.
WHITE PLAINS, N.Y.--April 30, 2009 --Starwood Hotels &
Resorts Worldwide, Inc. (NYSE: HOT) today reported
first quarter 2009 financial results.
First Quarter 2009 Highlights
Excluding special items, EPS from continuing operations was $0.14.
Including special items, EPS from continuing operations was $0.04.
- Excluding special items,
EPS from continuing operations was $0.14. Including special items, EPS
from continuing operations was $0.04.
- Adjusted EBITDA was $167
million.
- Excluding special items,
income from continuing operations was $25 million. Including special
items, income from continuing operations was $7 million.
- Worldwide System-wide
REVPAR for Same-Store Hotels decreased 23.5% (down 19.2% in constant
dollars) compared to the first quarter of 2008. System-wide REVPAR for
Same-Store Hotels in North America decreased 22.8% (down 21.0% in
constant dollars).
- Management and franchise
revenues decreased 15.4% compared to 2008.
- Worldwide REVPAR for
Starwood branded Same-Store Owned Hotels decreased 31.6% (down 26.4% in
constant dollars) compared to the first quarter of 2008. REVPAR for
Starwood branded Same-Store Owned Hotels in North America decreased
31.2% (down 28.3% in constant dollars).
- Revenues from vacation
ownership and residential sales decreased 30.1% compared to 2008.
- The Company signed 18 hotel
management and franchise contracts in the quarter representing
approximately 4,900 rooms.
- On April 27, 2009, the
Company entered into an amendment to its bank revolver and bank term
loans, increasing the permitted leverage ratio from 4.5x to 5.5x (as
defined in the agreements).
First Quarter 2009 Earnings
Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
first quarter of 2009 of $0.04 per share compared to $0.42 in the first
quarter of 2008. Excluding special items, which net to charges of $18
million in 2009 and $4 million in 2008, EPS from continuing operations
was $0.14 for the first quarter of 2009 compared to $0.44 in the first
quarter of 2008. Excluding special items, the effective income tax rate
in the first quarter of 2009 was 16.4% compared to 28.7% in the same
period of 2008, primarily due to lower pretax income from high tax
jurisdictions in 2009.
Income from continuing operations was $7 million in the first
quarter of 2009 compared to $79 million in 2008. Excluding special
items, income from continuing operations was $25 million for the first
quarter of 2009 compared to $83 million in 2008.
Net income was $6 million and EPS was $0.03 in the first
quarter of 2009 compared to $32 million and EPS of $0.17 in the first
quarter of 2008.
Frits van Paasschen, CEO said, “For the second quarter in a
row, our pre-emptive cost cutting enabled us to beat expectations, even
in the face of substantial declines in REVPAR. Our cost containment
exercises are driving operational efficiencies for our owners while our
sales organization and SPG loyalty program stimulate revenue at their
hotels. The current environment has pushed us to be aggressive in
cutting costs and judicious in our capital allocation. Looking past
this economic crisis, we remain committed to our long-term growth
strategy to create substantial value for our shareholders. By the end
of this year, our system of hotels will cross the 1,000th
hotel milestone, including 250 new openings and 350 renovated hotels
since 2007, making us well-positioned to own the upswing as the global
economy stabilizes.”
First Quarter 2009 Operating
Results
Management and Franchise
Revenues
Worldwide System-wide REVPAR for Same-Store Hotels decreased
23.5% (down 19.2% in constant dollars) compared to the first
quarter of 2008. International System-wide REVPAR for Same-Store Hotels
decreased 24.4% (down 17.1% in constant dollars). Worldwide System-wide
REVPAR decreases by region were: 13.9% in Africa and the Middle East,
20.5% in Latin America, 22.8% in North America, 26.9% in Asia Pacific,
and 29.0% in Europe. Worldwide System-wide REVPAR decreases by brand
were: Four Points by Sheraton 20.6%, Sheraton 21.0%, Westin 21.4%, Le
Méridien 28.5%, W Hotels 34.0%, and St. Regis/Luxury Collection
34.1%.
Management fees, franchise fees and other income were $165
million, down $41 million, or 19.9%, from the first quarter of 2008.
Management fees decreased 24.0% to $79 million and franchise fees
decreased 17.9% to $32 million. The Company worked closely with its
owner/partners to aggressively reduce costs, helping to minimize impact
from the weak REVPAR environment.
Approximately 57% of the Company’s management and franchise
fees are generated in markets outside the United States.
During the first quarter of 2009, the Company signed 18 hotel
management and franchise contracts representing approximately 4,900
rooms of which 17 are new builds and one is a conversion from another
brand. At March 31, 2009, the Company had approximately 400 hotels in
the active pipeline representing approximately 95,000 rooms, driven by
strong interest in all Starwood brands. Of these rooms, 68% are in the
upper upscale and luxury segments and 65% are in international
locations.
During the first quarter of 2009, 16 new hotels and resorts
(representing approximately 3,500 rooms) entered the system, including
the Sheraton Prague Charles Square (Prague, Czech Republic, 160 rooms),
W Doha (Doha, Qatar, 445 rooms), The Westin Jersey City (Jersey City,
New Jersey, 429 rooms) and four Aloft hotels in Charlotte, North
Carolina; Tempe, Arizona; San Antonio, Texas; and National Harbor,
Maryland. Eleven properties (representing approximately 1,800 rooms)
were removed from the system during the quarter.
Owned, Leased and Consolidated
Joint Venture Hotels
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels
decreased 31.6%. REVPAR at Starwood branded Same-Store Owned Hotels in
North America decreased 31.2% (down 28.3% in constant dollars).
Internationally, Starwood branded Same-Store Owned Hotel REVPAR
decreased 32.2% (down 23.0% in constant dollars).
The Company’s rigorous cost cutting programs, including lean
operations, normative modeling, and procurement helped mitigate the
impact of sharp revenue declines during the quarter.
Revenues at Starwood branded Same-Store Owned Hotels in North
America decreased 29.9% while costs and expenses decreased 18.8% when
compared to 2008. Margins at these hotels decreased 11.7%.
Revenues at Starwood branded Same-Store Owned Hotels Worldwide
decreased 30.7% (down 25.4% in constant dollars) while costs and
expenses decreased 21.9% when compared to 2008. Margins at these hotels
decreased 9.5%.
Approximately 47% of Starwood’s Owned Hotel earnings (before
depreciation) are generated from outside the United States.
Revenues at owned, leased and consolidated joint venture
hotels were $386 million when compared to $560 million in 2008.
Vacation Ownership
Total vacation ownership reported revenues decreased 29.8% to
$134 million when compared to 2008. Originated contract sales of
vacation ownership intervals decreased 50.3% primarily due to an
overall decline in demand due to the current economic climate. The
average price per vacation ownership unit sold decreased 24.6% to
approximately $18,000, driven by a higher sales mix of lower-priced
inventory, including a higher percentage of lower-priced biennial
inventory in Hawaii. The number of contracts signed decreased 34.6%
when compared to 2008.
During the quarter, the Company continued to scale back its
sales centers and overhead, which helped drive the strong margin
performance despite a significant decline in revenues. The Company has
reset capital plans for the business which will permit the division to
generate increasing levels of cash flow as we work through in-flight
capital projects.
The Company did not sell any vacation ownership receivables
during the first quarter. The Company is currently in the process of
completing sales of vacation ownership receivables and expects to
complete these sales in the second quarter of 2009.
Selling, General,
Administrative and Other
Selling, general, administrative and other expenses decreased
28.5% to $93 million compared to the first quarter of 2008. The
decrease was primarily due to the Company's continued focus on reducing
its cost structure. A majority of the Company’s cost containment
initiatives were completed and implemented during the quarter,
including identifying additional reductions across its corporate
departments and divisional headquarters. The Company plans to complete
the final phase of its cost reduction program in the second quarter of
2009. These actions are expected to yield an annual run rate savings of
approximately $100 million.
Restructuring Charges and Other
Special Charges, Net
During the first quarter of 2009, the Company recorded a $17
million charge in connection with its ongoing initiative of
rationalizing its cost structure in light of the current economic
climate and the decline in activity in its business units. The charge
primarily related to costs associated with the closure of a vacation
ownership call center as well as severance costs associated with the
reduction in force at the Company’s owned hotels.
Asset Sales
During the first quarter of 2009, the Company sold one hotel
in Brussels, Belgium in exchange for a long term agreement to manage
the hotel. The Company recorded a $5 million loss on the sale.
Capital
Gross capital spending during the quarter included
approximately $31 million of maintenance capital and $37 million of
development capital. Investment spending on gross vacation ownership
interest (“VOI”) and residential inventory was $76 million, primarily
in Bal Harbour, Rancho Mirage, Orlando and Cancun. The run rate of
capital spending on development and investment capital will decline
throughout the year as in-flight projects are completed.
Dividend
The Company paid a dividend of $0.90 per share on January 9,
2009 to holders of record on December 31, 2008.
IRS Tax Settlement
In January 2009, the Company and the IRS reached an agreement
in principle to settle the litigation pertaining to the tax treatment
of the Company’s 1998 disposition of World Directories, Inc. Under the
proposed settlement, the Company expects to receive a refund of over
$200 million as a result of tax payments previously made. The Company
expects to finalize the details of the agreement and obtain the refund
during the summer of 2009.
Balance Sheet
At March 31, 2009, the Company had total debt of $3.958
billion and cash and cash equivalents of $164 million (including $88
million of restricted cash), or net debt of $3.794 billion, compared to
net debt of $3.517 billion at the end of 2008.
At March 31, 2009, debt was approximately 60% fixed rate and
40% floating rate and its weighted average maturity was 3.7 years with
a weighted average interest rate of 4.85%. The Company had cash
(including current restricted cash) and availability under the domestic
and international revolving credit facility of approximately $1.722
billion.
On April 27th, the Company entered into an
amendment to its bank revolver due February 10, 2011 and bank term
loans due June 29, 2009, June 29, 2010 and February 10, 2011. The
amendment increased the leverage ratio from 4.5x to 5.5x (as defined in
the agreements) in return for fees, higher interest rates and some
additional modifications to the covenants. In addition, the Company
pre-paid the $500 million bank term loan due June 29, 2009 by
simultaneously drawing down on its revolver thereby reducing
availability under the revolving credit facility to $1.2 billion
(including current restricted cash). The Company plans to pay down
portions of the revolver over the next three to six months with excess
cashflow, timeshare loan securitizations, the IRS refund, asset sales,
capital markets transactions and other cash generating activities.
Outlook
For the three months ended June 30, 2009:
- Adjusted EBITDA is expected
to be approximately $180 million to $195 million assuming:
-- REVPAR decline at
Same-Store Company Operated Hotels Worldwide of 24% to 26% (18% to 20%
in constant dollars).
|
|
-- REVPAR decline at Branded Same-Store
Owned Hotels in North America of 30% to 32%. |
|
-- Management and franchise revenues will be
down approximately 13% to 15%. |
|
-- Operating income from our vacation
ownership and residential businesses will be down $5 million to $10
million. |
- Income from continuing
operations, before special items, is expected to be approximately $25
million to $36 million, reflecting an effective tax rate of
approximately 28%.
- EPS before special items is
expected to be approximately $0.14 to $0.20.
2009 Baseline Update:
At the current time, given significant uncertainty in the
global economy, it is very difficult to provide any definitive guidance
for the second half of 2009.
Based on our first quarter results and our expectations for
the second quarter, full year REVPAR is now tracking down 600 bps from
the baseline scenario discussed during the Company’s fourth quarter
call. The following are some broad parameters that the Company is using
for 2009 planning purposes.
- REVPAR at Same-Store
Company Operated Hotels Worldwide will decline 18% and REVPAR at
Branded Same-Store Owned Hotels Worldwide will decline 21%.
- Owned hotel level cost
reductions will generate $20 million more in savings than previously
anticipated.
- Selling, General and
Administrative savings will be $20 million higher than previously
anticipated (down $70 million from 2008).
- Operating income from our
vacation ownership and residential business will be $10 million lower
than previously anticipated (down $60 million from 2008).
- Full year depreciation and
amortization will be approximately $350 million.
- Full year interest expense
will be approximately $240 million and cash taxes will be approximately
$50 million.
- Full year effective tax
rate will be approximately 28%.
- Full year capital
expenditures (excluding vacation ownership and residential inventory)
remain unchanged from prior baseline and would be approximately $150
million for maintenance, renovation and technology. In addition,
in-flight investment projects, including Bal Harbour, and prior
commitments for joint ventures and other investments will total
approximately $175 million. Vacation ownership and Residential,
excluding the Bal Harbour project, is expected to generate
approximately $25 million in positive cash flow, not inclusive of any
sales of timeshare receivables.
Special Items
The Company’s special items netted to a charge of $18 million
(after-tax) in the first quarter of 2009 compared to $4 million
(after-tax) charge in the same period of 2008.
The following represents a reconciliation of income from
continuing operations before special items to income from continuing
operations including special items (in millions, except per share data):
|
|
Three Months |
|
|
Ended |
|
|
March 31, |
|
|
2009 |
|
2008 |
|
|
|
|
|
Income from continuing operations before
special items |
|
$ |
25 |
|
|
$ |
83 |
|
EPS before special items |
|
$ |
0.14 |
|
|
$ |
0.44 |
|
|
|
|
|
|
Special Items |
|
|
|
|
Restructuring and other special charges, net (a)
|
|
|
(17 |
) |
|
|
(9 |
) |
Loss on asset dispositions and impairments,
net (b) |
|
|
(5 |
) |
|
|
(1 |
) |
Total special items – pre-tax |
|
|
(22 |
) |
|
|
(10 |
) |
Income tax benefit for special items (c)
|
|
|
4 |
|
|
|
6 |
|
Total special items – after-tax |
|
|
(18 |
) |
|
|
(4 |
) |
|
|
|
|
|
Income from continuing operations |
|
$ |
7 |
|
|
$ |
79 |
|
EPS including special items |
|
$ |
0.04 |
|
|
$ |
0.42 |
|
|
|
|
|
|
(a) During the three
months ended March 31, 2009 and 2008, the Company recorded
restructuring charges associated with its ongoing initiative to
streamline operations and eliminate costs, including severance, lease
termination fees and the write-off of leasehold
improvements.
(b) During the three
months ended March 31, 2009, the charge primarily reflects a loss on
one owned hotel sold during the quarter.
During the three months
ended March, 31, 2008, the charge primarily reflects impairment charges
for a hotel sold in the second quarter of 2008.
(c) During the three
months ended March 31, 2009, benefit primarily relates to tax benefits
at the statutory rate for restructuring charges partially offset by
permanent tax charges associated with the loss on asset dispositions.
During the three months
ended March 31, 2008, benefit relates to adjustments to deferred taxes
associated with deferred gains on hotel sales and tax benefits at the
statutory rate for restructuring charges.
|
|
The Company has included the above supplemental information
concerning special items to assist investors in analyzing Starwood’s
financial position and results of operations. The Company has chosen to
provide this information to investors to enable them to perform
meaningful comparisons of past, present and future operating results
and as a means to emphasize the results of core on-going operations.
Starwood will be conducting a conference call to discuss the
first quarter financial results at 10:30 a.m. (EST) today at (719)
325-4751. The conference call will be available through simultaneous
web cast in the Investor Relations/Press Releases section of the
Company’s website at http://www.starwoodhotels.com. A replay of the
conference call will also be available from 1:30 p.m. (EST) today
through May 7, 2009 at 12:00 midnight (EST) on both the Company’s
website and via telephone replay at (719) 457-0820 (access code
9647010).
Definitions
All references to EPS, unless otherwise noted, reflect
earnings per diluted share from continuing operations attributable to
Starwood’s common shareholders. All references to continuing
operations, discontinued operations and net income reflect amounts
attributable to Starwood’s common shareholders (i.e. excluding amounts
attributable to noncontrolling interests). All references to “net
capital expenditures” mean gross capital expenditures for timeshare and
fractional inventory net of cost of sales. EBITDA represents net income
before interest expense, taxes, depreciation and amortization. The
Company believes that EBITDA is a useful measure of the Company’s
operating performance due to the significance of the Company’s
long-lived assets and level of indebtedness. EBITDA is a commonly used
measure of performance in its industry which, when considered with GAAP
measures, the Company believes gives a more complete understanding of
the Company’s operating performance. It also facilitates comparisons
between the Company and its competitors. The Company’s management has
historically adjusted EBITDA (i.e., “Adjusted EBITDA”) when evaluating
operating performance for the total Company as well as for individual
properties or groups of properties because the Company believes that
the inclusion or exclusion of certain recurring and non-recurring
items, such as revenues and costs and expenses from hotels sold,
restructuring and other special charges and gains and losses on asset
dispositions and impairments, is necessary to provide the most accurate
measure of core operating results and as a means to evaluate
comparative results. The Company’s management also uses Adjusted EBITDA
as a measure in determining the value of acquisitions and dispositions
and it is used in the annual budget process. Due to guidance from the
Securities and Exchange Commission, the Company now does not reflect
such items when calculating EBITDA; however, the Company continues to
adjust for these special items and refers to this measure as Adjusted
EBITDA. The Company has historically reported this measure to its
investors and believes that the continued inclusion of Adjusted EBITDA
provides consistency in its financial reporting and enables investors
to perform more meaningful comparisons of past, present and future
operating results and provides a means to evaluate the results of its
core on-going operations. EBITDA and Adjusted EBITDA are not intended
to represent cash flow from operations as defined by GAAP and such
metrics should not be considered as an alternative to net income, cash
flow from operations or any other performance measure prescribed by
GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may be
different from the calculations used by other companies and, therefore,
comparability may be limited.
All references to Same-Store Owned Hotels reflect the
Company’s owned, leased and consolidated joint venture hotels,
excluding condo hotels, hotels sold to date and hotels undergoing
significant repositionings or for which comparable results are not
available (i.e., hotels not owned during the entire periods presented
or closed due to seasonality or hurricane damage). References to
Company Operated Hotel metrics (e.g. REVPAR) reflect metrics for the
Company’s owned and managed hotels. References to System-Wide metrics
(e.g. REVPAR) reflect metrics for the Company’s owned, managed and
franchised hotels. REVPAR is defined as revenue per available room. ADR
is defined as average daily rate.
All references to contract sales or originated sales reflect
vacation ownership sales before revenue adjustments for percentage of
completion accounting methodology.
All references to management and franchise revenues represent
base and incentive fees, franchise fees, amortization of deferred gains
resulting from the sales of hotels subject to long-term management
contracts and termination fees offset by payments by Starwood under
performance and other guarantees.
Starwood Hotels & Resorts Worldwide, Inc. is one of the
leading hotel and leisure companies in the world with approximately 960
properties in more than 97 countries and 145,000 employees at its owned
and managed properties. Starwood® Hotels is a fully integrated
owner, operator and franchisor of hotels and resorts with the following
internationally renowned brands: St. Regis®, The Luxury
Collection®, W®, Westin®, Le Méridien®,
Sheraton®, Four Points® by Sheraton, aloft(SM), and
element(SM). Starwood Hotels also owns Starwood Vacation Ownership,
Inc., one of the premier developers and operators of high quality
vacation interval ownership resorts. For more information, please visit
www.starwoodhotels.com.
** Please contact
Starwood’s new, toll-free media hotline at (866) 4-STAR-PR
|
(866-478-2777) for photography or additional
information.** |
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. Forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties and other factors that may cause actual results to
differ materially from those anticipated at the time the
forward-looking statements are made. Further results, performance and
achievements may be affected by general economic conditions including
the impact of war and terrorist activity, business and financing
conditions, foreign exchange fluctuations, cyclicality of the real
estate (including residential) and the hotel and vacation ownership
businesses, operating risks associated with the hotel, vacation
ownership and residential businesses, relationships with associates and
labor unions, customers and property owners, the impact of the internet
reservation channels, our reliance on technology, domestic and
international political and geopolitical conditions, competition,
governmental and regulatory actions (including the impact of changes in
U.S. and foreign tax laws and their interpretation), travelers’ fears
of exposure to contagious diseases, risk associated with the level of
our indebtedness, risk associated with potential acquisitions and
dispositions and the introduction of new brand concepts and other risks
and uncertainties. These risks and uncertainties are presented in
detail in our filings with the Securities and Exchange Commission.
Future vacation ownership units indicated in this press release include
planned units on land owned by the Company or by joint ventures in
which the Company has an interest that have received all major
governmental land use approvals for the development of vacation
ownership resorts. There can also 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. There can also be no
assurance that agreements will be entered into for the hotels in the
Company’s pipeline and, if entered into, the timing of any agreement
and the opening of the related hotel. Although we believe the
expectations reflected in forward-looking statements are based upon
reasonable assumptions, we can give no assurance that our expectations
will be attained or that results will not materially differ. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC.
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except
per share data)
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
|
|
|
% |
|
|
2009 |
|
2008 |
|
Variance |
Revenues |
|
|
|
|
|
|
Owned, leased and consolidated joint venture
hotels |
|
$ |
386 |
|
|
$ |
560 |
|
|
(31.1 |
) |
Vacation ownership and residential sales and
services |
|
|
135 |
|
|
|
193 |
|
|
(30.1 |
) |
Management fees, franchise fees and other
income |
|
|
165 |
|
|
|
206 |
|
|
(19.9 |
) |
Other revenues from
managed and franchised properties (a)
|
|
|
432 |
|
|
|
507 |
|
|
(14.8 |
) |
|
|
|
1,118 |
|
|
|
1,466 |
|
|
(23.7 |
) |
Costs and Expenses |
|
|
|
|
|
|
Owned, leased and consolidated joint venture
hotels |
|
|
334 |
|
|
|
438 |
|
|
23.7 |
|
Vacation ownership and residential |
|
|
106 |
|
|
|
158 |
|
|
32.9 |
|
Selling, general, administrative and other |
|
|
93 |
|
|
|
130 |
|
|
28.5 |
|
Restructuring and other special charges, net |
|
|
17 |
|
|
|
9 |
|
|
(88.9 |
) |
Depreciation |
|
|
70 |
|
|
|
71 |
|
|
1.4 |
|
Amortization |
|
|
7 |
|
|
|
7 |
|
|
― |
Other expenses from
managed and franchised properties (a)
|
|
|
432 |
|
|
|
507 |
|
|
14.8 |
|
|
|
|
1,059 |
|
|
|
1,320 |
|
|
19.8 |
|
Operating income |
|
|
59 |
|
|
|
146 |
|
|
(59.6 |
) |
Equity earnings and gains and losses from
unconsolidated ventures, net |
|
|
(5 |
) |
|
|
6 |
|
|
n/m |
|
Interest expense, net of interest income of
$0 and $2 |
|
|
(43 |
) |
|
|
(47 |
) |
|
8.5 |
|
Loss on asset dispositions and impairments,
net |
|
|
(5 |
) |
|
|
(1 |
) |
|
n/m |
|
Income from continuing operations before
taxes |
|
|
6 |
|
|
|
104 |
|
|
(94.2 |
) |
Income tax expense |
|
|
(1 |
) |
|
|
(26 |
) |
|
96.2 |
|
Income from continuing operations |
|
|
5 |
|
|
|
78 |
|
|
(93.6 |
) |
Discontinued operations: |
|
|
|
|
|
|
Net loss on dispositions |
|
|
(1 |
) |
|
|
(47 |
) |
|
97.9 |
|
Net income |
|
|
4 |
|
|
|
31 |
|
|
(87.1 |
) |
Net loss attributable to noncontrolling
interests |
|
|
2 |
|
|
|
1 |
|
|
n/m |
|
Net income attributable to Starwood |
|
$ |
6 |
|
|
$ |
32 |
|
|
(81.3 |
) |
Earnings (Loss) Per Share – Basic |
|
|
|
|
|
|
Continuing operations |
|
$ |
0.04 |
|
|
$ |
0.43 |
|
|
(90.7 |
) |
Discontinued operations |
|
|
(0.01 |
) |
|
|
(0.26 |
) |
|
96.2 |
|
Net income |
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
(82.4 |
) |
Earnings (Loss) Per Share – Diluted |
|
|
|
|
|
|
Continuing operations |
|
$ |
0.04 |
|
|
$ |
0.42 |
|
|
(90.5 |
) |
Discontinued operations |
|
|
(0.01 |
) |
|
|
(0.25 |
) |
|
96.0 |
|
Net income |
|
$ |
0.03 |
|
|
$ |
0.17 |
|
|
(82.4 |
) |
Amounts attributable to
Starwood’s Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
$
|
7
|
|
|
$ |
79 |
|
|
(91.1 |
) |
Discontinued operations |
|
|
(1
|
)
|
|
|
(47 |
) |
|
97.9 |
|
Net income |
|
$ |
6 |
|
|
$ |
32 |
|
|
(81.3 |
) |
|
|
|
|
|
|
|
Weighted average number of Shares |
|
|
179 |
|
|
|
184 |
|
|
|
Weighted average number of Shares assuming
dilution |
|
|
181 |
|
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
2009
|
|
2008
|
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
76 |
|
|
$ |
389 |
|
Restricted cash |
|
|
82 |
|
|
|
96 |
|
Accounts receivable, net of allowance for
doubtful accounts of $50 and $49 |
|
|
513 |
|
|
|
552 |
|
Inventories |
|
|
1,025 |
|
|
|
986 |
|
Prepaid expenses and other |
|
|
168 |
|
|
|
143 |
|
Total current assets |
|
|
1,864 |
|
|
|
2,166 |
|
Investments |
|
|
359 |
|
|
|
372 |
|
Plant, property and equipment, net |
|
|
3,540 |
|
|
|
3,599 |
|
Assets held for sale (a) |
|
|
10 |
|
|
|
10 |
|
Goodwill and intangible assets, net |
|
|
2,225 |
|
|
|
2,235 |
|
Deferred tax assets |
|
|
619 |
|
|
|
639 |
|
Other assets (b)
|
|
|
685 |
|
|
|
682 |
|
|
|
$ |
9,302 |
|
|
$ |
9,703 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Short-term borrowings and current maturities
of long-term debt (c) |
|
$ |
5 |
|
|
$ |
506 |
|
Accounts payable |
|
|
173 |
|
|
|
171 |
|
Accrued expenses |
|
|
1,099 |
|
|
|
1,274 |
|
Accrued salaries, wages and benefits |
|
|
269 |
|
|
|
346 |
|
Accrued taxes and other |
|
|
365 |
|
|
|
391 |
|
Total current liabilities |
|
|
1,911 |
|
|
|
2,688 |
|
Long-term debt (c) |
|
|
3,953 |
|
|
|
3,502 |
|
Deferred income taxes |
|
|
30 |
|
|
|
26 |
|
Other liabilities |
|
|
1,821 |
|
|
|
1,843 |
|
|
|
|
7,715 |
|
|
|
8,059 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Corporation common stock; $0.01 par value;
authorized 1,000,000,000 shares; outstanding 186,723,517 and
182,827,483 shares at March 31, 2009 and December 31, 2008,
respectively |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
490 |
|
|
|
493 |
|
Accumulated other comprehensive loss |
|
|
(449 |
) |
|
|
(391 |
) |
Retained earnings |
|
|
1,523 |
|
|
|
1,517 |
|
Total Starwood stockholders’ equity |
|
|
1,566 |
|
|
|
1,621 |
|
Noncontrolling interest |
|
|
21 |
|
|
|
23 |
|
Total equity |
|
|
1,587 |
|
|
|
1,644 |
|
|
|
$ |
9,302 |
|
|
$ |
9,703 |
|
|
|
|
|
|
(a) Includes one hotel
expected to be sold in 2009.
(b) Includes restricted
cash of $6 million at March 31, 2009 and December 31, 2008,
respectively.
(c) Excludes Starwood’s
share of unconsolidated joint venture debt aggregating approximately
$593 million and $642 million at March 31, 2009 and December 31, 2008,
respectively.
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations – Historical Data
(in millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
|
|
|
% |
|
|
|
|
2009 |
|
2008 |
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income to EBITDA and
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Net income |
|
$ |
6 |
|
$ |
32 |
|
(81.3 |
) |
|
Interest expense(a) |
|
|
51 |
|
|
54 |
|
(5.6 |
) |
|
Income tax expense(b) |
|
|
2 |
|
|
73 |
|
(97.3 |
) |
|
Depreciation(c) |
|
|
78 |
|
|
78 |
|
-
|
|
|
Amortization (d) |
|
|
8 |
|
|
8 |
|
-
|
|
|
EBITDA |
|
|
145 |
|
|
245 |
|
(40.8 |
) |
|
Loss on asset dispositions and impairments,
net |
|
|
5 |
|
|
1 |
|
n/m |
|
|
Restructuring and other special charges, net |
|
|
17 |
|
|
9 |
|
88.9 |
|
|
Adjusted EBITDA |
|
$ |
167 |
|
$ |
255 |
|
(34.5 |
) |
|
|
|
|
|
|
|
|
|
|
(a) Includes $8 million
and $5 million of interest expense related to unconsolidated joint
ventures for the three months ended March 31, 2009 and 2008,
respectively.
(b) Includes $1 million
and $47 million of tax expense recorded in discontinued operations for
the three months ended March 31, 2009 and 2008, respectively.
(c) Includes $8 million
and $7 million of Starwood’s share of depreciation expense of
unconsolidated joint ventures for the three months ended March 31, 2009
and 2008, respectively.
(d) Includes $1 million
of Starwood’s share of amortization expense of unconsolidated joint
ventures for the three months ended March 31, 2009 and 2008.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations – Future Performance
(In millions)
|
|
|
|
|
|
Low Case |
|
|
|
High Case |
Three Months Ended |
|
|
|
Three Months Ended |
June 30, 2009 |
|
|
|
June 30, 2009 |
|
|
|
|
|
|
|
$
|
25
|
|
Net income |
|
|
$ |
36 |
|
59 |
|
Interest expense |
|
|
|
59 |
|
10 |
|
Income tax expense |
|
|
|
14 |
|
86 |
|
Depreciation and amortization |
|
|
|
86 |
$
|
180
|
|
EBITDA |
|
|
$ |
195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations – Same Store Owned Hotel Revenue and Expenses
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, |
|
Same-Store Owned Hotels ((1)) |
|
|
|
|
|
|
|
% |
|
Worldwide |
|
2009 |
|
2008 |
|
Variance |
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Same-Store Owned Hotels |
|
$ |
344 |
|
$ |
487 |
|
(29.4 |
) |
Hotels Sold or Closed in 2009 and 2008 (10
hotels) |
|
|
5 |
|
|
22 |
|
(77.3 |
) |
Hotels Without Comparable Results (10 hotels)
|
|
|
37 |
|
|
51 |
|
(27.5 |
) |
Other ancillary hotel operations |
|
― |
|
― |
|
― |
|
Total Owned, Leased and Consolidated Joint
Venture Hotels Revenue |
|
$ |
386 |
|
$ |
560 |
|
(31.1 |
) |
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
Same-Store Owned Hotels |
|
$ |
295 |
|
$ |
372 |
|
20.7 |
|
Hotels Sold or Closed in 2009 and 2008 (10
hotels) |
|
|
5 |
|
|
26 |
|
80.8 |
|
Hotels Without Comparable Results (10 hotels)
|
|
|
33 |
|
|
39 |
|
15.4 |
|
Other ancillary hotel operations |
|
|
1 |
|
|
1 |
|
― |
|
Total Owned, Leased and Consolidated Joint
Venture Hotels Costs and Expenses |
|
$ |
334 |
|
$ |
438 |
|
23.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
Same-Store Owned Hotels |
|
|
|
|
|
|
|
% |
|
North America |
|
2009 |
|
2008 |
|
Variance |
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Same-Store Owned Hotels |
|
$ |
227 |
|
$ |
315 |
|
(27.9 |
) |
Hotels Sold or Closed in 2009 and 2008 (4
hotels) |
|
― |
|
|
6 |
|
n/m |
|
Hotels Without Comparable Results (9 hotels) |
|
|
34 |
|
|
47 |
|
(27.7 |
) |
Total Owned, Leased and Consolidated Joint
Venture Hotels Revenue |
|
$ |
261 |
|
$ |
368 |
|
(29.1 |
) |
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
Same-Store Owned Hotels |
|
$ |
199 |
|
$ |
241 |
|
17.4 |
|
Hotels Sold or Closed in 2009 and 2008 (4
hotels) |
|
― |
|
|
7 |
|
n/m |
|
Hotels Without Comparable Results (9 hotels) |
|
|
30 |
|
|
35 |
|
14.3 |
|
Total Owned, Leased and Consolidated Joint
Venture Hotels Costs and Expenses |
|
$ |
229 |
|
$ |
283 |
|
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
Same-Store Owned Hotels |
|
|
|
|
|
|
|
% |
|
International |
|
2009 |
|
2008 |
|
Variance |
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
Same-Store Owned Hotels |
|
$ |
117 |
|
$ |
172 |
|
(32.0 |
) |
Hotels Sold or Closed in 2009 and 2008 (6
hotels) |
|
|
5 |
|
|
16 |
|
(68.8 |
) |
Hotels Without Comparable Results (1 hotels) |
|
|
3 |
|
|
4 |
|
(25.0 |
) |
Other ancillary hotel operations |
|
― |
|
― |
|
― |
|
Total Owned, Leased and Consolidated Joint
Venture Hotels Revenue |
|
$ |
125 |
|
$ |
192 |
|
(34.9 |
) |
|
|
|
|
|
|
|
|
Costs and Expenses |
|
|
|
|
|
|
|
Same-Store Owned Hotels |
|
$ |
96 |
|
$ |
131 |
|
26.7 |
|
Hotels Sold or Closed in 2009 and 2008 (6
hotels) |
|
|
5 |
|
|
19 |
|
73.7 |
|
Hotels Without Comparable Results (1 hotels) |
|
|
3 |
|
|
4 |
|
25.0 |
|
Other ancillary hotel operations |
|
|
1 |
|
|
1 |
|
― |
|
Total Owned, Leased and Consolidated Joint
Venture Hotels Costs and Expenses |
|
$ |
105 |
|
$ |
155 |
|
32.3 |
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Owned
Hotel Results exclude 10 hotels sold or closed in 2009 and 2008 and 10
hotels without comparable results.
|
|
|
|
|
|
|
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
Systemwide(1)
Statistics - Same Store |
For the Three Months Ended
March 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide
|
|
Systemwide - North
America |
|
Systemwide -
International |
|
|
|
2009 |
|
2008 |
|
Var. |
|
2009 |
|
2008 |
|
Var. |
|
2009 |
|
2008 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
91.62 |
|
|
119.78 |
|
|
-23.5 |
% |
|
88.11 |
|
|
114.11 |
|
|
-22.8 |
% |
|
96.29 |
|
|
127.33 |
|
|
-24.4 |
% |
|
ADR ($) |
|
159.96 |
|
|
185.17 |
|
|
-13.6 |
% |
|
153.13 |
|
|
175.01 |
|
|
-12.5 |
% |
|
169.13 |
|
|
198.95 |
|
|
-15.0 |
% |
|
Occupancy (%) |
|
57.3 |
% |
|
64.7 |
% |
|
-7.4 |
|
|
57.5 |
% |
|
65.2 |
% |
|
-7.7 |
|
|
56.9 |
% |
|
64.0 |
% |
|
-7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
80.61 |
|
|
102.07 |
|
|
-21.0 |
% |
|
73.68 |
|
|
94.69 |
|
|
-22.2 |
% |
|
88.90 |
|
|
110.91 |
|
|
-19.8 |
% |
|
ADR ($) |
|
143.34 |
|
|
160.19 |
|
|
-10.5 |
% |
|
130.89 |
|
|
147.51 |
|
|
-11.3 |
% |
|
158.26 |
|
|
175.63 |
|
|
-9.9 |
% |
|
Occupancy (%) |
|
56.2 |
% |
|
63.7 |
% |
|
-7.5 |
|
|
56.3 |
% |
|
64.2 |
% |
|
-7.9 |
|
|
56.2 |
% |
|
63.2 |
% |
|
-7.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
104.41 |
|
|
132.84 |
|
|
-21.4 |
% |
|
105.15 |
|
|
132.09 |
|
|
-20.4 |
% |
|
102.11 |
|
|
135.14 |
|
|
-24.4 |
% |
|
ADR ($) |
|
175.61 |
|
|
201.26 |
|
|
-12.7 |
% |
|
175.77 |
|
|
197.93 |
|
|
-11.2 |
% |
|
175.10 |
|
|
212.11 |
|
|
-17.4 |
% |
|
Occupancy (%) |
|
59.5 |
% |
|
66.0 |
% |
|
-6.5 |
|
|
59.8 |
% |
|
66.7 |
% |
|
-6.9 |
|
|
58.3 |
% |
|
63.7 |
% |
|
-5.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. REGIS/LUXURY COLLECTION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
154.52 |
|
|
234.35 |
|
|
-34.1 |
% |
|
197.48 |
|
|
270.71 |
|
|
-27.1 |
% |
|
126.58 |
|
|
210.70 |
|
|
-39.9 |
% |
|
ADR ($) |
|
296.56 |
|
|
370.04 |
|
|
-19.9 |
% |
|
342.04 |
|
|
389.28 |
|
|
-12.1 |
% |
|
261.30 |
|
|
355.37 |
|
|
-26.5 |
% |
|
Occupancy (%) |
|
52.1 |
% |
|
63.3 |
% |
|
-11.2 |
|
|
57.7 |
% |
|
69.5 |
% |
|
-11.8 |
|
|
48.4 |
% |
|
59.3 |
% |
|
-10.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
110.51 |
|
|
154.47 |
|
|
-28.5 |
% |
|
129.03 |
|
|
188.07 |
|
|
-31.4 |
% |
|
108.62 |
|
|
151.05 |
|
|
-28.1 |
% |
|
ADR ($) |
|
184.91 |
|
|
227.49 |
|
|
-18.7 |
% |
|
208.87 |
|
|
281.08 |
|
|
-25.7 |
% |
|
182.37 |
|
|
222.10 |
|
|
-17.9 |
% |
|
Occupancy (%) |
|
59.8 |
% |
|
67.9 |
% |
|
-8.1 |
|
|
61.8 |
% |
|
66.9 |
% |
|
-5.1 |
|
|
59.6 |
% |
|
68.0 |
% |
|
-8.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
137.71 |
|
|
208.75 |
|
|
-34.0 |
% |
|
129.73 |
|
|
203.02 |
|
|
-36.1 |
% |
|
208.40 |
|
|
259.60 |
|
|
-19.7 |
% |
|
ADR ($) |
|
241.31 |
|
|
295.78 |
|
|
-18.4 |
% |
|
226.03 |
|
|
280.81 |
|
|
-19.5 |
% |
|
384.63 |
|
|
469.06 |
|
|
-18.0 |
% |
|
Occupancy (%) |
|
57.1 |
% |
|
70.6 |
% |
|
-13.5 |
|
|
57.4 |
% |
|
72.3 |
% |
|
-14.9 |
|
|
54.2 |
% |
|
55.3 |
% |
|
-1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
59.72 |
|
|
75.22 |
|
|
-20.6 |
% |
|
55.34 |
|
|
69.24 |
|
|
-20.1 |
% |
|
69.89 |
|
|
89.09 |
|
|
-21.6 |
% |
|
ADR ($) |
|
103.05 |
|
|
118.91 |
|
|
-13.3 |
% |
|
97.27 |
|
|
110.24 |
|
|
-11.8 |
% |
|
115.69 |
|
|
138.55 |
|
|
-16.5 |
% |
|
Occupancy (%) |
|
58.0 |
% |
|
63.3 |
% |
|
-5.3 |
|
|
56.9 |
% |
|
62.8 |
% |
|
-5.9 |
|
|
60.4 |
% |
|
64.3 |
% |
|
-3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
74.23 |
|
|
85.02 |
|
|
-12.7 |
% |
|
74.23 |
|
|
85.02 |
|
|
-12.7 |
% |
|
|
|
|
|
|
|
ADR ($) |
|
148.62 |
|
|
158.16 |
|
|
-6.0 |
% |
|
148.62 |
|
|
158.16 |
|
|
-6.0 |
% |
|
|
|
|
|
|
|
Occupancy (%) |
|
49.9 |
% |
|
53.8 |
% |
|
-3.9 |
|
|
49.9 |
% |
|
53.8 |
% |
|
-3.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
March 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
Company Operated (2)
|
|
|
|
2009 |
|
2008 |
|
Var. |
|
2009 |
|
2008 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
91.62 |
|
|
119.78 |
|
|
-23.5 |
% |
|
102.75 |
|
|
135.65 |
|
|
-24.3 |
% |
|
ADR ($) |
|
159.96 |
|
|
185.17 |
|
|
-13.6 |
% |
|
177.48 |
|
|
203.91 |
|
|
-13.0 |
% |
|
Occupancy (%) |
|
57.3 |
% |
|
64.7 |
% |
|
-7.4 |
|
|
57.9 |
% |
|
66.5 |
% |
|
-8.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
88.11 |
|
|
114.11 |
|
|
-22.8 |
% |
|
106.71 |
|
|
142.09 |
|
|
-24.9 |
% |
|
ADR ($) |
|
153.13 |
|
|
175.01 |
|
|
-12.5 |
% |
|
180.22 |
|
|
205.86 |
|
|
-12.5 |
% |
|
Occupancy (%) |
|
57.5 |
% |
|
65.2 |
% |
|
-7.7 |
|
|
59.2 |
% |
|
69.0 |
% |
|
-9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
94.03 |
|
|
132.44 |
|
|
-29.0 |
% |
|
100.87 |
|
|
145.65 |
|
|
-30.7 |
% |
|
ADR ($) |
|
178.47 |
|
|
222.96 |
|
|
-20.0 |
% |
|
187.59 |
|
|
235.96 |
|
|
-20.5 |
% |
|
Occupancy (%) |
|
52.7 |
% |
|
59.4 |
% |
|
-6.7 |
|
|
53.8 |
% |
|
61.7 |
% |
|
-7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA & MIDDLE EAST
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
134.54 |
|
|
156.26 |
|
|
-13.9 |
% |
|
136.81 |
|
|
157.63 |
|
|
-13.2 |
% |
|
ADR ($) |
|
204.95 |
|
|
219.80 |
|
|
-6.8 |
% |
|
208.52 |
|
|
222.14 |
|
|
-6.1 |
% |
|
Occupancy (%) |
|
65.6 |
% |
|
71.1 |
% |
|
-5.5 |
|
|
65.6 |
% |
|
71.0 |
% |
|
-5.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
85.93 |
|
|
117.61 |
|
|
-26.9 |
% |
|
80.94 |
|
|
109.23 |
|
|
-25.9 |
% |
|
ADR ($) |
|
151.98 |
|
|
184.56 |
|
|
-17.7 |
% |
|
149.67 |
|
|
176.32 |
|
|
-15.1 |
% |
|
Occupancy (%) |
|
56.5 |
% |
|
63.7 |
% |
|
-7.2 |
|
|
54.1 |
% |
|
62.0 |
% |
|
-7.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
81.94 |
|
|
103.13 |
|
|
-20.5 |
% |
|
89.81 |
|
|
110.58 |
|
|
-18.8 |
% |
|
ADR ($) |
|
142.56 |
|
|
152.25 |
|
|
-6.4 |
% |
|
155.01 |
|
|
160.55 |
|
|
-3.5 |
% |
|
Occupancy (%) |
|
57.5 |
% |
|
67.7 |
% |
|
-10.2 |
|
|
57.9 |
% |
|
68.9 |
% |
|
-11.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
March 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
NORTH AMERICA
|
|
INTERNATIONAL
|
|
|
|
2009 |
|
2008 |
|
Var. |
|
2009 |
|
2008 |
|
Var. |
|
2009 |
|
2008 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
57 Hotels |
|
30 Hotels |
|
27 Hotels |
|
REVPAR ($) |
|
117.78 |
|
|
169.85 |
|
|
-30.7 |
% |
|
125.50 |
|
|
178.84 |
|
|
-29.8 |
% |
|
105.32 |
|
|
155.34 |
|
|
-32.2 |
% |
|
ADR ($) |
|
196.25 |
|
|
241.84 |
|
|
-18.9 |
% |
|
203.85 |
|
|
252.78 |
|
|
-19.4 |
% |
|
183.11 |
|
|
223.83 |
|
|
-18.2 |
% |
|
Occupancy (%) |
|
60.0 |
% |
|
70.2 |
% |
|
-10.2 |
|
|
61.6 |
% |
|
70.8 |
% |
|
-9.2 |
|
|
57.5 |
% |
|
69.4 |
% |
|
-11.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
343,547 |
|
|
486,786 |
|
|
-29.4 |
% |
|
226,702 |
|
|
315,071 |
|
|
-28.0 |
% |
|
116,845 |
|
|
171,715 |
|
|
-32.0 |
% |
|
Total Expenses |
|
295,268 |
|
|
371,898 |
|
|
-20.6 |
% |
|
199,627 |
|
|
241,170 |
|
|
-17.2 |
% |
|
95,641 |
|
|
130,728 |
|
|
-26.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
51 Hotels |
|
24 Hotels |
|
27 Hotels |
|
REVPAR ($) |
|
122.49 |
|
|
179.00 |
|
|
-31.6 |
% |
|
135.12 |
|
|
196.40 |
|
|
-31.2 |
% |
|
105.32 |
|
|
155.34 |
|
|
-32.2 |
% |
|
ADR ($) |
|
200.46 |
|
|
248.58 |
|
|
-19.4 |
% |
|
211.98 |
|
|
265.65 |
|
|
-20.2 |
% |
|
183.11 |
|
|
223.83 |
|
|
-18.2 |
% |
|
Occupancy (%) |
|
61.1 |
% |
|
72.0 |
% |
|
-10.9 |
|
|
63.7 |
% |
|
73.9 |
% |
|
-10.2 |
|
|
57.5 |
% |
|
69.4 |
% |
|
-11.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
319,630 |
|
|
460,995 |
|
|
-30.7 |
% |
|
202,785 |
|
|
289,280 |
|
|
-29.9 |
% |
|
116,845 |
|
|
171,715 |
|
|
-32.0 |
% |
|
Total Expenses |
|
269,853 |
|
|
345,394 |
|
|
-21.9 |
% |
|
174,212 |
|
|
214,666 |
|
|
-18.8 |
% |
|
95,641 |
|
|
130,728 |
|
|
-26.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hotel Results exclude
10 hotels sold and 10 hotels without comparable results during 2009
& 2008
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC. |
Management Fees, Franchise
Fees and Other Income |
For the Three Months Ended
March 31, |
UNAUDITED ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
2009 |
|
2008 |
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
Base Fees |
|
54 |
|
67 |
|
-13 |
|
-19.4 |
% |
|
Incentive Fees |
|
25 |
|
37 |
|
-12 |
|
-32.4 |
% |
Total Management Fees |
|
79 |
|
104 |
|
-25 |
|
-24.0 |
% |
|
|
|
|
|
|
|
|
|
|
Franchise Fees |
|
32 |
|
39 |
|
-7 |
|
-17.9 |
% |
|
|
|
|
|
|
|
|
|
|
Total Management &
Franchise Fees |
|
111 |
|
143 |
|
-32 |
|
-22.4 |
% |
|
|
|
|
|
|
|
|
|
|
Other Management & Franchise
Revenues (1) |
|
32 |
|
26 |
|
6 |
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
Total Management &
Franchise Revenues |
|
143 |
|
169 |
|
-26 |
|
-15.4 |
% |
|
|
|
|
|
|
|
|
|
|
Other (2) |
|
22 |
|
37 |
|
-15 |
|
-40.5 |
% |
|
|
|
|
|
|
|
|
|
|
Management Fees, Franchise
Fees & Other Income |
|
165 |
|
206 |
|
-41 |
|
-19.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other Management &
Franchise Revenues primarily includes the amortization of deferred
gains of approximately $20 million in 2009 and $21 million in 2008
resulting from the sales of hotels subject to long-term management
contracts and termination fees. |
|
|
|
|
|
|
|
|
|
|
(2) Amount includes revenues
from the Company's Bliss spa and product business and other
miscellaneous revenue. |
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC. |
Vacation Ownership &
Residential Revenues and Expenses |
For the Three Months Ended
March 31, |
UNAUDITED ($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
% Variance |
|
|
|
|
|
|
|
Originated Sales Revenues
(1) -- Vacation Ownership Sales
|
|
81 |
|
|
163 |
|
|
-50.3 |
% |
Other Sales and Services Revenues (2)
|
|
52 |
|
|
54 |
|
|
-3.7 |
% |
Deferred Revenues -- Percentage of
Completion |
|
4 |
|
|
(24 |
) |
|
n/m |
|
Deferred Revenues -- Other (3) |
|
(3 |
) |
|
(2 |
) |
|
50.0 |
% |
Vacation Ownership Sales and Services
Revenues |
|
134 |
|
|
191 |
|
|
-29.8 |
% |
Residential Sales and Services Revenues |
|
1 |
|
|
2 |
|
|
-50.0 |
% |
Total Vacation Ownership & Residential
Sales and Services Revenues |
|
135 |
|
|
193 |
|
|
-30.1 |
% |
|
|
|
|
|
|
|
Originated Sales Expenses
(4) -- Vacation Ownership Sales
|
|
57 |
|
|
117 |
|
|
51.3 |
% |
Other Expenses (5) |
|
40 |
|
|
46 |
|
|
13.0 |
% |
Deferred Expenses -- Percentage of
Completion |
|
3 |
|
|
(13 |
) |
|
n/m |
|
Deferred Expenses -- Other |
|
5 |
|
|
5 |
|
|
- |
|
Vacation Ownership Expenses |
|
105 |
|
|
155 |
|
|
32.3 |
% |
Residential Expenses |
|
1 |
|
|
3 |
|
|
66.7 |
% |
Total Vacation Ownership & Residential
Expenses |
|
106 |
|
|
158 |
|
|
32.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
(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 March 31, 2009 |
UNAUDITED ($ millions) |
|
|
|
|
|
|
Properties without comparable results in
2009: |
|
|
|
|
|
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 |
element Lexington |
|
Lexington, MA |
aloft Lexington |
|
Lexington, MA |
aloft Philadelphia Airport |
|
Philadelphia, PA |
Park Ridge Hotel & Conference Center at
Valley Forge |
|
King of Prussia, PA |
Minneapolis Gateway Hotel |
|
Minneapolis, MN |
W Chicago - City Center |
|
Chicago, IL |
|
|
|
|
|
|
Properties sold or
closed in 2009 and 2008:
|
|
|
|
|
|
Property
|
|
Location
|
Caesar's Brookdale |
|
Scotrun, PA |
Sheraton Hamilton |
|
Hamilton, Ontario |
Days Inn Town Center |
|
Seattle, WA |
Sixth Avenue Inn |
|
Seattle, WA |
Hotel Des Bains |
|
Venice Lido, Italy |
The Westin Excelsior |
|
Venice Lido, Italy |
Hotel Villa Cipriani |
|
Asolo, Italy |
The Westin Turnberry |
|
Ayreshire, Scotland |
Sheraton Brussels Hotel & Towers |
|
Brussels, Belgium |
Sheraton Mencey Hotel |
|
Santa Cruz de Tenerife, Spain |
Selected Balance Sheet and
Cash Flow Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
(including restricted cash of $88 million) |
$ |
164 |
Debt |
|
|
|
|
|
|
|
|
|
$ |
3,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and Expenses
Associated with Assets Sold or Closed in 2009 and 2008 (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Full Year |
Hotels Sold or Closed in 2008: |
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
10 |
|
$ |
25 |
|
$ |
36 |
|
$ |
6 |
|
$ |
77 |
Expenses (excluding depreciation) |
|
$ |
16 |
|
$ |
23 |
|
$ |
23 |
|
$ |
8 |
|
$ |
70 |
|
|
|
|
|
|
|
|
|
|
|
Hotels Sold or Closed in 2009: |
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
5 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
5 |
Expenses (excluding depreciation) |
|
$ |
5 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
5 |
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
12 |
|
$ |
13 |
|
$ |
10 |
|
$ |
10 |
|
$ |
45 |
Expenses (excluding depreciation) |
|
$ |
10 |
|
$ |
12 |
|
$ |
11 |
|
$ |
7 |
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
|
(1) Results consist of 2 hotels
sold or closed in 2009 and 8 hotels sold or closed in 2008. These
amounts are included in the revenues and expenses from owned, leased
and consolidated joint venture hotels in 2009 and 2008. |
|
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC. |
Capital Expenditures |
For the Three Months Ended
March 31, |
UNAUDITED ($ millions) |
|
|
|
|
|
|
Maintenance Capital Expenditures (1):
|
|
|
Owned, Leased and Consolidated Joint Venture
Hotels |
|
23 |
Corporate/IT |
|
8 |
Subtotal |
|
31 |
|
|
|
Vacation Ownership Capital Expenditures (2):
|
|
|
Net capital expenditures for inventory
(excluding St. Regis Bal Harbour) |
|
7 |
Net capital expenditures for inventory - St.
Regis Bal Harbour |
|
47 |
Subtotal |
|
54 |
|
|
|
Development Capital |
|
37 |
|
|
|
Total Capital Expenditures |
|
122 |
|
|
|
|
|
|
(1) Maintenance
capital expenditures include improvements, repairs, and maintenance. |
|
|
|
(2) Represents
gross inventory capital expenditures of $76 in the three months ended
March 31, 2009, less cost of sales of $22 in the three months ended
March 31, 2009. |
|
|
|
Starwood Hotels &
Resorts Worldwide, Inc. |
|
2009 Divisional Hotel
Inventory Summary by Ownership by Brand* |
|
March 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAD |
|
EAME |
|
LAD |
|
ASIA |
|
Total |
|
|
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
8 |
|
4,461 |
|
4 |
|
707 |
|
5 |
|
2,713 |
|
2 |
|
821 |
|
19 |
|
8,702 |
|
Westin |
|
5 |
|
2,849 |
|
3 |
|
650 |
|
3 |
|
902 |
|
1 |
|
273 |
|
12 |
|
4,674 |
|
Four Points |
|
2 |
|
327 |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
630 |
|
3 |
|
957 |
|
W |
|
9 |
|
3,174 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
9 |
|
3,174 |
|
Luxury Collection |
|
1 |
|
643 |
|
7 |
|
828 |
|
1 |
|
180 |
|
- |
|
- |
|
9 |
|
1,651 |
|
St. Regis |
|
3 |
|
668 |
|
1 |
|
161 |
|
- |
|
- |
|
- |
|
- |
|
4 |
|
829 |
|
aloft |
|
2 |
|
272 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
272 |
|
element |
|
1 |
|
123 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
123 |
|
Other |
|
8 |
|
2,452 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
8 |
|
2,452 |
|
Total Owned |
|
39 |
|
14,969 |
|
15 |
|
2,346 |
|
9 |
|
3,795 |
|
4 |
|
1,724 |
|
67 |
|
22,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed & UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
42 |
|
30,137 |
|
72 |
|
21,121 |
|
15 |
|
2,934 |
|
52 |
|
19,151 |
|
181 |
|
73,343 |
|
Westin |
|
52 |
|
28,105 |
|
14 |
|
3,883 |
|
- |
|
- |
|
16 |
|
5,979 |
|
82 |
|
37,967 |
|
Four Points |
|
2 |
|
646 |
|
8 |
|
1,533 |
|
3 |
|
427 |
|
8 |
|
2,434 |
|
21 |
|
5,040 |
|
W |
|
13 |
|
3,887 |
|
2 |
|
579 |
|
1 |
|
237 |
|
3 |
|
723 |
|
19 |
|
5,426 |
|
Luxury Collection |
|
8 |
|
2,098 |
|
12 |
|
1,804 |
|
7 |
|
250 |
|
- |
|
- |
|
27 |
|
4,152 |
|
St. Regis |
|
4 |
|
900 |
|
1 |
|
95 |
|
1 |
|
120 |
|
4 |
|
1,008 |
|
10 |
|
2,123 |
|
Le Meridien |
|
5 |
|
1,034 |
|
64 |
|
15,778 |
|
- |
|
- |
|
24 |
|
6,285 |
|
93 |
|
23,097 |
|
aloft |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
186 |
|
1 |
|
186 |
|
Other |
|
1 |
|
- |
|
1 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
- |
|
Total Managed & UJV |
|
127 |
|
66,807 |
|
174 |
|
44,793 |
|
27 |
|
3,968 |
|
108 |
|
35,766 |
|
436 |
|
151,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
154 |
|
45,862 |
|
28 |
|
6,937 |
|
9 |
|
2,500 |
|
14 |
|
5,651 |
|
205 |
|
60,950 |
|
Westin |
|
54 |
|
17,807 |
|
5 |
|
2,030 |
|
2 |
|
396 |
|
7 |
|
1,939 |
|
68 |
|
22,172 |
|
Four Points |
|
88 |
|
14,228 |
|
12 |
|
1,670 |
|
9 |
|
1,383 |
|
2 |
|
235 |
|
111 |
|
17,516 |
|
Luxury Collection |
|
5 |
|
1,167 |
|
14 |
|
1,827 |
|
- |
|
- |
|
7 |
|
2,022 |
|
26 |
|
5,016 |
|
Le Meridien |
|
5 |
|
1,553 |
|
6 |
|
1,743 |
|
1 |
|
213 |
|
2 |
|
554 |
|
14 |
|
4,063 |
|
aloft |
|
18 |
|
2,680 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
18 |
|
2,680 |
|
element |
|
2 |
|
246 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
246 |
|
Total Franchised |
|
326 |
|
83,543 |
|
65 |
|
14,207 |
|
21 |
|
4,492 |
|
32 |
|
10,401 |
|
444 |
|
112,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
204 |
|
80,460 |
|
104 |
|
28,765 |
|
29 |
|
8,147 |
|
68 |
|
25,623 |
|
405 |
|
142,995 |
|
Westin |
|
111 |
|
48,761 |
|
22 |
|
6,563 |
|
5 |
|
1,298 |
|
24 |
|
8,191 |
|
162 |
|
64,813 |
|
Four Points |
|
92 |
|
15,201 |
|
20 |
|
3,203 |
|
12 |
|
1,810 |
|
11 |
|
3,299 |
|
135 |
|
23,513 |
|
W |
|
22 |
|
7,061 |
|
2 |
|
579 |
|
1 |
|
237 |
|
3 |
|
723 |
|
28 |
|
8,600 |
|
Luxury Collection |
|
14 |
|
3,908 |
|
33 |
|
4,459 |
|
8 |
|
430 |
|
7 |
|
2,022 |
|
62 |
|
10,819 |
|
St. Regis |
|
7 |
|
1,568 |
|
2 |
|
256 |
|
1 |
|
120 |
|
4 |
|
1,008 |
|
14 |
|
2,952 |
|
Le Meridien |
|
10 |
|
2,587 |
|
70 |
|
17,521 |
|
1 |
|
213 |
|
26 |
|
6,839 |
|
107 |
|
27,160 |
|
aloft |
|
20 |
|
2,952 |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
186 |
|
21 |
|
3,138 |
|
element |
|
3 |
|
369 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
3 |
|
369 |
|
Other |
|
9 |
|
2,452 |
|
1 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
10 |
|
2,452 |
|
Vacation Ownership |
|
12 |
|
6,434 |
|
- |
|
- |
|
1 |
|
338 |
|
- |
|
- |
|
13 |
|
6,772 |
|
Total Systemwide |
|
504 |
|
171,753 |
|
254 |
|
61,346 |
|
58 |
|
12,593 |
|
144 |
|
47,891 |
|
960 |
|
293,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Vacation ownership includes
13 of the 26 properties that are not co-located with a hotel. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE, INC. |
Vacation Ownership
Inventory Pipeline |
As of March 31, 2009 |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# Resorts |
|
# of Units (1)
|
|
|
|
|
|
In |
|
In Active |
|
|
|
Pre-sales/ |
|
Future |
|
Total at |
|
Brand |
|
Total (2)
|
|
Operations |
|
Sales |
|
Completed (3) |
|
Development (4) |
|
Capacity (5),(6) |
|
Buildout |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
8 |
|
7 |
|
7 |
|
2,988 |
|
91 |
|
1,394 |
|
4,473 |
|
Westin |
|
10 |
|
7 |
|
9 |
|
1,367 |
|
195 |
|
756 |
|
2,318 |
|
St. Regis |
|
2 |
|
2 |
|
2 |
|
63 |
|
- |
|
- |
|
63 |
|
The Luxury Collection |
|
1 |
|
1 |
|
1 |
|
6 |
|
- |
|
1 |
|
7 |
|
Unbranded |
|
3 |
|
3 |
|
1 |
|
124 |
|
- |
|
1 |
|
125 |
|
Total SVO, Inc. |
|
24 |
|
20 |
|
20 |
|
4,548 |
|
286 |
|
2,152 |
|
6,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated Joint Ventures (UJV's) |
|
2 |
|
1 |
|
1 |
|
198 |
|
- |
|
40 |
|
238 |
|
Total including UJV's |
|
26 |
|
21 |
|
21 |
|
4,746 |
|
286 |
|
2,192 |
|
7,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Intervals Including UJV's (7)
|
|
|
|
|
|
|
|
246,792 |
|
14,872 |
|
113,984 |
|
375,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Lockoff units are
considered as one unit for this analysis. |
|
(2) Includes resorts in
operation, active sales or future development. |
|
(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. |
|
|
|