital and pay off some of its debt. In April, President and Chief Executive Frits van Paasschen said the company would be "unrelenting in our efforts to pull cash out of our business and improve our financial flexibility" while also getting guests to "return again and again to our hotels and resorts."

The weak economy has squeezed the hotel industry for some time, with time-share businesses also under pressure. The outlook for the rest of the year is grim, despite efforts by hoteliers including Starwood to cut costs.

Shares closed at $20.44 and didn't trade premarket.

-By Tess Stynes, Dow Jones Newswires; 212-416-2481; tess.stynes@dowjones.com