WHITE PLAINS, New York, December, 2010 - Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT) announced today that President and Chief
Executive Officer Frits van Paasschen and other members of the
Company's senior management team are presenting Starwood's business
strategy, key initiatives and three year financial outlook during its
2010 Investor Day held today in New York City.
Frits van Paasschen, President and Chief Executive Officer said, “Starwood is the global leader in operating lifestyle hospitality brands, and we have been hard at work accelerating our growth prospects. Starwood’s senior leadership team has enjoyed great stability over the past three years and has never been better aligned to execute on our growth strategy.
“With over half of our hotels located outside of the United
States, we are well positioned to take advantage of the robust RevPAR
growth occurring in emerging markets and the strong unit growth that
should fuel our fee business for years to come. With most of our owned
hotels in the developed world, we expect to drive strong rate growth in
this highly favorable, low supply environment. We have been
outperforming our competitors in 2010 and our hotel operating
initiatives should help us continue to deliver market-leading returns
for our stakeholders as these global initiatives fuel the top-line and
push margins back towards prior peaks. We also remain committed to
transitioning to a business that is 80% fee driven as we continue to
monetize our high value, owned hotel portfolio and complete our
transformation from owning hotels to building great relationships with
guests and customers.”
The Company’s three year financial scenario assumes a normal cyclical recovery with annual worldwide RevPAR increases of 7-9% through 2013, and would result in:
- Annual EBITDA growth of 14-18%
- Annual EPS growth of 35-42%
- Excess Cash Flow of $1.7 billion to $2.2 billion (not inclusive of cash proceeds from any asset sales) over this time period
At today's meeting, the Company will also reaffirm its current full year guidance for 2010, which was detailed in its third quarter 2010 earnings press release.
About Starwood Hotels & Resorts Worldwide, Inc.Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,025 properties in 100 countries and approximately 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®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien®, and the recently announced AloftSM and ElementSM. 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.
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 duration and severity of any global or regional economic downturns, the availability of financing alternatives at acceptable terms, 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. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such 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.