STAMFORD, Conn.--April 26, 2012-Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) today reported first quarter 2012 financial
results.
First Quarter 2012 Highlights
- Excluding special items, EPS from
continuing operations was $0.63, including income from the St. Regis
Bal Harbour residential project. Including special items, EPS from
continuing operations was $0.65.
- Adjusted EBITDA was $297 million,
which included $78 million of EBITDA from the St. Regis Bal Harbour
residential project, up 42.8% compared to 2011.
- Excluding special items, income
from continuing operations was $124 million, including income from the
St. Regis Bal Harbour residential project. Including special items,
income from continuing operations was $129 million.
- Worldwide System-wide REVPAR for
Same-Store Hotels increased 5.8% (6.4% in constant dollars) compared to
2011. System-wide REVPAR for Same-Store Hotels in North America
increased 7.1% (7.2% in constant dollars).
- Management fees, franchise fees and
other income increased 13.6% compared to 2011.
- Worldwide Same-Store
Company-Operated gross operating profit margins increased approximately
160 basis points compared to 2011.
- Worldwide REVPAR for Starwood
branded Same-Store Owned Hotels increased 4.5% (4.9% in constant
dollars) compared to 2011.
- Margins at Starwood branded
Same-Store Owned Hotels Worldwide increased approximately 160 basis
points compared to 2011.
- Earnings from our vacation
ownership and residential business increased approximately $79 million
compared to 2011, including $78 million of earnings from the St. Regis
Bal Harbour residential project.
- During the quarter, the Company
signed 32 hotel management and franchise contracts, representing
approximately 9,000 rooms, and opened 18 hotels and resorts with
approximately 4,500 rooms.
First Quarter 2012 Earnings Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
first quarter of 2012 of $0.65 compared to $0.15 in the first quarter
of 2011. Excluding special items, EPS from continuing operations was
$0.63 for the first quarter of 2012, including income from The St.
Regis Bal Harbour Resort residential project (“Bal Harbour”), compared
to $0.30 in the first quarter of 2011. Special items in the first
quarter of 2012 included an $11 million (pre-tax) reduction of a legal
reserve, partially offset by a $7 million (pre-tax) loss on the sale of
one wholly-owned hotel. Special items in the first quarter of 2011
included a pre-tax charge of $33 million, primarily related to 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 2012 was 29.8%, including income from
Bal Harbour, compared to 21.0% in the first quarter of 2011.
Income from continuing operations was $129 million in the
first quarter of 2012, compared to $29 million in the first quarter of
2011. Excluding special items, income from continuing operations was
$124 million in the first quarter of 2012, including income from Bal
Harbour, compared to $58 million in the first quarter of 2011.
Net income was $128 million and $0.65 per share in the first
quarter of 2012, compared to $28 million and $0.14 per share in the
first quarter of 2011.
Frits van Paasschen, CEO, said, “Our momentum picked up in the
first quarter. Worldwide REVPAR grew 6.4%, adjusting for exchange
rates, and fees were up a healthy 13.6%. We are proud to report that
our brand portfolio again outperformed the market, posting our 11th
straight quarterly gain in REVPAR index.”
“Going into the year, we said that 2012 was more likely to
surprise on the upside. So far, that is playing out. More importantly,
we remain very bullish on the long-term. Seemingly unstoppable
demographic and economic trends are fueling global growth in demand for
high end travel. Rising wealth around the world and globally
interconnected businesses will lead to ever more travel.”
First Quarter 2012 Operating Results
Management and Franchise Revenues
Worldwide System-wide REVPAR for Same-Store Hotels increased
5.8% (6.4% in constant dollars) compared to the first quarter of 2011.
International System-wide REVPAR for Same-Store Hotels increased 4.1%
(5.2% in constant dollars).
Changes in REVPAR for Worldwide System-wide Same-Store Hotels
by region:
|
|
|
|
|
|
REVPAR |
Region
|
|
|
|
|
|
Reported |
|
|
|
|
|
Constant dollars |
North America |
|
|
|
|
|
7.1
|
%
|
|
|
|
|
|
7.2
|
%
|
Europe |
|
|
|
|
|
(1.9
|
)%
|
|
|
|
|
|
1.8
|
%
|
Asia Pacific |
|
|
|
|
|
6.7
|
%
|
|
|
|
|
|
6.2
|
%
|
Africa and the
Middle East |
|
|
|
|
|
2.3
|
%
|
|
|
|
|
|
3.8
|
%
|
Latin America |
|
|
|
|
|
14.4
|
%
|
|
|
|
|
|
14.4
|
%
|
Increases in REVPAR for Worldwide System-wide Same-Store
Hotels by brand:
|
|
|
|
|
|
REVPAR |
Brand
|
|
|
|
|
|
Reported |
|
|
|
|
|
Constant dollars |
St. Regis/Luxury
Collection |
|
|
|
|
|
2.7
|
%
|
|
|
|
|
|
4.4
|
%
|
W Hotels |
|
|
|
|
|
8.5
|
%
|
|
|
|
|
|
8.8
|
%
|
Westin |
|
|
|
|
|
7.2
|
%
|
|
|
|
|
|
7.6
|
%
|
Sheraton |
|
|
|
|
|
5.2
|
%
|
|
|
|
|
|
5.5
|
%
|
Le
Méridien |
|
|
|
|
|
3.0
|
%
|
|
|
|
|
|
4.8
|
%
|
Four Points by
Sheraton |
|
|
|
|
|
6.4
|
%
|
|
|
|
|
|
6.3
|
%
|
Aloft |
|
|
|
|
|
9.4
|
%
|
|
|
|
|
|
9.9
|
%
|
Worldwide Same-Store Company-Operated gross operating profit
margins increased approximately 160 basis points compared to 2011.
International gross operating profit margins for Same-Store
Company-Operated properties increased 160 basis points. North American
Same-Store Company-Operated gross operating profit margins increased
approximately 170 basis points, driven by REVPAR increases and cost
controls.
Management fees, franchise fees and other income were $201
million, up $24 million, or 13.6% from the first quarter of 2011.
Management fees increased 18.6% to $115 million and franchise fees
increased 4.7% to $45 million. Year-over-year comparisons were impacted
by the conversion of some franchise agreements to management contracts
in Germany.
Development
During the first quarter of 2012, the Company signed 32 hotel
management and franchise contracts, representing approximately 9,000
rooms, of which 22 are new builds and 10 are conversions from other
brands. At March 31, 2012, the Company had approximately 365 hotels in
the active pipeline representing approximately 95,000 rooms.
During the first quarter of 2012, 18 new hotels and resorts
(representing approximately 4,500 rooms) entered the system, including
The St. Regis Bal Harbour Resort (Florida, 213 rooms), The Westin Lake
Las Vegas Resort & Spa (Nevada, 493 rooms), Sheraton Xian North
City (China, 491 rooms), Le Méridien Istanbul Etiler (Turkey,
259 rooms) and W Paris Opera (France, 91 rooms). Five properties
(representing approximately 1,000 rooms) were removed from the system
during the quarter.
Owned, Leased and Consolidated Joint
Venture Hotels
Worldwide REVPAR at Starwood branded Same-Store Owned Hotels
increased 4.5% (4.9% in constant dollars) when compared to 2011. REVPAR
at Starwood branded Same-Store Owned Hotels in North America increased
3.6% (3.9% in constant dollars). Internationally, Starwood branded
Same-Store Owned Hotel REVPAR increased 5.8% (6.2% in constant
dollars).
Revenues at Starwood branded Same-Store Owned Hotels in North
America increased 3.5% while costs and expenses increased 2.4% when
compared to 2011. Margins at these hotels increased approximately 90
basis points.
Revenues at Starwood branded Same-Store Owned Hotels Worldwide
increased 4.1% (4.5% in constant dollars) while costs and expenses
increased 2.1% (2.6% in constant dollars) when compared to 2011.
Margins at these hotels increased approximately 160 basis points.
Revenues at owned, leased and consolidated joint venture
hotels were $402 million, compared to $410 million in 2011. Expenses at
owned, leased and consolidated joint venture hotels were $349 million
compared to $361 million in 2011. First quarter results were negatively
impacted by five asset sales as well as preopening costs associated
with the opening of The St. Regis Bal Harbour Resort.
Vacation Ownership
Total vacation ownership revenues increased 3.4% to $152
million in the first quarter of 2012 when compared to 2011. Originated
contract sales of vacation ownership intervals increased 1.2%,
primarily due to increased tour flow from new buyers and improved sales
and marketing performance. The number of contracts signed increased
3.6%, when compared to 2011, and the average price per vacation
ownership unit sold decreased 2.4% to approximately $16,000, driven by
inventory mix.
Residential
The Company’s residential revenues were $362 million compared
to $6 million in 2011. The Company realized residential revenues for
Bal Harbour during the first quarter of 2012 of $356 million and
generated EBITDA of $78 million. During the first quarter of 2012, the
Company closed sales of 102 units and realized cash proceeds of $263
million associated with these units. From project inception through
March 31, 2012, the Company has closed contracts on approximately 45%
of the total residential units.
Selling, General, Administrative and
Other
Selling, general, administrative and other expenses increased
to $96 million compared to $80 million in 2011. The increase was
primarily due to non-recurring professional expenses and
favorable reserve adjustments recorded in the prior year. We continue
to target a 4% to 5% increase for the full year.
Asset Sales
During the quarter, the Company completed the sale of one
wholly-owned hotel. This hotel was sold subject to a long-term
franchise contract.
Capital
Gross capital spending during the quarter included
approximately $29 million of maintenance capital and $50 million of
development capital.
Balance Sheet
At March 31, 2012, the Company had gross debt of $2.200
billion, excluding $489 million of debt associated with securitized
vacation ownership notes receivable. Additionally, the Company had cash
and cash equivalents of $817 million (including $160 million of
restricted cash), and net debt of $1.383 billion, compared to net debt
of $1.531 billion as of December 31, 2011. Net debt at March 31, 2012,
including debt and restricted cash ($21 million) associated with
securitized vacation ownership notes receivables, was $1.851 billion.
At March 31, 2012, debt was approximately 80% fixed rate and
20% floating rate and its weighted average maturity was 3.9 years with
a weighted average interest rate of 6.65%, excluding the securitized
debt. The Company had cash (including current restricted cash) and
availability under the domestic and international revolving credit
facility of approximately $2.324 billion.
Outlook
For the Full Year 2012:
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $1.070 billion to $1.100
billion, assuming:
- REVPAR increases at Same-Store
Company-Operated Hotels Worldwide of 6% to 8% in constant dollars
(approximately 200 basis points lower in dollars at current exchange
rates).
- REVPAR increases at branded
Same-Store Owned Hotels Worldwide of 4% to 6% in constant dollars
(approximately 200 basis points lower in dollars at current exchange
rates).
- Margins at branded Same-Store
Owned Hotels Worldwide increase 100 to 150 basis points.
- Management fees, franchise fees
and other income increase approximately 9% to 11%.
- Earnings from our vacation
ownership and residential business of approximately $150 million to
$155 million.
- Selling, general and
administrative expenses increase 4% to 5%.
- Including Bal Harbour, which is
expected to contribute at least $100 million of EBITDA, adjusted EBITDA
is expected to be approximately $1.170 billion to $1.200 billion.
- Depreciation and amortization is
expected to be approximately $295 million.
- Interest expense is expected to be
approximately $210 million.
- Including Bal Harbour, full year
effective tax rate is expected to be approximately 30%, and cash taxes
are expected to be approximately $100 million.
- Including Bal Harbour, EPS before
special items is expected to be approximately $2.35 to $2.46.
- Full year capital expenditures
(excluding vacation ownership and residential inventory) is expected to
be approximately $200 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 $375 million.
- Vacation ownership (excluding Bal
Harbour) is expected to generate approximately $125 million in positive
cash flow. Bal Harbour is expected to generate at least $300 million in
net cash flow.
For the three months ended June 30, 2012:
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $275 million to $285 million,
assuming:
- REVPAR increases at Same-Store
Company-Operated Hotels Worldwide of 6% to 8% in constant dollars
(approximately 200 basis points lower in dollars at current exchange
rates).
- REVPAR increases at branded
Same-Store Company Owned Hotels Worldwide of 4% to 6% in constant
dollars (approximately 250 basis points lower in dollars at current
exchange rates).
- Management fees, franchise fees
and other income increase approximately 9% to 11%.
- Earnings from our vacation
ownership and residential business are flat to up $5 million year
over year.
- Including Bal Harbour, which is
expected to contribute at least $15 million of EBITDA, adjusted EBITDA
is expected to be approximately $290 million to $300 million.
- Depreciation and amortization is
expected to be approximately $72 million.
- Interest expense is expected to be
approximately $53 million.
- Including Bal Harbour, income from
continuing operations is expected to be approximately $115 million to
$122 million, reflecting an effective tax rate of approximately 30%.
- Including Bal Harbour, EPS is
expected to be approximately $0.58 to $0.62.
Special Items
The Company’s special items netted to a benefit of $4 million
($5 million after-tax) in the first quarter of 2012 compared to a
charge of $33 million ($29 million after-tax) in the same period of
2011.
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,
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations before special items |
|
$
|
124
|
|
|
$
|
58
|
|
|
|
EPS
before special items |
|
$
|
0.63
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
Restructuring,
goodwill impairment, and other special (charges) credits, net (a)
|
|
|
11
|
|
|
|
—
|
|
|
|
Loss on
asset dispositions and impairments, net (b) |
|
|
(7
|
)
|
|
|
(33
|
)
|
|
|
Total special
items – pre-tax |
|
|
4
|
|
|
|
(33
|
)
|
|
|
Income
tax benefit for special items (c) |
|
|
1
|
|
|
|
4
|
|
|
|
Total
special items – after-tax |
|
|
5
|
|
|
|
(29
|
)
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations |
|
$
|
129
|
|
|
$
|
29
|
|
|
|
EPS
including special items |
|
$
|
0.65
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
During the three months ended
March 31, 2012, the Company recorded a favorable adjustment of $11
million to reverse a portion of its litigation
|
|
|
reserve.
|
|
|
|
(b)
|
|
During the three months ended
March 31, 2012, the net loss primarily relates to the sale of one
wholly-owned hotel.
|
|
|
During the three months ended
March 31, 2011, the net loss primarily related to an impairment of a
minority investment in a joint venture hotel
|
|
|
located in Japan.
|
|
|
|
(c)
|
|
For both periods presented,
represents income taxes on the special items. The three months ended
March 31, 2012 also includes the
|
|
|
recognition of a deferred tax
adjustment associated with a previous transaction.
|
|
|
The
three months ended March 31, 2011 also includes a benefit related to
the reversal of income tax reserves associated with prior dispositions.
|
|
|
|
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)
758-8764 with conference ID 66945366. The conference call will be
available through a simultaneous webcast in the News & Events
section of the Company’s website at http://www.starwoodhotels.com/corporate/investor_relations.html.
A replay of the conference call will also be available from 1:30 p.m.
(EDT) today through Thursday, May 3, 2012 at 12:00 midnight (EDT) by
telephone at (855) 859-2056 with conference ID 66945366 and webcast on
the corporate website.
Definitions
All references to EPS, unless otherwise noted, reflect
earnings per diluted share from continuing operations attributable to
Starwood’s common stockholders. All references to continuing
operations, discontinued operations and net income reflect amounts
attributable to Starwood’s common stockholders (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 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, leased 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 1,103 properties
in nearly 100 countries and 154,000 employees at its owned and managed
properties. Starwood is a fully integrated owner, operator and
franchisor of hotels, resorts and residences with the following
internationally renowned brands: St. Regis®, The Luxury
Collection®, W®, Westin®,
Le Méridien®, Sheraton®, Four
Points® by Sheraton, Aloft®, and ElementSM.
The Company boasts one of the industry’s leading loyalty programs,
Starwood Preferred Guest (SPG), allowing members to earn and redeem
points for room stays, room upgrades and flights, with no blackout
dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier
provider of world-class vacation experiences through villa-style
resorts and privileged access to Starwood brands. For more information,
including reconciliations of non-GAAP financial measures to GAAP
financial measures, please visit www.starwoodhotels.com or contact Investor
Relations at (203) 351-3500.
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 (including the condition of credit markets in
the U.S. and internationally), 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,
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
$
|
402
|
|
|
|
$
|
410
|
|
|
|
(2.0
|
)
|
|
|
|
|
Vacation
ownership and residential sales and services |
|
|
|
|
514
|
|
|
|
|
153
|
|
|
|
n/m
|
|
|
|
|
|
Management fees,
franchise fees and other income |
|
|
|
|
201
|
|
|
|
|
177
|
|
|
|
13.6
|
|
|
|
|
|
Other revenues from managed and
franchised
properties (a)
|
|
|
|
|
598
|
|
|
|
|
555
|
|
|
|
7.7
|
|
|
|
|
|
|
|
|
|
|
1,715
|
|
|
|
|
1,295
|
|
|
|
32.4
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
|
349
|
|
|
|
|
361
|
|
|
|
3.3
|
|
|
|
|
|
Vacation
ownership and residential |
|
|
|
|
393
|
|
|
|
|
111
|
|
|
|
n/m
|
|
|
|
|
|
Selling, general,
administrative and other |
|
|
|
|
96
|
|
|
|
|
80
|
|
|
|
(20.0
|
)
|
|
|
|
|
Restructuring, goodwill impairment
and other special
charges (credits), net
|
|
|
|
|
(11
|
)
|
|
|
|
—
|
|
|
|
n/m
|
|
|
|
|
|
Depreciation |
|
|
|
|
57
|
|
|
|
|
60
|
|
|
|
5.0
|
|
|
|
|
|
Amortization |
|
|
|
|
6
|
|
|
|
|
8
|
|
|
|
25.0
|
|
|
|
|
|
Other expenses from managed and
franchised
properties (a)
|
|
|
|
|
598
|
|
|
|
|
555
|
|
|
|
(7.7
|
)
|
|
|
|
|
|
|
|
|
|
1,488
|
|
|
|
|
1,175
|
|
|
|
(26.6
|
)
|
|
|
|
|
Operating income |
|
|
|
|
227
|
|
|
|
|
120
|
|
|
|
89.2
|
|
|
|
|
|
Equity (losses) earnings and gains
and (losses) from
unconsolidated ventures, net
|
|
|
|
|
10
|
|
|
|
|
4
|
|
|
|
n/m
|
|
|
|
|
|
Interest expense,
net of interest income of $0 and $1 |
|
|
|
|
(49
|
)
|
|
|
|
(54
|
)
|
|
|
9.3
|
|
|
|
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
(7
|
)
|
|
|
|
(33
|
)
|
|
|
78.8
|
|
|
|
|
|
Income from continuing operations
before taxes and
noncontrolling interests
|
|
|
|
|
181
|
|
|
|
|
37
|
|
|
|
n/m
|
|
|
|
|
|
Income
tax benefit (expense) |
|
|
|
|
(52
|
)
|
|
|
|
(10
|
)
|
|
|
n/m
|
|
|
|
|
|
Income (loss)
from continuing operations |
|
|
|
|
129
|
|
|
|
|
27
|
|
|
|
n/m
|
|
|
|
|
|
Discontinued
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss)
from operations, net of tax |
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
Gain
(loss) on dispositions, net of tax |
|
|
|
|
(
(1 |
)
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
128
|
|
|
|
|
26
|
|
|
|
n/m
|
|
|
|
|
|
Net loss
(income) attributable to noncontrolling interests |
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
(100.0
|
)
|
|
|
|
|
Net
income (loss) attributable to Starwood |
|
|
|
$
|
128
|
|
|
|
$
|
28
|
|
|
|
n/m
|
|
|
|
|
|
Earnings
(Losses) Per Share – Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
$
|
0.67
|
|
|
|
$
|
0.16
|
|
|
|
n/m
|
|
|
|
|
|
Discontinued
operations |
|
|
|
|
—
|
|
|
|
|
(0.01
|
)
|
|
|
(100.0
|
)
|
|
|
|
|
Net
income (loss) |
|
|
|
$
|
0.67
|
|
|
|
$
|
0.15
|
|
|
|
n/m
|
|
|
|
|
|
Earnings
(Losses) Per Share – Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
$
|
0.65
|
|
|
|
$
|
0.15
|
|
|
|
n/m
|
|
|
|
|
|
Discontinued
operations |
|
|
|
|
—
|
|
|
|
|
(0.01
|
)
|
|
|
(100.0
|
)
|
|
|
|
|
Net
income (loss) |
|
|
|
$
|
0.65
|
|
|
|
$
|
0.14
|
|
|
|
n/m
|
|
|
|
|
|
Amounts attributable to
Starwood’s Common
Stockholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
$
|
129
|
|
|
|
$
|
29
|
|
|
|
n/m
|
|
|
|
|
|
Discontinued
operations |
|
|
|
|
(1
|
)
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
|
|
Net
income (loss) |
|
|
|
$
|
128
|
|
|
|
$
|
28
|
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
192
|
|
|
|
|
187
|
|
|
|
|
|
|
|
|
Weighted
average number of shares assuming dilution |
|
|
|
|
197
|
|
|
|
|
194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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,
2012
|
|
December 31,
2011
|
|
|
|
|
(unaudited)
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
$
|
657
|
|
|
$
|
454
|
|
Restricted cash |
|
|
|
|
178
|
|
|
|
232
|
|
Accounts
receivable, net of allowance for doubtful accounts of $49 and $46 |
|
|
|
|
565
|
|
|
|
569
|
|
Inventories |
|
|
|
|
575
|
|
|
|
812
|
|
Securitized vacation ownership
notes receivable, net of allowance for doubtful
accounts of $9 and $10
|
|
|
|
|
62
|
|
|
|
64
|
|
Current deferred
tax asset |
|
|
|
|
276
|
|
|
|
278
|
|
Prepaid
expenses and other |
|
|
|
|
149
|
|
|
|
125
|
|
Total current
assets |
|
|
|
|
2,462
|
|
|
|
2,534
|
|
Investments |
|
|
|
|
271
|
|
|
|
259
|
|
Plant, property
and equipment, net |
|
|
|
|
3,302
|
|
|
|
3,270
|
|
Goodwill and
intangible assets, net |
|
|
|
|
2,067
|
|
|
|
2,057
|
|
Deferred tax
assets |
|
|
|
|
626
|
|
|
|
639
|
|
Other assets (a)
|
|
|
|
|
385
|
|
|
|
355
|
|
Securitized
vacation ownership notes receivable |
|
|
|
|
411
|
|
|
|
446
|
|
Total
assets |
|
|
|
$
|
9,524
|
|
|
$
|
9,560
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term
borrowings and current maturities of long-term debt (b) |
|
|
|
$
|
552
|
|
|
$
|
3
|
|
Accounts payable |
|
|
|
|
116
|
|
|
|
144
|
|
Current
maturities of long-term securitized vacation ownership debt |
|
|
|
|
125
|
|
|
|
130
|
|
Accrued expenses |
|
|
|
|
1,119
|
|
|
|
1,177
|
|
Accrued salaries,
wages and benefits |
|
|
|
|
307
|
|
|
|
375
|
|
Accrued
taxes and other |
|
|
|
|
131
|
|
|
|
163
|
|
Total current
liabilities |
|
|
|
|
2,350
|
|
|
|
1,992
|
|
Long-term debt (b)
|
|
|
|
|
1,648
|
|
|
|
2,194
|
|
Long-term
securitized vacation ownership debt |
|
|
|
|
364
|
|
|
|
402
|
|
Deferred income
taxes |
|
|
|
|
47
|
|
|
|
46
|
|
Other
liabilities |
|
|
|
|
1,947
|
|
|
|
1,971
|
|
|
|
|
|
|
6,356
|
|
|
|
6,605
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
Common stock;
$0.01 par value; authorized 1,000,000,000 shares; |
|
|
|
|
|
|
|
|
|
|
outstanding
197,162,892 and 195,913,400 shares at March 31, 2012 |
|
|
|
|
|
|
|
|
|
|
and December 31,
2011, respectively |
|
|
|
|
2
|
|
|
|
2
|
|
Additional
paid-in capital |
|
|
|
|
1,005
|
|
|
|
963
|
|
Accumulated other
comprehensive loss |
|
|
|
|
(309
|
)
|
|
|
(348
|
)
|
Retained
earnings |
|
|
|
|
2,465
|
|
|
|
2,337
|
|
Total Starwood
stockholders’ equity |
|
|
|
|
3,163
|
|
|
|
2,954
|
|
Noncontrolling
interest |
|
|
|
|
5
|
|
|
|
1
|
|
Total
stockholders’ equity |
|
|
|
|
3,168
|
|
|
|
2,955
|
|
Total
liabilities and stockholders’ equity |
|
|
|
$
|
9,524
|
|
|
$
|
9,560
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Includes restricted cash of $3
million and $2 million at March 31, 2012 and December 31, 2011,
respectively.
|
|
|
|
(b)
|
|
Excludes Starwood’s share of
unconsolidated joint venture debt aggregating approximately $413
million and $432 million at
March 31, 2012 and December 31,
2011, respectively.
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations – Historical Data
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
Reconciliation of Net Income
(Loss) to EBITDA and
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
128
|
|
|
|
$
|
28
|
|
|
n/m
|
|
|
|
|
|
|
|
Interest expense (a)
|
|
|
|
49
|
|
|
|
|
59
|
|
|
(16.9
|
)
|
|
|
|
|
|
|
Income tax
(benefit) expense (b) |
|
|
|
53
|
|
|
|
|
11
|
|
|
n/m
|
|
|
|
|
|
|
|
Depreciation (c)
|
|
|
|
64
|
|
|
|
|
68
|
|
|
(5.9
|
)
|
|
|
|
|
|
|
Amortization
(d) |
|
|
|
7
|
|
|
|
|
9
|
|
|
(22.2
|
)
|
|
|
|
|
|
|
EBITDA |
|
|
|
301
|
|
|
|
|
175
|
|
|
72.0
|
|
|
|
|
|
|
|
Loss on asset
dispositions and impairments, net |
|
|
|
7
|
|
|
|
|
33
|
|
|
(78.8
|
)
|
|
|
|
|
|
|
Restructuring, goodwill impairment
and other special
charges (credits), net
|
|
|
|
(11
|
)
|
|
|
|
—
|
|
|
n/m
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
$
|
297
|
|
|
|
$
|
208
|
|
|
42.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Includes $0 million and $4 million
of Starwood’s share of interest expense of unconsolidated joint
ventures for the three months ended March 31,
2012 and 2011, respectively.
|
|
|
|
(b)
|
|
Includes $1 million of tax expense
(benefit) recorded in discontinued operations for each of the three
months ended March 31, 2012 and 2011,
respectively.
|
|
|
|
(c)
|
|
Includes $7 million and $8 million
of Starwood’s share of depreciation expense of unconsolidated joint
ventures for the three months ended
March 31, 2012 and 2011,
respectively.
|
|
|
|
(d)
|
|
Includes $1 million of Starwood’s
share of amortization expense of unconsolidated joint ventures for each
of the three months ended March 31,
2012 and 2011, respectively.
|
|
|
|
Non-GAAP to GAAP
Reconciliations – Branded Same-Store Owned Hotels Worldwide
(In millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2012
|
|
|
|
|
$ Change
|
|
% Variance
|
Revenue |
|
|
|
|
|
|
Revenue increase
(GAAP) |
|
|
|
$
|
13
|
|
4.1
|
%
|
Impact
of changes in foreign exchange rates |
|
|
|
|
1
|
|
0.4
|
%
|
Revenue
increase in constant dollars |
|
|
|
$
|
14
|
|
4.5
|
%
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
Expense increase
(GAAP) |
|
|
|
$
|
6
|
|
2.1
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
1
|
|
0.5
|
%
|
Expense
increase in constant dollars |
|
|
|
$
|
7
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP Reconciliation
–
Earnings from Vacation
Ownership and Residential Business
(In millions)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
$
|
121
|
|
|
$
|
42
|
|
|
$
|
79
|
Depreciation
expense |
|
|
|
|
(5
|
)
|
|
|
(7
|
)
|
|
|
2
|
Operating
income from vacation ownership and residential |
|
|
|
$
|
116
|
|
|
$
|
35
|
|
|
$
|
81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP Reconciliation
–
Earnings from Bal Harbour
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
78
|
|
$
|
(2
|
)
|
|
$
|
80
|
Depreciation
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
78
|
|
$
|
(2
|
)
|
|
$
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2012
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
$
|
115
|
|
Net income |
|
$ 469
|
|
|
|
53
|
|
Interest expense |
|
210 |
|
|
|
50
|
|
Income tax
expense |
|
200 |
|
|
|
72
|
|
Depreciation
and amortization |
|
295 |
|
|
|
290
|
|
EBITDA |
|
1,174 |
|
|
|
—
|
|
(Gain)
loss on asset dispositions and impairments, net |
|
7 |
|
|
|
—
|
|
Restructuring, goodwill impairment
and other special charges
(credits), net
|
|
(11
|
)
|
|
$
|
290
|
|
Adjusted
EBITDA |
|
$ 1,170
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2012
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
$
|
115
|
|
Income
from continuing operations before special items |
|
|
$
|
465
|
|
|
$
|
0.58
|
|
EPS before special items
|
|
|
$
|
2.35
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
—
|
|
Restructuring and
other special credits |
|
|
|
11
|
|
|
|
—
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
(7
|
)
|
|
|
—
|
|
Total special
items – pre-tax |
|
|
|
4
|
|
|
|
—
|
|
Income tax benefit associated with
special items
|
|
|
|
1
|
|
|
|
—
|
|
Total
special items – after-tax |
|
|
|
5
|
|
|
|
|
|
|
|
|
|
$
|
115
|
|
Income
from continuing operations |
|
|
$
|
470
|
|
|
$
|
0.58
|
|
EPS
including special items |
|
|
$
|
2.38
|
|
|
|
|
|
|
|
|
High Case
|
Three Months Ended
June 30, 2012
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
$
|
122
|
|
Net income |
|
$ 490
|
|
|
|
53
|
|
Interest expense |
|
210 |
|
|
|
53
|
|
Income tax
expense |
|
209 |
|
|
|
72
|
|
Depreciation
and amortization |
|
295 |
|
|
|
300
|
|
EBITDA |
|
1,204 |
|
|
|
—
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
7 |
|
|
|
—
|
|
Restructuring, goodwill impairment
and other special charges
(credits), net
|
|
(11
|
)
|
|
$
|
300
|
|
Adjusted
EBITDA |
|
$ 1,200
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2012
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
$
|
122
|
|
Income
from continuing operations before special items |
|
|
$
|
486
|
|
|
$
|
0.62
|
|
EPS before special items
|
|
|
$
|
2.46
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
—
|
|
Restructuring and
other special credits |
|
|
|
11
|
|
|
|
—
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
(7
|
)
|
|
|
—
|
|
Total special
items – pre-tax |
|
|
|
4
|
|
|
|
—
|
|
Income
tax benefit associated with special items |
|
|
|
1
|
|
|
|
—
|
|
Total
special items – after-tax |
|
|
|
5
|
|
|
|
|
|
|
|
|
|
$
|
122
|
|
Income
from continuing operations |
|
|
$
|
491
|
|
|
$
|
0.62
|
|
EPS
including special items |
|
|
$
|
2.48
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Vacation
Ownership and Residential Business
Excluding Bal Harbour
(In millions)
Low Case
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
$
|
34
|
|
|
$
|
34
|
|
|
$
|
—
|
Depreciation
expense |
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
—
|
Operating income from vacation
ownership and residential
|
|
|
$
|
29
|
|
|
$
|
29
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
$
|
150
|
|
Depreciation
expense |
|
|
|
|
|
(20
|
)
|
Operating
income from vacation ownership and residential |
|
|
|
|
$
|
130
|
|
|
|
|
|
|
|
|
|
High Case
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
$
39 |
|
$
34 |
|
$
5 |
Depreciation
expense |
|
|
|
(5)
|
|
(5)
|
|
—
|
Operating
income from vacation ownership and residential |
|
|
|
$
34 |
|
$
29 |
|
$
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
$
|
155
|
|
Depreciation
expense |
|
|
|
|
|
(20
|
)
|
Operating
income from vacation ownership and residential |
|
|
|
|
$
|
135
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Bal Harbour
(In millions)
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
$
|
15
|
|
$
|
(3
|
)
|
|
$
|
18
|
Depreciation
expense |
|
|
—
|
|
|
—
|
|
|
|
—
|
Operating income from Bal Harbour
|
|
$
|
15
|
|
$
|
(3
|
)
|
|
$
|
18
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
$
|
100
|
|
Depreciation
expense |
|
|
|
|
|
|
|
—
|
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
$
|
100
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
2012
|
|
2011
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
352 |
|
$
337 |
|
4.5
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
2
|
|
31
|
|
(93.5)
|
|
|
|
|
Hotels Without
Comparable Results |
|
42
|
|
36
|
|
16.7
|
|
|
|
|
Other
ancillary hotel operations |
|
6
|
|
6
|
|
—
|
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels
Revenue
|
|
$
402 |
|
$
410 |
|
(2.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
294 |
|
$
287 |
|
(2.4)
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
2
|
|
31
|
|
93.5
|
|
|
|
|
Hotels Without
Comparable Results |
|
47
|
|
37
|
|
(27.0)
|
|
|
|
|
Other
ancillary hotel operations |
|
6
|
|
6
|
|
—
|
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels Costs
and Expenses
|
|
$
349 |
|
$
361 |
|
3.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
Same-Store
Owned Hotels
North America
|
|
2012
|
|
2011
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
210 |
|
$
202 |
|
4.0
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
2
|
|
27
|
|
(92.6)
|
|
|
|
|
Hotels Without
Comparable Results |
|
32
|
|
25
|
|
28.0
|
|
|
|
|
Other
ancillary hotel operations |
|
—
|
|
—
|
|
—
|
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels
Revenue
|
|
$
244 |
|
$
254 |
|
(3.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
178 |
|
$
173 |
|
2.9
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
2
|
|
27
|
|
92.6
|
|
|
|
|
Hotels Without
Comparable Results |
|
33
|
|
21
|
|
(57.1)
|
|
|
|
|
Other
ancillary hotel operations |
|
—
|
|
—
|
|
—
|
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels Costs
and Expenses
|
|
$
213 |
|
$
221 |
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
Same-Store
Owned Hotels
International
|
|
2012
|
|
2011
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
142 |
|
$
135 |
|
5.2
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
—
|
|
4
|
|
(100.0)
|
|
|
|
|
Hotels Without
Comparable Results |
|
10
|
|
11
|
|
(9.1)
|
|
|
|
|
Other
ancillary hotel operations |
|
6
|
|
6
|
|
—
|
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels
Revenue
|
|
$
158 |
|
$
156 |
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
$
116 |
|
$
114 |
|
(1.8)
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
—
|
|
4
|
|
100.0
|
|
|
|
|
Hotels Without
Comparable Results |
|
14
|
|
16
|
|
12.5
|
|
|
|
|
Other
ancillary hotel operations |
|
6
|
|
6
|
|
—
|
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels Costs
and Expenses
|
|
$
136 |
|
$
140 |
|
2.9
|
(a)
|
|
Same-Store Owned Hotel results
exclude five hotels sold and 11 hotels without comparable results for
the three months ended
March 31, 2012.
|
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 |
|
|
|
|
|
|
2012
|
|
|
|
2011 |
|
|
|
Variance |
|
|
|
2012 |
|
|
|
2011 |
|
|
|
Variance |
|
|
|
2012 |
|
|
|
2011 |
|
|
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
110.02
|
|
|
|
|
104.00
|
|
|
|
|
5.8
|
%
|
|
|
|
109.08
|
|
|
|
|
101.84
|
|
|
|
|
7.1
|
%
|
|
|
|
111.28
|
|
|
|
|
106.89
|
|
|
|
|
4.1
|
%
|
|
|
ADR ($) |
|
|
|
168.60
|
|
|
|
|
165.81
|
|
|
|
|
1.7
|
%
|
|
|
|
160.74
|
|
|
|
|
156.54
|
|
|
|
|
2.7
|
%
|
|
|
|
180.16
|
|
|
|
|
179.43
|
|
|
|
|
0.4
|
%
|
|
|
Occupancy
(%) |
|
|
65.3% |
|
|
|
62.7% |
|
|
|
2.6
|
|
|
|
|
67.9% |
|
|
|
65.1% |
|
|
|
2.8
|
|
|
|
|
61.8% |
|
|
|
59.6% |
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
92.82
|
|
|
|
|
88.20
|
|
|
|
|
5.2
|
%
|
|
|
|
90.06
|
|
|
|
|
84.42
|
|
|
|
|
6.7
|
%
|
|
|
|
96.20
|
|
|
|
|
92.86
|
|
|
|
|
3.6
|
%
|
|
|
ADR ($) |
|
|
|
147.41
|
|
|
|
|
144.70
|
|
|
|
|
1.9
|
%
|
|
|
|
136.64
|
|
|
|
|
133.15
|
|
|
|
|
2.6
|
%
|
|
|
|
162.09
|
|
|
|
|
160.30
|
|
|
|
|
1.1
|
%
|
|
|
Occupancy
(%) |
|
|
63.0% |
|
|
|
61.0% |
|
|
|
2.0
|
|
|
|
|
65.9% |
|
|
|
63.4% |
|
|
|
2.5
|
|
|
|
|
59.3% |
|
|
|
57.9% |
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
127.05
|
|
|
|
|
118.56
|
|
|
|
|
7.2
|
%
|
|
|
|
125.50
|
|
|
|
|
117.46
|
|
|
|
|
6.8
|
%
|
|
|
|
131.08
|
|
|
|
|
121.40
|
|
|
|
|
8.0
|
%
|
|
|
ADR ($) |
|
|
|
182.96
|
|
|
|
|
179.44
|
|
|
|
|
2.0
|
%
|
|
|
|
177.65
|
|
|
|
|
172.81
|
|
|
|
|
2.8
|
%
|
|
|
|
197.65
|
|
|
|
|
198.59
|
|
|
|
|
(0.5
|
%)
|
|
|
Occupancy
(%) |
|
|
69.4% |
|
|
|
66.1% |
|
|
|
3.3
|
|
|
|
|
70.6% |
|
|
|
68.0% |
|
|
|
2.6
|
|
|
|
|
66.3% |
|
|
|
61.1% |
|
|
|
5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
177.01
|
|
|
|
|
172.32
|
|
|
|
|
2.7
|
%
|
|
|
|
222.82
|
|
|
|
|
208.85
|
|
|
|
|
6.7
|
%
|
|
|
|
151.22
|
|
|
|
|
151.53
|
|
|
|
|
(0.2
|
%)
|
|
|
ADR ($) |
|
|
|
291.65
|
|
|
|
|
290.86
|
|
|
|
|
0.3
|
%
|
|
|
|
325.46
|
|
|
|
|
311.92
|
|
|
|
|
4.3
|
%
|
|
|
|
268.52
|
|
|
|
|
276.23
|
|
|
|
|
(2.8
|
%)
|
|
|
Occupancy
(%) |
|
|
60.7% |
|
|
|
59.2% |
|
|
|
1.5
|
|
|
|
|
68.5% |
|
|
|
67.0% |
|
|
|
1.5
|
|
|
|
|
56.3% |
|
|
|
54.9% |
|
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
120.65
|
|
|
|
|
117.14
|
|
|
|
|
3.0
|
%
|
|
|
|
170.06
|
|
|
|
|
161.26
|
|
|
|
|
5.5
|
%
|
|
|
|
115.38
|
|
|
|
|
112.40
|
|
|
|
|
2.7
|
%
|
|
|
ADR ($) |
|
|
|
182.36
|
|
|
|
|
181.99
|
|
|
|
|
0.2
|
%
|
|
|
|
218.38
|
|
|
|
|
211.15
|
|
|
|
|
3.4
|
%
|
|
|
|
177.75
|
|
|
|
|
178.19
|
|
|
|
|
(0.2
|
%)
|
|
|
Occupancy
(%) |
|
|
66.2% |
|
|
|
64.4% |
|
|
|
1.8
|
|
|
|
|
77.9% |
|
|
|
76.4% |
|
|
|
1.5
|
|
|
|
|
64.9% |
|
|
|
63.1% |
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
195.40
|
|
|
|
|
180.09
|
|
|
|
|
8.5
|
%
|
|
|
|
185.30
|
|
|
|
|
170.36
|
|
|
|
|
8.8
|
%
|
|
|
|
232.24
|
|
|
|
|
215.52
|
|
|
|
|
7.8
|
%
|
|
|
ADR ($) |
|
|
|
266.32
|
|
|
|
|
255.59
|
|
|
|
|
4.2
|
%
|
|
|
|
249.47
|
|
|
|
|
240.77
|
|
|
|
|
3.6
|
%
|
|
|
|
331.56
|
|
|
|
|
310.59
|
|
|
|
|
6.8
|
%
|
|
|
Occupancy
(%) |
|
|
73.4% |
|
|
|
70.5% |
|
|
|
2.9
|
|
|
|
|
74.3% |
|
|
|
70.8% |
|
|
|
3.5
|
|
|
|
|
70.0% |
|
|
|
69.4% |
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
74.55
|
|
|
|
|
70.07
|
|
|
|
|
6.4
|
%
|
|
|
|
67.57
|
|
|
|
|
63.47
|
|
|
|
|
6.5
|
%
|
|
|
|
86.09
|
|
|
|
|
80.95
|
|
|
|
|
6.3
|
%
|
|
|
ADR ($) |
|
|
|
115.95
|
|
|
|
|
113.11
|
|
|
|
|
2.5
|
%
|
|
|
|
105.21
|
|
|
|
|
103.23
|
|
|
|
|
1.9
|
%
|
|
|
|
133.67
|
|
|
|
|
129.06
|
|
|
|
|
3.6
|
%
|
|
|
Occupancy
(%) |
|
|
64.3% |
|
|
|
61.9% |
|
|
|
2.4
|
|
|
|
|
64.2% |
|
|
|
61.5% |
|
|
|
2.7
|
|
|
|
|
64.4% |
|
|
|
62.7% |
|
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
70.35
|
|
|
|
|
64.29
|
|
|
|
|
9.4
|
%
|
|
|
|
69.82
|
|
|
|
|
63.46
|
|
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
106.53
|
|
|
|
|
109.47
|
|
|
|
|
(2.7
|
%)
|
|
|
|
106.34
|
|
|
|
|
106.46
|
|
|
|
|
(0.1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
(%) |
|
|
66.0% |
|
|
|
58.7% |
|
|
|
7.3
|
|
|
|
|
65.7% |
|
|
|
59.6% |
|
|
|
6.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
110.02
|
|
|
|
|
104.00
|
|
|
|
|
5.8
|
%
|
|
|
|
124.95
|
|
|
|
|
117.73
|
|
|
|
|
6.1
|
%
|
|
|
ADR ($) |
|
|
|
168.60
|
|
|
|
|
165.81
|
|
|
|
|
1.7
|
%
|
|
|
|
189.64
|
|
|
|
|
185.32
|
|
|
|
|
2.3
|
%
|
|
|
Occupancy
(%) |
|
|
65.3% |
|
|
|
62.7% |
|
|
|
2.6
|
|
|
|
|
65.9% |
|
|
|
63.5% |
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
109.08
|
|
|
|
|
101.84
|
|
|
|
|
7.1
|
%
|
|
|
|
138.03
|
|
|
|
|
128.24
|
|
|
|
|
7.6
|
%
|
|
|
ADR ($) |
|
|
|
160.74
|
|
|
|
|
156.54
|
|
|
|
|
2.7
|
%
|
|
|
|
195.46
|
|
|
|
|
187.19
|
|
|
|
|
4.4
|
%
|
|
|
Occupancy
(%) |
|
|
67.9% |
|
|
|
65.1% |
|
|
|
2.8
|
|
|
|
|
70.6% |
|
|
|
68.5% |
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
110.63
|
|
|
|
|
112.80
|
|
|
|
|
(1.9
|
%)
|
|
|
|
118.20
|
|
|
|
|
120.67
|
|
|
|
|
(2.0
|
%)
|
|
|
ADR ($) |
|
|
|
193.21
|
|
|
|
|
200.19
|
|
|
|
|
(3.5
|
%)
|
|
|
|
201.61
|
|
|
|
|
209.71
|
|
|
|
|
(3.9
|
%)
|
|
|
Occupancy
(%) |
|
|
57.3% |
|
|
|
56.3% |
|
|
|
1.0
|
|
|
|
|
58.6% |
|
|
|
57.5% |
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
123.42
|
|
|
|
|
120.63
|
|
|
|
|
2.3
|
%
|
|
|
|
123.98
|
|
|
|
|
121.54
|
|
|
|
|
2.0
|
%
|
|
|
ADR ($) |
|
|
|
191.47
|
|
|
|
|
196.59
|
|
|
|
|
(2.6
|
%)
|
|
|
|
192.93
|
|
|
|
|
198.50
|
|
|
|
|
(2.8
|
%)
|
|
|
Occupancy
(%) |
|
|
64.5% |
|
|
|
61.4% |
|
|
|
3.1
|
|
|
|
|
64.3% |
|
|
|
61.2% |
|
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
108.78
|
|
|
|
|
101.92
|
|
|
|
|
6.7
|
%
|
|
|
|
109.76
|
|
|
|
|
101.01
|
|
|
|
|
8.7
|
%
|
|
|
ADR ($) |
|
|
|
171.54
|
|
|
|
|
167.90
|
|
|
|
|
2.2
|
%
|
|
|
|
173.50
|
|
|
|
|
167.31
|
|
|
|
|
3.7
|
%
|
|
|
Occupancy
(%) |
|
|
63.4% |
|
|
|
60.7% |
|
|
|
2.7
|
|
|
|
|
63.3% |
|
|
|
60.4% |
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
106.17
|
|
|
|
|
92.79
|
|
|
|
|
14.4
|
%
|
|
|
|
116.96
|
|
|
|
|
99.25
|
|
|
|
|
17.8
|
%
|
|
|
ADR ($) |
|
|
|
169.64
|
|
|
|
|
153.17
|
|
|
|
|
10.8
|
%
|
|
|
|
178.31
|
|
|
|
|
161.78
|
|
|
|
|
10.2
|
%
|
|
|
Occupancy
(%) |
|
|
62.6% |
|
|
|
60.6% |
|
|
|
2.0
|
|
|
|
|
65.6% |
|
|
|
61.3% |
|
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
48 Hotels
|
|
|
|
|
|
|
|
|
|
|
|
24 Hotels
|
|
|
|
|
|
|
|
|
|
|
|
24 Hotels
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
148.15
|
|
|
|
|
141.43
|
|
|
|
|
4.8
|
%
|
|
|
|
156.95
|
|
|
|
|
150.89
|
|
|
|
|
4.0
|
%
|
|
|
|
136.80
|
|
|
|
|
129.30
|
|
|
|
|
5.8
|
%
|
|
ADR ($) |
|
|
|
|
|
|
213.39
|
|
|
|
|
206.77
|
|
|
|
|
3.2
|
%
|
|
|
|
218.38
|
|
|
|
|
210.32
|
|
|
|
|
3.8
|
%
|
|
|
|
206.41
|
|
|
|
|
201.67
|
|
|
|
|
2.4
|
%
|
|
Occupancy
(%) |
|
|
|
|
|
|
69.4% |
|
|
|
68.4% |
|
|
|
1.0
|
|
|
|
|
71.9% |
|
|
|
71.7% |
|
|
|
0.2
|
|
|
|
|
66.3% |
|
|
|
64.1% |
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
|
|
|
|
|
351,912
|
|
|
|
|
337,326
|
|
|
|
|
4.3
|
%
|
|
|
|
210,213
|
|
|
|
|
202,480
|
|
|
|
|
3.8
|
%
|
|
|
|
141,699
|
|
|
|
|
134,846
|
|
|
|
|
5.1
|
%
|
|
Total
Expenses |
|
|
|
|
|
|
293,655
|
|
|
|
|
287,594
|
|
|
|
|
(2.1
|
%)
|
|
|
|
177,431
|
|
|
|
|
173,485
|
|
|
|
|
(2.3
|
%)
|
|
|
|
116,224
|
|
|
|
|
114,109
|
|
|
|
|
(1.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
|
|
|
|
|
|
|
|
43 Hotels
|
|
|
|
|
|
|
|
|
|
|
|
19 Hotels
|
|
|
|
|
|
|
|
|
|
|
|
24 Hotels
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
151.96
|
|
|
|
|
145.36
|
|
|
|
|
4.5
|
%
|
|
|
|
165.82
|
|
|
|
|
160.11
|
|
|
|
|
3.6
|
%
|
|
|
|
136.80
|
|
|
|
|
129.30
|
|
|
|
|
5.8
|
%
|
|
ADR ($) |
|
|
|
|
|
|
216.01
|
|
|
|
|
208.45
|
|
|
|
|
3.6
|
%
|
|
|
|
223.87
|
|
|
|
|
213.78
|
|
|
|
|
4.7
|
%
|
|
|
|
206.41
|
|
|
|
|
201.67
|
|
|
|
|
2.4
|
%
|
|
Occupancy (%) |
|
|
|
|
|
|
70.3% |
|
|
|
69.7% |
|
|
|
0.6
|
|
|
|
|
74.1% |
|
|
|
74.9% |
|
|
|
(0.8
|
)
|
|
|
|
66.3% |
|
|
|
64.1% |
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
|
332,349
|
|
|
|
|
319,122
|
|
|
|
|
4.1
|
%
|
|
|
|
190,650
|
|
|
|
|
184,277
|
|
|
|
|
3.5
|
%
|
|
|
|
141,699
|
|
|
|
|
134,846
|
|
|
|
|
5.1
|
%
|
|
Total Expenses |
|
|
|
|
|
|
274,576
|
|
|
|
|
268,820
|
|
|
|
|
(2.1
|
%)
|
|
|
|
158,352
|
|
|
|
|
154,711
|
|
|
|
|
(2.4
|
%)
|
|
|
|
116,224
|
|
|
|
|
114,109
|
|
|
|
|
(1.9
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hotel results exclude five
hotels sold and 11 hotels without comparable results during 2011 &
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* 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 |
|
|
|
|
2012
|
|
2011
|
|
$
Variance |
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
|
Base Fees |
|
|
|
76
|
|
67
|
|
9
|
|
13.4%
|
Incentive
Fees |
|
|
|
39
|
|
30
|
|
9
|
|
30.0%
|
Total
Management Fees |
|
|
|
115
|
|
97
|
|
18
|
|
18.6%
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
|
|
45
|
|
43
|
|
2
|
|
4.7%
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
160
|
|
140
|
|
20
|
|
14.3%
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
|
|
36
|
|
32
|
|
4
|
|
12.5%
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
196
|
|
172
|
|
24
|
|
14.0%
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
5
|
|
5
|
|
0
|
|
0.0%
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
|
|
201
|
|
177
|
|
24
|
|
13.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other Management &
Franchise Revenues includes the amortization of deferred gains of
approximately $21 in
2012 and 2011, resulting from the sales of hotels subject to long-term
management contracts and termination
fees.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended March 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
Sales Revenues (1) -- Vacation Ownership Sales |
83
|
|
|
82
|
|
|
1
|
|
|
1.2
|
%
|
Other
Sales and Services Revenues (2) |
|
|
|
70
|
|
|
66
|
|
|
4
|
|
|
6.1
|
%
|
Deferred
Revenues -- Percentage of Completion |
|
|
1
|
|
|
-
|
|
|
1
|
|
|
0.0
|
%
|
Deferred Revenues -- Other (3) |
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(100.0
|
%)
|
Vacation
Ownership Sales and Services Revenues |
|
|
152
|
|
|
147
|
|
|
5
|
|
|
3.4
|
%
|
Residential Sales and Services Revenues (4) |
|
|
362
|
|
|
6
|
|
|
356
|
|
|
n/m
|
|
Total Vacation Ownership & Residential Sales and
Services Revenues |
514
|
|
|
153
|
|
|
361
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
Sales Expenses (5) -- Vacation Ownership Sales |
59
|
|
|
58
|
|
|
(1
|
)
|
|
(1.7
|
%)
|
Other
Expenses (6) |
|
|
|
|
|
53
|
|
|
48
|
|
|
(5
|
)
|
|
(10.4
|
%)
|
Deferred
Expenses -- Percentage of Completion |
|
|
-
|
|
|
-
|
|
|
-
|
|
|
0.0
|
%
|
Deferred Expenses -- Other |
|
|
|
|
3
|
|
|
3
|
|
|
-
|
|
|
0.0
|
%
|
Vacation
Ownership Expenses |
|
|
|
115
|
|
|
109
|
|
|
(6
|
)
|
|
(5.5
|
%)
|
Residential Expenses (4) |
|
|
|
|
278
|
|
|
2
|
|
|
(276
|
)
|
|
n/m
|
|
Total Vacation Ownership & Residential Expenses |
|
|
393
|
|
|
111
|
|
|
(282
|
)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 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) For 2012, includes $356 million of revenues and $278
million of expenses associated with the St. Regis Bal Harbour
residential project |
(5) Timeshare cost of sales and sales & marketing
expenses before deferrals of sales expenses for U.S. GAAP reporting
purposes |
(6) Includes resort, general and administrative, and
other miscellaneous expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Deferred revenue is calculated based on the
Percentage of Completion ("POC") of the project. Deferred expenses,
also based on POC, include |
product costs and direct sales and marketing costs only.
Indirect sales and marketing costs are not deferred per ASC 978-720-25
and ASC 978-340-25. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m =
not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
|
Hotels
Without Comparable Results & Other Selected Items |
|
As
of March 31, 2012 |
|
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties without comparable results in 2012 and 2011:
|
|
|
|
Revenues
and Expenses Associated with Assets Sold or Closed in 2012 and 2011: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Regis Bal Harbour
|
|
|
Bal
Harbour, FL |
|
|
|
|
Q1
|
|
Q2
|
|
Q3
|
|
Q4
|
|
Full Year |
The
Westin Peachtree Plaza |
|
|
Atlanta, GA |
|
|
|
Hotels
Sold or Closed in 2011: |
|
|
|
|
|
|
|
|
|
W
New Orleans - French Quarter |
|
|
New
Orleans, LA |
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
W
London |
|
|
London, England |
|
|
|
Revenues |
$
|
28
|
|
$
|
23
|
|
$
|
5
|
|
$
|
-
|
|
$
|
56
|
Grand
Hotel - Florence |
|
|
Florence, Italy |
|
|
|
Expenses
(excluding depreciation) |
$
|
28
|
|
$
|
19
|
|
$
|
4
|
|
$
|
-
|
|
$
|
51
|
Sheraton
Kauai |
|
|
Koloa, HI |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Alfonso |
|
|
Seville, Spain |
|
|
|
Hotels Sold or
Closed in 2012: |
|
|
|
|
|
|
|
|
|
Four
Points Tucson |
|
|
Tucson, AZ |
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
The
Clarion Hotel |
|
|
Millbrae, CA |
|
|
|
Revenues |
$
|
2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2
|
Hotel
Gritti Palace |
|
|
Venice, Italy |
|
|
|
Expenses
(excluding depreciation) |
$
|
2
|
|
$
|
-
|
|
$
|
-
|
|
$
|
-
|
|
$
|
2
|
Hotel
Maria Cristina |
|
|
San
Sebastian, Spain |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$
|
3
|
|
$
|
3
|
|
$
|
2
|
|
$
|
2
|
|
$
|
10
|
|
|
|
|
|
|
|
Expenses
(excluding depreciation) |
$
|
3
|
|
$
|
3
|
|
$
|
3
|
|
$
|
1
|
|
$
|
10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties
sold or closed in 2012 and 2011: |
|
|
|
(1) Results consist of 1 hotel sold in 2012 and 4 hotels
sold in 2011. These amounts are included in the revenues and |
|
|
|
|
|
|
|
expenses from owned, leased and consolidated joint
venture hotels in the statements of income for 2012 and 2011. |
Property
|
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta Perimeter
|
|
|
Atlanta, GA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Bristol |
|
|
Vienna, Austria |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Westin
Gaslamp Quarter |
|
|
San Diego, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
W City Center |
|
|
Chicago, IL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston Park Plaza
|
|
|
Boston, MA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Capital
Expenditures |
For
the Three Months Ended March 31, 2012 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maintenance
Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
Owned, Leased and
Consolidated Joint Venture Hotels |
|
|
|
|
|
|
|
11
|
|
Corporate/IT
|
|
|
|
|
|
|
|
18
|
|
Subtotal |
|
|
|
|
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership Capital Expenditures: |
|
|
|
|
|
|
|
|
Net capital expenditures for
inventory (excluding St. Regis Bal Harbour) (2)
|
|
|
|
|
|
|
|
(11
|
)
|
Capital
expenditures for inventory - St.Regis Bal Harbour |
|
|
|
|
|
|
|
12
|
|
Subtotal |
|
|
|
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
Development
Capital |
|
|
|
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
Total
Capital Expenditures |
|
|
|
|
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Maintenance capital expenditures include improvements
that extend the useful life of the asset. |
(2) Represents gross inventory capital expenditures of
$10M in the three months ended March 31, 2012, |
less
cost of sales of $21M in the three months ended March 31, 2012. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
2012
Divisional Hotel Inventory Summary by Ownership by Brand* |
As
of March 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAD |
|
|
|
|
|
EUROPE |
|
|
|
|
|
AME |
|
|
|
|
|
LAD |
|
|
|
|
|
ASIA |
|
|
|
|
|
Total |
|
|
Hotels
|
|
Rooms
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|
|
|
|
|
Hotels
|
|
Rooms
|
|
|
|
|
|
Hotels
|
|
Rooms
|
Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
6
|
|
3,528
|
|
|
|
|
|
4
|
|
705
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
5
|
|
2,699
|
|
|
|
|
|
2
|
|
821
|
|
|
|
|
|
17
|
|
7,753
|
Westin |
|
4
|
|
2,399
|
|
|
|
|
|
3
|
|
650
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
3
|
|
902
|
|
|
|
|
|
1
|
|
273
|
|
|
|
|
|
11
|
|
4,224
|
Four Points |
|
2
|
|
327
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
2
|
|
327
|
W |
|
5
|
|
1,795
|
|
|
|
|
|
2
|
|
665
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
7
|
|
2,460
|
Luxury Collection
|
|
1
|
|
643
|
|
|
|
|
|
5
|
|
584
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
1
|
|
181
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
7
|
|
1,408
|
St. Regis |
|
3
|
|
702
|
|
|
|
|
|
2
|
|
261
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
1
|
|
160
|
|
|
|
|
|
6
|
|
1,123
|
Le Meridien |
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
Aloft |
|
2
|
|
272
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
2
|
|
272
|
Element |
|
1
|
|
123
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
1
|
|
123
|
Other
|
|
6
|
|
1,654
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
6
|
|
1,654
|
Total
Owned |
|
30
|
|
11,443
|
|
|
|
|
|
16
|
|
2,865
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
9
|
|
3,782
|
|
|
|
|
|
4
|
|
1,254
|
|
|
|
|
|
59
|
|
19,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed &
UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
38
|
|
26,523
|
|
|
|
|
|
41
|
|
11,924
|
|
|
|
|
|
32
|
|
8,907
|
|
|
|
|
|
15
|
|
2,938
|
|
|
|
|
|
75
|
|
26,963
|
|
|
|
|
|
201
|
|
77,255
|
Westin |
|
54
|
|
28,377
|
|
|
|
|
|
12
|
|
4,098
|
|
|
|
|
|
4
|
|
1,086
|
|
|
|
|
|
3
|
|
886
|
|
|
|
|
|
29
|
|
9,872
|
|
|
|
|
|
102
|
|
44,319
|
Four Points |
|
1
|
|
171
|
|
|
|
|
|
6
|
|
1,013
|
|
|
|
|
|
7
|
|
1,329
|
|
|
|
|
|
4
|
|
517
|
|
|
|
|
|
15
|
|
4,612
|
|
|
|
|
|
33
|
|
7,642
|
W |
|
23
|
|
6,902
|
|
|
|
|
|
3
|
|
364
|
|
|
|
|
|
1
|
|
441
|
|
|
|
|
|
2
|
|
433
|
|
|
|
|
|
6
|
|
1,436
|
|
|
|
|
|
35
|
|
9,576
|
Luxury Collection
|
|
4
|
|
1,648
|
|
|
|
|
|
19
|
|
2,997
|
|
|
|
|
|
5
|
|
1,384
|
|
|
|
|
|
7
|
|
290
|
|
|
|
|
|
6
|
|
1,440
|
|
|
|
|
|
41
|
|
7,759
|
St. Regis |
|
9
|
|
1,811
|
|
|
|
|
|
2
|
|
223
|
|
|
|
|
|
1
|
|
377
|
|
|
|
|
|
2
|
|
309
|
|
|
|
|
|
8
|
|
2,049
|
|
|
|
|
|
22
|
|
4,769
|
Le Meridien |
|
4
|
|
607
|
|
|
|
|
|
21
|
|
6,131
|
|
|
|
|
|
31
|
|
7,073
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
26
|
|
7,236
|
|
|
|
|
|
82
|
|
21,047
|
Aloft |
|
-
|
|
-
|
|
|
|
|
|
2
|
|
399
|
|
|
|
|
|
1
|
|
408
|
|
|
|
|
|
2
|
|
281
|
|
|
|
|
|
5
|
|
1,034
|
|
|
|
|
|
10
|
|
2,122
|
Element |
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
Other
|
|
1
|
|
773
|
|
|
|
|
|
1
|
|
165
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
2
|
|
938
|
Total
Managed & UJV |
|
134
|
|
66,812
|
|
|
|
|
|
107
|
|
27,314
|
|
|
|
|
|
82
|
|
21,005
|
|
|
|
|
|
35
|
|
5,654
|
|
|
|
|
|
170
|
|
54,642
|
|
|
|
|
|
528
|
|
175,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
160
|
|
47,721
|
|
|
|
|
|
15
|
|
4,108
|
|
|
|
|
|
2
|
|
403
|
|
|
|
|
|
9
|
|
2,332
|
|
|
|
|
|
14
|
|
6,288
|
|
|
|
|
|
200
|
|
60,852
|
Westin |
|
60
|
|
19,472
|
|
|
|
|
|
3
|
|
1,176
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
4
|
|
1,309
|
|
|
|
|
|
8
|
|
2,231
|
|
|
|
|
|
75
|
|
24,188
|
Four Points |
|
105
|
|
16,617
|
|
|
|
|
|
5
|
|
835
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
8
|
|
1,276
|
|
|
|
|
|
8
|
|
1,441
|
|
|
|
|
|
126
|
|
20,169
|
W |
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
Luxury Collection
|
|
8
|
|
1,621
|
|
|
|
|
|
11
|
|
1,529
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
2
|
|
248
|
|
|
|
|
|
10
|
|
2,359
|
|
|
|
|
|
31
|
|
5,757
|
St. Regis |
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
Le Meridien |
|
8
|
|
2,161
|
|
|
|
|
|
5
|
|
1,455
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
1
|
|
111
|
|
|
|
|
|
3
|
|
714
|
|
|
|
|
|
17
|
|
4,441
|
Aloft |
|
41
|
|
5,965
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
3
|
|
471
|
|
|
|
|
|
44
|
|
6,436
|
Element |
|
9
|
|
1,518
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
9
|
|
1,518
|
Other
|
|
1
|
|
275
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
1
|
|
275
|
Total
Franchised |
|
392
|
|
95,350
|
|
|
|
|
|
39
|
|
9,103
|
|
|
|
|
|
2
|
|
403
|
|
|
|
|
|
24
|
|
5,276
|
|
|
|
|
|
46
|
|
13,504
|
|
|
|
|
|
503
|
|
123,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
204
|
|
77,772
|
|
|
|
|
|
60
|
|
16,737
|
|
|
|
|
|
34
|
|
9,310
|
|
|
|
|
|
29
|
|
7,969
|
|
|
|
|
|
91
|
|
34,072
|
|
|
|
|
|
418
|
|
145,860
|
Westin |
|
118
|
|
50,248
|
|
|
|
|
|
18
|
|
5,924
|
|
|
|
|
|
4
|
|
1,086
|
|
|
|
|
|
10
|
|
3,097
|
|
|
|
|
|
38
|
|
12,376
|
|
|
|
|
|
188
|
|
72,731
|
Four Points |
|
108
|
|
17,115
|
|
|
|
|
|
11
|
|
1,848
|
|
|
|
|
|
7
|
|
1,329
|
|
|
|
|
|
12
|
|
1,793
|
|
|
|
|
|
23
|
|
6,053
|
|
|
|
|
|
161
|
|
28,138
|
W |
|
28
|
|
8,697
|
|
|
|
|
|
5
|
|
1,029
|
|
|
|
|
|
1
|
|
441
|
|
|
|
|
|
2
|
|
433
|
|
|
|
|
|
6
|
|
1,436
|
|
|
|
|
|
42
|
|
12,036
|
Luxury Collection
|
|
13
|
|
3,912
|
|
|
|
|
|
35
|
|
5,110
|
|
|
|
|
|
5
|
|
1,384
|
|
|
|
|
|
10
|
|
719
|
|
|
|
|
|
16
|
|
3,799
|
|
|
|
|
|
79
|
|
14,924
|
St. Regis |
|
12
|
|
2,513
|
|
|
|
|
|
4
|
|
484
|
|
|
|
|
|
1
|
|
377
|
|
|
|
|
|
2
|
|
309
|
|
|
|
|
|
9
|
|
2,209
|
|
|
|
|
|
28
|
|
5,892
|
Le Meridien |
|
12
|
|
2,768
|
|
|
|
|
|
26
|
|
7,586
|
|
|
|
|
|
31
|
|
7,073
|
|
|
|
|
|
1
|
|
111
|
|
|
|
|
|
29
|
|
7,950
|
|
|
|
|
|
99
|
|
25,488
|
Aloft |
|
43
|
|
6,237
|
|
|
|
|
|
2
|
|
399
|
|
|
|
|
|
1
|
|
408
|
|
|
|
|
|
2
|
|
281
|
|
|
|
|
|
8
|
|
1,505
|
|
|
|
|
|
56
|
|
8,830
|
Element |
|
10
|
|
1,641
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
10
|
|
1,641
|
Other |
|
8
|
|
2,702
|
|
|
|
|
|
1
|
|
165
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
9
|
|
2,867
|
Vacation
Ownership |
|
12
|
|
6,617
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
1
|
|
580
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
|
13
|
|
7,197
|
Total
Systemwide |
|
568
|
|
180,222
|
|
|
|
|
|
162
|
|
39,282
|
|
|
|
|
|
84
|
|
21,408
|
|
|
|
|
|
69
|
|
15,292
|
|
|
|
|
|
220
|
|
69,400
|
|
|
|
|
|
1,103
|
|
325,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of March 31, 2012 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# Resorts |
|
|
|
|
|
|
|
# of Units (1) |
Brand
|
|
|
|
|
|
Total (2) |
|
In
Operations |
|
In Active
Sales |
|
|
|
|
|
|
|
Completed (3) |
|
Pre-sales/
Development (4) |
|
Future
Capacity (5),(6) |
|
Total at
Buildout |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
|
|
7
|
|
|
7
|
|
|
6
|
|
|
|
|
|
|
|
|
3,079
|
|
|
-
|
|
|
712
|
|
|
3,791
|
|
Westin |
|
|
|
|
|
9
|
|
|
9
|
|
|
9
|
|
|
|
|
|
|
|
|
1,562
|
|
|
22
|
|
|
43
|
|
|
1,627
|
|
St. Regis |
|
|
|
|
|
2
|
|
|
2
|
|
|
-
|
|
|
|
|
|
|
|
|
56
|
|
|
-
|
|
|
-
|
|
|
56
|
|
The Luxury
Collection |
|
|
|
|
|
1
|
|
|
1
|
|
|
-
|
|
|
|
|
|
|
|
|
6
|
|
|
-
|
|
|
-
|
|
|
6
|
|
Unbranded
|
|
|
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
|
|
|
|
|
|
99
|
|
|
-
|
|
|
1
|
|
|
100
|
|
Total
SVO, Inc. |
|
|
|
|
|
21
|
|
|
21
|
|
|
16
|
|
|
|
|
|
|
|
|
4,802
|
|
|
22
|
|
|
756
|
|
|
5,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Joint Ventures (UJV's) |
|
|
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
|
|
|
|
|
|
198
|
|
|
-
|
|
|
-
|
|
|
198
|
|
Total
including UJV's |
|
|
|
|
|
22
|
|
|
22
|
|
|
17
|
|
|
|
|
|
|
|
|
5,000
|
|
|
22
|
|
|
756
|
|
|
5,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Intervals Including UJV's (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
260,000
|
|
|
1,144
|
|
|
39,312
|
|
|
300,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
|