Starwood Hotels reported a monster quarter with earnings of $0.51 per share. Wall Street analysts were only looking for earnings of $.22 per share. The resulting 132% upside surprise has gone largely unnoticed.

It is important to note that Starwood’s earnings performance was not just driven by aggressive cost cutting as we have seen from many other earnings “beats”. Business at the hotel chain seems much better than Wall Street anticipated and the company increased their guidance for the remainder of 2010. The company is already benefiting from improving economic conditions as both business and leisure travelers are starting to spend once again.

Cramer believes that Starwood is also well positioned to capitalize on the economic recovery as the company was active during the past recession by opening new locations and closing underperforming hotels.

With the vast majority of their hotels located overseas, Starwood seems like a perfect play on the return of business travel.

Cramer is clearly very bullish on Starwood Hotels and recommends that investors buy Starwood stock.