STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per Share data)
Three Months Ended
March 31,
%
2003 2002 Variance
-------- -------- ---------
Revenues
Owned, leased and consolidated joint
venture hotels
$732 $742 (1.3)
Other hotel and leisure(a)
151 142
6.3
-------- -------- ---------
883 884 (0.1)
Other revenues from managed and franchised
properties.
190 202 (5.9)
-------- -------- ---------
1,073 1,086 (1.2)
-------- -------- ---------
Costs and Expenses
Owned, leased and consolidated joint
venture hotels
586 558 (5.0)
Selling, general, administrative and
other(b)
121 88 (37.5)
Restructuring and other special credits,
net
-- (2)
n/m
Depreciation
111 111
--
Amortization
6 5 (20.0)
-------- -------- ---------
824 760 (8.4)
Other expenses from managed and franchised
properties
190 202
5.9
-------- -------- ---------
1,014 962 (5.4)
-------- -------- ---------
Operating income
59 124 (52.4)
Interest expense, net of interest
income(c)
(77) (76) (1.3)
Loss on asset dispositions and
impairments, net
(170) (3) n/m
-------- -------- ---------
(188) 45
n/m
Income tax benefit (expense)
70 (13) n/m
Minority equity in net income
1 1
--
-------- -------- ---------
Income (loss) from continuing operations
(117) 33
n/m
Discontinued operations
Loss from operations, net of
taxes of
$0 and $0(d)
(1) (1)
--
Gain on disposition, net of taxes of $1
and 0
2 --
n/m
-------- -------- ---------
Net income (loss)
$(116) $32
n/m
======== ======== =========
Earnings (Loss) Per Share -- Basic
Continuing operations
$(0.58) $0.16 n/m
Discontinued operations
-- --
--
-------- -------- ---------
Net income (loss)
$(0.58) $0.16 n/m
======== ======== =========
Earnings (Loss) Per Share -- Diluted
Continuing operations
$(0.58) $0.16 n/m
Discontinued operations
-- --
--
-------- -------- ---------
Net income (loss)
$(0.58) $0.16 n/m
======== ======== =========
Weighted average number of Shares
200 200
======== ========
Weighted average number of Shares assuming
dilution
200 205
======== ========
Reconciliation of Operating Income to
EBITDA(e)
Operating income
$59 $124 (52.4)
Depreciation(f)
117 117
--
Amortization
6 5
20.0
Interest expense of unconsolidated joint
ventures
4 4
--
-------- -------- ---------
EBITDA
$186 $250 (25.6)
======== ======== =========
Foreign exchange gains from Argentina
-- (24) n/m
Restructuring and other special credits
-- (2)
n/m
-------- -------- ---------
EBITDA excluding special items
$186 $224 (17.0)
======== ======== =========
(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 vacation ownership
operations.
(c) Interest expense is net of $4 million of discontinued
operations
allocations for both periods
presented.
(d) During the quarters ended March 31, 2003 and
2002, the Principe is
presented as a discontinued
operation as a result of the announced
sale of this hotel.
(e) For the three months ended March 31, 2002, EBITDA
includes $24
million of foreign exchange
gains related to the devaluation of
the Argentine Peso and $2 million
of restructuring credits.
(f) Includes Starwood's share of depreciation expense
of
unconsolidated joint ventures.
n/m = not meaningful
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
March 31, December 31,
2003 2002
------------ ------------
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$158 $108
Restricted cash
146 108
Accounts receivable, net of allowance for
doubtful accounts of $48 and $45
376 398
Inventories
213 214
Prepaid expenses and other
148 108
------------ ------------
Total current assets
1,041 936
Investments
407 434
Plant, property and equipment, net
6,925 6,911
Assets held for sale (a)
667 839
Goodwill and intangible assets, net
2,576 2,570
Other assets
493 500
------------ ------------
$12,109 $12,190
============ ============
Liabilities and Stockholders' Equity Current liabilities:
Short-term borrowings and current
maturities of long-term debt (b)
$908 $870
Accounts payable
220 223
Accrued expenses
561 671
Accrued salaries, wages and benefits
166 178
Accrued taxes and other
211 188
------------ ------------
Total current liabilities
2,066 2,130
Long-term debt (b)
4,597 4,449
Deferred income taxes
909 986
Other liabilities
547 538
------------ ------------
8,119 8,103
------------ ------------
Minority interest
37 39
------------ ------------
Class B exchangeable preferred shares of the
Trust, at redemption value of $38.50
35 51
------------ ------------
Commitments and contingencies Stockholders' equity:
Class A exchangeable preferred shares of
the Trust; $0.01 par value; authorized
30,000,000 shares; outstanding 493,775
and
493,968 shares at March 31, 2003 and
December 31, 2002, respectively
-- --
Corporation common stock; $0.01 par value;
authorized 1,050,000,000 shares;
outstanding 200,547,758 and 199,579,542
shares at March 31, 2003 and December
31,
2002, respectively
2 2
Trust Class B shares of beneficial
interest; $0.01 par value; authorized
1,000,000,000 shares; outstanding
200,547,758 and 199,579,542 shares
at
March 31, 2003 and December 31, 2002,
respectively
2 2
Additional paid-in capital
4,928 4,905
Deferred compensation
(19) (14)
Accumulated other comprehensive income
(455) (474)
Accumulated deficit
(540) (424)
------------ ------------
Total stockholders' equity
3,918 3,997
------------ ------------
$12,109 $12,190
============ ============
(a) Represents the carrying value of the plant,
property and equipment
for the Principe, Sardinia Assets,
which are under binding sales
agreements and the 18 Hotel
Portfolio.
(b) Excludes Starwood's share of unconsolidated
joint venture debt
aggregating approximately $394
million.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended March 31, 2003
UNAUDITED
WORLDWIDE
NORTH AMERICA
----------------------- ------------------------
2003 2002 Var. 2003
2002 Var.
-------- ------- ------ -------- ------- ------
156 Hotels
112 Hotels
----------------------- ------------------------
OWNED HOTELS
REVPAR
($) 88.60 90.16 -1.7%
90.15 92.97 -3.0%
ADR
($) 147.60 149.20
-1.1% 147.16 151.87 -3.1%
OCCUPANCY
(%) 60.0% 60.4% -0.4
61.3% 61.2% 0.1
68
45
----------------------- -----------------------
SHERATON
REVPAR
($) 70.97 74.82 -5.1%
73.69 78.17 -5.7%
ADR
($) 123.69 127.46
-3.0% 125.33 131.00 -4.3%
OCCUPANCY
(%) 57.4% 58.7% -1.3
58.8% 59.7% -0.9
37
24
----------------------- -----------------------
WESTIN
REVPAR
($) 105.37 103.40 1.9%
100.52 100.92 -0.4%
ADR
($) 157.71 155.56
1.4% 145.71 148.42 -1.8%
OCCUPANCY
(%) 66.8% 66.5% 0.3
69.0% 68.0% 1.0
12
5
----------------------- -----------------------
LUXURY COLLECTION
REVPAR
($) 188.77 208.89 -9.6%
232.06 269.74 -14.0%
ADR
($) 337.07 342.37
-1.5% 372.03 403.35 -7.8%
OCCUPANCY
(%) 56.0% 61.0% -5.0
62.4% 66.9% -4.5
12
12
----------------------- -----------------------
W
REVPAR
($) 122.51 110.49 10.9%
122.51 110.49 10.9%
ADR
($) 199.74 202.01
-1.1% 199.74 202.01 -1.1%
OCCUPANCY
(%) 61.3% 54.7% 6.6
61.3% 54.7% 6.6
27
26
----------------------- -----------------------
OTHER
REVPAR
($) 60.26 61.63 -2.2%
59.41 62.79 -5.4%
ADR
($) 105.78 106.07
-0.3% 109.79 110.93 -1.0%
OCCUPANCY
(%) 57.0% 58.1% -1.1
54.1% 56.6% -2.5
INTERNATIONAL(2)
---------------------------
2003 2002 Var.
--------- -------- --------
44 Hotels
OWNED HOTELS
REVPAR
($)
83.55 81.02 3.1%
ADR
($)
149.14 139.99 6.5%
OCCUPANCY
(%)
56.0% 57.9% -1.9
23
SHERATON
REVPAR
($)
64.69 67.08 -3.6%
ADR
($)
119.55 118.79 0.6%
OCCUPANCY
(%)
54.1% 56.5% -2.4
13
WESTIN
REVPAR
($)
123.20 112.69 9.3%
ADR
($)
209.40 185.48 12.9%
OCCUPANCY
(%)
58.8% 60.8% -2.0
7
LUXURY COLLECTION
REVPAR
($)
122.89 116.29 5.7%
ADR
($)
265.40 223.24 18.9%
OCCUPANCY
(%)
46.3% 52.1% -5.8
W
REVPAR
($)
ADR
($)
OCCUPANCY
(%)
1
OTHER
REVPAR
($)
68.11 51.03 33.5%
ADR
($)
81.79 70.92 15.3%
OCCUPANCY
(%)
83.3% 72.0% 11.3
(1) Hotel Results exclude 6 hotels without comparable
results, 1 hotel
held for sale and classified
as a discontinued operation and 2
hotels sold during 2002.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended March 31, 2003
UNAUDITED
EUROPE
2003 2002 Var.
-------- ------- --------
27 Hotels
OWNED HOTELS
REVPAR ($)
106.45 97.16 9.6%
ADR ($)
199.05 168.63 18.0%
OCCUPANCY (%)
53.5% 57.6% -4.1
10
SHERATON
REVPAR ($)
83.98 81.73 2.8%
ADR ($)
150.98 131.47 14.8%
OCCUPANCY (%)
55.6% 62.2% -6.6
10
WESTIN
REVPAR ($)
128.87 108.78 18.5%
ADR ($)
238.18 200.93 18.5%
OCCUPANCY (%)
54.1% 54.1% 0.0
7
LUXURY COLLECTION
REVPAR ($)
122.89 116.29 5.7%
ADR ($)
265.40 223.24 18.9%
OCCUPANCY (%)
46.3% 52.1% -5.8
OTHER
REVPAR ($)
ADR ($)
OCCUPANCY (%)
(1) Hotel Results exclude 6 hotels without comparable
results, 1 hotel
held for sale and classified
as a discontinued operation and 2
hotels sold during 2002.
LATIN AMERICA
2003 2002 Var.
-------- ------- --------
13 Hotels
OWNED HOTELS
REVPAR ($)
59.00 68.59 -14.0%
ADR ($)
108.45 122.06 -11.2%
OCCUPANCY (%)
54.4% 56.2% -1.8
10
SHERATON
REVPAR ($)
48.67 57.84 -15.9%
ADR ($)
95.44 111.61 -14.5%
OCCUPANCY (%)
51.0% 51.8% -0.8
3
WESTIN
REVPAR ($)
108.75 123.09 -11.7%
ADR ($)
153.48 157.10 -2.3%
OCCUPANCY (%)
70.9% 78.4% -7.5
LUXURY COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY (%)
OTHER
REVPAR ($)
ADR ($)
OCCUPANCY (%)
(1) Hotel Results exclude 6 hotels without comparable
results, 1 hotel
held for sale and classified
as a discontinued operation and 2
hotels sold during 2002.
ASIA PACIFIC
2003 2002 Var.
-------- ------- --------
4 Hotels
OWNED HOTELS
REVPAR ($)
71.29 57.67 23.6%
ADR ($)
101.33 90.41 12.1%
OCCUPANCY (%)
70.4% 63.8% 6.6
3
SHERATON
REVPAR ($)
73.28 61.83 18.5%
ADR ($)
117.69 105.40 11.7%
OCCUPANCY (%)
62.3% 58.7% 3.6
WESTIN
REVPAR ($)
ADR ($)
OCCUPANCY (%)
LUXURY COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY (%)
1
OTHER
REVPAR ($)
68.11 51.03 33.5%
ADR ($)
81.79 70.92 15.3%
OCCUPANCY (%)
83.3% 72.0% 11.3
(1) Hotel Results exclude 6 hotels without comparable
results, 1 hotel
held for sale and classified
as a discontinued operation and 2
hotels sold during 2002.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended March 31, 2003
UNAUDITED ($thousands)
WORLDWIDE
2003 2002 Var.
-------- -------- --------
156 Hotels
OWNED HOTELS
Total REVENUE
730,106 737,059 -0.9%
Total EBITDA(3)
156,338 192,603 -18.8%
MARGIN %
21.4% 26.1% -4.7
68
SHERATON
REVENUE
278,670 289,949 -3.9%
EBITDA
55,757 76,076 -26.7%
MARGIN %
20.0% 26.2% -6.2
37
WESTIN
REVENUE
231,087 224,217 3.1%
EBITDA
59,363 63,086 -5.9%
MARGIN %
25.7% 28.1% -2.4
12
LUXURY COLLECTION
REVENUE
91,132 97,866 -6.9%
EBITDA
19,564 29,618 -33.9%
MARGIN %
21.5% 30.3% -8.8
12
W
REVENUE
71,586 66,306 8.0%
EBITDA(3)
13,877 12,804 8.4%
MARGIN %
19.4% 19.3% 0.1
27
OTHER
REVENUE
57,631 58,721 -1.9%
EBITDA
7,777 11,019 -29.4%
MARGIN %
13.5% 18.8% -5.3
NORTH AMERICA
2003 2002 Var.
-------- -------- --------
112 Hotels
OWNED HOTELS
Total REVENUE
565,478 578,990 -2.3%
Total EBITDA(3)
124,139 154,433 -19.6%
MARGIN %
22.0% 26.7% -4.7
45
SHERATON
REVENUE
199,566 207,719 -3.9%
EBITDA
37,452 53,066 -29.4%
MARGIN %
18.8% 25.5% -6.7
24
WESTIN
REVENUE
171,648 171,412 0.1%
EBITDA
46,706 50,273 -7.1%
MARGIN %
27.2% 29.3% -2.1
5
LUXURY COLLECTION
REVENUE
70,581 79,027 -10.7%
EBITDA
18,280 26,938 -32.1%
MARGIN %
25.9% 34.1% -8.2
12
W
REVENUE
71,586 66,306 8.0%
EBITDA(3)
13,877 12,804 8.4%
MARGIN %
19.4% 19.3% 0.1
26
OTHER
REVENUE
52,097 54,526 -4.5%
EBITDA
7,824 11,352 -31.1%
MARGIN %
15.0% 20.8% -5.8
INTERNATIONAL(2)
2003 2002 Var.
-------- -------- --------
44 Hotels
OWNED HOTELS
Total REVENUE
164,628 158,069 4.1%
Total EBITDA(3)
32,199 38,170 -15.6%
MARGIN %
19.6% 24.1% -4.5
23
SHERATON
REVENUE
79,104 82,230 -3.8%
EBITDA
18,305 23,010 -20.4%
MARGIN %
23.1% 28.0% -4.9
13
WESTIN
REVENUE
59,439 52,805 12.6%
EBITDA
12,657 12,813 -1.2%
MARGIN %
21.3% 24.3% -3.0
7
LUXURY COLLECTION
REVENUE
20,551 18,839 9.1%
EBITDA
1,284 2,680 -52.1%
MARGIN %
6.2% 14.2% -8.0
W
REVENUE
EBITDA(3)
MARGIN %
1
OTHER
REVENUE
5,534 4,195 31.9%
EBITDA
(47) (333) 85.9%
MARGIN %
-0.8% -7.9% 7.1
(1) Hotel Results exclude 6 hotels without comparable
results, 1 hotel
held for sale and classified
as a discontinued operation and 2
hotels sold during 2002.
(2) See next page for breakdown by division.
(3) NAD and Worldwide EBITDA excludes lease expense
of $4,288 in 2003
and $4,234 in 2002 related to
the lease of the W Time Square in
New York.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended March 31, 2003
UNAUDITED ($thousands)
EUROPE
2003 2002 Var.
-------- ------- --------
27 Hotels
OWNED HOTELS
Total
REVENUE
103,346 92,632 11.6%
Total
EBITDA
14,144 16,143 -12.4%
MARGIN %
13.7% 17.4% -3.7
10
SHERATON
REVENUE
38,283 37,487 2.1%
EBITDA
6,959 8,715 -20.1%
MARGIN %
18.2% 23.2% -5.0
10
WESTIN
REVENUE
44,512 36,306 22.6%
EBITDA
5,901 4,748 24.3%
MARGIN %
13.3% 13.1% 0.2
7
LUXURY COLLECTION
REVENUE
20,551 18,839 9.1%
EBITDA
1,284 2,680 -52.1%
MARGIN %
6.2% 14.2% -8.0
OTHER
REVENUE
EBITDA
MARGIN %
LATIN AMERICA
2003 2002 Var.
-------- ------- --------
13 Hotels
OWNED HOTELS
Total REVENUE
43,905 51,079 -14.0%
Total EBITDA
15,295 19,926 -23.2%
MARGIN %
34.8% 39.0% -4.2
10
SHERATON
REVENUE
28,978 34,580 -16.2%
EBITDA
8,539 11,861 -28.0%
MARGIN %
29.5% 34.3% -4.8
3
WESTIN
REVENUE
14,927 16,499 -9.5%
EBITDA
6,756 8,065 -16.2%
MARGIN %
45.3% 48.9% -3.6
LUXURY COLLECTION
REVENUE
EBITDA
MARGIN %
OTHER
REVENUE
EBITDA
MARGIN %
ASIA PACIFIC
2003 2002 Var.
-------- ------- --------
4 Hotels
OWNED HOTELS
Total
REVENUE
17,377 14,358 21.0%
Total
EBITDA
2,760 2,101 31.4%
MARGIN %
15.9% 14.6% 1.3
3
SHERATON
REVENUE
11,843 10,163 16.5%
EBITDA
2,807 2,434 15.3%
MARGIN %
23.7% 23.9% -0.2
WESTIN
REVENUE
EBITDA
MARGIN %
LUXURY COLLECTION
REVENUE
EBITDA
MARGIN %
1
OTHER
REVENUE
5,534 4,195 31.9%
EBITDA
(47) (333) 85.9%
MARGIN %
-0.8% -7.9% 7.1
(1) Hotel Results exclude 6 hotels without comparable
results, 1 hotel
held for sale and classified
as a discontinued operation and 2
hotels sold during 2002.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Debt Portfolio Summary
As of March 31, 2003
UNAUDITED
%
Interest Balance
of
Debt
Terms (in millions) Portfolio
---------------------------- ----------------
----------- -----------
Floating Rate Debt:
Senior credit facility
Revolving credit facility VARIOUS
+ 162.5 $483
9%
Term loan
LIBOR + 162.5 300
5%
----------- -----------
783 14%
450M Euro facility
EURIBOR + 195 492
9%
Mortgages and other
Various
252 5%
Interest rate swaps
Various 1,004
18%
----------- -----------
Total Floating
2,531 46%
Fixed Rate Debt:
Sheraton Holding public debt
1,324 24%
Senior notes
1,543 28%
Convertible debt
318 6%
Mortgages and other
793 14%
Interest rate swaps
(1,004) -18%
----------- -----------
Total Fixed
2,974 54%
----------- -----------
Total Debt
$5,505 100%
=========== ===========
Interest Avg
Maturity
Debt
Rate
(in years)
---------------------------- ----------------------
----------------
Floating Rate Debt:
Senior credit facility
Revolving credit facility
3.58% 3.5
Term loan
2.93% 2.8
3.33% 3.2
450M Euro facility
4.47% 0.7 (1)
Mortgages and other
5.41% 2.0
Interest rate swaps
5.21%
Total Floating
4.50% 2.2
Fixed Rate Debt:
Sheraton Holding public debt
6.52% 8.0 (2)
Senior notes
7.04% 6.8 (3)
Convertible debt
3.25% 1.2 (4)
Mortgages and other
7.27% 9.1
Interest rate swaps
7.25%
Total Fixed
6.25% 7.2
Total Debt
5.44% 5.8
Maturities ($ millions)
less than 1 year
$908
2-3 years
1,092
4-5 years
1,417
greater than 5 years
2,088
$5,505
(1) The proceeds from the sales of the Principe
and Sardinia Assets
will be used to repay this debt
as required by the debt agreement;
$4 million of interest expense
associated with the Principe sale
has been allocated to discontinued
operations.
(2) Balance consists of outstanding public debt
of $1.297 billion and
a $19 million fair value adjustment
related to the unamortized
gain on fixed to floating interest
rate swaps terminated in
September 2002 and an $8 million
fair value adjustment related to
current fixed to floating interest
rate swaps.
(3) Balance consists of outstanding public debt
of $1.494 billion and
a $37 million fair value adjustment
related to the unamortized
gain on fixed to floating interest
rate swaps terminated in
September 2002 and a $12 million
fair value adjustment related to
current fixed to floating interest
rate swaps.
(4) Maturity date reflects the first put date of
the convertible debt.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotels without
Comparable Results & Other Selected Items
For the Three Months Ended March 31, 2003
UNAUDITED ($ millions)
Properties without Comparable Results during the
1st Quarter 2003
Property
Location
--------
--------
Hotel Des Bains
Venice Lido, Italy
Hotel Cala di Volpe
Costa Smeralda, Italy
Hotel Pitrizza
Costa Smeralda, Italy
Hotel Romazzino
Costa Smeralda, Italy
Cervo Hotel & Conference Center
Costa Smeralda, Italy
The Westin Excelsior, Venice Lido
Venice Lido, Italy
Clarion Hotel Allentown
Allentown, PA
Minneapolis - Doubletree
Minneapolis, MN
Property Classified as a Discontinued Operation
Property
Location
--------
--------
Hotel Principe di Savoia
Milan, Italy
Selected Balance Sheet and Cash Flow Items:
Cash and cash equivalents (including restricted
cash
of $146 million)
$ 304
Capital expenditures (including timeshare inventory
and development capital)
$ 87
Debt level
$ 5,505
2002 Actual EBITDA Associated with Assets Held
For Sale:
Q1 Q2
Q3 Q4 Full Year
EBITDA
$13 $26 $47
$16 $102
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Capital Expenditures
For the Three Months Ended March 31, 2003
UNAUDITED ($ millions)
Capital Expenditures:
Owned, Leased and Consolidated Joint
Venture Hotels $
22
Corporate/IT
6
Subtotal
28
Vacation Ownership Capital Expenditures:
Capital expenditures (includes land
acquisition)
24
Inventory
16
Subtotal
40
Development Capital (1)
19
Total Capital Expenditures
$ 87
(1) Includes St. Regis San Francisco of $13
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Summary of Portfolio by Properties & Rooms
As of March 31, 2003
UNAUDITED
PROPERTIES
Lux. Col./
Sheraton Westin St. Regis
Owned, leased & consolidated JVs
68 38
18
Unconsolidated joint ventures
28 10
2
Equity interest properties
96 48
20
Managed (third-party owned)
143 43
18
Franchised, represented &
referral
157 26
12
Total
396 117
50
ROOMS
Lux. Col./
Sheraton Westin St. Regis
Owned, leased & consolidated JVs
26,982 14,467
3,731
Unconsolidated joint ventures
10,516 4,495
441
Equity interest properties
37,498 18,962
4,172
Managed (third-party owned)
48,681 21,627
3,059
Franchised, represented &
referral
47,593 8,585
1,410
Total
133,772 49,174
8,641
PROPERTIES
Four
Points W Other
Total
Owned, leased & consolidated JVs
7 12
20 163
Unconsolidated joint ventures
1 -
1 42
Equity interest properties
8 12
21 205
Managed (third-party owned)
22 5
5 236
Franchised, represented &
referral
109 -
- 304
Total
139 17
26 745
ROOMS
Four
Points W Other
Total
Owned, leased & consolidated JVs
1,781 4,378 4,782 56,121
Unconsolidated joint ventures
128 -
132 15,712
Equity interest properties
1,909 4,378 4,914 71,833
Managed (third-party owned)
4,076 856 945
79,244
Franchised, represented &
referral
19,550 -
- 77,138
-------------------------------------
Total
25,535 5,234 5,859 228,215
=====================================
|