The following represents a reconciliation of income from
continuing operations before special items to income from continuing operations
after special items (in millions, except per share data):
Three Months Ended
June 30, Six Months Ended
June 30,
2008
2007 2008
2007
$ 107 $ 178
Income from continuing operations before special items $ 190
$ 282
$ 0.56 $ 0.82
EPS before special items $ 1.01
$ 1.30
Special Items
(1 ) (49 )
Restructuring and other special charges, net (a) (10
) (47 )
1
(8 ) Gain/(loss) on asset dispositions and impairments,
net (b) ? 3
? (57 ) Total
special items � pre-tax (10 ) (44
)
? 25 Income
tax benefit for special items (c) 6
27
? (1
) Income tax (expense) benefits related to the transaction
with Host (d) ? 3
? (33
) Total special items � after-tax (4
) (14 )
$ 107 $ 145
Income from continuing operations $ 186
$ 268
$ 0.56 $ 0.67
EPS including special items $ 0.99
$ 1.23
(a) During the three months ended June 30, 2008, the
Company recorded additional costs related to the demolition of the Sheraton
Bal Harbour. During the six months ended June 30, 2008, the Company recorded
a restructuring charge associated with the reorganization of certain divisions
and the consolidation of certain sites. During the three and six months
ended June 30, 2007, the charge primarily relates to accelerated depreciation
of fixed assets in connection with the conversion of the Sheraton Bal Harbour
into a St. Regis Hotel with residences and fractional units, partially
offset by the refund of insurance premiums related to a retired executive.
(b) During the three and six months ended June 30, 2008,
the Company recorded insurance proceeds related to fire damage at a hotel,
offset in the case of the six month period, by the impairment charge in
the first quarter of 2008 related to a hotel held for sale. For the three
months ended June 30, 2007, primarily reflects a $29 million loss on the
sale of three hotels offset by a $15 million gain on the sale of assets
in which the Company held a minority interest and insurance proceeds of
$6 million. The gain for the six months ended June 30, 2007 also includes
an $11 million gain on the sale of one hotel.
(c) For the six months ended June 30, 2008, the benefit
relates to the reduction of valuation allowance for capital losses that
are expected to be utilized prior to their expiration and the tax benefits
at the statutory rate for the reorganization described in (a). In 2007,
the amount represents taxes on special items at the Company�s incremental
tax rate and the favorable impact of capital loss utilization.
(d) Primarily relates to a deferred tax asset recognized
on the deferred gain and other tax (expense) benefits realized in connection
with the Host transaction.
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)
Three Months Ended
Six Months Ended
June
30,
June 30,
---------------------------
------------------------
%
%
2008 2007
Variance
2008 2007 Variance
------- ---------- --------
------- ------- --------
Revenues
Owned, leased
and
consolidated
joint venture
$ 620 $ 634
(2.2) hotels
$1,180 $1,193 (1.1)
Vacation
ownership and
residential
sales and
194
274 (29.2) services
387 506 (23.5)
Management
fees,
franchise fees
and other
218
195 11.8 income
424 386 9.8
Other revenues
from managed
and franchised
541
469 15.4 properties (a)
1,048 918 14.2
------- ---------- --------
------- ------- --------
1,573 1,572
0.1
3,039 3,003 1.2
Costs and
Expenses
Owned, leased
and
consolidated
joint venture
454
461 1.5 hotels
892 897 0.6
Vacation
ownership and
159
201 20.9 residential
317 380 16.6
Selling,
general,
administrative
138
129 (7.0) and other
268 244 (9.8)
Restructuring
and other
special
1
49 98.0 charges, net
10 47 78.7
72
67 (7.5) Depreciation
143 134 (6.7)
9
7 (28.6) Amortization
16 13 (23.1)
Other expenses
from managed
and franchised
541
469 (15.4) properties (a) 1,048
918 (14.2)
------- ---------- --------
------- ------- --------
1,374 1,383
0.7
2,694 2,633 (2.3)
Operating
199
189 5.3 income
345 370 (6.8)
Equity earnings
and gains and
losses from
unconsolidated
5
34 (85.3) ventures, net
11 46 (76.1)
Interest
expense, net
of interest
income of $1,
(55)
(36) (52.8) $3, $3 and $10 (102)
(68) (50.0)
Gain/(loss) on
asset
dispositions
and
impairments,
1
(8) n/m net
-- 3
n/m
------- ---------- --------
------- ------- --------
Income from
continuing
operations
before taxes
and minority
150
179 (16.2) equity
254 351 (27.6)
Income tax
(42)
(33) (27.3) expense
(68) (84) 19.0
Minority equity
in net
(1)
(1) -- (income)/loss
-- 1
n/m
------- ---------- --------
------- ------- --------
Income from
continuing
107
145 (26.2) operations
186 268 (30.6)
Discontinued
Operations:
Net loss on
(2)
-- n/m
dispositions ( (49) (1)
n/m
------- ---------- --------
------- ------- --------
$ 105 $
145 (27.6) Net income
$ 137 $ 267 (48.7)
======= ========== ========
======= ======= ========
Earnings (Loss)
Per Share -
Basic
Continuing
$ 0.58 $ 0.69
(15.9) operations $ 1.01
$ 1.28 (21.1)
Discontinued
(0.01)
-- n/m operations
(0.26) -- n/m
------- ---------- --------
------- ------- --------
$ 0.57 $ 0.69
(17.4) Net income $ 0.75
$ 1.28 (41.4)
======= ========== ========
======= ======= ========
Earnings (Loss)
Per Share -
Diluted
Continuing
$ 0.56 $ 0.67
(16.4) operations $ 0.99
$ 1.23 (19.5)
Discontinued
--
-- -- operations
(0.26) -- n/m
------- ---------- --------
------- ------- --------
$ 0.56 $ 0.67
(16.4) Net income $ 0.73
$ 1.23 (40.7)
======= ========== ========
======= ======= ========
Weighted
average number
184
208
of Shares 184
209
======= ==========
======= =======
Weighted
average number
of Shares
assuming
188
216
dilution 188
217
======= ==========
======= =======
(a) The Company includes in revenues the reimbursement
of costs
incurred on behalf of managed hotel property owners
and franchisees
with no added margin and includes in costs and
expenses these
reimbursed costs. These costs relate primarily
to payroll costs at
managed properties where the Company is the employer.
n/m = not meaningful
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
June 30, December 31,
2008 2007
----------- ------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$ 128 $
162
Restricted cash
172 196
Accounts receivable, net of allowance for
doubtful accounts of $52 and $50
626 616
Inventories
896 714
Prepaid expenses and other
172 136
----------- ------------
Total current assets
1,994 1,824
Investments
429 423
Plant, property and equipment, net
3,810 3,850
Assets held for sale (a)
183 --
Goodwill and intangible assets, net
2,279 2,302
Deferred tax assets
699 729
Other assets (b)
541 494
----------- ------------
$ 9,935 $ 9,622
=========== ============
Liabilities and Stockholders' Equity
Current liabilities:
Short-term borrowings and current
maturities of long-term debt (c)
$ 571 $
5
Accounts payable
185 201
Accrued expenses
1,164 1,175
Accrued salaries, wages and benefits
342 405
Accrued taxes and other
301 315
----------- ------------
Total current liabilities
2,563 2,101
Long-term debt (c)
3,483 3,590
Deferred tax liabilities
32 28
Other liabilities
1,839 1,801
----------- ------------
7,917 7,520
Minority interest
26 26
Commitments and contingencies
Stockholders' equity:
Corporation common stock; $0.01 par
value; authorized 1,000,000,000
shares;
outstanding 186,954,645 and
190,998,585
shares at June 30, 2008 and
December
31, 2007, respectively
2
2
Additional paid-in capital
602 868
Accumulated other comprehensive loss
(102) (147)
Retained earnings
1,490 1,353
----------- ------------
Total stockholders' equity
1,992 2,076
----------- ------------
$ 9,935 $ 9,622
=========== ============
(a) Includes six hotels expected to be sold in 2008.
(b) Includes restricted cash of $8 million at June 30,
2008 and
December 31, 2007, respectively.
(c) Excludes Starwood's share of unconsolidated joint
venture debt
aggregating approximately $597 million and $572
million at June 30,
2008 and December 31, 2007, respectively.
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations - Historical Data
(in millions)
Three Months Ended
Six Months Ended
June 30,
June 30,
------------------------
-----------------------
%
%
2008 2007 Variance
2008 2007 Variance
------ ------ --------
----- ------ --------
Reconciliation of Net
Income to EBITDA and
Adjusted EBITDA
$105 $145
(27.6) Net income
$ 137 $ 267 (48.7)
62 44
40.9 Interest expense(a) 116
87 33.3
44 33
33.3 Income tax expense(b) 117
85 37.6
79 75
5.3 Depreciation(c)
157 149 5.4
9
8 12.5 Amortization (d)
17 15 13.3
------ ------ --------
----- ------ --------
299 305
(2.0) EBITDA
544 603 (9.8)
(Gain)/loss on asset
dispositions and
(1)
8 n/m impairments, net
-- (3) n/m
Restructuring and
other special
1
49 (98.0) charges, net
10 47 (78.7)
------ ------ --------
----- ------ --------
$299 $362
(17.4) Adjusted EBITDA $ 554
$ 647 (14.4)
====== ====== ========
===== ====== ========
(a) Includes $6 million and $5 million of interest expense
related to
unconsolidated joint ventures for the three months
ended June 30,
2008 and 2007, respectively, and $11 million and
$9 million for the
six months ended June 30, 2008 and 2007, respectively.
(b) Includes $2 million and $0 of tax expense recorded
in discontinued
operations for the three months ended June 30,
2008 and 2007,
respectively, and $49 million and $1 million for
the six months ended
June 30, 2008 and 2007 respectively.
(c) Includes $7 million and $8 million of Starwood's share
of
depreciation expense of unconsolidated joint ventures
for the three
months ended June 30, 2008 and 2007, respectively,
and $14 million
and $15 million for the six months ended June 30,
2008 and 2007,
respectively.
(d) Includes $0 million and $1 million of Starwood's share
of
amortization expense of unconsolidated joint ventures
for the three
months ended June 30, 2008 and 2007, respectively,
and $1 million and
$2 million for the six months ended June 30, 2008
and 2007,
respectively.
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Non-GAAP to
GAAP Reconciliations - Future Performance
(In millions, except per share data)
Low Case
Three Months Ended
Year Ended
September 30, 2008
December 31, 2008
------------------
-----------------
$
96 Net income
$ 403
59 Interest expense
230
43 Income tax expense
177
92 Depreciation and amortization
360
----------------
----------------
290 EBITDA
1,170
-- Loss on asset disposition and
impairments, net
--
-- Restructuring and other special
charges, net
10
----------------
----------------
$
290 Adjusted EBITDA
$ 1,180
================
================
Three Months Ended
Year Ended
September 30, 2008
December 31, 2008
------------------
-----------------
Income from continuing operations
$
96 before special items
$ 407
----------------
----------------
$
0.52 EPS before special items be
$ 2.17
----------------
----------------
Special Items
Restructuring and other special
-- charges, net
(10)
Loss on asset dispositions and
-- impairments, net
--
----------------
----------------
-- Total special items - pre-tax
(10)
-- Income tax benefit on special items
6
----------------
----------------
-- Total special items - after-tax
(4)
----------------
----------------
$
96 Income from continuing operations $
403
----------------
----------------
$
0.52 EPS including special items
$ 2.15
================
================
High Case
Three Months Ended
Year Ended
September 30, 2008
December 31, 2008
------------------
-----------------
$
106 Net income
$ 430
59 Interest expense
230
48 Income tax expense
190
92 Depreciation and amortization
360
----------------
----------------
305 EBITDA
1,210
Loss on asset disposition and
-- impairments, net
--
Restructuring and other special
-- charges, net
10
----------------
----------------
$
305 Adjusted EBITDA
$ 1,220
================
================
Three Months Ended
Year Ended
September 30, 2008
December 31, 2008
------------------
-----------------
Income from continuing operations
$
106 before special items
$ 434
----------------
----------------
$
0.57 EPS before special items be
$ 2.32
----------------
----------------
Special Items
Restructuring and other special
-- charges, net
(10)
Loss on asset dispositions and
-- impairments, net
--
----------------
----------------
-- Total special items - pre-tax
(10)
Income tax benefit on special
-- items
6
----------------
----------------
-- Total special items - after-tax
(4)
----------------
----------------
$
106 Income from continuing operations $
430
----------------
----------------
$
0.57 EPS including special items
$ 2.30
================
================
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations - Same Store Owned Hotel
Revenue and
Expenses
(In millions)
Three Months Ended
Six Months Ended
June 30,
June 30,
-----------------------
----------------------
Same-Store Owned Hotels
%
(1)
%
2008 2007 Variance
Worldwide 2008
2007 Variance
------ ------ --------
------ ------ --------
Revenue
Same-Store Owned
$587 $554
6.0 Hotels
$1,100 $1,031 6.7
Hotels Sold or Closed
in 2008 and 2007 (12
-- 40
n/m hotels)
2 90 (97.8)
Hotels Without
Comparable Results
31 38
(18.4) (6 hotels)
76 70 8.6
Other ancillary hotel
2
2 -- operations
2 2 --
------ ------ --------
------ ------ --------
Total Owned, Leased and
Consolidated Joint
$620 $634
(2.2) Venture Hotels Revenue $1,180 $1,193 (1.1)
====== ====== ========
====== ====== ========
Costs and Expenses
Same-Store Owned
$420 $393
(6.9) Hotels
$ 822 $ 765 (7.5)
Hotels Sold or Closed
in 2008 and 2007 (12
1
35 97.1 hotels)
3 73 95.9
Hotels Without
Comparable Results
31 31
-- (6 hotels)
65 57 (14.0)
Other ancillary hotel
2
2 -- operations
2 2 --
------ ------ --------
------ ------ --------
Total Owned, Leased and
Consolidated Joint
Venture Hotels Costs
$454 $461
1.5 and Expenses
$ 892 $ 897 0.6
====== ====== ========
====== ====== ========
Three Months Ended
Six Months Ended
June 30,
June 30,
-----------------------
----------------------
% Same-Store Owned Hotels
%
2008 2007 Variance
North America 2008 2007
Variance
------ ------ --------
------ ------ --------
Revenue
Same-Store Owned
$357 $341
4.7 Hotels
$ 687 $ 654 5.0
Hotels Sold or Closed
in 2008 and 2007 (12
-- 40
n/m hotels)
2 90 (97.8)
Hotels Without
Comparable Results
25 27
(7.4) (3 hotels)
61 55 10.9
------ ------ --------
------ ------ --------
Total Owned, Leased and
Consolidated Joint
$382 $408
(6.4) Venture Hotels Revenue $ 750 $ 799
(6.1)
====== ====== ========
====== ====== ========
Costs and Expenses
Same-Store Owned
$257 $245
(4.9) Hotels
$ 513 $ 486 (5.6)
Hotels Sold or Closed
in 2008 and 2007 (12
1
35 97.1 hotels)
3 73 95.9
Hotels Without
Comparable Results
23 22
(4.5) (3 hotels)
48 42 (14.3)
------ ------ --------
------ ------ --------
Total Owned, Leased and
Consolidated Joint
Venture Hotels Costs
$281 $302
7.0 and Expenses
$ 564 $ 601 6.2
====== ====== ========
====== ====== ========
Three Months Ended
Six Months Ended
June 30,
June 30,
-----------------------
----------------------
% Same-Store Owned Hotels
%
2008 2007 Variance
International 2008 2007
Variance
------ ------ --------
------ ------ --------
Revenue
Same-Store Owned
$230 $213
8.0 Hotels
$ 413 $ 377 9.5
Hotels Sold or
Closed in 2008 and
-- --
-- 2007 (0 hotels)
-- -- --
Hotels Without
Comparable Results
6
11 (45.5) (3 hotels)
15 15 --
Other ancillary
2
2 --
hotel operations 2
2 --
------ ------ --------
------ ------ --------
Total Owned, Leased and
Consolidated Joint
$238 $226
5.3 Venture Hotels Revenue $ 430 $ 394
9.1
====== ====== ========
====== ====== ========
Costs and Expenses
Same-Store Owned
$163 $148 (10.1)
Hotels
$ 309 $ 279 (10.8)
Hotels Sold or
Closed in 2008 and
-- --
-- 2007 (0 hotels)
-- -- --
Hotels Without
Comparable Results
8
9 11.1 (3 hotels)
17 15 (13.3)
Other ancillary
2
2 --
hotel operations 2
2 --
------ ------ --------
------ ------ --------
Total Owned, Leased and
Consolidated Joint
Venture Hotels Costs
$173 $159
(8.8) and Expenses
$ 328 $ 296 (10.8)
====== ====== ========
====== ====== ========
(1) Same-Store Owned Hotel Results exclude 12 hotels sold
or closed in
2008 and 2007 and 6 hotels without comparable results.
Starwood Hotels&Resorts
Worldwide, Inc.
Systemwide(1) Statistics - Same Store
For the Three Months Ended June 30,
UNAUDITED
Systemwide - Systemwide
-
Worldwide North
America
--------------------- ---------------------
2008 2007 Var. 2008
2007 Var.
------- ------- ----- ------- ------- -----
TOTAL HOTELS
REVPAR ($)
135.91 123.97 9.6% 129.96 126.12 3.0%
ADR ($)
189.89 174.04 9.1% 175.75 169.44 3.7%
Occupancy (%)
71.6% 71.2% 0.4 73.9% 74.4%
-0.5
SHERATON
REVPAR ($)
117.26 106.16 10.5% 113.84 110.08 3.4%
ADR ($)
166.04 151.30 9.7% 155.04 149.14 4.0%
Occupancy (%)
70.6% 70.2% 0.4 73.4% 73.8%
-0.4
WESTIN
REVPAR ($)
149.90 141.92 5.6% 146.03 141.03 3.5%
ADR ($)
201.95 191.44 5.5% 192.58 185.55 3.8%
Occupancy (%)
74.2% 74.1% 0.1 75.8% 76.0%
-0.2
ST. REGIS/LUXURY
COLLECTION
REVPAR ($)
258.85 237.46 9.0% 232.69 233.18 -0.2%
ADR ($)
391.61 349.19 12.1% 347.27 340.97 1.8%
Occupancy (%)
66.1% 68.0% -1.9 67.0% 68.4%
-1.4
LE MERIDIEN
REVPAR ($)
165.26 139.22 18.7% 246.42 239.06 3.1%
ADR ($)
230.05 198.27 16.0% 318.47 304.26 4.7%
Occupancy (%)
71.8% 70.2% 1.6 77.4% 78.6%
-1.2
W
REVPAR ($)
227.78 224.46 1.5% 230.19 229.27 0.4%
ADR ($)
301.72 294.87 2.3% 299.88 292.42 2.6%
Occupancy (%)
75.5% 76.1% -0.6 76.8% 78.4%
-1.6
FOUR POINTS
REVPAR ($)
87.08 79.49 9.5% 80.48 77.89
3.3%
ADR ($)
120.76 110.06 9.7% 111.05 105.44 5.3%
Occupancy (%)
72.1% 72.2% -0.1 72.5% 73.9%
-1.4
OTHER
REVPAR ($)
116.23 110.34 5.3% 116.23 110.34 5.3%
ADR ($)
167.85 162.99 3.0% 167.85 162.99 3.0%
Occupancy (%)
69.2% 67.7% 1.5 69.2% 67.7%
1.5
Systemwide -
International
---------------------
2008 2007 Var.
------- ------- -----
TOTAL HOTELS
REVPAR ($)
143.66 121.15 18.6%
ADR ($)
209.78 180.71 16.1%
Occupancy (%)
68.5% 67.0% 1.5
SHERATON
REVPAR ($)
121.57 101.22 20.1%
ADR ($)
181.16 154.36 17.4%
Occupancy (%)
67.1% 65.6% 1.5
WESTIN
REVPAR ($)
161.09 144.52 11.5%
ADR ($)
231.52 210.34 10.1%
Occupancy (%)
69.6% 68.7% 0.9
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
276.73 240.37 15.1%
ADR ($)
422.61 354.85 19.1%
Occupancy (%)
65.5% 67.7% -2.2
LE MERIDIEN
REVPAR ($)
158.62 131.00 21.1%
ADR ($)
222.20 188.41 17.9%
Occupancy (%)
71.4% 69.5% 1.9
W
REVPAR ($)
204.70 178.23 14.9%
ADR ($)
323.08 329.01 -1.8%
Occupancy (%)
63.4% 54.2% 9.2
FOUR POINTS
REVPAR ($)
104.74 83.75 25.1%
ADR ($)
147.24 123.48 19.2%
Occupancy (%)
71.1% 67.8% 3.3
OTHER
REVPAR ($)
ADR ($)
Occupancy (%)
(1) Includes same store owned, leased, managed, and franchised
hotels
Starwood Hotels&Resorts Worldwide, Inc.
Worldwide Hotel Results - Same Store
For the Three Months Ended June 30,
UNAUDITED
Systemwide (1) Company Operated (2)
--------------------- ---------------------
2008 2007 Var. 2008
2007 Var.
------- ------- ----- ------- ------- -----
TOTAL WORLDWIDE
REVPAR ($)
135.91 123.97 9.6% 154.48 140.09 10.3%
ADR ($)
189.89 174.04 9.1% 212.12 194.34 9.1%
Occupancy (%)
71.6% 71.2% 0.4 72.8% 72.1%
0.7
NORTH AMERICA
REVPAR ($)
129.96 126.12 3.0% 160.21 155.25 3.2%
ADR ($)
175.75 169.44 3.7% 209.16 202.02 3.5%
Occupancy (%)
73.9% 74.4% -0.5 76.6% 76.9%
-0.3
EUROPE
REVPAR ($)
189.07 159.01 18.9% 206.86 178.08 16.2%
ADR ($)
266.68 224.53 18.8% 281.78 243.75 15.6%
Occupancy (%)
70.9% 70.8% 0.1 73.4% 73.1%
0.3
AFRICA&MIDDLE EAST
REVPAR ($)
146.32 116.03 26.1% 149.40 117.84 26.8%
ADR ($)
200.47 167.32 19.8% 202.26 168.51 20.0%
Occupancy (%)
73.0% 69.3% 3.7 73.9% 69.9%
4.0
ASIA PACIFIC
REVPAR ($)
112.94 99.05 14.0% 109.11 95.14 14.7%
ADR ($)
175.23 154.65 13.3% 170.10 149.43 13.8%
Occupancy (%)
64.5% 64.0% 0.5 64.1% 63.7%
0.4
LATIN AMERICA
REVPAR ($)
90.37 77.86 16.1% 96.17 83.48
15.2%
ADR ($)
137.08 128.27 6.9% 150.05 139.42 7.6%
Occupancy (%)
65.9% 60.7% 5.2 64.1% 59.9%
4.2
(1) Includes same store owned, leased, managed, and franchised
hotels
(2) Includes same store owned, leased, and managed hotels
Starwood Hotels&Resorts Worldwide, Inc.
Owned Hotel Results - Same Store (1)
For the Three Months Ended June 30,
UNAUDITED
WORLDWIDE
NORTH AMERICA
---------------------- ----------------------
2008 2007 Var. 2008
2007 Var.
-------- -------- ---- -------- -------- ----
TOTAL HOTELS
67 Hotels
36 Hotels
---------------------- ----------------------
REVPAR ($)
183.05 171.47 6.8% 184.03 174.86
5.2%
ADR ($)
246.17 232.29 6.0% 237.42 228.29
4.0%
Occupancy (%)
74.4% 73.8% 0.6 77.5%
76.6% 0.9
Total Revenue
586,912 553,583 6.0% 357,206 340,786 4.8%
Total Expenses
420,386 393,200 6.9% 257,741 245,150 5.1%
BRANDED HOTELS
59 Hotels
28 Hotels
---------------------- ----------------------
REVPAR ($)
190.34 178.14 6.8% 196.94 187.14
5.2%
ADR ($)
254.06 239.15 6.2% 249.03 239.03
4.2%
Occupancy (%)
74.9% 74.5% 0.4 79.1%
78.3% 0.8
Total Revenue
548,873 518,531 5.9% 319,167 305,734 4.4%
Total Expenses
389,449 363,545 7.1% 226,804 215,495 5.2%
INTERNATIONAL
-----------------------
2008 2007 Var.
-------- -------- -----
TOTAL HOTELS
31 Hotels
-----------------------
REVPAR ($)
181.50 166.06 9.3%
ADR ($)
261.76 239.34 9.4%
Occupancy (%)
69.3% 69.4% -0.1
Total Revenue
229,706 212,797 7.9%
Total Expenses
162,645 148,050 9.9%
BRANDED HOTELS
31 Hotels
-----------------------
REVPAR ($)
181.50 166.06 9.3%
ADR ($)
261.76 239.34 9.4%
Occupancy (%)
69.3% 69.4% -0.1
Total Revenue
229,706 212,797 7.9%
Total Expenses
162,645 148,050 9.9%
(1) Hotel Results exclude 12 hotels sold or closed and
6 hotels
without comparable results during 2008&2007
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Management Fees, Franchise Fees and Other Income
For the Three Months Ended June 30,
UNAUDITED ($ millions)
Worldwide
------------------------------------------
2008 2007 $ Variance
% Variance
-------- -------- ---------- ----------
Management Fees:
Base Fees
75 72
3 4.2%
Incentive Fees
40 34
6 17.6%
-------- -------- ---------- ----------
Total Management Fees
115 106
9 8.5%
Franchise Fees
44 37
7 18.9%
-------- -------- ---------- ----------
Total Management&Franchise
Fees
159 143
16 11.2%
Other Management&Franchise
Revenues (1)
24 21
3 14.3%
-------- -------- ---------- ----------
Total Management&Franchise
Revenues
183 164
19 11.6%
Other (2)
35 31
4 12.9%
-------- -------- ---------- ----------
Management Fees, Franchise
Fees&Other Income
218 195
23 11.8%
======== ======== ========== ==========
(1) Other Management&Franchise Revenues primarily
includes the
amortization of deferred gains of approximately
$21 million in 2008
and $20 million in 2007 resulting from the sales
of hotels subject to
long-term management contracts and termination
fees.
(2) Amount includes revenues from the Company's Bliss
spa and product
business and other miscellaneous revenue.
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Vacation Ownership&Residential
Revenues and Expenses
For the Three Months Ended June 30,
UNAUDITED ($ millions)
2008 2007 %
Variance
----------- -------- ----------
Originated Sales Revenues (1) --
Vacation Ownership Sales
142 191
(25.7%)
Other Sales and Services Revenues
(2)
51 47
8.5%
Deferred Revenues -- Percentage of
Completion
(5) 30
n/m
Deferred Revenues -- Other (3)
4 -
n/m
----------- -------- ----------
Vacation Ownership Sales and
Services Revenues
192 268
(28.4%)
Residential Sales and Services
Revenues
2 6
(66.7%)
----------- -------- ----------
Total Vacation Ownership &
Residential Sales and Services
Revenues
194 274
(29.2%)
=========== ======== ==========
Originated Sales Expenses (4) --
Vacation Ownership Sales
95 121
21.5%
Other Expenses (5)
57 54
(5.6%)
Deferred Expenses -- Percentage of
Completion
(2) 15
n/m
Deferred Expenses -- Other
8 8
-
----------- -------- ----------
Vacation Ownership Expenses
158 198
20.2%
Residential Expenses
1 3
66.7%
----------- -------- ----------
Total Vacation Ownership &
Residential Expenses
159 201
20.9%
=========== ======== ==========
(1) Timeshare sales revenue originated at each sales location
before
deferrals of revenue for U.S. GAAP reporting purposes
(2) Includes resort income, interest income, gain on sale
of notes
receivable, and miscellaneous other revenues
(3) Includes deferral of revenue for contracts still in
rescission
period, contracts that do not yet meet the requirements
of SFAS No.
66 or SFAS No. 152 and provision for loan loss,
offset by the
recognition of revenues previously deferred where
the recission
period has expired
(4) Timeshare cost of sales and sales&marketing expenses
before
deferrals of sales expenses for U.S. GAAP reporting
purposes
(5) Includes resort, general and administrative, and other
miscellaneous expenses
Note: Deferred revenue is calculated based on the Percentage
of
Completion ("POC") of the project. Deferred expenses,
also based on
POC, include product costs and direct sales and
marketing costs only.
Indirect sales and marketing costs are not deferred
per SFAS No. 152.
n/m = not meaningful
Starwood Hotels&Resorts Worldwide, Inc.
Systemwide(1) Statistics - Same Store
For the Six Months Ended June 30,
UNAUDITED
Systemwide - Systemwide
-
Worldwide North
America
--------------------- ---------------------
2008 2007 Var. 2008
2007 Var.
------- ------- ----- ------- ------- -----
TOTAL HOTELS
REVPAR ($)
129.37 118.85 8.9% 123.14 119.72 2.9%
ADR ($)
188.17 172.07 9.4% 175.34 167.75 4.5%
Occupancy (%)
68.8% 69.1% -0.3 70.2% 71.4%
-1.2
SHERATON
REVPAR ($)
111.05 101.89 9.0% 104.55 101.74 2.8%
ADR ($)
163.72 149.41 9.6% 150.80 144.50 4.4%
Occupancy (%)
67.8% 68.2% -0.4 69.3% 70.4%
-1.1
WESTIN
REVPAR ($)
144.16 136.88 5.3% 142.90 138.50 3.2%
ADR ($)
202.75 190.48 6.4% 196.52 187.10 5.0%
Occupancy (%)
71.1% 71.9% -0.8 72.7% 74.0%
-1.3
ST. REGIS/LUXURY
COLLECTION
REVPAR ($)
247.85 227.19 9.1% 248.63 244.14 1.8%
ADR ($)
379.84 340.91 11.4% 365.04 359.67 1.5%
Occupancy (%)
65.3% 66.6% -1.3 68.1% 67.9%
0.2
LE MERIDIEN
REVPAR ($)
157.40 133.65 17.8% 220.76 214.33 3.0%
ADR ($)
225.50 194.87 15.7% 306.56 288.76 6.2%
Occupancy (%)
69.8% 68.6% 1.2 72.0% 74.2%
-2.2
W
REVPAR ($)
216.35 208.72 3.7% 214.71 211.10 1.7%
ADR ($)
297.24 283.75 4.8% 289.42 279.14 3.7%
Occupancy (%)
72.8% 73.6% -0.8 74.2% 75.6%
-1.4
FOUR POINTS
REVPAR ($)
79.15 72.89 8.6% 74.54 71.60
4.1%
ADR ($)
115.91 106.18 9.2% 109.44 103.13 6.1%
Occupancy (%)
68.3% 68.7% -0.4 68.1% 69.4%
-1.3
OTHER
REVPAR ($)
97.98 93.68 4.6% 97.98 93.68
4.6%
ADR ($)
160.16 154.37 3.8% 160.16 154.37 3.8%
Occupancy (%)
61.2% 60.7% 0.5 61.2% 60.7%
0.5
Systemwide -
International
---------------------
2008 2007 Var.
------- ------- -----
TOTAL HOTELS
REVPAR ($)
137.48 117.73 16.8%
ADR ($)
205.73 178.15 15.5%
Occupancy (%)
66.8% 66.1% 0.7
SHERATON
REVPAR ($)
119.16 102.07 16.7%
ADR ($)
180.67 156.02 15.8%
Occupancy (%)
66.0% 65.4% 0.6
WESTIN
REVPAR ($)
147.72 132.29 11.7%
ADR ($)
221.94 201.20 10.3%
Occupancy (%)
66.6% 65.8% 0.8
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
247.29 215.14 14.9%
ADR ($)
391.20 327.15 19.6%
Occupancy (%)
63.2% 65.8% -2.6
LE MERIDIEN
REVPAR ($)
152.16 126.97 19.8%
ADR ($)
218.57 186.39 17.3%
Occupancy (%)
69.6% 68.1% 1.5
W
REVPAR ($)
232.15 185.80 24.9%
ADR ($)
391.14 346.14 13.0%
Occupancy (%)
59.4% 53.7% 5.7
FOUR POINTS
REVPAR ($)
93.36 76.85 21.5%
ADR ($)
135.59 115.98 16.9%
Occupancy (%)
68.9% 66.3% 2.6
OTHER
REVPAR ($)
ADR ($)
Occupancy (%)
(1) Includes same store owned, leased, managed, and franchised
hotels
Starwood Hotels&Resorts Worldwide, Inc.
Worldwide Hotel Results - Same Store
For the Six Months Ended June 30,
UNAUDITED
Systemwide (1) Company Operated (2)
--------------------- ---------------------
2008 2007 Var. 2008
2007 Var.
------- ------- ----- ------- ------- -----
TOTAL WORLDWIDE
REVPAR ($)
129.37 118.85 8.9% 146.59 133.45 9.8%
ADR ($)
188.17 172.07 9.4% 208.84 190.81 9.4%
Occupancy (%)
68.8% 69.1% -0.3 70.2% 69.9%
0.3
NORTH AMERICA
REVPAR ($)
123.14 119.72 2.9% 151.18 146.87 2.9%
ADR ($)
175.34 167.75 4.5% 207.50 199.06 4.2%
Occupancy (%)
70.2% 71.4% -1.2 72.9% 73.8%
-0.9
EUROPE
REVPAR ($)
161.36 138.14 16.8% 175.31 151.08 16.0%
ADR ($)
246.95 210.02 17.6% 259.91 225.24 15.4%
Occupancy (%)
65.3% 65.8% -0.5 67.4% 67.1%
0.3
AFRICA&MIDDLE EAST
REVPAR ($)
150.99 124.07 21.7% 153.19 125.64 21.9%
ADR ($)
208.71 177.49 17.6% 210.60 178.92 17.7%
Occupancy (%)
72.3% 69.9% 2.4 72.7% 70.2%
2.5
ASIA PACIFIC
REVPAR ($)
119.91 104.39 14.9% 114.78 98.53 16.5%
ADR ($)
183.36 159.81 14.7% 175.89 152.42 15.4%
Occupancy (%)
65.4% 65.3% 0.1 65.3% 64.6%
0.7
LATIN AMERICA
REVPAR ($)
95.88 85.34 12.4% 103.06 92.64 11.2%
ADR ($)
143.70 134.86 6.6% 155.28 147.54 5.2%
Occupancy (%)
66.7% 63.3% 3.4 66.4% 62.8%
3.6
(1) Includes same store owned, leased, managed, and franchised
hotels
(2) Includes same store owned, leased, and managed hotels
Starwood Hotels&Resorts Worldwide, Inc.
Owned Hotel Results - Same Store (1)
For the Six Months Ended June 30,
UNAUDITED
WORLDWIDE
NORTH AMERICA
-------------------------- -----------------------
2008 2007 Var.
2008 2007 Var.
---------- ---------- ---- -------- -------- -----
TOTAL HOTELS
67 Hotels
36 Hotels
-------------------------- -----------------------
REVPAR ($)
172.12 159.50 7.9% 176.32
165.65 6.4%
ADR ($)
240.87 223.67 7.7% 240.36
225.80 6.4%
Occupancy (%)
71.5% 71.3% 0.2 73.4%
73.4% 0.0
Total Revenue 1,100,108
1,030,700 6.7% 687,469 653,112 5.3%
Total Expenses 821,742
765,445 7.4% 512,813 485,793 5.6%
BRANDED HOTELS
59 Hotels
28 Hotels
-------------------------- -----------------------
REVPAR ($)
180.25 166.72 8.1% 191.23
179.34 6.6%
ADR ($)
248.33 230.03 8.0% 252.71
236.69 6.8%
Occupancy (%)
72.6% 72.5% 0.1 75.7%
75.8% -0.1
Total Revenue 1,035,105
968,650 6.9% 622,466 591,062 5.3%
Total Expenses 763,081
709,193 7.6% 454,152 429,541 5.7%
INTERNATIONAL
-----------------------
2008 2007 Var.
-------- -------- -----
TOTAL HOTELS
31 Hotels
-----------------------
REVPAR ($)
165.33 149.56 10.5%
ADR ($)
241.75 219.94 9.9%
Occupancy (%)
68.4% 68.0% 0.4
Total Revenue
412,639 377,588 9.3%
Total Expenses
308,929 279,652 10.5%
BRANDED HOTELS
31 Hotels
-----------------------
REVPAR ($)
165.33 149.56 10.5%
ADR ($)
241.75 219.94 9.9%
Occupancy (%)
68.4% 68.0% 0.4
Total Revenue
412,639 377,588 9.3%
Total Expenses
308,929 279,652 10.5%
(1) Hotel Results exclude 12 hotels sold or closed and
6 hotels
without comparable results during 2008&2007
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Management Fees, Franchise Fees and Other Income
For the Six Months Ended June 30,
UNAUDITED ($ millions)
Worldwide
------------------------------------------
2008 2007 $ Variance
% Variance
-------- -------- ---------- ----------
Management Fees:
Base Fees
143 134
9 6.7%
Incentive Fees
77 63
14 22.2%
-------- -------- ---------- ----------
Total Management Fees
220 197
23 11.7%
Franchise Fees
83 70
13 18.6%
-------- -------- ---------- ----------
Total Management &
Franchise Fees
303 267
36 13.5%
Other Management &
Franchise Revenues (1)
49 43
6 14.0%
-------- -------- ---------- ----------
Total Management &
Franchise Revenues
352 310
42 13.5%
Other (2)
72 76
(4) -5.3%
-------- -------- ---------- ----------
Management Fees, Franchise
Fees&Other Income
424 386
38 9.8%
======== ======== ========== ==========
(1) Other Management&Franchise Revenues primarily
includes the
amortization of deferred gains of approximately
$42 million in 2008
and $40 million in 2007 resulting from the sales
of hotels subject to
long-term management contracts and termination
fees.
(2) The amount includes revenues from the Company's Bliss
spa and
product business and other miscellaneous revenue.
In 2007, amount
includes $18 million of income earned from the
Company's carried
interests in the Westin Boston Waterfront Hotel
which was earned when
the hotel was sold by its owners in January 2007.
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Vacation Ownership&Residential
Revenues and Expenses
For the Six Months Ended June 30,
UNAUDITED ($ millions)
2008 2007 % Variance
--------- -------- ----------
Originated Sales Revenues (1) --
Vacation Ownership Sales
305 366
(16.7%)
Other Sales and Services Revenues (2)
105 91
15.4%
Deferred Revenues -- Percentage of
Completion
(29) 35
n/m
Deferred Revenues -- Other (3)
2 4
(50.0%)
--------- -------- ----------
Vacation Ownership Sales and Services
Revenues
383 496
(22.8%)
Residential Sales and Services
Revenues
4 10
(60.0%)
--------- -------- ----------
Total Vacation Ownership&Residential
Sales and Services Revenues
387 506
(23.5%)
========= ======== ==========
Originated Sales Expenses (4) --
Vacation Ownership Sales
212 235
9.8%
Other Expenses (5)
103 103
-
Deferred Expenses -- Percentage of
Completion
(15) 18
n/m
Deferred Expenses -- Other
13 16
18.8%
--------- -------- ----------
Vacation Ownership Expenses
313 372
15.9%
Residential Expenses
4 8
50.0%
--------- -------- ----------
Total Vacation Ownership&Residential
Expenses
317 380
16.6%
========= ======== ==========
(1) Timeshare sales revenue originated at each sales location
before
deferrals of revenue for U.S. GAAP reporting purposes
(2) Includes resort income, interest income, gain on sale
of notes
receivable, and miscellaneous other revenues
(3) Includes deferral of revenue for contracts still in
rescission
period, contracts that do not yet meet the requirements
of SFAS No.
66 or SFAS No. 152 and provision for loan loss,
offset by the
recognition of revenues previously deferred where
the recission
period has expired
(4) Timeshare cost of sales and sales&marketing expenses
before
deferrals of sales expenses for U.S. GAAP reporting
purposes
(5) Includes resort, general and administrative, and other
miscellaneous expenses
Note: Deferred revenue is calculated based on the Percentage
of
Completion ("POC") of the project. Deferred expenses,
also based on
POC, include product costs and direct sales and
marketing costs only.
Indirect sales and marketing costs are not deferred
per SFAS No. 152.
n/m = not meaningful
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Hotels Without Comparable
Results&Other Selected Items
As of June 30, 2008
UNAUDITED ($ millions)
Properties without comparable results in 2008:
Property
Location
--------------------------------------------- ------------------------
Sheraton Steamboat Resort&Conference Center Steamboat
Springs, CO
Westin St. John Resort&Villas
St. John, Virgin Islands
Westin Peachtree
Atlanta, GA
Sheraton Fiji Resort
Nadi, Fiji
Westin Denarau Island Resort&Spa
Nadi, Fiji
Hotel Des Bains
Venice, Italy
Properties sold or closed in 2008 and 2007:
Property
Location
--------------------------------------------- ------------------------
Westin Fort Lauderdale
Ft. Lauderdale, FL
Days Inn City Center
Portland, OR
Sheraton Nashua Hotel
Nashua, NH
Four Points by Sheraton Denver Cherry Creek
Denver, CO
Sheraton Bal Harbour Beach Resort
Bal Harbour, FL
Sheraton Edison
Edison, NJ
Four Points Hyannis
Hyannis, MA
Four Points Portland
Portland, OR
Sheraton South Portland
Portland, ME
Westin Galleria
Houston, TX
Westin Oaks
Houston, TX
Caesar's Brookdale
Scotrun, PA
Selected Balance Sheet and Cash Flow Items:
Cash and cash equivalents
(including restricted cash of $180 million)
$ 308
Debt
$ 4,054
Revenues and Expenses Associated with Assets Sold or Closed
in 2008
and 2007 (1):
Q1 Q2 Q3 Q4
Full Year
---- ---- ---- ---- ---------
Hotels Sold or Closed in 2007:
2007
Revenues
$ 48 $ 39 $ 24 $ 10 $ 121
Expenses (excluding depreciation) $
36 $ 33 $ 18 $ 9 $
96
Hotels Sold or Closed in 2008:
2008
Revenues
$ 2 $ - $ - $ - $
2
Expenses (excluding depreciation) $
2 $ 1 $ - $ - $
3
2007
Revenues
$ 2 $ 1 $ 2 $ 1 $
6
Expenses (excluding depreciation) $
2 $ 2 $ 2 $ 2 $
8
(1) Results consist of 1 hotel closed in 2008 and 11 hotels
sold or
closed in 2007. These amounts are included in the
revenues and
expenses from owned, leased and consolidated joint
venture hotels in
2008 and 2007.
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Capital Expenditures
For the Three Months Ended June 30, 2008
Q2 YTD
---- -----
Capital Expenditures:
Owned, Leased and Consolidated Joint Venture Hotels
61 118
Corporate/IT
18 43
---- -----
Subtotal
79 161
Vacation Ownership Capital Expenditures:
Capital expenditures (includes land acquisitions)
26 54
Net capital expenditures for inventory (1)
84 151
---- -----
Subtotal
110 205
Development Capital
8 28
---- -----
Total Capital Expenditures
197 394
==== =====
(1) Represents gross inventory capital expenditures of
$120 and $226
in the three and six months ended June 30, 2008,
respectively, less
cost of sales of $36 and $75 in the three and six
months ended June
30, 2008, respectively.
Starwood Hotels&Resorts Worldwide, Inc.
2008 Divisional Hotel Inventory Summary by Ownership
by Brand
June 30, 2008
---------------------------------------------
NAD EAME
LAD
---------------------------------------------
Hotels Rooms Hotels Rooms Hotels Rooms
---------------------------------------------
Owned
Sheraton
10 5,030 8 1,727
5 2,713
Westin
5 2,849 5 1,065
3 902
Four Points
3 579 -
- - -
W
9 3,172 -
- - -
Luxury Collection
1 647 7
828 1 180
St. Regis
3 668 1
161 -
-
Other
8 2,189 -
- - -
---------------------------------------------
Total Owned
39 15,134 21 3,781
9 3,795
---------------------------------------------
Managed&UJV
Sheraton
45 29,699 69 20,504
14 2,751
Westin
49 26,773 15 4,089
- -
Four Points
2 646 8
1,536 3 427
W
9 2,735 1
134 1 237
Luxury Collection
9 2,054 9 1,527
7 250
St. Regis
5 1,091 1
95 -
-
Le Meridien
5 741 67 16,456
1 130
Other
1 -
1 - -
-
---------------------------------------------
Total Managed&UJV
125 63,739 171 44,341
26 3,795
---------------------------------------------
Franchised
Sheraton
150 45,100 27 6,626
8 2,204
Westin
50 16,770 5 2,030
3 600
Four Points
87 14,488 12 1,671
6 840
Luxury Collection
2 385 14 1,795
- -
Le Meridien
5 1,553 8 3,178
1 213
aloft
3 402 -
- - -
---------------------------------------------
Total Franchised
297 78,698 66 15,300
18 3,857
---------------------------------------------
Systemwide
Sheraton
205 79,829 104 28,857
27 7,668
Westin
104 46,392 25 7,184
6 1,502
Four Points
92 15,713 20 3,207
9 1,267
W
18 5,907 1
134 1 237
Luxury Collection
12 3,086 30 4,150
8 430
St. Regis
8 1,759 2
256 -
-
Le Meridien
10 2,294 75 19,634
2 343
aloft
3 402 -
- - -
Other
9 2,189 1
- - -
---------------------------------------------
Total Systemwide
461 157,571 258 63,422
53 11,447
=============================================
-------------------------------
ASIA Total
-------------------------------
Hotels Rooms Hotels Rooms
-------------------------------
Owned
Sheraton
2 821 25 10,291
Westin
1 273 14 5,089
Four Points
1 630 4
1,209
W
- - 9
3,172
Luxury Collection
- - 9
1,655
St. Regis
- - 4
829
Other
- - 8
2,189
-------------------------------
Total Owned
4 1,724 73 24,434
-------------------------------
Managed&UJV
Sheraton
52 18,401 180 71,355
Westin
15 5,432 79 36,294
Four Points
6 1,639 19 4,248
W
2 330 13 3,436
Luxury Collection
- - 25
3,831
St. Regis
3 900 9
2,086
Le Meridien
22 5,802 95 23,129
Other
- - 2
-
-------------------------------
Total Managed&UJV
100 32,504 422 144,379
-------------------------------
Franchised
Sheraton
14 5,651 199 59,581
Westin
7 1,939 65 21,339
Four Points
2 235 107 17,234
Luxury Collection
7 2,022 23 4,202
Le Meridien
2 554 16 5,498
aloft
- - 3
402
-------------------------------
Total Franchised
32 10,401 413 108,256
-------------------------------
Systemwide
Sheraton
68 24,873 404 141,227
Westin
23 7,644 158 62,722
Four Points
9 2,504 130 22,691
W
2 330 22 6,608
Luxury Collection
7 2,022 57 9,688
St. Regis
3 900 13 2,915
Le Meridien
24 6,356 111 28,627
aloft
- - 3
402
Other
- - 10
2,189
-------------------------------
Total Systemwide
136 44,629 908 277,069
===============================
STARWOOD HOTELS&RESORTS WORLDWIDE, INC.
Vacation Ownership Inventory Pipeline
As of June 30, 2008
UNAUDITED
---------------------------------------------------------------------
# Resorts
---------------------------------
In In Active
Brand
Total (2) Operations Sales
---------------------------------------------------------------------
Sheraton
8 6
7
Westin
12 6
7
St. Regis
2 2
2
The Luxury Collection
1 1
1
Unbranded
3 3
-
---------------------------------
Total SVO, Inc.
26 18
17
---------------------------------
Unconsolidated Joint Ventures
(UJV's)
2 1
1
---------------------------------
Total including UJV's
28 19
18
---------------------------------------------------------------------
---------------------------------------------------------------------
Total Intervals Including UJV's (7)
---------------------------------------------------------------------
---------------------------------------------------------------------
# of Units (1)
----------------------------------------------------
Future
Brand
Pre-sales/ Capacity Total at
Completed (3) Development (4) (5),(6) Buildout
---------------------------------------------------------------------
Sheraton
2,781
307 1,394 4,482
Westin
1,283
180 1,070 2,533
St. Regis
51
12 -
63
The Luxury
Collection
6
- 6
12
Unbranded
124
- 1
125
----------------------------------------------------
Total SVO, Inc.
4,245
499 2,471 7,215
----------------------------------------------------
Unconsolidated
Joint Ventures
(UJV's)
198
- 40
238
----------------------------------------------------
Total including
UJV's
4,443
499 2,511 7,453
---------------------------------------------------------------------
---------------------------------------------------------------------
Total Intervals
Including UJV's
(7)
231,036 25,948
130,572 387,556
---------------------------------------------------------------------
(1) Lockoff units are considered as one unit for
this analysis.
(2) Includes resorts in operation and in active
sales.
(3) Completed units include those units that have
a certificate of
occupancy.
(4) Units in Pre-sales/Development are in various
stages of
development (including the permitting stage),
most of which are
currently being offered for sale to customers.
(5) Based on owned land and average density in existing
marketplaces
(6) Future units indicated above include planned
timeshare units on
land owned by the Company or applicable UJV that
have received all
major governmental land use approvals for the
development of
timeshare. There can be no assurance that such
units will in fact be
developed and, if developed, the time period of
such development
(which may be more than several years in the future).
Some of the
projects may require additional third-party approvals
or permits for
development and build out and may also be subject
to legal
challenges as well as a commitment of capital
by the Company. The
actual number of units to be constructed may be
significantly lower
than the number of future units indicated.
(7) Assumes 52 intervals per unit.
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