| WHITE PLAINS, NY - JAN. 31, 2002-- Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT) today reported results for the fourth quarter and
full year 2001.
Fourth Quarter and Full Year Financial Results
As expected, the terrorist attacks on September 11, 2001 continued to
have a significant impact on the Company's results as lodging demand declined
to unprecedented levels across the United States and internationally.
-
Fourth quarter REVPAR for Same-Store Owned Hotels decreased 23.8% in North
America and 26.2% internationally when compared to 2000. Full year REVPAR
for Same-Store Owned Hotels decreased 11.9% in North America and 9.6% internationally
when compared to 2000.
-
Fourth quarter loss per share was $0.01 compared to EPS of $0.64 in 2000,
excluding net charges of $80 million (pretax) for special items in 2001
(previous guidance for the charge was for between $75 million and $150
million) and a net credit of $1 million (pretax) in 2000. Including these
special items, loss per share in the fourth quarter of 2001 was $0.28 compared
to EPS of $0.64 in 2000.
-
Full year EPS was $1.00 compared to $1.95 in 2000, excluding net charges
for special items of $83 million (pretax) in 2001 and a net credit of $2
million (pretax) in 2000. Including these special items, EPS was $0.73
in 2001 compared to $1.96 in 2000.
-
Total Company EBITDA for the fourth quarter was $206 million compared to
$432 million in 2000. For the full year, total Company EBITDA was $1.230
billion compared to $1.573 billion in 2000.
-
Total Company EBITDA margin for the fourth quarter was approximately
23.5%. For the full year, total Company EBITDA margin was approximately
31.0%.
Fourth Quarter Ended December 31, 2001
Excluding net charges for special items of $80 million in 2001 and a
net credit of $1 million in 2000, loss per share was $0.01 in the fourth
quarter of 2001 compared to EPS of $0.64 in the corresponding period of
2000, reflecting the dramatic reduction in travel following the events
of September 11. Historically, the fourth quarter is the strongest quarter
of the year. Including these special items, loss per share in the fourth
quarter of 2001 was $0.28 compared to EPS of $0.64 in 2000. Total revenues
were down 20.5% to $878 million compared to the same period of 2000, resulting
from the softening United States economy and the unprecedented decline
in industry-wide demand following the September 11 attacks. Operating income,
excluding special items, was $56 million in the fourth quarter of 2001
compared to $290 million in the same period of 2000 and the loss from continuing
operations, excluding special items, was $2 million in the fourth quarter
of 2001 compared to income of $130 million in the same period of 2000 due
to the significant decline in hotel operating results and increased depreciation
expense resulting from the continued renovation program and the repositioning
of certain hotels, offset in part by cost constraint measures, and reduced
interest expense resulting from a reduction in interest rates and the completion
of financing transactions in the past year (see Financing section of this
release).
While most North America properties reported REVPAR declines, assets
in Houston, Indianapolis, New Orleans and Montreal were negatively impacted
to a lesser degree. New York, the Company's largest EBITDA contributing
city, saw steady month to month recovery as the quarter progressed.
Year Ended December 31, 2001
For the year ended December 31, 2001, total revenues were $3.967 billion
compared to $4.345 billion in the same period of 2000. Excluding net charges
for special items of $83 million in 2001 and a net credit of $2 million
in 2000, EPS was $1.00 for the year ended December 31, 2001 compared to
EPS of $1.95 in the corresponding period of 2000. Including these special
items, EPS was $0.73 in 2001 compared to $1.96 in 2000. Income from continuing
operations, excluding special items, was $205 million in the year ended
December 31, 2001 compared to $400 million in the same period of 2000.
Comments from the CEO
Barry S. Sternlicht, Chairman and CEO said, "After the tragic events
of September 11th, we directed our team to focus on improving our core
processes and streamlining our organization. In the face of the combined
one-two punch of a global recession and a war, fourth quarter results were
much as we predicted. On the positive side we produced healthy EBITDA in
all of our divisions, easily covering our interest expense by almost 3x,
even in these extreme conditions. I am also relatively pleased that at
a time when
business conditions are unlikely to ever be worse, EBITDA margins at
our core Comparable Owned Westin and Sheraton hotels in North America were
26% in the fourth quarter of 2001.
As we begin the new year, we are optimistic that the global economies
will firm and a rebound will occur in the second half of 2002. We are poised,
with our investments in technology, Six Sigma, and revenue management,
to have very powerful positive operating leverage. Despite the harsh business
environment and our necessary cost-cutting efforts, our guest satisfaction
scores continue to rise across all our brands. At the same time, our market
share as measured by REVPAR index increased at our proprietary Same-Store
Owned hotel portfolio in North America. Our industry-leading innovations
for Westin such as the Heavenly Bed and Heavenly Bath, the emergence of
W hotels, the increasing success of our Starwood Preferred Guest program
and database CRM initiatives, our internet initiatives, the very successful
launch of our two new Westin interval ownership projects in Hawaii and
Palm Springs, and the completion of our brand prototype projects, all bode
well for future growth rates that we expect can lead the industry."
Concluding, Mr. Sternlicht said, "Whether a rebound in the North America
and other world economies and therefore travel occurs in the second half
of 2002 or not, with the tremendous decline in the number of new hotels
being built in the next two to three years, our extremely well located
assets should produce substantial increases in EBITDA and cash flow. We
are poised for the rebound and excited about our prospects."
Operating Results
At the Company's Comparable Owned Hotels worldwide, revenues for the
fourth quarter of 2001 decreased approximately $198 million to $718 million
from $916 million in 2000 and EBITDA decreased approximately $150 million
to $170 million from $320 million in 2000. EBITDA at the Company's Comparable
Owned Hotels in North America decreased 45.2% to $133 million in the fourth
quarter of 2001 when compared to the same period of 2000. The decline in
operating results at Comparable Owned Hotels in North America in the fourth
quarter of 2001 when compared to 2000 reflects the impact of lower revenue
per available room ("REVPAR") primarily attributable to the September 11
attacks. EBITDA at the Company's Comparable Owned Hotels internationally
decreased 51.9% to approximately $37 million in the fourth quarter of 2001
when compared to the same period of 2000 (a 52.5% decrease
excluding the favorable effects of foreign exchange).
For the fourth quarter of 2001, REVPAR at Same-Store Owned Hotels worldwide
decreased 24.3% when compared to the same period of 2000 as a result of
a decline in occupancy rates of 910 basis points to 58.6% and a decline
in average daily rate ("ADR") of 12.6% from the prior year. REVPAR at Same-Store
Owned Hotels in North America decreased 23.8% to $85.18 when compared to
the same period of 2000 as a result of a decrease in occupancy rates to
59.6% from 67.6% in the prior year, while ADR decreased 13.5% to $142.92.
The decrease in ADR was primarily attributable to the mix of customers
rather than discounted room rates. The Company's results in North America
were negatively impacted by the significant drop in industry-wide lodging
demand, resulting primarily from the September 11 attacks, particularly
impacting New York, where the Company has seven owned hotels with approximately
3,900 rooms. Internationally, Same-Store Owned Hotel REVPAR decreased 26.2%.
EBITDA margins at Comparable Owned Hotels worldwide decreased to 23.7%
in the fourth quarter of 2001 when compared to 34.9% in the same period
of 2000. In North America, EBITDA margins at Comparable Owned Hotels decreased
to 24.2% in the fourth quarter of 2001 when compared to 34.6% in the same
period of 2000. Internationally, EBITDA margins at Comparable Owned Hotels
decreased to 22.1% in the fourth quarter of 2001 when compared to 35.9%
in the same period of 2000.
During the fourth quarter of 2001, the Company added six management
and franchise contracts with approximately 800 rooms. During the year ended
December 31, 2001, the Company added 48 new management and franchise contracts
with approximately 9,100 rooms.
Starwood Vacation Ownership, Inc. ("SVO") currently has fifteen interval
ownership resorts in its portfolio. SVO is selling vacation ownership interest
("VOI") inventory at eight resorts and engaged in pre-opening sales at
two others currently under construction (Westin Mission Hills Resort Villas
in Rancho Mirage, California and Westin Ka`anapali Ocean Resort Villas
in Maui, Hawaii). During the fourth quarter, the Company welcomed its first
guests to Sheraton's Mountain Vista in Avon, Colorado, which opened in
November, and began presales for its Maui property. SVO will begin construction
of its fourth Westin-branded interval ownership resort later this year
featuring 158 villas located adjacent to the Westin Kierland Resort &
Spa in Scottsdale, Arizona which is scheduled to open in late 2002.
Dispositions
The Company continues to review its portfolio for disposition candidates.
Earlier this month, the Company announced that it has initiated for the
first time the formal sale process for the CIGA portfolio of 25 luxury
hotels, land, golf courses and marinas. The Company expects to begin reviewing
preliminary indications of interest later in the first quarter. Deutsche
Bank, Jones Lang LaSalle Hotels and J.P. Morgan are advising the Company
on the disposition of this portfolio and have now begun actively marketing
these assets.
Capital
During the fourth quarter of 2001, the Company invested approximately
$160 million for capital, primarily at owned hotel assets and VOI construction.
Most of this investment spend included the completion of the conversion
of the Days Inn Chicago to the W Chicago-Lakeshore (556 rooms), which opened
in late October, development of the W New York-Times Square (509 rooms,
which
opened in late December) as well as the ongoing development of The
St. Regis Museum Tower in San Francisco (269 rooms and 102 condominiums).
Additionally, design and construction continued at the W-Mexico City (228
rooms) joint venture.
Financing
During the fourth quarter of 2001, the Company successfully amended
certain terms of its Senior Credit Facility. The amendment gives the Company
greater financial flexibility by modifying various financial covenants
until the expiration of the facility in early 2003. The amended provisions
include adjustments to the Company's combined leverage ratio and interest
coverage ratio as well as
modifications to near-term amortization payments.
On December 31, 2001, the Company had total debt of $5.559 billion and
cash and cash equivalents of $157 million. At the end of the fourth quarter
of 2001, the Company's debt was approximately 56% fixed rate and 44% floating
rate and its weighted average maturity was 4.5 years. As of December 31,
2001, the Company had cash and availability under its domestic and international
revolving credit facilities of approximately $644 million and the Company's
debt had a weighted average interest rate of 5.10%. In December 2001, the
Company entered into an 18-month 450 million Euro loan with an interest
rate of Euribor plus 195 basis points.
The proceeds of the Euro loan were drawn down in two tranches; the first
270 million Euros was drawn down in December and used to repay the previously
outstanding 270 million Euro facility and the remaining 180 million Euros
was drawn down in January 2002 and the proceeds were used to pay down the
Company's domestic revolving credit facility.
The Company continues to monitor the credit markets and, in light of
the possibility of zero coupon convertible senior notes being put back
to the Company at a price of approximately $200 million in May 2002 as
well as the 2003 maturities of certain existing facilities, expects to
access the markets this year as well as enter into a new senior bank facility.
The Company has provided loan guarantees related to a very limited number
of managed hotels. As of December 31, 2001, the Company had approximately
$160 million of such guarantees primarily related to the 400-room St. Regis
Monarch Beach which opened in July 2001, the 700-room Westin Charlotte
which is under construction and anticipated to open in November 2003 and
a joint and several guarantee on the 750-room Westin Kierland with other
third parties including the project developer and a pension fund. All three
projects are well capitalized.
Share Repurchase
For the year ended December 31, 2001, the Company repurchased 3,245,800
shares at a total cost of approximately $96 million. No additional shares
were repurchased in the fourth quarter. At December 31, 2001, Starwood
had approximately 201 million shares outstanding (including partnership
units and exchangeable preferred shares).
Dividend
In January 2002, Starwood Hotels & Resorts paid a fourth quarter
dividend of $0.20 per share, representing a 16% increase over the prior
year quarterly dividend. In 2002, the Company intends to shift from a quarterly
dividend to an annual dividend. The final determination of the amount of
the dividend will be subject to economic and financial considerations and
Board approval in the fourth quarter of 2002.
Special Items
The Company recorded net charges of $80 million (pretax) for special
items in the fourth quarter of 2001 when compared to a net credit of $1
million in the same period of 2000.
As discussed in the Company's third quarter 2001 earnings release and
Form 10-Q, immediately following the events of September 11 and the resulting
decline in industry-wide demand, the Company began analyzing and implementing
a cost reduction plan and began reviewing the carrying value of certain
assets for potential impairment. As a result, in the fourth quarter of
2001, the Company recorded a net $57 million loss on asset dispositions
and restructuring and other special charges aggregating approximately $47
million, primarily resulting from the events of September 11. These special
items consisted primarily of impairments of certain investments and other
assets (approximately $62 million); bad debts expense associated with receivables
no longer deemed collectible (approximately $17 million); and severance
and retention costs (approximately $25 million). Approximately $14 million
of these special items represent cash charges, with the remaining amount
being non-cash. In addition, during the fourth quarter of 2001, the Company
recorded a non-cash foreign exchange gain of approximately $24 million
(pretax), which reduced selling, general, administrative and other costs,
resulting from the devaluation of the Argentine Peso. The gain represents
the mark-to-market, in accordance with Statement of Financial Accounting
Standards No. 52, of a U.S. dollar intercompany receivable in Argentina
that resulted from a cash repatriation strategy.
For the year ended December 31, 2001, net charges for special items
aggregated $83 million compared to a net credit of $2 million in the same
period of 2000.
The following represents a reconciliation of income (loss) from continuing
operations before special items to income (loss) from continuing operations
after special items:
Fourth Quarter Ended Year Ended
December 31,
December 31,
2001 2000
2001 2000
Income (loss) from
continuing operations
before special items
$(2) $130
$205 $400
Special items:
Impairment of assets(a) (79)
1 (80)
2
Severance and retention
costs(b)
(25)
-- (27)
--
Foreign exchange gain
from Argentina(c)
24
-- 24
--
Total special
items - pretax
(80)
1 (83)
2
Income tax benefit
(expense) - 35%
incremental tax rate
28
-- 29
(1)
Total special items -
after-tax
(52)
1 (54)
1
Income (loss) from continuing
operations
$(54) $131
$151 $401
===========================================
EPS before special items $(0.01)
$0.64 $1.00
$1.95
EPS
$(0.28) $0.64
$0.73 $1.96
(a) For the fourth quarter, $57 million reflected
in gain (loss) on
asset dispositions and
$22 million reflected in restructuring and other special charges.
(b) Reflected in restructuring and other
special charges.
(c) Reflected in selling, general, administrative
and other expenses. |
Future Performance
All comments in the following paragraphs and certain comments in this
release above are deemed to be forward-looking statements. These statements
reflect expectations of the Company's performance given its current base
of assets and its current understanding of external economic and political
environments. Actual results may differ materially.
The continued economic weakness in North America and Europe both as
a result of the September 11 attacks and the generally slowing economic
activity prior to and after September 11, combined with the current economic
and political environment in Argentina and other parts of the world and
their consequent impact on travel in their respective regions and on the
rest of the world, make it difficult to predict results with any degree
of precision.
Assuming an economic recovery in the second half of 2002 resulting in
annual REVPAR flat with the 2001 level, the Company expects EBITDA of approximately
$1.250 billion and EPS of approximately $1.30, including approximately
$0.30 per share from the new accounting rules pertaining to goodwill and
intangible assets. Based on these assumptions, approximate quarterly
EPS for 2002 is expected to be as follows:
|
2002
First quarter
$0.05
Second quarter
0.40
Third quarter
0.42
Fourth quarter
0.43
Full year
$1.30 |
REVPAR through January 28, 2002 at Same-Store Owned Hotels in
North America declined approximately 18% compared to the same period
of 2001. REVPAR for the first quarter of 2002 is now expected to decline
approximately 15% when compared to the first quarter of 2001.
The Company currently expects total capital expenditures in 2002 to
be approximately $300 million. Other high return investment spending projects
have been identified that could be implemented in the third or fourth quarter
if market conditions are favorable at that time.
Discretionary free cash flow (after cash interest expense, cash taxes,
and total planned capital expenditures) is expected to exceed $500 million.
All references to EPS, unless otherwise noted, reflect earnings per
diluted share from continuing operations excluding special items.
All references to Comparable Owned Hotels reflect the Company's owned,
leased and consolidated joint venture hotels, excluding hotels sold during
2000 and 2001 and hotels without comparable prior year results. All
references to Same-Store Owned Hotels reflect the Company's owned, leased
and consolidated joint venture hotels, excluding hotels under significant
renovation or for which comparable results are not available.
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS
OF OPERATIONS
(In millions, except per Share data)
Three Months Ended
December 31,
2001 2000
%
Variance
Revenues
Owned, leased and consolidated joint
venture hotels
$746 $919
(19)%
Other hotel and leisure(a)
132 186
(29)
878 1,105
(21)
Costs and Expenses
Owned, leased and consolidated
joint venture hotels
575 599
4
Selling, general, administrative
and other(b)
88 91
3
Restructuring and other
special charges, net
47 --
--
Depreciation
112 104
(8)
Amortization
23 21
(10)
845 815
(4)
Operating income
33 290
(89)
Interest expense, net of interest income
(77) (103)
25
Gain (loss) on asset dispositions, net
(57) 1
--
(101) 188 (154)
Income tax benefit (expense)
47 (56)
184
Minority equity in net income
-- (1)
--
Income (loss) from continuing operations
(54) 131 (141)
Discontinued operations:
Gain on dispositions, net of tax
-- --
--
Extraordinary item, net of tax
-- --
--
Net income (loss)
$(54) $131 (141)%
Earnings Per Share -- Basic
Continuing operations
$(0.28) $0.65 (143)%
Discontinued operations
-- --
--
Extraordinary item
-- --
--
Net income (loss)
$(0.28) $0.65 (143)%
Earnings Per Share -- Diluted
Continuing operations
$(0.28) $0.64 (144)%
Discontinued operations
-- --
--
Extraordinary item
-- --
--
Net income (loss)
$(0.28) $0.64 (144)%
Weighted average number of Shares
198 201
=== ===
Weighted average number of Shares assuming
198 205
dilution
=== ===
Reconciliation of Operating Income to EBITDA(c)
Operating income
$33 $290 (89)%
Depreciation(d)
119 114
4
Amortization(d)
23 21
10
Interest expense of unconsolidated joint
ventures
6 2 200
Interest income
2 5 (60)
Restructuring and other special charges, net
47 --
--
Foreign exchange gain from Argentina
(24) -- --
EBITDA
$206 $432 (52)%
Year Ended
December 31,
2001 2000 %
Variance
Revenues
Owned, leased and consolidated joint
venture hotels
$3,343 $3,659 (9)%
Other hotel and leisure(a)
624 686 (9)
3,967 4,345 (9)
Costs and Expenses
Owned, leased and consolidated joint
venture hotels
2,365 2,433 3
Selling, general, administrative and
other(b)
411 403 (2)
Restructuring and other special
charges, net
50 --
--
Depreciation
433 391 (11)
Amortization
93 90
(3)
3,352 3,317 (1)
Operating income
615 1,028 (40)
Interest expense, net of interest income
(358) (420) 15
Gain (loss) on asset dispositions, net
(57) 2
--
200 610
(67)
Income tax benefit (expense)
(46) (201) 77
Minority equity in net income
(3) (8)
63
Income (loss) from continuing operations
151 401 (62)
Discontinued operations:
Gain on dispositions, net of tax
-- 5
--
Extraordinary item, net of tax
(6) (3) (100)
Net income (loss)
$145 $403 (64)%
Earnings Per Share -- Basic
Continuing operations
$0.75 $1.99 (62)%
Discontinued operations
-- 0.02 --
Extraordinary item
(0.03) (0.01) (200)
Net income (loss)
$0.72 $2.00 (64)%
Earnings Per Share -- Diluted
Continuing operations
$0.73 $1.96 (63)%
Discontinued operations
-- 0.02 --
Extraordinary item
(0.03) (0.01) (200)
Net income (loss)
$0.70 $1.97 (64)%
Weighted average number of Shares
201 202
=== ===
Weighted average number of Shares assuming
dilution
206 205
========== ==========
=== ===
Reconciliation of Operating Income to EBITDA(c)
Operating income
$615 $1,028 (40)%
Depreciation(d)
460 418 10
Amortization(d)
93 90 3
Interest expense of unconsolidated joint ventures
25 18 39
Interest income
11 19 (42)
Restructuring and other special charges, net
50 -- --
Foreign exchange gain from Argentina
(24) -- --
EBITDA
$1,230 $1,573 (22)%
(a) Other hotel and leisure revenues include
management and franchise
fees earned from third
party hotel owners, the Company's interest in unconsolidated joint ventures
and the sale and financing of VOIs.
(b) Selling, general, administrative and
other expenses includes the
cost of sales of VOIs
and other costs of timeshare operations.
(c) EBITDA is defined as income before interest
expense, income tax
expense and depreciation
and amortization. Special items and gains and losses from sales of real
estate and investments are also excluded from EBITDA as these items do
not impact operating results on a recurring basis. Management considers
EBITDA to be one measure of the cash flows from operations of the Company
before debt service that provides a relevant basis for comparison, and
EBITDA is presented to assist investors in analyzing the performance of
the Company. This information should not be considered as an alternative
to any measure of performance as promulgated under accounting principles
generally accepted in the United States, nor should it be considered as
an indicator of the overall financial performance of the Company. The Company's
calculation of EBITDA may be different from the calculation used by other
companies and, therefore, comparability may be limited.
(d) Includes Starwood's share of depreciation
and amortization
expense of unconsolidated
joint ventures.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
UNAUDITED BALANCE SHEET INFORMATION
(In millions)
December 31,
2001
Total assets
$12,461
Cash and cash equivalents
$157
Total debt(a)
$5,559
Shares outstanding(b)
201
(a) Excludes Starwood's share of unconsolidated
joint venture debt
aggregating approximately $300
million.
(b) Shares outstanding include partnership units
and exchangeable
preferred shares. |
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended December
31, 2001
WORLDWIDE
NORTH AMERICA
2001 2000 Var.
2001 2000 Var
157 Hotels
111 Hotels
OWNED HOTELS
RevPAR($)
83.84 110.80 -24.3% 85.18
111.74 -23.8%
ADR ($)
143.02 163.68 -12.6% 142.92
165.20 -13.5%
OCCUPANCY (%) 58.6%
67.7% -9.1 59.6%
67.6% -8.0
67
43
SHERATON
RevPAR ($)
73.36 99.81 -26.5%
76.70 104.89 -26.9%
ADR ($)
127.75 148.59 -14.0% 130.57
154.56 -15.5%
OCCUPANCY (%) 57.4%
67.2% -9.8 58.7%
67.9% -9.2
35
23
WESTIN
RevPAR ($)
85.18 107.62 -20.9%
81.66 100.10 -18.4%
ADR ($)
141.17 155.55 -9.2%
132.23 145.41 -9.1%
OCCUPANCY (%) 60.3%
69.2% -8.9 61.8%
68.8% -7.0
14
5
LUXURY COLLECTION
RevPAR ($) 178.14
229.23 -22.3% 213.26 266.50 -20.0%
ADR ($)
304.24 332.01 -8.4%
360.97 399.52 -9.6%
OCCUPANCY (%) 58.6%
69.0% -10.4 59.1%
66.7% -7.6
10
10
W
RevPAR ($) 121.86
172.50 -29.4% 121.86 172.50 -29.4%
ADR ($)
189.76 245.83 -22.8%
189.76 245.83 -22.8%
OCCUPANCY (%) 64.2%
70.2% -6.0 64.2%
70.2% -6.0
31
30
OTHER
RevPAR ($) 63.13
80.55 -21.6% 64.48
82.15 -21.5%
ADR ($)
110.42 123.54 -10.6%
114.37 127.69 -10.4%
OCCUPANCY (%) 57.2%
65.2% -8.0 56.4%
64.3% -7.9
INTERNATIONAL(2)
2001 2000
Var.
46 Hotels
OWNED HOTELS
RevPAR ($)
79.65 107.86
-26.2%
ADR ($)
143.34 158.95
-9.8%
OCCUPANCY (%)
55.6% 67.9%
-12.3
24
SHERATON
RevPAR ($)
66.30 89.15
-25.6%
ADR ($)
121.35 135.63
-10.5%
OCCUPANCY (%)
54.6% 65.7%
-11.1
12
WESTIN
RevPAR ($)
99.21 137.20
-27.7%
ADR ($)
181.40 194.41
-6.7%
OCCUPANCY (%)
54.7% 70.6%
-15.9
9
LUXURY COLLECTION
RevPAR ($)
135.32 183.29
-26.2%
ADR ($)
233.68 254.82
-8.3%
OCCUPANCY (%)
57.9% 71.9%
-14.0
1
OTHER
RevPAR ($)
48.11 62.64
-23.2%
ADR ($)
72.80 83.74
-13.1%
OCCUPANCY (%)
66.1% 74.8%
-8.7
(1) Hotel Results exclude 2 hotel under significant
renovation or
without comparable results,
6 hotels without prior year results and 5 hotels sold during 2000 and 2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended December 31, 2001
EUROPE
LATIN AMERICA
2001 2000 Var.
2001 2000 Var.
30 Hotels
13 Hotels
OWNED HOTELS
RevPAR ($)
102.78 131.82 -22.0% 56.12
86.77 -35.3%
ADR ($)
179.05 186.59 -4.0% 110.16
139.15 -20.8%
OCCUPANCY (%) 57.4%
70.6% -13.2 50.9% 62.4%
-11.5
12
10
SHERATON
RevPAR ($)
81.70 98.12 -16.7% 54.72
83.50 -34.5%
ADR ($)
139.07 139.80 -0.5% 108.86
137.60 -20.9%
OCCUPANCY (%) 58.7%
70.2% -11.5 50.3% 60.7%
-10.4
9
3
WESTIN
RevPAR ($)
114.52 151.75 -24.5% 63.19
103.07 -38.7%
ADR ($)
208.84 215.19 -3.0% 116.25
145.80 -20.3%
OCCUPANCY (%) 54.8%
70.5% -15.7 54.4%
70.7% -16.3
9
LUXURY COLLECTION
RevPAR ($)
135.32 183.29 -26.2%
ADR ($)
233.68 254.82 -8.3%
OCCUPANCY (%) 57.9%
71.9% -14.0
ASIA PACIFIC
2001 2000
Var.
------------------------------------
3 Hotels
OWNED HOTELS
RevPAR ($)
57.87 74.19
-22.0%
ADR ($)
91.82 100.14
-8.3%
OCCUPANCY (%)
63.0% 74.1%
-11.1
2
SHERATON
RevPAR ($)
65.38 82.95
-21.2%
ADR ($)
107.76 112.80
-4.5%
OCCUPANCY (%)
60.7% 73.5%
-12.8
1
OTHER
RevPAR ($)
48.11 62.64
-23.2%
ADR ($)
72.80 83.74
-13.1%
OCCUPANCY (%)
66.1% 74.8%
-8.7
(1) Hotel Results exclude 2 hotel under significant
renovation or
without comparable results,
6 hotels without prior year results and 5 hotels sold during 2000 and 2001.
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Hotel Results - Comparable (1)
For the Three Months Ended December 31, 2001
UNAUDITED ($ thousands)
WORLDWIDE
NORTH AMERICA
2001 2000 Var.
2001 2000 Var.
159 Hotels
112 Hotels
OWNED HOTELS
TOTAL REVENUE 717,953
915,545 -21.6% 550,341 700,941 -21.5%
TOTAL EBITDA 170,058
319,647 -46.8% 133,014 242,644 -45.2%
MARGIN %
23.7% 34.9% -11.2
24.2% 34.6% -10.4
68
43
--------------------------------------------------
SHERATON
REVENUE
291,368 378,996 -23.1% 200,543 263,149
-23.8%
EBITDA
75,277 141,506 -46.8% 54,102
98,737 -45.2%
MARGIN %
25.8% 37.3% -11.5 27.0%
37.5% -10.5
35
23
WESTIN
REVENUE
191,003 237,884 -19.7% 145,904 178,937
-18.5%
EBITDA
45,358 77,446 -41.4% 35,106
56,050 -37.4%
MARGIN %
23.7% 32.6% -8.9
24.1% 31.3% -7.2
14
5
LUXURY COLLECTION
REVENUE
96,410 122,035 -21.0% 68,879
87,467 -21.3%
EBITDA
22,524 42,521 -47.0% 17,053
30,057 -43.3%
MARGIN %
23.4% 34.8% -11.4
24.8% 34.4% -9.6
11
11
W
REVENUE
62,013 83,614 -25.8% 62,013
83,614 -25.8%
EBITDA
11,180 30,507 -63.4% 11,180
30,507 -63.4%
MARGIN %
18.0% 36.5% -18.5
18.0% 36.5% -18.5
31
30
OTHER
REVENUE
77,159 93,016 -17.0% 73,002
87,774 -16.8%
EBITDA
15,719 27,667 -43.2% 15,573
27,293 -42.9%
MARGIN %
20.4% 29.7% -9.3
21.3% 31.1% -9.8
INTERNATIONAL(2)
2001 2000
Var.
-----------------------------------
47 Hotels
OWNED HOTELS
TOTAL REVENUE
167,612 214,604
-21.9%
TOTAL EBITDA
37,044 77,003
-51.9%
MARGIN %
22.1% 35.9%
-13.8
25
SHERATON
REVENUE
90,825 115,847
-21.6%
EBITDA
21,175 42,769
-50.5%
MARGIN %
23.3% 36.9%
-13.6
12
WESTIN
REVENUE
45,099 58,947
-23.5%
EBITDA
10,252 21,396
-52.1%
MARGIN %
22.7% 36.3%
-13.6
9
LUXURY COLLECTION
REVENUE
27,531 34,568
-20.4%
EBITDA
5,471 12,464
-56.1%
MARGIN %
19.9% 36.1%
-16.2
1
OTHER
REVENUE
4,157 5,242
-20.7%
EBITDA
146 374
-61.0%
MARGIN %
3.5% 7.1%
-3.6
(1) Hotel Results exclude 6 hotels without prior
year results and 5
hotels sold during 2000 and
2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Hotel Results - Comparable (1)
For the Three Months Ended December 31, 2001
UNAUDITED ($ thousands)
EUROPE
LATIN AMERICA
2001 2000 Var.
2001 2000 Var.
30 Hotels
13 Hotels
OWNED HOTELS
TOTAL REVENUE
104,772 128,579 -18.5% 47,732 68,791 -30.6%
TOTAL EBITDA
21,234 42,119 -49.6% 13,110 31,334
-58.2%
MARGIN %
20.3% 32.8% -12.5
27.5% 45.5% -18.0
12
10
SHERATON
REVENUE
41,766 49,863 -16.2% 38,108 53,992
-29.4%
EBITDA
8,420 14,957 -43.7% 10,201 24,636
-58.6%
MARGIN %
20.2% 30.0% -9.8
26.8% 45.6% -18.8
9
3
WESTIN
REVENUE
35,475 44,148 -19.6% 9,624
14,799 -35.0%
EBITDA
7,343 14,698 -50.0% 2,909
6,698 -56.6%
MARGIN %
20.7% 33.3% -12.6
30.2% 45.3% -15.1
9
LUXURY COLLECTION
REVENUE
27,531 34,568 -20.4%
EBITDA
5,471 12,464 -56.1%
MARGIN %
19.9% 36.1% -16.2
ASIA PACIFIC
2001 2000
Var.
4 Hotels
OWNED HOTELS
TOTAL REVENUE
15,108 17,234
-12.3%
TOTAL EBITDA
2,700 3,550
-23.9%
MARGIN %
17.9% 20.6%
-2.7
3
SHERATON
REVENUE
10,951 11,992
-8.7%
EBITDA
2,554 3,176
-19.6%
MARGIN %
23.3% 26.5%
-3.2
1
OTHER
REVENUE
4,157 5,242
-20.7%
EBITDA
146 374
-61.0%
MARGIN %
3.5% 7.1%
-3.6
(1) Hotel Results exclude 6 hotels without prior
year results and
5 hotels sold during 2000 and
2001.
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Year Ended December 31, 2001
WORLDWIDE NORTH AMERICA
2001 2000 Var.
2001 2000 Var.
155 Hotels
110 Hotels
OWNED HOTELS
RevPAR ($)
101.98 115.01 -11.3% 100.27 113.81
-11.9%
ADR ($)
156.73 161.59 -3.0% 152.26 157.44
-3.3%
OCCUPANCY (%)
65.1% 71.2% -6.1
65.9% 72.3% -6.4
66
42
SHERATON
RevPAR ($)
86.65 101.05 -14.3% 90.51
105.37 -14.1%
ADR ($)
136.64 144.83 -5.7% 139.46
146.91 -5.1%
OCCUPANCY (%)
63.4% 69.8% -6.4
64.9% 71.7% -6.8
35
23
WESTIN
RevPAR ($)
108.42 116.14 -6.6% 100.65
107.64 -6.5%
ADR ($)
156.77 157.33 -0.4% 144.36
144.94 -0.4%
OCCUPANCY (%)
69.2% 73.8% -4.6
69.7% 74.3% -4.6
14
5
LUXURY COLLECTION
RevPAR ($)
223.73 239.73 -6.7% 234.00
261.73 -10.6%
ADR ($)
339.89 336.47 1.0% 358.18
359.69 -0.4%
OCCUPANCY (%)
65.8% 71.2% -5.4
65.3% 72.8% -7.5
10
10
W
RevPAR ($)
135.34 161.96 -16.4% 135.34
161.96 -16.4%
ADR ($)
204.65 219.60 -6.8% 204.65
219.60 -6.8%
OCCUPANCY (%)
66.1% 73.8% -7.7
66.1% 73.8% -7.7
30
30
OTHER
RevPAR ($)
75.52 86.51 -12.7%
75.52 86.51 -12.7%
ADR ($)
121.43 123.92 -2.0%
121.43 123.92 -2.0%
OCCUPANCY (%)
62.2% 69.8%
-7.6 62.2% 69.8% -7.6
INTERNATIONAL(2)
2001 2000
Var.
45 Hotels
OWNED HOTELS
RevPAR ($)
107.47 118.86
-9.6%
ADR ($)
171.87 175.87
-2.3%
OCCUPANCY (%)
62.5% 67.6%
-5.1
24
SHERATON
RevPAR ($)
78.65 92.16
-14.7%
ADR ($)
130.36 140.18
-7.0%
OCCUPANCY (%)
60.3% 65.7%
-5.4
12
WESTIN
RevPAR ($)
138.61 149.66
-7.4%
ADR ($)
207.01 207.64
-0.3%
OCCUPANCY (%)
67.0% 72.1%
-5.1
9
LUXURY COLLECTION
RevPAR ($)
211.82 213.98
-1.0%
ADR ($)
319.02 308.00
3.6%
OCCUPANCY (%)
66.4% 69.5%
-3.1
(1) Hotel Results exclude 2 hotel under significant
renovation or
without comparable results,
8 hotels without prior year results and 10 hotels sold during 2000 and
2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Year Ended December 31, 2001
EUROPE
LATIN AMERICA
2001 2000 Var. 2001
2000 Var.
---------------------------------------------
30 Hotels
13 Hotels
OWNED HOTELS
RevPAR ($)
138.93 146.23 -5.0% 71.71 87.46
-18.0%
ADR ($)
210.11 206.16 1.9% 125.28 139.42
-10.1%
OCCUPANCY (%)
66.1% 70.9% -4.8 57.2%
62.7% -5.5
12
10
SHERATON
RevPAR ($)
95.95 102.75 -6.6% 66.86 83.75
-20.2%
ADR ($)
144.90 145.58 -0.5% 122.13 137.23 -11.0%
OCCUPANCY (%)
66.2% 70.6% -4.4 54.7%
61.0% -6.3
9
3
WESTIN
RevPAR ($)
156.16 169.63 -7.9% 96.19 105.34
-8.7%
ADR ($)
237.42 233.68 1.6% 137.75 148.50
-7.2%
OCCUPANCY (%)
65.8% 72.6% -6.8 69.8%
70.9% -1.1
9
LUXURY COLLECTION
RevPAR ($)
211.82 213.98 -1.0%
ADR ($)
319.02 308.00 3.6%
OCCUPANCY (%)
66.4% 69.5% -3.1
ASIA PACIFIC
2001 2000
Var.
2 Hotels
OWNED HOTELS
RevPAR ($)
70.61 92.91
-24.0%
ADR ($)
107.96 132.08
-18.3%
OCCUPANCY (%)
65.4% 70.3%
-4.9
2
SHERATON
RevPAR ($)
70.61 92.91
-24.0%
ADR ($)
107.96 132.08
-18.3%
OCCUPANCY (%)
65.4% 70.3%
-4.9
(1) Hotel Results exclude 2 hotel under significant
renovation or without comparable results, 8 hotels without prior year results
and 10 hotels sold during 2000 and 2001. |
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Detail List of Hotels &
Rooms
Owned, Leased, and Consolidated
Joint Venture
As of December 31, 2001
Brand Hotel
Name
Location
Rooms
------------- ------------------------
-------------------- -------
Sheraton
North America
Sheraton Tucson Hotel
& Suites Tucson, AZ
216
Sheraton San Diego Hotel
& Marina San Diego, CA
1,045
Sheraton Universal Hotel
Universal City, CA 436
Sheraton Denver Tech Center
Hotel Englewood, CO
263
Sheraton Danbury Hotel
Danbury, CT
242
Sheraton Stamford Hotel
Stamford, CT
445
Sheraton Bal Harbour Beach
Resort Bal Harbour, FL
659
Sheraton Ft. Lauderdale
Airport Hotel Dania, FL
250
Sheraton Gainesville Hotel
Gainesville, FL 197
Sheraton Suites Key West
Key West, FL
180
Sheraton Suites Tampa
Airport Tampa, FL
259
Sheraton Colony Square
Atlanta, GA
467
Sheraton Buckhead Hotel
Atlanta Atlanta, GA
369
Sheraton Chicago Northwest
Arlington Heights, IL
429
Sheraton Indianapolis
Hotel & Suites Indianapolis, IN
560
Sheraton Boston Hotel
Boston, MA
1,215
Sheraton Hotel Braintree
Braintree, MA
376
Sheraton Ferncroft Resort
Danvers, MA
367
Sheraton Framingham Hotel
Framingham, MA
370
Sheraton Hyannis Resort
Hyannis, MA
224
Sheraton Inn Lexington
Lexington, MA
119
Sheraton Colonial Hotel
& Golf Club Lynnfield, MA
280
Sheraton Needham Hotel
Needham, MA
247
Sheraton Hotel Newton
Newton, MA
272
Sheraton College Park
Hotel Beltsville, MD
205
Sheraton South Portland
Hotel South Portland, ME
219
Sheraton Chapel Hill Hotel
Chapel Hill, NC 168
Sheraton Omaha Hotel
Omaha, NE
145
Sheraton Nashua Hotel
Nashua, NH
336
Sheraton Edison Hotel
Raritan Center Edison, NJ
274
Sheraton Hotel Parsippany
Parsippany, NJ
370
Sheraton New York Hotel
& Towers New York, NY
1,746
Sheraton Manhattan Hotel
New York, NY
666
Sheraton Russell Hotel
New York, NY
146
Sheraton Park Ridge Hotel
King of Prussia, PA 265
Sheraton Suites Philadelphia
Airport Philadelphia, PA
251
Sheraton Providence Airport
Hotel Warwick, RI
206
Sheraton North Charleston
Hotel Charleston, SC
296
Sheraton Norfolk Waterside
Hotel Norfolk, VA
445
Sheraton Milwaukee Brookfield
Hotel Brookfield, WI
389
Sheraton Hamilton Hotel
Hamilton, Canada 299
Le Centre Sheraton Hotel
Montreal, Canada 825
Sheraton Gateway Hotel
Toronto, Canada 474
Sheraton Centre Toronto
Hotel Toronto, Canada
1,377
-----
North America
18,589
International
Sheraton Buenos Aires
Hotel Buenos Aires, Argentina
739
Sheraton On The Park
Sydney, Australia 558
Sheraton Brussels Hotel
& Towers Brussels, Belgium
529
Sheraton Rio Hotel &
Towers Rio de Janeiro, Brazil
559
Sheraton Mofarrej
Sao Paulo, Brazil 244
Sheraton Santiago Hotel
Santiago, Chile 379
Park Lane Hotel
London, England 305
Sheraton Fiji Resort
Nadi, Fiji
281
Sheraton Royal Denarau
Resort Nadi, Fiji
267
Sheraton Paris Airport
Hotel Roissy Aerogare, France
254
Hotel Villa Cipriani
Asolo, Italy
31
Cervo Hotel & Conference
Center Costa Smeralda, Italy
108
Hotel Diana Majestic
Milan, Italy
107
Sheraton Roma Hotel &
Conference Center Rome, Italy
647
Hotel Des Bains
Venice Lido, Italy 191
Sheraton Cancun Resort
& Towers Cancun, Mexico
471
Sheraton Maria Isabel
Hotel & Towers Mexico City, Mexico 755
Sheraton Ambassador Hotel
Monterey, Mexico 239
Sheraton Skyline Hotel
Hayes, Middlesex, England 351
Sheraton Lima Hotel &
Casino Lima, Peru
431
Sheraton Warsaw Hotel
& Towers Warsaw, Poland
350
Sheraton Lisboa Hotel
& Towers Lisbon, Portugal
375
Hotel Santa Maria de El
Paular Rascafria, Spain
44
--
International
8,215
Sheraton Worldwide
26,804
Westin
North America
Westin South Coast Plaza
Costa Mesa, CA
390
Westin Hotel Long Beach
Long Beach, CA
460
Westin Los Angeles Airport
Los Angeles, CA 740
Westin Mission Hills Resort
Rancho Mirage, CA 512
Westin Horton Plaza San
Diego San Diego, CA
450
Westin San Francisco Airport
San Francisco, CA 393
Westin Tabor Center
Denver, CO
430
Westin Stamford Hotel
Stamford, CT
462
Westin Grand, D.C.
Washington, DC
263
Westin Fairfax Washington,
DC Washington, DC
206
Westin Fort Lauderdale
Fort Lauderdale, FL 293
Westin Atlanta North at
Perimeter Atlanta, GA
369
Westin Peachtree Plaza
Atlanta, GA
1,068
Westin Maui
Lahaina, HI
758
Westin Indianapolis
Indianapolis, IN 573
Westin Waltham Boston
Waltham, MA
346
Westin Southfield - Detroit
Southfield, MI
384
Westin Cincinnati
Cincinnati, OH
450
Westin Philadelphia
Philadelphia, PA 290
Westin Galleria Houston
Houston, TX
487
Westin Oaks
Houston, TX
406
Westin Seattle
Seattle, WA
891
Westin Resort
St. John, US Virgin
Islands
282
---
North America
10,903
International
Hotel Bristol
Vienna, Austria 140
Westin Dublin Hotel
Dublin, Ireland 163
Westin Excelsior Florence
Florence, Italy 168
Westin Palace Milan
Milan, Italy
244
Westin Excelsior Rome
Rome, Italy
316
Westin Europa & Regina
Venice, Italy
185
Westin Excelsior Venice
Lido Venice Lido, Italy
196
Westin Regina Resort
Cabo San Lucas, Mexico
243
Westin Regina Resort -
Cancun Cancun, Mexico
293
Westin Regina Resort -
Puerto Vallarta Puerta Vallarta, Mexico 280
Turnberry Hotel and Golf
Resort, Ayreshire, Scotland 221
Westin Palace Madrid
Madrid, Spain
465
Hotel Maria Cristina,
A Westin Hotel San Sebastian, Spain 136
Hotel Alfonso XIII, A
Westin Hotel Seville, Spain
147
International
3,197
Westin Worldwide
14,100
Luxury Collection/St. Regis
North America
The Phoenician
Scottsdale, AZ
654
St. Regis Aspen
Aspen, CO
257
St. Regis Washington,
DC Washington,
DC 193
St. Regis New York
New York, NY
315
St. Regis Houston
Houston, TX
232
North America
1,651
International
Park Tower Buenos
Aires, Argentina
181
Hotel Goldener Hirsch
Salzburg, Austria 69
Hotel Imperial
Vienna, Austria 138
San Cristobal Tower
Santiago, Chile 139
Hotel Cala di Volpe
Costa Smeralda, Italy 123
Hotel Pitrizza
Costa Smeralda, Italy 52
Hotel Romazzino
Costa Smeralda, Italy 94
Grand Hotel
Florence, Italy 107
Hotel Principe di Savoia
Milan, Italy
404
St. Regis Grand Rome
Rome, Italy
161
Hotel Danieli
Venice, Italy
233
Hotel Gritti Palace
Venice, Italy
91
Hotel Mencey
Canary Islands 286
International
2,078
Luxury Collection/St. Regis Worldwide
3,729
W
North America
W Los Angeles Westwood
Los Angeles, CA 258
W San Francisco
San Francisco, CA 423
W Atlanta
Atlanta, GA
274
W Chicago - Lake Shore
Chicago, IL
556
W Chicago - City Center
Chicago, IL
390
W New Orleans - French
Quarter New Orleans, LA
98
W New Orleans
New Orleans, LA 423
W New York - The Tuscany
New York, NY
122
W New York - The Court
New York, NY
198
W New York
New York, NY
713
W New York - Times Square
New York, NY
509
W Seattle
Seattle, WA
426
W Worldwide
4,390
Four Points
North America
Four Points by Sheraton
Tucson
University
Plaza Tucson, AZ
150
Four Points by Sheraton
Rancho
Bernardo
Rancho Bernardo, CA 209
Four Points by Sheraton
Denver
Cherry
Creek Denver, CO
320
Four Points by Sheraton
Minneapolis
Minneapolis, MN 253
Four Points by Sheraton
Portland
Downtown
Portland, OR
140
Four Points by Sheraton
Philadelphia
Airport Philadelphia, PA
177
North America
1,249
International
Four Points Sydney Hotel
Sydney, Australia 645
International
645
---
Four Points Worldwide
1,894
Other
North America
Clarion Hotel
Millbrae, CA
440
San Diego Marriott Suites
San Diego, CA
264
Sonoma County Hilton
Santa Rosa, CA
246
Capitol Hill Suites
Washington, DC
152
Deerfield Beach Hilton
Deerfield Beach, FL 221
Atlanta - Lenox Inn
Atlanta, GA
175
Tremont Hotel
Chicago, IL
130
Raphael
Chicago, IL
172
Boston Park Plaza Hotel
Boston, MA
950
BWI Airport Marriott
Baltimore, MD
310
Novi Hilton
Novi, MI
239
Doubletree Hotel Minneapolis
Airport Bloomington, MN 321
Wayfarer Inn
Bedford, NH
194
Marriott Forrestal Village
Hotel Princeton, NJ
294
Days Inn City Center
Portland, OR
173
Clarion Hotel Allentown
Allentown, PA
224
Caesars Cove Haven
Lakeville, PA
282
Caesars Pocono Palace
Marshalls Creek, PA 189
Caesars Paradise Stream
Mount Pocono, PA 164
Caesars Brookdale
Scotrun, PA
119
Courtyard by Marriott
Crystal City Arlington, VA
272
Residence Inn by Marriott
Tyson's Corner Vienna, VA
96
Days Inn Town Center
Seattle, WA
91
Sixth Avenue Inn
Seattle, WA
166
Other Worldwide
5,884
Total Company Worldwide
56,801 |
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading
hotel and leisure companies in the world with more than 740 properties
in 80 countries and 110,000 employees at its owned and managed properties.
With internationally renowned brands, Starwood is a fully integrated owner,
operator and franchiser of hotels and resorts including: St. Regis(R),
The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton
and W(R) brands, as well as Starwood Vacation Ownership, Inc., one of the
premier developers and operators of high quality vacation interval ownership.
This press release contains forward-looking statements within the meaning
of federal securities regulations. |
