WHITE PLAINS, N.Y.--April 28, 2011-Starwood Hotels &
Resorts Worldwide, Inc. (NYSE: HOT) today reported first quarter 2011
financial results.
First Quarter 2011 Highlights
- Excluding special items, EPS from
continuing operations was $0.30. Including special items, EPS from
continuing operations was $0.15.
- Adjusted EBITDA was $208 million.
- Excluding special items, income
from continuing operations was $58 million. Including special items,
income from continuing operations was $29 million.
- Worldwide System-wide REVPAR for
Same-Store Hotels increased 10.4% (9.1% in constant dollars) compared
to 2010. System-wide REVPAR for Same-Store Hotels in North America
increased 11.1% (10.4% in constant dollars).
- Management fees, franchise fees and
other income increased 15.7% compared to 2010.
- Worldwide Same-Store
company-operated gross operating profit margins increased approximately
90 basis points compared to 2010. Gross operating profits were
negatively impacted by events in the Middle East, North Africa and
Japan.
- Worldwide REVPAR for Starwood
branded Same-Store Owned Hotels increased 11.9% (10.2% in constant
dollars) compared to 2010. REVPAR for Starwood branded Same-Store Owned
Hotels in North America increased 9.6% (7.9% in constant dollars).
- Margins at Starwood branded
Same-Store Owned Hotels Worldwide increased approximately 90 basis
points compared to 2010. Excluding Latin America, which was impacted by
the increasing gap between inflation and currency devaluation, margins
increased over 210 basis points.
- Earnings from our vacation
ownership and residential business increased $10 million compared to
2010.
- During the quarter, the Company
signed 29 hotel management and franchise contracts representing
approximately 8,700 rooms and opened 21 hotels and resorts with
approximately 5,200 rooms.
First Quarter 2011 Earnings Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
first quarter of 2011 of $0.15 per share compared to $0.16 in the first
quarter of 2010. Excluding special items, EPS from continuing
operations was $0.30 for the first quarter of 2011 compared to $0.13 in
the first quarter of 2010. Special items in the first quarter of 2011,
which totaled $33 million (pre-tax), primarily relate to a charge
associated with the Company’s minority investment in a hotel in Tokyo,
Japan following the earthquake in March 2011. Excluding special items,
the effective income tax rate in the first quarter of 2011 was 21.0%,
compared to 14.5% in the first quarter of 2010.
Income from continuing operations was $29 million in the first
quarter of 2011 compared to $30 million in the first quarter of 2010.
Excluding special items, income from continuing operations was $58
million in the first quarter of 2011 compared to $24 million in the
first quarter of 2010.
Net income was $28 million and $0.14 per share in the first
quarter of 2011 compared to $30 million and $0.16 per share in the
first quarter of 2010.
Frits van Paasschen, CEO said, “We were able to exceed
expectations despite turmoil in North Africa and the Middle East and
the devastating earthquake in Japan. This is thanks to our laser-focus
on growing faster than the market and flowing this outperformance down
to the bottom-line.”
“The outlook for the rest of the year looks promising as we
view the events of the past few months as not having derailed the
overall global economic recovery. For example, our group and transient
bookings remain robust. As such, we remain cautiously confident for
2011 and are bullish about our long-term prospects.”
First Quarter 2011 Operating Results
Management and Franchise Revenues
Worldwide System-wide REVPAR for Same-Store Hotels increased
10.4% (9.1% in constant dollars) compared to the first quarter
of 2010. International System-wide REVPAR for Same-Store Hotels
increased 9.5% (7.5% in constant dollars).
Worldwide System-wide REVPAR for Same-Store changes by region:
|
|
|
|
REVPAR |
Region
|
|
|
|
Reported |
|
Constant dollars |
North America |
|
|
|
11.1
|
%
|
|
10.4
|
%
|
Europe |
|
|
|
7.0
|
%
|
|
7.8
|
%
|
Asia Pacific |
|
|
|
17.7
|
%
|
|
11.3
|
%
|
Africa and the
Middle East |
|
|
|
(4.2
|
)%
|
|
(3.1
|
)%
|
Latin America |
|
|
|
16.7
|
%
|
|
16.7
|
%
|
Increases in REVPAR for Worldwide System-wide Same-Store
hotels by brand:
|
|
|
|
REVPAR |
|
Brand
|
|
|
|
Reported |
|
Constant dollars |
|
St. Regis/Luxury
Collection |
|
|
|
13.5
|
%
|
|
12.6
|
%
|
|
W Hotels |
|
|
|
16.7
|
%
|
|
16.7
|
%
|
|
Westin |
|
|
|
10.8
|
%
|
|
9.3
|
%
|
|
Sheraton |
|
|
|
8.5
|
%
|
|
7.1
|
%
|
|
Le
Méridien |
|
|
|
8.0
|
%
|
|
7.2
|
%
|
|
Four Points by
Sheraton |
|
|
|
12.3
|
%
|
|
9.7
|
%
|
|
Aloft |
|
|
|
24.9
|
%
|
|
24.6
|
%
|
|
Worldwide Same-Store company-operated gross operating profit
margins increased approximately 90 basis points in the first quarter.
International gross operating profit margins for Same-Store
company-operated properties were flat, negatively impacted by the
political unrest in the Middle East and North Africa, as well as the
earthquake in Japan. North American Same-Store company-operated gross
operating profit margins increased approximately 200 basis
points, driven by REVPAR increases and cost controls.
Management fees, franchise fees and other income were $177
million, up $24 million, or 15.7% from the first quarter of 2010.
Management fees increased 11.5% to $97 million and franchise fees
increased 22.9% to $43 million.
During the first quarter of 2011, the Company signed 29 hotel
management and franchise contracts, representing approximately 8,700
rooms, of which 19 are new builds and 10 are conversions from other
brands. At March 31, 2011, the Company had approximately 350 hotels in
the active pipeline representing approximately 85,000 rooms.
During the first quarter of 2011, 21 new hotels and resorts
(representing approximately 5,200 rooms) entered the system, including
the W London Leicester Square (England, 192 rooms), Sheraton Shanghai
Hotel, Hongkou (China, 471 rooms), W Bali (Indonesia, 237 rooms), The
Westin Phoenix Downtown (Arizona, 242 rooms), and The Liberty Hotel, a
Luxury Collection Hotel (Boston, Massachusetts, 298 rooms). Eleven
properties (representing approximately 3,400 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
increased 11.9% (10.2% in constant dollars) in the first quarter of
2011 when compared to 2010. REVPAR at Starwood branded Same-Store Owned
Hotels in North America increased 9.6% (7.9% in constant dollars).
Internationally, Starwood branded Same-Store Owned Hotel REVPAR
increased 14.9% (13.3% in constant dollars).
Revenues at Starwood branded Same-Store Owned Hotels in North
America increased 6.5% while costs and expenses increased 4.6% when
compared to 2010. Margins at these hotels increased approximately 150
basis points.
Revenues at Starwood branded Same-Store Owned Hotels Worldwide
increased 8.5% (6.9% in constant dollars) while costs and expenses
increased 7.4% (6.3% in constant dollars) when compared to 2010.
Margins at these hotels increased approximately 90 basis points and
were negatively impacted by approximately 120 basis points due to
continued increase in the gap between inflation and currency
devaluation at the Company’s Latin America hotels.
Revenues at owned, leased and consolidated joint venture
hotels were $410 million, compared to $381 million in 2010. Expenses
at owned, leased and consolidated joint venture hotels were $361
million compared to $329 million in 2010. First quarter results were
negatively impacted by pre-opening costs at the new leased W London
Leicester Square, the effect of the earthquake at the new leased St.
Regis Osaka, one renovation and one asset sale.
Vacation Ownership
Total vacation ownership revenues increased 12.2% to $147
million compared to 2010. Originated contract sales of vacation
ownership intervals increased 6.5% primarily due to improved sales
performance on existing owner channels and increased tour flow from new
buyer preview packages. The number of contracts signed increased 7.8%
when compared to 2010 and the average price per vacation ownership unit
sold decreased 1.4% to approximately $16,500, driven by inventory mix.
Selling, General, Administrative and
Other
Selling, general, administrative and other expenses increased
5.3% to $80 million compared to $76 million in 2010.
Capital
Gross capital spending during the quarter included
approximately $40 million of maintenance capital and $33 million of
development capital. Net investment spending on vacation ownership
interest (“VOI”) and residential inventory was $16 million, primarily
related to the St. Regis Bal Harbour project.
Balance Sheet
At March 31, 2011, the Company had gross debt of $2.853
billion, excluding $459 million of debt associated with securitized
vacation ownership notes receivable. Additionally, the Company had cash
and cash equivalents of $732 million (including $57 million of
restricted cash), and net debt of $2.121 billion, compared to net debt
of $2.060 billion as of December 31, 2010. Net debt at March 31, 2011
including debt and restricted cash ($21 million) associated with
securitized vacation ownership notes receivables was $2.559 billion.
At March 31, 2011, debt was approximately 78% fixed rate and
22% floating rate and its weighted average maturity was 4.0 years with
a weighted average interest rate of 6.80% excluding the securitized
debt. The Company had cash (including current restricted cash) and
availability under the domestic and international revolving credit
facility of approximately $2.091 billion.
On April 6, 2011, the Company completed the sale of one
wholly-owned hotel for cash proceeds of approximately $110 million.
This hotel was sold subject to a long-term management contract.
Outlook
For the three months ended June 30, 2011:
For the Full Year 2011:
Macro-economic and geo-political environments remain
uncertain. We believe that several scenarios are possible. With low
supply growth in developed markets and high demand growth in emerging
markets, rate improvement will be the key driver of 2011 results. Based
on trends to date, our outlook assumes a normal lodging recovery in
2011, negatively impacted by Japan, North Africa and Mexico:
- Adjusted EBITDA is expected to be
approximately $975 million to $1 billion, assuming:
- REVPAR increases at Same-Store
Company Operated Hotels Worldwide of 7% to 9% in constant dollars
(approximately 100 basis points higher in dollars at current exchange
rates).
- REVPAR increases at Branded
Same-Store Owned Hotels Worldwide of 8% to 10% in constant dollars
(approximately 200 basis points higher in dollars at current exchange
rates).
- Margin increases at Branded
Same-Store Owned Hotels Worldwide of 150 to 200 basis points.
- Management fees, franchise fees
and other income increase approximately 10% to 12%, negatively impacted
by approximately 200 basis points by Japan and North Africa.
- Earnings from our vacation
ownership and residential business of approximately $130 million to
$140 million.
- Selling, general and
administrative expenses increase 4% to 5%.
- Depreciation and amortization is
expected to be approximately $320 million.
- Interest expense is expected to be
approximately $240 million and cash taxes will be approximately $80
million.
- Full year effective tax rate is
expected to be approximately 25%.
- Assuming all of the above, EPS is
expected to be approximately $1.60 to $1.70.
- Full year capital expenditure
(excluding vacation ownership and residential inventory) is expected to
be approximately $300 million for maintenance, renovation and
technology. In addition, in-flight investment projects and prior
commitments for joint ventures and other investments are expected to
total approximately $150 million. Vacation ownership (excluding Bal
Harbour) is expected to generate approximately $165 million in positive
cash flow.
- The Company currently expects
closings on Bal Harbour residential units to commence in late Q4 2011.
The Company’s current outlook does not include any revenue recognition
or cash flows associated with these potential closings. The Company
does, however, expect there to be revenue recognition and cash flows
from closings in Q4 2011 and the Company will provide updates as the
year progresses. Bal Harbour capital expenditure for 2011 is expected
to be approximately $150 million.
Special Items
The Company’s special items netted to a charge of $33 million
($29 million after-tax) in the first quarter of 2011 compared to a
benefit of $1 million ($6 million after-tax) in the same period of
2010.
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, |
|
|
|
2011 |
|
2010 |
|
|
|
|
|
|
Income
from continuing operations before special items |
|
|
$
|
58
|
|
|
$
|
24
|
|
EPS
before special items |
|
|
$
|
0.30
|
|
|
$
|
0.13
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
(Loss)
gain on asset dispositions and impairments, net (a) |
|
|
|
(33
|
)
|
|
|
1
|
|
Total special
items – pre-tax |
|
|
|
(33
|
)
|
|
|
1
|
|
Income tax
benefit for special items (b) |
|
|
|
—
|
|
|
|
5
|
|
Income
tax benefit associated with dispositions (c) |
|
|
|
4
|
|
|
|
—
|
|
Total
special items – after-tax |
|
|
|
(29
|
)
|
|
|
6
|
|
|
|
|
|
|
|
Income
from continuing operations |
|
|
$
|
29
|
|
|
$
|
30
|
|
EPS
including special items |
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
(a) |
During the three
months ended March 31, 2011, the net loss primarily relates to an
impairment of a minority investment in a joint venture hotel located in
Japan. |
|
|
|
During the three
months ended March 31, 2010, the net gain relates to sales of two
non-core assets partially offset by losses on the termination of two
management contracts. |
|
|
(b) |
During three
months ended March 31, 2010, the benefit primarily relates to the
adjustment of deferred tax assets associated with prior year impairment
charges, due to a change in a foreign tax rate. |
|
|
(c) |
During the three
months ended March 31, 2011, the benefit relates to the reversal of
income tax reserves associated with dispositions in prior years. |
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. (EDT) today at (706)
758-8744. The conference call will be available through a 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. (EDT) today
through May 5, 2011 at 12:00 midnight (EDT) on both the Company’s
website and via telephone replay at (706) 645-9291 (pass code
#23166357).
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 restructuring, goodwill impairment 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. 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 natural disasters). 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 revenues in constant dollars represent
revenues, excluding the impact of the movement of foreign exchange
rates. The Company calculates revenues in constant dollars by
calculating revenues for the current year using the prior year’s
exchange rates. The Company uses this revenue measure to better
understand the underlying results and trends of the business, excluding
the impact of movements in foreign exchange rates.
All references to contract sales or originated sales reflect
vacation ownership sales before revenue adjustments for percentage of
completion accounting methodology. All references to earnings from
vacation ownership and residential represents operating income before
depreciation expense.
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.
Starwood Hotels & Resorts Worldwide, Inc. is one of the
leading hotel and leisure companies in the world with 1,051 properties
in nearly 100 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,
including reconciliations of non-GAAP financial measures to GAAP
financial measures, please visit www.starwoodhotels.com
or contact Investor Relations at (914) 640-8165.
** 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, natural disasters, 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,
|
|
|
|
|
2011 |
|
2010 |
|
%
Variance
|
Revenues |
|
|
|
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
$
|
410
|
|
|
$
|
381
|
|
|
7.6
|
|
Vacation
ownership and residential sales and services |
|
|
|
|
153
|
|
|
|
133
|
|
|
15.0
|
|
Management fees,
franchise fees and other income |
|
|
|
|
177
|
|
|
|
153
|
|
|
15.7
|
|
Other
revenues from managed and franchised properties (a) |
|
|
|
|
555
|
|
|
|
520
|
|
|
6.7
|
|
|
|
|
|
|
1,295
|
|
|
|
1,187
|
|
|
9.1
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
|
361
|
|
|
|
329
|
|
|
(9.7
|
)
|
Vacation
ownership and residential |
|
|
|
|
111
|
|
|
|
101
|
|
|
(9.9
|
)
|
Selling, general,
administrative and other |
|
|
|
|
80
|
|
|
|
76
|
|
|
(5.3
|
)
|
Depreciation |
|
|
|
|
60
|
|
|
|
66
|
|
|
9.1
|
|
Amortization |
|
|
|
|
8
|
|
|
|
10
|
|
|
20.0
|
|
Other
expenses from managed and franchised properties (a) |
|
|
|
|
555
|
|
|
|
520
|
|
|
(6.7
|
)
|
|
|
|
|
|
1,175
|
|
|
|
1,102
|
|
|
(6.6
|
)
|
Operating income |
|
|
|
|
120
|
|
|
|
85
|
|
|
41.2
|
|
Equity earnings
and gains and (losses) from unconsolidated ventures, net |
|
|
|
|
4
|
|
|
|
3
|
|
|
33.3
|
|
Interest expense,
net of interest income of $1 and $1 |
|
|
|
|
(54
|
)
|
|
|
(62
|
)
|
|
12.9
|
|
(Loss)
gain on asset dispositions and impairments, net |
|
|
|
|
(33
|
)
|
|
|
1
|
|
|
n/m
|
|
Income from
continuing operations before taxes |
|
|
|
|
37
|
|
|
|
27
|
|
|
37.0
|
|
Income
tax (expense) benefit |
|
|
|
|
(10
|
)
|
|
|
1
|
|
|
n/m
|
|
Income from
continuing operations |
|
|
|
|
27
|
|
|
|
28
|
|
|
(3.6
|
)
|
Discontinued
Operations: |
|
|
|
|
|
|
|
|
|
|
Net loss
on dispositions, net of tax |
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
n/m
|
|
Net income |
|
|
|
|
26
|
|
|
|
28
|
|
|
(7.1
|
)
|
Net loss
attributable to noncontrolling interests |
|
|
|
|
2
|
|
|
|
2
|
|
|
—
|
|
Net
income attributable to Starwood |
|
|
|
$
|
28
|
|
|
$
|
30
|
|
|
(6.7
|
)
|
Earnings
(Loss) Per Share – Basic |
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
$
|
0.16
|
|
|
$
|
0.16
|
|
|
—
|
|
Discontinued
operations |
|
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
n/m
|
|
Net
income |
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
(6.3
|
)
|
Earnings
(Loss) Per Share – Diluted |
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
$
|
0.15
|
|
|
$
|
0.16
|
|
|
(6.3
|
)
|
Discontinued
operations |
|
|
|
|
(0.01
|
)
|
|
|
—
|
|
|
n/m
|
|
Net
income |
|
|
|
$
|
0.14
|
|
|
$
|
0.16
|
|
|
(12.5
|
)
|
Amounts
attributable to Starwood’s Common Shareholders |
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
$
|
29
|
|
|
$
|
30
|
|
|
(3.3
|
)
|
Discontinued
operations |
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
n/m
|
|
Net
income |
|
|
|
$
|
28
|
|
|
$
|
30
|
|
|
(6.7
|
)
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
187
|
|
|
|
181
|
|
|
|
Weighted
average number of shares assuming dilution |
|
|
|
|
194
|
|
|
|
187
|
|
|
|
(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,
2011
|
|
December 31,
2010
|
|
|
|
(unaudited)
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents |
|
|
$
|
675
|
|
|
$
|
753
|
|
Restricted cash |
|
|
|
73
|
|
|
|
53
|
|
Accounts
receivable, net of allowance for doubtful accounts of $41 and $45 |
|
|
|
558
|
|
|
|
513
|
|
Securitized
vacation ownership notes receivable, net of allowance for doubtful
accounts of $9 and $10 |
|
|
|
58
|
|
|
|
59
|
|
Inventories |
|
|
|
819
|
|
|
|
802
|
|
Prepaid
expenses and other |
|
|
|
176
|
|
|
|
126
|
|
Total current
assets |
|
|
|
2,359
|
|
|
|
2,306
|
|
Investments |
|
|
|
291
|
|
|
|
312
|
|
Plant, property
and equipment, net |
|
|
|
3,273
|
|
|
|
3,323
|
|
Assets held for
sale |
|
|
|
100
|
|
|
|
—
|
|
Goodwill and
intangible assets, net |
|
|
|
2,068
|
|
|
|
2,067
|
|
Deferred tax
assets |
|
|
|
988
|
|
|
|
979
|
|
Other assets (a)
|
|
|
|
399
|
|
|
|
381
|
|
Securitized
vacation ownership notes receivable |
|
|
|
381
|
|
|
|
408
|
|
|
|
|
$
|
9,859
|
|
|
$
|
9,776
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Short-term
borrowings and current maturities of long-term debt (b) |
|
|
$
|
8
|
|
|
$
|
9
|
|
Current
maturities of long-term securitized vacation ownership debt |
|
|
|
126
|
|
|
|
127
|
|
Accounts payable |
|
|
|
140
|
|
|
|
138
|
|
Accrued expenses |
|
|
|
1,185
|
|
|
|
1,104
|
|
Accrued salaries,
wages and benefits |
|
|
|
314
|
|
|
|
410
|
|
Accrued
taxes and other |
|
|
|
354
|
|
|
|
373
|
|
Total current
liabilities |
|
|
|
2,127
|
|
|
|
2,161
|
|
Long-term debt (b)
|
|
|
|
2,845
|
|
|
|
2,848
|
|
Long-term
securitized vacation ownership debt |
|
|
|
333
|
|
|
|
367
|
|
Deferred income
taxes |
|
|
|
29
|
|
|
|
28
|
|
Other
liabilities |
|
|
|
1,905
|
|
|
|
1,886
|
|
|
|
|
|
7,239
|
|
|
|
7,290
|
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
Common stock;
$0.01 par value; authorized 1,000,000,000 shares; outstanding
195,091,721 and 192,970,437 shares at March 31, 2011 and December 31,
2010, respectively |
|
|
|
2
|
|
|
|
2
|
|
Additional
paid-in capital |
|
|
|
861
|
|
|
|
805
|
|
Accumulated other
comprehensive loss |
|
|
|
(232
|
)
|
|
|
(283
|
)
|
Retained
earnings |
|
|
|
1,975
|
|
|
|
1,947
|
|
Total Starwood
stockholders’ equity |
|
|
|
2,606
|
|
|
|
2,471
|
|
Noncontrolling
interest |
|
|
|
14
|
|
|
|
15
|
|
Total
equity |
|
|
|
2,620
|
|
|
|
2,486
|
|
|
|
|
$
|
9,859
|
|
|
$
|
9,776
|
|
(a) |
Includes
restricted cash of $5 million and $10 million at March 31, 2011 and
December 31, 2010, respectively. |
(b) |
Excludes
Starwood’s share of unconsolidated joint venture debt aggregating
approximately $430 million and $434 million at March 31, 2011 and
December 31, 2010, respectively. |
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations – Historical Data
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
2011
|
|
2010
|
|
%
Variance
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Income to EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
Net income |
|
|
$
|
28
|
|
|
$
|
30
|
|
|
(6.7
|
)
|
Interest expense (a)
|
|
|
|
59
|
|
|
|
66
|
|
|
(10.6
|
)
|
Income tax
(benefit) expense (b) |
|
|
|
11
|
|
|
|
(1
|
)
|
|
n/m
|
|
Depreciation (c)
|
|
|
|
68
|
|
|
|
74
|
|
|
(8.1
|
)
|
Amortization
(d) |
|
|
|
9
|
|
|
|
11
|
|
|
(18.2
|
)
|
EBITDA |
|
|
|
175
|
|
|
|
180
|
|
|
(2.8
|
)
|
Loss
(gain) on asset dispositions and impairments, net |
|
|
|
33
|
|
|
|
(1
|
)
|
|
n/m
|
|
Adjusted
EBITDA |
|
|
$
|
208
|
|
|
$
|
179
|
|
|
16.2
|
|
(a) |
Includes $4
million and $3 million of Starwood’s share of interest expense of
unconsolidated joint ventures for the three months ended March 31, 2011
and 2010, respectively. |
(b) |
Includes $1
million and $0 million of tax expense recorded in discontinued
operations for the three months ended March 31, 2011 and 2010,
respectively. |
(c) |
Includes $8
million of Starwood’s share of depreciation expense of unconsolidated
joint ventures for the three months ended March 31, 2011 and 2010. |
(d) |
Includes $1
million of Starwood’s share of amortization expense of unconsolidated
joint ventures for the three months ended March 31, 2011 and 2010. |
|
|
Non-GAAP to GAAP
Reconciliations – Branded Same-Store Owned Hotels Worldwide
(In millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2011
|
|
|
|
|
$ Change
|
|
% Variance
|
Revenue |
|
|
|
|
|
|
Revenue increase
(GAAP) |
|
|
|
$
|
25
|
|
|
8.5
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
(5
|
)
|
|
(1.6
|
)%
|
Revenue
increase in constant dollars |
|
|
|
$
|
20
|
|
|
6.9
|
%
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
Expense increase
(GAAP) |
|
|
|
$
|
19
|
|
|
7.4
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
(3
|
)
|
|
(1.1
|
)%
|
Expense
increase in constant dollars |
|
|
|
$
|
16
|
|
|
6.3
|
%
|
|
|
Non-GAAP to GAAP Reconciliation
– Earnings from Vacation Ownership and Residential Business
(In millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2011
|
|
2010
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
$
|
42
|
|
|
$
|
32
|
|
|
$
|
10
|
|
Depreciation
expense |
|
|
|
|
(7
|
)
|
|
|
(8
|
)
|
|
|
1
|
|
Operating
income from vacation ownership and residential |
|
|
|
$
|
35
|
|
|
$
|
24
|
|
|
$
|
11
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations – Future Performance
(In millions, except per share data)
Low Case
|
Three Months Ended
June 30, 2011
|
|
|
|
|
|
Year Ended
December 31, 2011
|
|
|
|
|
|
|
|
$
|
82
|
|
|
|
Net income |
|
|
$
|
282
|
|
|
58
|
|
|
|
Interest expense |
|
|
|
240
|
|
|
26
|
|
|
|
Income tax
expense |
|
|
|
100
|
|
|
79
|
|
|
|
Depreciation
and amortization |
|
|
|
320
|
|
|
245
|
|
|
|
EBITDA |
|
|
|
942
|
|
|
—
|
|
|
|
Loss
(gain) on asset dispositions and impairments, net |
|
|
|
33
|
|
$
|
245
|
|
|
|
Adjusted
EBITDA |
|
|
$
|
975
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2011
|
|
|
|
|
|
Year Ended
December 31, 2011
|
$
|
82
|
|
|
|
Income
from continuing operations before special items |
|
|
$
|
312
|
|
$
|
0.42
|
|
|
|
EPS
before special items be |
|
|
$
|
1.60
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
—
|
|
|
|
(Loss)
gain on asset dispositions and impairments, net |
|
|
|
(33
|
)
|
|
—
|
|
|
|
Total special
items – pre-tax |
|
|
|
(33
|
)
|
|
—
|
|
|
|
Income
tax benefit associated with dispositions . |
|
|
|
4
|
|
|
—
|
|
|
|
Total
special items – after-tax |
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
$
|
82
|
|
|
|
Income
from continuing operations |
|
|
$
|
283
|
|
$
|
0.42
|
|
|
|
EPS
including special items |
|
|
$
|
1.45
|
|
|
|
|
|
|
|
|
|
|
|
High Case
|
|
|
|
Three Months Ended
June 30, 2011
|
|
|
|
|
|
Year Ended
December 31, 2011
|
$
|
90
|
|
|
|
Net income |
|
|
$
|
301
|
|
|
58
|
|
|
|
Interest expense |
|
|
|
240
|
|
|
28
|
|
|
|
Income tax
expense |
|
|
|
106
|
|
|
79
|
|
|
|
Depreciation
and amortization |
|
|
|
320
|
|
|
255
|
|
|
|
EBITDA |
|
|
|
967
|
|
|
—
|
|
|
|
Loss
(gain) on asset dispositions and impairments, net |
|
|
|
33
|
|
$
|
255
|
|
|
|
Adjusted
EBITDA |
|
|
$
|
1,000
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2011
|
|
|
|
|
|
Year Ended
December 31, 2011
|
$
|
90
|
|
|
|
Income
from continuing operations before special items |
|
|
$
|
331
|
|
$
|
0.46
|
|
|
|
EPS
before special items be |
|
|
$
|
1.70
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
—
|
|
|
|
(Loss)
gain on asset dispositions and impairments, net |
|
|
|
(33
|
)
|
|
—
|
|
|
|
Total special
items – pre-tax |
|
|
|
(33
|
)
|
|
—
|
|
|
|
Income
tax benefit associated with dispositions |
|
|
|
4
|
|
|
—
|
|
|
|
Total
special items – after-tax |
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
$
|
90
|
|
|
|
Income
from continuing operations |
|
|
$
|
302
|
|
$
|
0.46
|
|
|
|
EPS
including special items |
|
|
$
|
1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations –
Future Earnings from Vacation Ownership and Residential
Business
(In millions)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2011
|
|
2010
|
|
$
Variance
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
$
|
34
|
|
|
$
|
34
|
|
|
$
|
—
|
|
Depreciation
expense |
|
|
(6
|
)
|
|
|
(7
|
)
|
|
|
1
|
|
Operating
income from vacation ownership and residential |
|
$
|
28
|
|
|
$
|
27
|
|
|
$
|
1
|
|
|
|
|
|
|
|
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Vacation Ownership and Residential
Business
(In millions)
Low Case
|
Three Months Ended
June 30, 2011
|
|
|
|
Year Ended
December 31, 2011
|
|
|
|
|
|
|
|
|
|
$
|
34
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
$
|
130
|
|
|
|
(6
|
)
|
|
|
Depreciation
expense |
|
|
|
(24
|
)
|
|
$
|
28
|
|
|
|
Operating
income from vacation ownership and residential |
|
|
$
|
106
|
|
|
|
|
|
|
Three Months Ended
June 30, 2011
|
|
High
Case |
|
Year Ended
December 31, 2011
|
|
|
|
|
|
|
|
|
|
$
|
34
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
$
|
140
|
|
|
|
(6
|
)
|
|
|
Depreciation
expense |
|
|
|
(24
|
)
|
|
$
|
28
|
|
|
|
Operating
income from vacation ownership and residential |
|
|
$
|
116
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
Worldwide
|
|
2011 |
|
2010 |
|
%
Variance
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
351
|
|
|
$
|
326
|
|
|
7.7
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
—
|
|
|
|
8
|
|
|
(100.0
|
)
|
Hotels Without
Comparable Results |
|
|
53
|
|
|
|
47
|
|
|
12.8
|
|
Other
ancillary hotel operations |
|
|
6
|
|
|
|
—
|
|
|
n/m
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$
|
410
|
|
|
$
|
381
|
|
|
7.6
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
306
|
|
|
$
|
287
|
|
|
(6.6
|
)
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
—
|
|
|
|
6
|
|
|
100.0
|
|
Hotels Without
Comparable Results |
|
|
49
|
|
|
|
36
|
|
|
(36.1
|
)
|
Other
ancillary hotel operations |
|
|
6
|
|
|
|
—
|
|
|
n/m
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
$
|
361
|
|
|
$
|
329
|
|
|
(9.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Same-Store Owned Hotels
North America
|
|
2011 |
|
2010 |
|
%
Variance
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
210
|
|
|
$
|
199
|
|
|
5.5
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
—
|
|
|
|
8
|
|
|
(100.0
|
)
|
Hotels Without
Comparable Results |
|
|
44
|
|
|
|
45
|
|
|
(2.2
|
)
|
Other
ancillary hotel operations |
|
|
6
|
|
|
|
—
|
|
|
n/m
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$
|
260
|
|
|
$
|
252
|
|
|
3.2
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
186
|
|
|
$
|
179
|
|
|
(3.9
|
)
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
—
|
|
|
|
6
|
|
|
100.0
|
|
Hotels Without
Comparable Results |
|
|
35
|
|
|
|
34
|
|
|
(2.9
|
)
|
Other
ancillary hotel operations |
|
|
6
|
|
|
|
—
|
|
|
n/m
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
$
|
227
|
|
|
$
|
219
|
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Same-Store Owned Hotels
International
|
|
2011
|
|
2010
|
|
%
Variance
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
141
|
|
|
$
|
127
|
|
|
11.0
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Hotels Without
Comparable Results |
|
|
9
|
|
|
|
2
|
|
|
n/m
|
|
Other
ancillary hotel operations |
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$
|
150
|
|
|
$
|
129
|
|
|
16.3
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
120
|
|
|
$
|
108
|
|
|
(11.1
|
)
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Hotels Without
Comparable Results |
|
|
14
|
|
|
|
2
|
|
|
n/m
|
|
Other
ancillary hotel operations |
|
|
—
|
|
|
|
—
|
|
|
—
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
$
|
134
|
|
|
$
|
110
|
|
|
(21.8
|
)
|
(a) |
Same-Store Owned
Hotel Results exclude two hotels sold and nine hotels without
comparable results. |
n/m = not meaningful
|
|
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 |
|
|
|
2011
|
|
2010
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
105.28
|
|
95.35
|
|
10.4%
|
|
99.73
|
|
89.75
|
|
11.1%
|
|
113.08
|
|
103.24
|
|
9.5%
|
|
ADR ($) |
|
165.22
|
|
156.56
|
|
5.5%
|
|
153.31
|
|
146.58
|
|
4.6%
|
|
182.87
|
|
170.77
|
|
7.1%
|
|
Occupancy (%) |
|
63.7%
|
|
60.9%
|
|
2.8
|
|
65.1%
|
|
61.2%
|
|
3.9
|
|
61.8%
|
|
60.5%
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
89.93
|
|
82.90
|
|
8.5%
|
|
83.26
|
|
75.65
|
|
10.1%
|
|
98.70
|
|
92.43
|
|
6.8%
|
|
ADR ($) |
|
145.31
|
|
137.48
|
|
5.7%
|
|
132.08
|
|
126.42
|
|
4.5%
|
|
163.47
|
|
151.76
|
|
7.7%
|
|
Occupancy (%) |
|
61.9%
|
|
60.3%
|
|
1.6
|
|
63.0%
|
|
59.8%
|
|
3.2
|
|
60.4%
|
|
60.9%
|
|
(0.5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
120.23
|
|
108.53
|
|
10.8%
|
|
116.75
|
|
105.98
|
|
10.2%
|
|
130.66
|
|
116.16
|
|
12.5%
|
|
ADR ($) |
|
179.64
|
|
170.42
|
|
5.4%
|
|
171.89
|
|
164.46
|
|
4.5%
|
|
204.24
|
|
189.09
|
|
8.0%
|
|
Occupancy (%) |
|
66.9%
|
|
63.7%
|
|
3.2
|
|
67.9%
|
|
64.4%
|
|
3.5
|
|
64.0%
|
|
61.4%
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST.
REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
172.38
|
|
151.90
|
|
13.5%
|
|
194.70
|
|
168.46
|
|
15.6%
|
|
161.82
|
|
144.03
|
|
12.4%
|
|
ADR ($) |
|
277.23
|
|
259.84
|
|
6.7%
|
|
289.62
|
|
273.01
|
|
6.1%
|
|
270.65
|
|
253.06
|
|
7.0%
|
|
Occupancy (%) |
|
62.2%
|
|
58.5%
|
|
3.7
|
|
67.2%
|
|
61.7%
|
|
5.5
|
|
59.8%
|
|
56.9%
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
119.01
|
|
110.15
|
|
8.0%
|
|
162.32
|
|
142.16
|
|
14.2%
|
|
114.43
|
|
106.76
|
|
7.2%
|
|
ADR ($) |
|
183.95
|
|
177.87
|
|
3.4%
|
|
213.12
|
|
194.48
|
|
9.6%
|
|
180.25
|
|
175.76
|
|
2.6%
|
|
Occupancy (%) |
|
64.7%
|
|
61.9%
|
|
2.8
|
|
76.2%
|
|
73.1%
|
|
3.1
|
|
63.5%
|
|
60.7%
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
180.15
|
|
154.31
|
|
16.7%
|
|
170.77
|
|
148.96
|
|
14.6%
|
|
213.95
|
|
173.66
|
|
23.2%
|
|
ADR ($) |
|
251.53
|
|
236.18
|
|
6.5%
|
|
236.81
|
|
223.32
|
|
6.0%
|
|
306.30
|
|
287.47
|
|
6.6%
|
|
Occupancy (%) |
|
71.6%
|
|
65.3%
|
|
6.3
|
|
72.1%
|
|
66.7%
|
|
5.4
|
|
69.9%
|
|
60.4%
|
|
9.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
69.49
|
|
61.89
|
|
12.3%
|
|
62.78
|
|
57.18
|
|
9.8%
|
|
82.13
|
|
70.72
|
|
16.1%
|
|
ADR ($) |
|
110.47
|
|
105.40
|
|
4.8%
|
|
100.53
|
|
98.83
|
|
1.7%
|
|
128.77
|
|
117.20
|
|
9.9%
|
|
Occupancy (%) |
|
62.9%
|
|
58.7%
|
|
4.2
|
|
62.4%
|
|
57.9%
|
|
4.5
|
|
63.8%
|
|
60.3%
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
67.41
|
|
53.99
|
|
24.9%
|
|
65.92
|
|
52.03
|
|
26.7%
|
|
|
|
|
|
|
|
ADR ($) |
|
109.01
|
|
102.43
|
|
6.4%
|
|
107.14
|
|
97.81
|
|
9.5%
|
|
|
|
|
|
|
|
Occupancy (%) |
|
61.8%
|
|
52.7%
|
|
9.1
|
|
61.5%
|
|
53.2%
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
2011
|
|
2010
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
105.28
|
|
95.35
|
|
10.4%
|
|
119.69
|
|
108.19
|
|
10.6%
|
|
ADR ($) |
|
165.22
|
|
156.56
|
|
5.5%
|
|
184.08
|
|
173.95
|
|
5.8%
|
|
Occupancy
(%) |
|
63.7%
|
|
60.9%
|
|
2.8
|
|
65.0%
|
|
62.2%
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
99.73
|
|
89.75
|
|
11.1%
|
|
123.11
|
|
110.09
|
|
11.8%
|
|
ADR ($) |
|
153.31
|
|
146.58
|
|
4.6%
|
|
180.36
|
|
171.61
|
|
5.1%
|
|
Occupancy (%) |
|
65.1%
|
|
61.2%
|
|
3.9
|
|
68.3%
|
|
64.2%
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
113.44
|
|
106.02
|
|
7.0%
|
|
125.04
|
|
117.77
|
|
6.2%
|
|
ADR ($) |
|
199.04
|
|
190.97
|
|
4.2%
|
|
212.91
|
|
207.63
|
|
2.5%
|
|
Occupancy (%) |
|
57.0%
|
|
55.5%
|
|
1.5
|
|
58.7%
|
|
56.7%
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
127.95
|
|
133.62
|
|
(4.2%)
|
|
128.84
|
|
134.69
|
|
(4.3%)
|
|
ADR ($) |
|
199.77
|
|
190.09
|
|
5.1%
|
|
202.10
|
|
191.94
|
|
5.3%
|
|
Occupancy (%) |
|
64.0%
|
|
70.3%
|
|
(6.3)
|
|
63.8%
|
|
70.2%
|
|
(6.4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
111.23
|
|
94.53
|
|
17.7%
|
|
109.75
|
|
91.33
|
|
20.2%
|
|
ADR ($) |
|
173.09
|
|
155.49
|
|
11.3%
|
|
172.63
|
|
154.11
|
|
12.0%
|
|
Occupancy (%) |
|
64.3%
|
|
60.8%
|
|
3.5
|
|
63.6%
|
|
59.3%
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
95.75
|
|
82.05
|
|
16.7%
|
|
101.08
|
|
85.43
|
|
18.3%
|
|
ADR ($) |
|
154.16
|
|
143.40
|
|
7.5%
|
|
161.89
|
|
154.57
|
|
4.7%
|
|
Occupancy (%) |
|
62.1%
|
|
57.2%
|
|
4.9
|
|
62.4%
|
|
55.3%
|
|
7.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
2011
|
|
2010
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
2011
|
|
2010
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
54 Hotels |
|
27 Hotels |
|
27 Hotels |
|
REVPAR ($) |
|
132.37
|
|
119.37
|
|
10.9%
|
|
134.14
|
|
123.81
|
|
8.3%
|
|
129.82
|
|
112.98
|
|
14.9%
|
|
ADR ($) |
|
197.33
|
|
191.11
|
|
3.3%
|
|
192.81
|
|
186.55
|
|
3.4%
|
|
204.46
|
|
198.77
|
|
2.9%
|
|
Occupancy (%) |
|
67.1%
|
|
62.5%
|
|
4.6
|
|
69.6%
|
|
66.4%
|
|
3.2
|
|
63.5%
|
|
56.8%
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
351,275
|
|
326,078
|
|
7.7%
|
|
210,074
|
|
198,986
|
|
5.6%
|
|
141,201
|
|
127,092
|
|
11.1%
|
|
Total
Expenses |
|
305,803
|
|
287,229
|
|
(6.5%)
|
|
186,150
|
|
179,470
|
|
(3.7%)
|
|
119,653
|
|
107,759
|
|
(11.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
47 Hotels |
|
20 Hotels |
|
27 Hotels |
|
REVPAR ($) |
|
140.61
|
|
125.68
|
|
11.9%
|
|
150.49
|
|
137.28
|
|
9.6%
|
|
129.82
|
|
112.98
|
|
14.9%
|
|
ADR ($) |
|
203.70
|
|
195.49
|
|
4.2%
|
|
203.10
|
|
193.10
|
|
5.2%
|
|
204.46
|
|
198.77
|
|
2.9%
|
|
Occupancy (%) |
|
69.0%
|
|
64.3%
|
|
4.7
|
|
74.1%
|
|
71.1%
|
|
3.0
|
|
63.5%
|
|
56.8%
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
320,535
|
|
295,526
|
|
8.5%
|
|
179,333
|
|
168,434
|
|
6.5%
|
|
141,201
|
|
127,092
|
|
11.1%
|
|
Total Expenses |
|
271,765
|
|
253,151
|
|
(7.4%)
|
|
152,112
|
|
145,392
|
|
(4.6%)
|
|
119,653
|
|
107,759
|
|
(11.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hotel Results exclude 2 hotels
sold and 9 hotels without comparable results during 2011 & 2010
|
* Revenues & Expenses above
are represented in '000's
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Three Months Ended March 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
2011
|
|
2010
|
|
$
Variance |
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
Management
Fees: |
|
|
|
|
|
|
|
|
Base
Fees |
|
67
|
|
60
|
|
7
|
|
11.7%
|
Incentive Fees |
|
30
|
|
27
|
|
3
|
|
11.1%
|
Total
Management Fees |
|
97
|
|
87
|
|
10
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
Franchise Fees |
|
43
|
|
35
|
|
8
|
|
22.9%
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
140
|
|
122
|
|
18
|
|
14.8%
|
|
|
|
|
|
|
|
|
|
|
Other Management & Franchise Revenues (1) |
|
32
|
|
29
|
|
3
|
|
10.3%
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
172
|
|
151
|
|
21
|
|
13.9%
|
|
|
|
|
|
|
|
|
|
|
Other |
|
5
|
|
2
|
|
3
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
Management Fees, Franchise Fees & Other Income |
|
177
|
|
153
|
|
24
|
|
15.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Other Management and Franchise Revenues includes the amortization of
deferred gains of approximately $21 million in 2011 and $20 million in
2010 resulting from the sales of hotels subject to long-term management
contracts and termination fees. |
|
|
|
|
|
|
|
|
|
|
n/m =
not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended March 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
Originated Sales
Revenues (1) -- Vacation Ownership Sales |
|
82
|
|
|
77
|
|
|
5
|
|
|
6.5
|
%
|
Other Sales and
Services Revenues (2) |
|
66
|
|
|
62
|
|
|
4
|
|
|
6.5
|
%
|
Deferred Revenues
-- Percentage of Completion |
|
-
|
|
|
-
|
|
|
-
|
|
|
0.0
|
%
|
Deferred
Revenues -- Other (3) |
|
(1
|
)
|
|
(8
|
)
|
|
7
|
|
|
87.5
|
%
|
Vacation
Ownership Sales and Services Revenues |
|
147
|
|
|
131
|
|
|
16
|
|
|
12.2
|
%
|
Residential
Sales and Services Revenues |
|
6
|
|
|
2
|
|
|
4
|
|
|
n/m
|
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
153
|
|
|
133
|
|
|
20
|
|
|
15.0
|
%
|
|
|
|
|
|
|
|
|
|
Originated Sales
Expenses (4) -- Vacation Ownership Sales |
|
58
|
|
|
49
|
|
|
(9
|
)
|
|
(18.4
|
%)
|
Other Expenses (5)
|
|
48
|
|
|
45
|
|
|
(3
|
)
|
|
(6.7
|
%)
|
Deferred Expenses
-- Percentage of Completion |
|
-
|
|
|
-
|
|
|
-
|
|
|
0.0
|
%
|
Deferred
Expenses -- Other |
|
3
|
|
|
6
|
|
|
3
|
|
|
50.0
|
%
|
Vacation
Ownership Expenses |
|
109
|
|
|
100
|
|
|
(9
|
)
|
|
(9.0
|
%)
|
Residential
Expenses |
|
2
|
|
|
1
|
|
|
(1
|
)
|
|
(100.0
|
%)
|
Total
Vacation Ownership & Residential Expenses |
|
111
|
|
|
101
|
|
|
(10
|
)
|
|
(9.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 ASC 978-605-25 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 ASC 978-720-25 and ASC
978-340-25. |
|
|
|
|
|
|
|
|
|
n/m = not
meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Hotels
Without Comparable Results & Other Selected Items |
As
of March 31, 2011 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties without comparable results in 2011 and 2010:
|
|
|
|
Revenues and Expenses Associated with Assets Sold in
2011 and 2010: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton
Steamboat Resort |
|
Steamboat
Springs, CO |
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Full Year |
Westin Peachtree
Plaza |
|
Atlanta, GA |
|
|
|
Hotels Sold in
2010: |
|
|
|
|
|
|
|
|
|
|
W New Orleans -
French Quarter |
|
New Orleans, LA |
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
The Westin St.
John Resort |
|
St.
John, Virgin Islands |
|
|
|
Revenues |
|
$
|
8
|
|
$
|
3
|
|
$
|
7
|
|
$
|
-
|
|
$
|
18
|
St. Regis Osaka |
|
Osaka, Japan |
|
|
|
Expenses
(excluding depreciation) |
|
$
|
6
|
|
$
|
4
|
|
$
|
5
|
|
$
|
-
|
|
$
|
15
|
W London
Leicester Square |
|
London, England |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Hotel,
Florence |
|
Florence, Italy |
|
|
|
Hotels Sold in
2011: |
|
|
|
|
|
|
|
|
|
|
Sheraton Kauai |
|
Koloa, HI |
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
The Westin
Gaslamp Quarter |
|
San Diego, CA |
|
|
|
Revenues |
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
|
|
|
|
|
Expenses
(excluding depreciation) |
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
Properties
sold in 2011 and 2010: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
Location
|
|
|
|
Revenues |
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
W
New York - The Court & Tuscany |
|
New York, NY |
|
|
|
Expenses
(excluding depreciation) |
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
St. Regis Aspen |
|
Aspen, CO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Results consist of 1 hotel sold in 2010. These
amounts are included in the revenues and expenses from owned, leased
and consolidated joint venture hotels in 2010. These amounts do not
include revenues and expenses from the W New York - The Court &
Tuscany, which were reclassified to discontinued operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Capital
Expenditures |
For
the Three Months Ended March 31, 2011 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
Maintenance
Capital Expenditures: (1) |
|
|
Owned, Leased and
Consolidated Joint Venture Hotels |
|
22
|
Corporate/IT
|
|
18
|
Subtotal |
|
40
|
|
|
|
Vacation
Ownership Capital Expenditures: (2) |
|
|
Net
capital expenditures for inventory (excluding St.Regis Bal Harbour) |
|
(16)
|
Net
capital expenditures for inventory - St.Regis Bal Harbour |
|
32
|
Subtotal |
|
16
|
|
|
|
Development
Capital |
|
33
|
|
|
|
Total
Capital Expenditures |
|
89
|
|
|
|
(1)
Maintenance capital expenditures include improvements, renewals and
extraordinary repairs that extend the useful life of the asset. |
|
(2)
Represents gross inventory capital expenditures of $37 in the three
months ended March 31, 2011, less cost of sales of $21 in the three
months ended March 31, 2011. |
|
|
Starwood Hotels & Resorts
Worldwide, Inc.
2011 Divisional Hotel Inventory
Summary by Ownership by Brand*
As of March 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAD |
|
EAME |
|
LAD |
|
ASIA |
|
Total |
|
|
|
Hotels
|
|
Rooms
|
|
Hotels
|
|
Rooms
|
|
Hotels
|
|
Rooms
|
|
Hotels
|
|
Rooms
|
|
Hotels
|
|
Rooms
|
|
Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
6
|
|
3,528
|
|
4
|
|
705
|
|
5
|
|
2,713
|
|
2
|
|
821
|
|
17
|
|
7,767
|
|
Westin |
|
5
|
|
2,849
|
|
3
|
|
650
|
|
3
|
|
902
|
|
1
|
|
273
|
|
12
|
|
4,674
|
|
Four Points |
|
2
|
|
327
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
327
|
|
W |
|
7
|
|
2,427
|
|
2
|
|
665
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
3,092
|
|
Luxury
Collection |
|
1
|
|
643
|
|
7
|
|
828
|
|
1
|
|
180
|
|
-
|
|
-
|
|
9
|
|
1,651
|
|
St. Regis |
|
2
|
|
489
|
|
1
|
|
161
|
|
-
|
|
-
|
|
1
|
|
160
|
|
4
|
|
810
|
|
Aloft |
|
2
|
|
272
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
272
|
|
Element |
|
1
|
|
123
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
123
|
|
Other
|
|
7
|
|
2,594
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7
|
|
2,594
|
|
Total
Owned |
|
33
|
|
13,252
|
|
17
|
|
3,009
|
|
9
|
|
3,795
|
|
4
|
|
1,254
|
|
63
|
|
21,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed &
UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
39
|
|
26,743
|
|
62
|
|
18,875
|
|
15
|
|
2,942
|
|
59
|
|
21,335
|
|
175
|
|
69,895
|
|
Westin |
|
54
|
|
28,259
|
|
12
|
|
3,569
|
|
1
|
|
259
|
|
26
|
|
8,860
|
|
93
|
|
40,947
|
|
Four Points |
|
1
|
|
171
|
|
10
|
|
1,971
|
|
4
|
|
517
|
|
13
|
|
4,274
|
|
28
|
|
6,933
|
|
W |
|
22
|
|
6,537
|
|
2
|
|
577
|
|
2
|
|
433
|
|
6
|
|
1,438
|
|
32
|
|
8,985
|
|
Luxury Collection
|
|
4
|
|
1,648
|
|
20
|
|
3,924
|
|
7
|
|
290
|
|
5
|
|
1,464
|
|
36
|
|
7,326
|
|
St. Regis |
|
9
|
|
1,811
|
|
1
|
|
93
|
|
2
|
|
309
|
|
5
|
|
1,171
|
|
17
|
|
3,384
|
|
Le Meridien |
|
4
|
|
607
|
|
53
|
|
13,604
|
|
-
|
|
-
|
|
24
|
|
6,846
|
|
81
|
|
21,057
|
|
Aloft |
|
-
|
|
-
|
|
2
|
|
555
|
|
-
|
|
-
|
|
2
|
|
431
|
|
4
|
|
986
|
|
Other
|
|
1
|
|
773
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
773
|
|
Total
Managed & UJV |
|
134
|
|
66,549
|
|
163
|
|
43,168
|
|
31
|
|
4,750
|
|
140
|
|
45,819
|
|
468
|
|
160,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
151
|
|
45,243
|
|
29
|
|
6,814
|
|
8
|
|
2,040
|
|
15
|
|
6,421
|
|
203
|
|
60,518
|
|
Westin |
|
58
|
|
18,628
|
|
6
|
|
2,657
|
|
2
|
|
396
|
|
8
|
|
2,231
|
|
74
|
|
23,912
|
|
Four Points |
|
103
|
|
16,355
|
|
11
|
|
1,542
|
|
8
|
|
1,276
|
|
7
|
|
1,227
|
|
129
|
|
20,400
|
|
Luxury Collection
|
|
7
|
|
1,553
|
|
15
|
|
2,029
|
|
2
|
|
248
|
|
8
|
|
2,260
|
|
32
|
|
6,090
|
|
St. Regis |
|
-
|
|
-
|
|
1
|
|
133
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
133
|
|
Le Meridien |
|
7
|
|
2,007
|
|
5
|
|
1,455
|
|
2
|
|
324
|
|
3
|
|
714
|
|
17
|
|
4,500
|
|
Aloft |
|
40
|
|
5,644
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
301
|
|
42
|
|
5,945
|
|
Element
|
|
8
|
|
1,309
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
1,309
|
|
Total
Franchised |
|
374
|
|
90,739
|
|
67
|
|
14,630
|
|
22
|
|
4,284
|
|
43
|
|
13,154
|
|
506
|
|
122,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
196
|
|
75,514
|
|
95
|
|
26,394
|
|
28
|
|
7,695
|
|
76
|
|
28,577
|
|
395
|
|
138,180
|
|
Westin |
|
117
|
|
49,736
|
|
21
|
|
6,876
|
|
6
|
|
1,557
|
|
35
|
|
11,364
|
|
179
|
|
69,533
|
|
Four Points |
|
106
|
|
16,853
|
|
21
|
|
3,513
|
|
12
|
|
1,793
|
|
20
|
|
5,501
|
|
159
|
|
27,660
|
|
W |
|
29
|
|
8,964
|
|
4
|
|
1,242
|
|
2
|
|
433
|
|
6
|
|
1,438
|
|
41
|
|
12,077
|
|
Luxury Collection
|
|
12
|
|
3,844
|
|
42
|
|
6,781
|
|
10
|
|
718
|
|
13
|
|
3,724
|
|
77
|
|
15,067
|
|
St. Regis |
|
11
|
|
2,300
|
|
3
|
|
387
|
|
2
|
|
309
|
|
6
|
|
1,331
|
|
22
|
|
4,327
|
|
Le Meridien |
|
11
|
|
2,614
|
|
58
|
|
15,059
|
|
2
|
|
324
|
|
27
|
|
7,560
|
|
98
|
|
25,557
|
|
Aloft |
|
42
|
|
5,916
|
|
2
|
|
555
|
|
-
|
|
-
|
|
4
|
|
732
|
|
48
|
|
7,203
|
|
Element |
|
9
|
|
1,432
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
1,432
|
|
Other |
|
8
|
|
3,367
|
|
1
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
3,367
|
|
Vacation
Ownership |
|
13
|
|
6,618
|
|
-
|
|
-
|
|
1
|
|
382
|
|
-
|
|
-
|
|
14
|
|
7,000
|
|
Total
Systemwide |
|
554
|
|
177,158
|
|
247
|
|
60,807
|
|
63
|
|
13,211
|
|
187
|
|
60,227
|
|
1,051
|
|
311,403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes
Vacation Ownership properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of March 31, 2011 |
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 |
|
7
|
|
7
|
|
6
|
|
3,079
|
|
-
|
|
712
|
|
3,791
|
Westin |
|
9
|
|
9
|
|
9
|
|
1,463
|
|
99
|
|
43
|
|
1,605
|
St. Regis |
|
2
|
|
2
|
|
-
|
|
63
|
|
-
|
|
-
|
|
63
|
The Luxury
Collection |
|
1
|
|
1
|
|
-
|
|
6
|
|
-
|
|
-
|
|
6
|
Unbranded
|
|
3
|
|
3
|
|
1
|
|
124
|
|
-
|
|
1
|
|
125
|
Total
SVO, Inc. |
|
22
|
|
22
|
|
16
|
|
4,735
|
|
99
|
|
756
|
|
5,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Joint Ventures (UJV's) |
|
1
|
|
1
|
|
1
|
|
198
|
|
-
|
|
-
|
|
198
|
Total
including UJV's |
|
23
|
|
23
|
|
17
|
|
4,933
|
|
99
|
|
756
|
|
5,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Intervals Including UJV's (7) |
|
|
|
|
|
|
|
256,516
|
|
5,148
|
|
39,312
|
|
300,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|