STAMFORD, Conn.--October 25, 2012-Starwood Hotels &
Resorts Worldwide, Inc. (NYSE: HOT) today reported third quarter 2012
financial results.
Third Quarter 2012 Highlights
- Excluding special items, EPS from
continuing operations was $0.58. Including special items, EPS from
continuing operations was $0.75.
- Adjusted EBITDA was $275 million,
which included $12 million of EBITDA from the St. Regis Bal Harbour
residential project.
- Excluding special items, income
from continuing operations was $114 million. Including special items,
income from continuing operations was $147 million.
- Worldwide Systemwide REVPAR for
Same-Store Hotels increased 4.7% in constant dollars (1.3% in actual
dollars) compared to 2011. Systemwide REVPAR for Same-Store Hotels in
North America increased 5.3% in constant dollars (4.8% in actual
dollars).
- Management fees, franchise fees and
other income increased 8.4% compared to 2011.
- Worldwide Same-Store
Company-Operated gross operating profit margins increased approximately
100 basis points compared to 2011.
- Worldwide REVPAR for Starwood
branded Same-Store Owned Hotels increased 2.3% in constant dollars
(decreased 2.2% in actual dollars) compared to 2011.
- Margins at Starwood branded
Same-Store Owned Hotels Worldwide increased approximately 10 basis
points compared to 2011.
- Earnings from Starwood’s vacation
ownership and residential business increased approximately $19
million compared to 2011, including $12 million of earnings from the
St. Regis Bal Harbour residential project.
- During the quarter, the Company
signed 25 hotel management and franchise contracts, representing
approximately 4,800 rooms, and opened 20 hotels and resorts with
approximately 6,500 rooms.
- Starwood’s Board of Directors has
declared the Company’s annual cash dividend of $1.25 per share, an
increase of 150% from the prior year.
- On October 24, 2012, the Company
completed a securitization involving the issuance of $165.7 million of
fixed rate notes. Starwood is contributing approximately $174.4 million
in timeshare mortgages resulting in an advance rate of 95% with an
effective note yield of 2.02%.
Third Quarter 2012 Earnings Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
third quarter of 2012 of $0.75 compared to $0.85 in the third quarter
of 2011. Excluding special items, EPS from continuing operations was
$0.58 for the third quarter of 2012 compared to $0.60 in the third
quarter of 2011. Special items in the third quarter of 2012, which
totaled a benefit of $33 million (after-tax), primarily related to an
income tax benefit on the sale of two wholly-owned hotels. Special
items in the third quarter of 2011, which totaled a benefit of $47
million (after-tax), primarily related to a gain on an asset exchange
transaction. Excluding special items, the effective income tax rate in
the third quarter of 2012 was 30.8% compared to a benefit of 4.8% in
the third quarter of 2011. The effective income tax rate in the third
quarter of 2011 included a favorable settlement of an IRS audit.
Income from continuing operations was $147 million in the
third quarter of 2012, compared to $165 million in the third quarter of
2011. Excluding special items, income from continuing operations was
$114 million in the third quarter of 2012. Excluding special items,
income from continuing operations was $118 million in the third quarter
of 2011 and included a $35 million benefit associated with the
favorable settlement of an IRS audit.
Net income was $170 million and $0.87 per share in the third
quarter of 2012, compared to $163 million and $0.84 per share in the
third quarter of 2011. Net income in the third quarter of 2012
benefited from a $23 million (net of tax) reversal of reserves,
following the favorable settlement, in the quarter, of certain
liabilities associated with a former ITT subsidiary.
Frits van Paasschen, CEO, said, “We delivered another solid
quarter of EBITDA and EPS growth led by continued gains in both room
rates and occupancy. Global RevPAR grew nearly 5% in constant currency,
despite a deceleration in the global economy. In fact, occupancy rose
in all regions and is now reaching or exceeding peak levels in many
markets around the world.”
“Looking ahead, our results will be driven by two things:
first, the trajectory of the global recovery and whether it regains its
momentum in 2013; and second, our ability to use our high-end, global
brands, to get more than our fair share of the long-term growth in
global travel.”
Nine Months Ended September 30, 2012
Earnings Summary
Income from continuing operations was $405 million in the nine
months ended September 30, 2012 compared to $344 million in the same
period in 2011. Excluding special items, income from continuing
operations was $376 million in the nine months ended September 30,
2012, compared to $273 million in the same period in 2011.
Net income was $420 million and $2.14 per share in the nine
months ended September 30, 2012 compared to $322 million and $1.66 per
share in the same period in 2011.
Adjusted EBITDA was $895 million in the nine months ended
September 30, 2012, which includes $125 million of EBITDA from the St.
Regis Bal Harbour Resort residential project (“Bal Harbour”), compared
to $711 million in the same period in 2011.
Third Quarter 2012 Operating Results
Management and Franchise Revenues
Worldwide Systemwide REVPAR for Same-Store Hotels increased
4.7% in constant dollars (1.3% in actual dollars) compared to the third
quarter of 2011. International Systemwide REVPAR for Same-Store Hotels
increased 3.9% in constant dollars (decreased 3.0% in actual dollars).
Changes in REVPAR for Worldwide Systemwide Same-Store Hotels
by region:
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|
REVPAR |
Region
|
|
|
|
|
|
|
Constant
Dollars
|
|
|
|
Actual
Dollars
|
North America |
|
|
|
|
|
|
5.3
|
%
|
|
|
|
4.8
|
%
|
Europe |
|
|
|
|
|
|
3.1
|
%
|
|
|
|
(9.1
|
)%
|
Asia Pacific |
|
|
|
|
|
|
4.3
|
%
|
|
|
|
0.7
|
%
|
Africa and the
Middle East |
|
|
|
|
|
|
7.0
|
%
|
|
|
|
3.2
|
%
|
Latin America |
|
|
|
|
|
|
3.0
|
%
|
|
|
|
3.0
|
%
|
|
|
|
|
|
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|
|
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|
Changes in REVPAR for Worldwide Systemwide Same-Store Hotels
by brand:
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|
|
|
|
|
REVPAR |
Brand
|
|
|
|
|
|
|
Constant
Dollars
|
|
|
|
Actual
Dollars
|
St. Regis/Luxury
Collection |
|
|
|
|
|
|
5.7
|
%
|
|
|
|
(1.9
|
)%
|
W Hotels |
|
|
|
|
|
|
6.7
|
%
|
|
|
|
4.6
|
%
|
Westin |
|
|
|
|
|
|
6.2
|
%
|
|
|
|
3.4
|
%
|
Sheraton |
|
|
|
|
|
|
2.8
|
%
|
|
|
|
0.6
|
%
|
Le
Méridien |
|
|
|
|
|
|
3.8
|
%
|
|
|
|
(4.0
|
)%
|
Four Points by
Sheraton |
|
|
|
|
|
|
5.4
|
%
|
|
|
|
3.3
|
%
|
Aloft |
|
|
|
|
|
|
8.7
|
%
|
|
|
|
7.8
|
%
|
|
|
|
|
|
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|
Worldwide Same-Store Company-Operated gross operating profit
margins increased approximately 100 basis points compared to 2011.
International gross operating profit margins for Same-Store
Company-Operated properties increased 80 basis points. North American
Same-Store Company-Operated gross operating profit margins increased
approximately 140 basis points, driven by REVPAR increases and cost
controls.
Management fees, franchise fees and other income were $219
million, up $17 million, or 8.4% (10.1% in constant dollars) compared
to the third quarter of 2011. Management fees increased 7.0% to $122
million and franchise fees increased 10.4% to $53 million.
Development
During the third quarter of 2012, the Company signed 25 hotel
management and franchise contracts, representing approximately 4,800
rooms, of which 18 are new builds and seven are conversions from other
brands. At September 30, 2012, the Company had approximately 370 hotels
in the active pipeline representing approximately 95,000 rooms.
During the third quarter of 2012, 20 new hotels and resorts
(representing approximately 6,500 rooms) entered the system, including
Sheraton Macao Hotel (China, 1,796 rooms), ITC Grand Chola – a
Luxury Collection Hotel (India, 600 rooms), W Singapore –
Sentosa Cove (Singapore, 240 rooms), Sheraton Vitoria Hotel (Brazil,
234 rooms), and Sheraton Tampa East Hotel (Florida, 265
rooms). Additionally, during the quarter, the Company reopened its
owned Aloft San Francisco Airport which was converted from an unbranded
hotel. Four properties (representing approximately 800 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 2.3% in constant dollars (decreased 2.2% in actual dollars)
when compared to 2011. REVPAR at Starwood branded Same-Store Owned
Hotels in North America increased 0.6% in constant dollars (decreased
0.5% actual dollars). Internationally, Starwood branded Same-Store
Owned Hotel REVPAR increased 3.8% in constant dollars (decreased 3.7%
in actual dollars).
Revenues at Starwood branded Same-Store Owned Hotels Worldwide
increased 1.5% in constant dollars (decreased 2.9% in actual dollars)
while costs and expenses increased 1.0% in constant dollars (decreased
3.1% in actual dollars) when compared to 2011. Margins at these hotels
increased approximately 10 basis points.
Revenues at Starwood branded Same-Store Owned Hotels in North
America decreased 1.5% in constant dollars (2.5% in actual dollars)
while costs and expenses decreased 0.2% in constant dollars (1.1% in
actual dollars) when compared to 2011. Margins at these hotels
decreased approximately 130 basis points.
Internationally, revenues at Starwood branded Same-Store Owned
Hotels increased 4.1% in constant dollars (decreased 3.1% in actual
dollars) while costs and expenses increased 2.3% in constant dollars
(decreased 5.0% in actual dollars) when compared to 2011. Margins at
these hotels increased approximately 140 basis points.
Revenues at owned, leased and consolidated joint venture
hotels were $425 million, compared to $441 million in 2011. Expenses at
owned, leased and consolidated joint venture hotels were $348 million
compared to $361 million in 2011. Third quarter results were negatively
impacted by four asset sales that took place since the third quarter of
2011.
Vacation Ownership
Total vacation ownership revenues increased 2.2% to $141
million in the third quarter of 2012 when compared to 2011, primarily
due to the increased revenues from resort operations. Originated
contract sales of vacation ownership intervals and numbers of contracts
signed decreased 1.2% and 3.8%, respectively, primarily due to lower
tour flow partially offset by a slight increase in the average price of
vacation ownership units sold. The average price per vacation ownership
unit sold increased 1.8% to approximately $14,300, driven by inventory
mix.
Residential
The Company’s residential revenues were $67 million compared
to $2 million in 2011. The Company realized residential revenues from
Bal Harbour during the third quarter of 2012 of $62 million and
generated EBITDA of $12 million. During the third quarter of 2012, the
Company closed sales of 14 units at Bal Harbour and realized
incremental cash proceeds of $59 million associated with these units.
From project inception through September 30, 2012, the Company has
closed contracts on approximately 64% of the total residential units
available at Bal Harbour.
Selling, General, Administrative and
Other
Selling, general, administrative and other expenses decreased
1.1% to $87 million compared to $88 million in 2011. The Company is now
targeting a 3% to 4% increase for the full year.
Capital
Gross capital spending during the quarter included
approximately $37 million of maintenance capital and $78 million of
development capital.
Asset Sales
During the quarter, the Company completed the sales of two
wholly-owned hotels, the W Chicago - Lakeshore and W Los Angeles -
Westwood, for cash proceeds of approximately $244 million. These hotels
were sold subject to long-term management contracts.
Timeshare Securitization
On October 24, 2012, the Company completed a securitization
involving the issuance of $165.7 million of fixed rate notes. Starwood
is contributing approximately $174.4 million in timeshare mortgages
resulting in an advance rate of 95% with an effective note yield of
2.02%. The proceeds from the transaction will be used for general
corporate purposes and the pay down of the securitized vacation
ownership debt related to its 2005 securitization.
Dividend
The Board of Directors has declared the Company’s annual cash
dividend of $1.25 per share, an increase of 150% from the prior year.
The dividend will be paid on December 28, 2012 to shareholders of
record on December 14, 2012.
Share Repurchase
In the third quarter of 2012, the Company repurchased 1.6
million shares at a total cost of approximately $78.7 million. Year to
date, the Company has repurchased 2.8 million shares at a total cost of
approximately $140 million. As of September 30, 2012, approximately
$360 million remained available under the Company’s share repurchase
authorization.
Balance Sheet
At September 30, 2012, the Company had gross debt of $1.654
billion, cash and cash equivalents of $795 million (including $144
million of restricted cash) and net debt of $859 million, compared to
net debt of $1.242 billion as of June 30, 2012, in each case, excluding
debt and restricted cash associated with securitized vacation ownership
notes receivable. Net debt at September 30, 2012, including $410
million of debt and $17 million of restricted cash associated with
securitized vacation ownership notes receivables, was $1.252 billion.
At September 30, 2012, debt was approximately 88% fixed rate
and 12% floating rate and its weighted average maturity was 4.1 years
with a weighted average interest rate of 7.03%, excluding the
securitized debt. The Company had cash (including current restricted
cash) and availability under the domestic and international revolving
credit facility of approximately $2.297 billion.
Outlook
For the Full Year 2012:
- Including Bal Harbour, which is
expected to contribute approximately $135 million of EBITDA, adjusted
EBITDA is expected to be approximately $1.190 billion to $1.195
billion.
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $1.055 billion to $1.060 billion,
assuming:
- REVPAR increases at Same-Store
Company-Operated Hotels Worldwide of 5% to 6% in constant dollars
(approximately 200 basis points lower in dollars at current exchange
rates).
- REVPAR increases at
Same-Store Owned Hotels Worldwide of 3% to 4% in constant dollars
(approximately 250 basis points lower in dollars at current exchange
rates).
- Margins at Same-Store Owned
Hotels Worldwide increase 50 to 100 basis points.
- Management fees, franchise fees
and other income increase approximately 9% to 10%.
- Earnings from the Company’s
vacation ownership and residential business of approximately $158
million.
- Selling, general and
administrative expenses increase approximately 3% to 4%.
- Full year earnings are negatively
impacted by approximately $10 million due to recent asset sales.
- Depreciation and amortization is
expected to be approximately $280 million.
- Interest expense is expected to be
approximately $185 million, excluding the $15 million of redemption
premiums and other costs associated with the Senior Notes redemption in
the second quarter of 2012.
- Including Bal Harbour, full year
effective tax rate is expected to be approximately 31%, and cash taxes
are expected to be approximately $100 million.
- Including Bal Harbour, EPS before
special items is expected to be approximately $2.55 to $2.57.
- Full year capital expenditures
(excluding vacation ownership and residential inventory) is expected to
be approximately $150 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 $325 million.
- Vacation ownership (excluding Bal
Harbour) is expected to generate approximately $200 million in positive
cash flow. Bal Harbour is expected to generate at least $400 million in
net cash flow.
For the three months ended December 31, 2012:
- Including Bal Harbour, which is
expected to contribute approximately $10 million of EBITDA, adjusted
EBITDA is expected to be approximately $295 million to $300 million.
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $285 million to $290 million,
assuming:
- REVPAR increases at
Same-Store Company-Operated Hotels Worldwide of 4% to 6% in constant
dollars (approximately 50 basis points lower in dollars at current
exchange rates).
- REVPAR increases at
Same-Store Company Owned Hotels Worldwide of 3% to 4% in constant
dollars (approximately 50 basis points lower in dollars at current
exchange rates).
- Management fees, franchise fees
and other income increase approximately 4% to 5%.
- Earnings from the Company’s
vacation ownership and residential business are down approximately $5
million year over year.
- Fourth quarter earnings are
negatively impacted by approximately $8 million due to recent asset
sales.
- Depreciation and amortization is
expected to be approximately $70 million.
- Interest expense is expected to be
approximately $43 million.
- Including Bal Harbour, income from
continuing operations is expected to be approximately $126 million to
$129 million, reflecting an effective tax rate of approximately 31%.
- Including Bal Harbour, EPS is
expected to be approximately $0.64 to $0.66.
For the Full Year 2013:
At this point, the Company expects REVPAR at Same-Store
Company-Operated Hotels Worldwide to increase 4% to 7% in constant
dollars. The Company also expects Bal Harbour to contribute
approximately $30 million to $40 million in EBITDA, which is
approximately $100 million lower than 2012. Asset sales completed to
date will reduce 2013 EBITDA by approximately $20 million year over
year and approximately $30 million on an annualized basis. The Company
will provide more details on its 2013 expectations in February.
Special Items
The Company’s special items netted to a benefit of $1
million ($33 million after-tax) in the third quarter of 2012 compared
to a benefit of $45 million ($47 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
September 30,
|
|
|
|
|
Nine Months Ended
September 30,
|
2012
|
|
2011
|
|
|
|
|
2012
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
$
|
114
|
|
$
|
118
|
|
|
Income
from continuing operations before special items |
|
$
|
376
|
|
|
$
|
273
|
$
|
0.58
|
|
$
|
0.60
|
|
|
EPS before special items
|
|
$
|
1.91
|
|
|
$
|
1.40
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
—
|
|
|
—
|
|
|
Restructuring,
goodwill impairment, and other special (charges) credits, net(a)
|
|
|
11
|
|
|
|
—
|
|
1
|
|
|
45
|
|
|
Gain (loss) on
asset dispositions and impairments, net(b) |
|
|
(7
|
)
|
|
|
14
|
|
—
|
|
|
—
|
|
|
Debt
extinguishment(c) |
|
|
(15
|
)
|
|
|
—
|
|
1
|
|
|
45
|
|
|
Total special
items – pre-tax |
|
|
(11
|
)
|
|
|
14
|
|
32
|
|
|
2
|
|
|
Income
tax benefit (expense) for special items(d) |
|
|
40
|
|
|
|
57
|
|
33
|
|
|
47
|
|
|
Total
special items – after-tax |
|
|
29
|
|
|
|
71
|
|
|
|
|
|
|
|
|
|
|
$
|
147
|
|
$
|
165
|
|
|
Income
from continuing operations |
|
$
|
405
|
|
|
$
|
344
|
$
|
0.75
|
|
$
|
0.85
|
|
|
EPS
including special items |
|
$
|
2.06
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
During the nine months ended
September 30, 2012, the Company recorded a favorable adjustment of $11
million to reverse a portion of a
litigation reserve.
|
|
|
|
(b)
|
|
During the nine months ended
September 30, 2012, the net loss primarily relates to the sale of one
wholly-owned hotel.
|
|
|
During the three months ended
September 30, 2011, the net gain primarily relates to an asset exchange
transaction. During the nine months
ended September 30, 2011, the gain from the asset exchange transaction
was partially offset by the impairment of a minority investment in a
joint
venture hotel located in Japan.
|
|
|
|
(c)
|
|
During the nine months ended
September 30, 2012, the net charges are associated with the redemption
of approximately $495 million of senior
notes.
|
|
|
|
(d)
|
|
During the three and nine months
ended September 30, 2012, the tax benefit primarily relates to the sale
of two hotels with high tax bases.
|
|
|
During the three months ended
September 30, 2011, the benefit relates primarily to a tax benefit on
the asset exchange transaction described
above and the utilization of capital loss carry forwards, partially
offset by tax expense as the result of a settlement of an IRS audit.
During the
nine months ended September 30, 2011, in addition to the activity in
the third quarter, the tax benefit primarily relates to the sale of two
wholly-
owned hotels with high tax bases as a result of a previous transaction.
|
|
|
|
|
|
|
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
third quarter financial results at 10:30 a.m. EDT today at (866)
921-0636 with conference ID 28294184. 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, November 1, 2012 at 12:00 midnight EDT by
telephone at (855) 859-2056 with conference ID 28294184. A
webcast replay will be active beginning at 1:30 p.m. EDT today and will
run for one year.
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 Systemwide
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 1,128 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
September 30,
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
$
|
425
|
|
|
|
$
|
441
|
|
|
|
(3.6
|
)
|
|
|
|
Owned,
leased and consolidated joint venture hotels |
|
|
$
|
1,280
|
|
|
|
$
|
1,329
|
|
|
|
(3.7
|
)
|
|
208
|
|
|
|
|
140
|
|
|
|
48.6
|
|
|
|
|
Vacation
ownership and residential sales and services |
|
|
|
1,038
|
|
|
|
|
439
|
|
|
|
n/m
|
|
|
219
|
|
|
|
|
202
|
|
|
|
8.4
|
|
|
|
|
Management fees,
franchise fees and other income |
|
|
|
642
|
|
|
|
|
580
|
|
|
|
10.7
|
|
|
603
|
|
|
|
|
589
|
|
|
|
2.4
|
|
|
|
|
Other revenues from managed and
franchised
properties(a)
|
|
|
|
1,828
|
|
|
|
|
1,745
|
|
|
|
4.8
|
|
|
1,455
|
|
|
|
|
1,372
|
|
|
|
6.0
|
|
|
|
|
|
|
|
|
4,788
|
|
|
|
|
4,093
|
|
|
|
17.0
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
348
|
|
|
|
|
361
|
|
|
|
3.6
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
1,057
|
|
|
|
|
1,103
|
|
|
|
4.2
|
|
|
156
|
|
|
|
|
107
|
|
|
|
(45.8
|
)
|
|
|
|
Vacation
ownership and residential |
|
|
|
790
|
|
|
|
|
330
|
|
|
|
n/m
|
|
|
87
|
|
|
|
|
88
|
|
|
|
1.1
|
|
|
|
|
Selling, general,
administrative and other |
|
|
|
269
|
|
|
|
|
256
|
|
|
|
(5.1
|
)
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Restructuring, goodwill impairment
and other special
charges (credits), net
|
|
|
|
(11
|
)
|
|
|
|
—
|
|
|
|
n/m
|
|
|
55
|
|
|
|
|
57
|
|
|
|
3.5
|
|
|
|
|
Depreciation |
|
|
|
168
|
|
|
|
|
177
|
|
|
|
5.1
|
|
|
6
|
|
|
|
|
8
|
|
|
|
25.0
|
|
|
|
|
Amortization |
|
|
|
18
|
|
|
|
|
23
|
|
|
|
21.7
|
|
|
603
|
|
|
|
|
589
|
|
|
|
(2.4
|
)
|
|
|
|
Other expenses from managed and
franchised
properties(a)
|
|
|
|
1,828
|
|
|
|
|
1,745
|
|
|
|
(4.8
|
)
|
|
1,255
|
|
|
|
|
1,210
|
|
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
4,119
|
|
|
|
|
3,634
|
|
|
|
(13.3
|
)
|
|
200
|
|
|
|
|
162
|
|
|
|
23.5
|
|
|
|
|
Operating income |
|
|
|
669
|
|
|
|
|
459
|
|
|
|
45.8
|
|
|
4
|
|
|
|
|
(5
|
)
|
|
|
n/m
|
|
|
|
|
Equity (losses) earnings and gains
and (losses) from
unconsolidated ventures, net
|
|
|
|
19
|
|
|
|
|
6
|
|
|
|
n/m
|
|
|
(39
|
)
|
|
|
|
(45
|
)
|
|
|
13.3
|
|
|
|
|
Interest expense, net of interest
income of $0, $1, $1 and
$2
|
|
|
|
(149
|
)
|
|
|
|
(151
|
)
|
|
|
1.3
|
|
|
1
|
|
|
|
|
45
|
|
|
|
(97.8
|
)
|
|
|
|
Gain (loss)
on asset dispositions and impairments, net |
|
|
|
(7
|
)
|
|
|
|
14
|
|
|
|
n/m
|
|
|
166
|
|
|
|
|
157
|
|
|
|
5.7
|
|
|
|
|
Income from continuing operations
before taxes and
noncontrolling interests
|
|
|
|
532
|
|
|
|
|
328
|
|
|
|
62.2
|
|
|
(19
|
)
|
|
|
|
8
|
|
|
|
n/m
|
|
|
|
|
Income
tax benefit (expense) |
|
|
|
(127
|
)
|
|
|
|
14
|
|
|
|
n/m
|
|
|
147
|
|
|
|
|
165
|
|
|
|
(10.9
|
)
|
|
|
|
Income (loss)
from continuing operations |
|
|
|
405
|
|
|
|
|
342
|
|
|
|
18.4
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
23
|
|
|
|
|
(2
|
)
|
|
|
n/m
|
|
|
|
|
Gain
(loss) on dispositions, net of tax |
|
|
|
15
|
|
|
|
|
(22
|
)
|
|
|
n/m
|
|
|
170
|
|
|
|
|
163
|
|
|
|
4.3
|
|
|
|
|
Net income (loss)
|
|
|
|
420
|
|
|
|
|
320
|
|
|
|
31.3
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Net
loss (income) attributable to noncontrolling interests |
|
|
|
—
|
|
|
|
|
2
|
|
|
|
(100.0
|
)
|
$
|
170
|
|
|
|
$
|
163
|
|
|
|
4.3
|
|
|
|
|
Net
income (loss) attributable to Starwood |
|
|
$
|
420
|
|
|
|
$
|
322
|
|
|
|
30.4
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) Per Share – Basic |
|
|
|
|
|
|
|
|
|
$
|
0.76
|
|
|
|
$
|
0.88
|
|
|
|
(13.6
|
)
|
|
|
|
Continuing
operations |
|
|
$
|
2.10
|
|
|
|
$
|
1.83
|
|
|
|
14.8
|
|
|
0.12
|
|
|
|
|
(0.01
|
)
|
|
|
n/m
|
|
|
|
|
Discontinued
operations |
|
|
|
0.08
|
|
|
|
|
(0.12
|
)
|
|
|
n/m
|
|
$
|
0.88
|
|
|
|
$
|
0.87
|
|
|
|
1.1
|
|
|
|
|
Net income
(loss) |
|
|
$
|
2.18
|
|
|
|
$
|
1.71
|
|
|
|
27.5
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) Per Share – Diluted |
|
|
|
|
|
|
|
|
|
$
|
0.75
|
|
|
|
$
|
0.85
|
|
|
|
(11.8
|
)
|
|
|
|
Continuing
operations |
|
|
$
|
2.06
|
|
|
|
$
|
1.77
|
|
|
|
16.4
|
|
|
0.12
|
|
|
|
|
(0.01
|
)
|
|
|
n/m
|
|
|
|
|
Discontinued
operations |
|
|
|
0.08
|
|
|
|
|
(0.11
|
)
|
|
|
n/m
|
|
$
|
0.87
|
|
|
|
$
|
0.84
|
|
|
|
3.6
|
|
|
|
|
Net
income (loss) |
|
|
$
|
2.14
|
|
|
|
$
|
1.66
|
|
|
|
28.9
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to
Starwood’s Common
Stockholders
|
|
|
|
|
|
|
|
|
|
$
|
147
|
|
|
|
$
|
165
|
|
|
|
(10.9
|
)
|
|
|
|
Continuing
operations |
|
|
$
|
405
|
|
|
|
$
|
344
|
|
|
|
17.7
|
|
|
23
|
|
|
|
|
(2
|
)
|
|
|
n/m
|
|
|
|
|
Discontinued
operations |
|
|
|
15
|
|
|
|
|
(22
|
)
|
|
|
n/m
|
|
$
|
170
|
|
|
|
$
|
163
|
|
|
|
4.3
|
|
|
|
|
Net
income (loss) |
|
|
$
|
420
|
|
|
|
$
|
322
|
|
|
|
30.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
193
|
|
|
|
|
190
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
193
|
|
|
|
|
189
|
|
|
|
|
|
196
|
|
|
|
|
195
|
|
|
|
|
|
|
|
Weighted
average number of shares assuming dilution |
|
|
|
197
|
|
|
|
|
195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
|
|
|
September 30,
2012
|
|
|
|
December 31,
2011
|
|
|
|
(unaudited)
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
$
|
651
|
|
|
|
|
$
|
454
|
|
Restricted cash |
|
|
|
158
|
|
|
|
|
|
232
|
|
Accounts
receivable, net of allowance for doubtful accounts of $50 and $46 |
|
|
|
575
|
|
|
|
|
|
569
|
|
Inventories |
|
|
|
414
|
|
|
|
|
|
812
|
|
Securitized vacation ownership
notes receivable, net of allowance for doubtful
accounts of $8 and $10
|
|
|
|
58
|
|
|
|
|
|
64
|
|
Current deferred
tax asset |
|
|
|
256
|
|
|
|
|
|
278
|
|
Prepaid
expenses and other |
|
|
|
138
|
|
|
|
|
|
125
|
|
Total current assets
|
|
|
|
2,250
|
|
|
|
|
|
2,534
|
|
Investments |
|
|
|
261
|
|
|
|
|
|
259
|
|
Plant, property
and equipment, net |
|
|
|
3,134
|
|
|
|
|
|
3,175
|
|
Assets held for
sale, net |
|
|
|
118
|
|
|
|
|
|
127
|
|
Goodwill and
intangible assets, net |
|
|
|
2,013
|
|
|
|
|
|
2,025
|
|
Deferred tax
assets |
|
|
|
624
|
|
|
|
|
|
639
|
|
Other assets(a)
|
|
|
|
461
|
|
|
|
|
|
355
|
|
Securitized
vacation ownership notes receivable |
|
|
|
348
|
|
|
|
|
|
446
|
|
Total
assets |
|
|
$
|
9,209
|
|
|
|
|
$
|
9,560
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Short-term
borrowings and current maturities of long-term debt(b) |
|
|
$
|
1
|
|
|
|
|
$
|
3
|
|
Accounts payable |
|
|
|
111
|
|
|
|
|
|
144
|
|
Current
maturities of long-term securitized vacation ownership debt |
|
|
|
111
|
|
|
|
|
|
130
|
|
Accrued expenses |
|
|
|
1,140
|
|
|
|
|
|
1,177
|
|
Accrued salaries,
wages and benefits |
|
|
|
363
|
|
|
|
|
|
375
|
|
Accrued
taxes and other |
|
|
|
156
|
|
|
|
|
|
163
|
|
Total current
liabilities |
|
|
|
1,882
|
|
|
|
|
|
1,992
|
|
Long-term debt(b)
|
|
|
|
1,653
|
|
|
|
|
|
2,194
|
|
Long-term
securitized vacation ownership debt |
|
|
|
299
|
|
|
|
|
|
402
|
|
Deferred income
taxes |
|
|
|
46
|
|
|
|
|
|
46
|
|
Other
liabilities |
|
|
|
1,951
|
|
|
|
|
|
1,971
|
|
Total
liabilities |
|
|
|
5,831
|
|
|
|
|
|
6,605
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
Common stock; $0.01 par value;
authorized 1,000,000,000 shares; outstanding
195,939,892 and 195,913,400 shares at September 30, 2012 and December
31, 2011, respectively
|
|
|
|
2
|
|
|
|
|
|
2
|
|
Additional
paid-in capital |
|
|
|
951
|
|
|
|
|
|
963
|
|
Accumulated other
comprehensive loss |
|
|
|
(337
|
)
|
|
|
|
|
(348
|
)
|
Retained
earnings |
|
|
|
2,757
|
|
|
|
|
|
2,337
|
|
Total Starwood
stockholders’ equity |
|
|
|
3,373
|
|
|
|
|
|
2,954
|
|
Noncontrolling
interest |
|
|
|
5
|
|
|
|
|
|
1
|
|
Total
stockholders’ equity |
|
|
|
3,378
|
|
|
|
|
|
2,955
|
|
Total
liabilities and stockholders’ equity |
|
|
$
|
9,209
|
|
|
|
|
$
|
9,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Includes restricted cash of $3
million and $2 million at September 30, 2012 and December 31, 2011,
respectively.
|
|
|
|
(b)
|
|
Excludes Starwood’s share of
unconsolidated joint venture debt aggregating approximately $415
million and $432 million at
September 30, 2012 and December 31, 2011, respectively.
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliations – Historical Data |
(In
millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net Income
(Loss) to EBITDA and
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
$
170 |
|
|
$
163 |
|
|
4.3
|
|
|
|
|
Net income (loss)
|
|
|
$
420 |
|
|
$
322 |
|
|
30.4
|
41
|
|
|
57
|
|
|
(28.1)
|
|
|
|
|
Interest expense(a)
|
|
|
157
|
|
|
170
|
|
|
(7.6)
|
35
|
|
|
(7)
|
|
|
n/m
|
|
|
|
|
Income tax
(benefit) expense(b) |
|
|
142
|
|
|
(11)
|
|
|
n/m
|
63
|
|
|
65
|
|
|
(3.1)
|
|
|
|
|
Depreciation(c)
|
|
|
190
|
|
|
200
|
|
|
(5.0)
|
6
|
|
|
8
|
|
|
(25.0)
|
|
|
|
|
Amortization(d)
|
|
|
20
|
|
|
26
|
|
|
(23.1)
|
315
|
|
|
286
|
|
|
10.1
|
|
|
|
|
EBITDA |
|
|
929
|
|
|
707
|
|
|
31.4
|
(1)
|
|
|
(45)
|
|
|
97.8
|
|
|
|
|
(Gain)
loss on asset dispositions and impairments, net |
|
|
7
|
|
|
(14)
|
|
|
n/m
|
(39)
|
|
|
—
|
|
|
n/m
|
|
|
|
|
Discontinued operations (gain)
loss on dispositions(e)
|
|
|
(30)
|
|
|
18
|
|
|
n/m
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
Restructuring, goodwill impairment
and other special
charges (credits), net
|
|
|
(11)
|
|
|
—
|
|
|
n/m
|
$
275 |
|
|
$
241 |
|
|
14.1
|
|
|
|
|
Adjusted
EBITDA |
|
|
$
895 |
|
|
$
711 |
|
|
25.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Includes $2 million and $11
million of Starwood’s share of interest expense of unconsolidated joint
ventures for the three months ended
September 30, 2012 and 2011, respectively, and $7 million and $17
million for the nine months ended September 30, 2012 and 2011,
respectively.
|
|
|
|
(b)
|
|
Includes $16 million and $2
million of tax expense recorded in discontinued operations dispositions
for the three months ended September 30,
2012 and 2011, respectively, and $15 million and $4 million for the
nine months ended September 30, 2012 and 2011, respectively. Also
includes $1 million of tax benefit recorded in discontinued operations
for the three and nine months ended September 30, 2011.
|
|
|
|
(c)
|
|
Includes $8 million of Starwood’s
share of depreciation expense of unconsolidated joint ventures for each
of the three months ended September
30, 2012 and 2011, and $22 million and $23 million for the nine months
ended September 30, 2012 and 2011, respectively.
|
|
|
|
(d)
|
|
Includes $2 and $3 million of
Starwood’s share of amortization expense of unconsolidated joint
ventures for the nine months ended September
30, 2012 and 2011, respectively.
|
|
|
|
(e)
|
|
Excludes the amount of income tax
expense (benefit) included within (b) above.
|
|
|
|
|
|
|
Non-GAAP
to GAAP Reconciliations – Branded Same-Store Owned Hotels Worldwide
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
$ Change
|
|
% Variance
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
$
|
(9.8
|
)
|
|
(2.9
|
)%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
|
|
|
|
|
15.0
|
|
|
4.4
|
%
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
|
|
|
|
|
|
|
$
|
5.2
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
|
|
|
|
|
|
|
$
|
(8.4
|
)
|
|
(3.1
|
)%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
|
|
|
|
|
11.2
|
|
|
4.1
|
%
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
|
|
|
|
|
|
|
$
|
2.8
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliation – Earnings from Vacation Ownership and
Residential Business |
(In
millions) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
$
|
52
|
|
|
$
|
33
|
|
|
$
|
19
|
|
|
$
|
248
|
|
|
$
|
109
|
|
|
$
|
139
|
Depreciation
expense |
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
—
|
|
|
|
(15
|
)
|
|
|
(17
|
)
|
|
|
2
|
Operating
income from vacation ownership and residential |
|
|
$
|
47
|
|
|
$
|
28
|
|
|
$
|
19
|
|
|
$
|
233
|
|
|
$
|
92
|
|
|
$
|
141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP Reconciliation
– Earnings from Bal Harbour
|
(In
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12
|
|
$
|
(2
|
)
|
|
$
|
14
|
|
|
$
|
125
|
|
$
|
(7
|
)
|
|
$
|
132
|
Depreciation
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12
|
|
$
|
(2
|
)
|
|
$
|
14
|
|
|
$
|
125
|
|
$
|
(7
|
)
|
|
$
|
132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
|
Non-GAAP
to GAAP Reconciliations – Future Performance |
|
(In
millions, except per share data) |
|
|
|
Low
Case |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
$
|
126
|
|
|
|
|
Net income |
|
|
|
|
$
|
546
|
|
|
|
43
|
|
|
|
|
Interest expense |
|
|
|
|
|
200
|
|
|
|
56
|
|
|
|
|
Income tax expense(a)
|
|
|
|
|
|
198
|
|
|
|
70
|
|
|
|
|
Depreciation
and amortization |
|
|
|
|
|
280
|
|
|
|
295
|
|
|
|
|
EBITDA |
|
|
|
|
|
1,224
|
|
|
|
—
|
|
|
|
|
Restructuring,
goodwill impairment and other special charges (credits), net |
|
|
|
|
|
(11
|
)
|
|
|
—
|
|
|
|
|
(Gain)
loss on asset dispositions and impairments, net |
|
|
|
|
|
7
|
|
|
|
—
|
|
|
|
|
Discontinued
operations (gain) loss on dispositions |
|
|
|
|
|
(30
|
)
|
|
$
|
295
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
$
|
1,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
$
|
126
|
|
|
|
|
Income
from continuing operations before special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
502
|
|
|
$
|
0.64
|
|
|
|
|
EPS
before special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.55
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
Restructuring and
other special credits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
—
|
|
|
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
—
|
|
|
|
|
Debt
extinguishment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15
|
)
|
|
|
—
|
|
|
|
|
Total special
items – pre-tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
—
|
|
|
|
|
Income
tax benefit associated with special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
—
|
|
|
|
|
Total
special items – after-tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
$
|
126
|
|
|
|
|
Income
from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
531
|
|
|
$
|
0.64
|
|
|
|
|
EPS
including special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Case
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
$
|
129
|
|
|
|
|
|
Net income |
|
|
|
|
|
$
|
549
|
|
|
|
43
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
200
|
|
|
|
58
|
|
|
|
|
|
Income tax expense(a)
|
|
|
|
|
|
|
200
|
|
|
|
70
|
|
|
|
|
|
Depreciation
and amortization |
|
|
|
|
|
|
280
|
|
|
|
300
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
1,229
|
|
|
|
—
|
|
|
|
|
|
Restructuring,
goodwill impairment and other special charges (credits), net |
|
|
|
|
|
|
(11
|
)
|
|
|
—
|
|
|
|
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
|
|
7
|
|
|
|
—
|
|
|
|
|
|
Discontinued
operations (gain) loss on dispositions |
|
|
|
|
|
|
(30
|
)
|
|
$
|
300
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
$
|
1,195
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
$
|
129
|
|
|
|
|
Income
from continuing operations before special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
505
|
|
|
$
|
0.66
|
|
|
|
|
EPS
before special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.57
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
|
|
Restructuring and
other special credits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11
|
|
|
|
—
|
|
|
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
—
|
|
|
|
|
Debt
extinguishment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15
|
)
|
|
|
—
|
|
|
|
|
Total special
items – pre-tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
—
|
|
|
|
|
Income
tax benefit associated with special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40
|
|
|
|
—
|
|
|
|
|
Total
special items – after-tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
$
|
129
|
|
|
|
|
Income
from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
534
|
|
|
$
|
0.66
|
|
|
|
|
EPS
including special items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2.72
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
The full year amounts include a
$15 million tax expense recorded in discontinued operations.
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliations – |
Future
Earnings from Vacation Ownership and Residential Business |
Excluding
Bal Harbour |
(In
millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
$
|
35
|
|
|
$
|
40
|
|
|
$
|
(5
|
)
|
Depreciation
expense |
|
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
—
|
|
Operating
income from vacation ownership and residential |
|
|
|
$
|
30
|
|
|
$
|
35
|
|
|
$
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
158
|
|
Depreciation
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(20
|
)
|
Operating
income from vacation ownership and residential |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliations – |
Future
Earnings from Bal Harbour |
(In
millions) |
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
2012
|
|
2011
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
$
|
10
|
|
$
|
33
|
|
$
|
(23
|
)
|
Depreciation
expense |
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Operating
income from Bal Harbour |
|
|
|
$
|
10
|
|
$
|
33
|
|
$
|
(23
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
135
|
Depreciation
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Low Case
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30
|
Depreciation
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High Case
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40
|
Depreciation
expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
40
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliations – Same Store Owned Hotel Revenue and Expenses
|
(In
millions) |
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
2012
|
|
2011
|
|
%
Variance
|
|
|
Same-Store
Owned Hotels
Worldwide
|
|
|
|
2012
|
|
2011
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
$
|
359
|
|
$
|
367
|
|
(2.2
|
)
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
1,055
|
|
$
|
1,054
|
|
0.1
|
|
|
12
|
|
|
27
|
|
(55.6
|
)
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
48
|
|
|
117
|
|
(59.0
|
)
|
|
48
|
|
|
40
|
|
20.0
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
157
|
|
|
137
|
|
14.6
|
|
|
6
|
|
|
7
|
|
(14.3
|
)
|
|
|
Other
ancillary hotel operations |
|
|
|
|
20
|
|
|
21
|
|
(4.8
|
)
|
$
|
425
|
|
$
|
441
|
|
(3.6
|
)
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels
Revenue
|
|
|
|
$
|
1,280
|
|
$
|
1,329
|
|
(3.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
$
|
288
|
|
$
|
296
|
|
2.7
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
846
|
|
$
|
855
|
|
1.1
|
|
|
8
|
|
|
20
|
|
60.0
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
35
|
|
|
98
|
|
64.3
|
|
|
46
|
|
|
38
|
|
(21.1
|
)
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
157
|
|
|
130
|
|
(20.8
|
)
|
|
6
|
|
|
7
|
|
14.3
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
19
|
|
|
20
|
|
5.0
|
|
$
|
348
|
|
$
|
361
|
|
3.6
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels Costs
and Expenses
|
|
|
|
$
|
1,057
|
|
$
|
1,103
|
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
2012 |
|
2011 |
|
%
Variance
|
|
|
Same-Store
Owned Hotels
North America
|
|
|
|
2012 |
|
2011 |
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
$
|
181
|
|
$
|
183
|
|
(1.1
|
)
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
576
|
|
$
|
571
|
|
0.9
|
|
|
12
|
|
|
23
|
|
(47.8
|
)
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
48
|
|
|
104
|
|
(53.8
|
)
|
|
34
|
|
|
24
|
|
41.7
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
103
|
|
|
75
|
|
37.3
|
|
|
—
|
|
|
—
|
|
—
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
—
|
|
|
—
|
|
—
|
|
$
|
227
|
|
$
|
230
|
|
(1.3
|
)
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels
Revenue
|
|
|
|
$
|
727
|
|
$
|
750
|
|
(3.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
$
|
157
|
|
$
|
158
|
|
0.6
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
483
|
|
$
|
482
|
|
(0.2
|
)
|
|
8
|
|
|
16
|
|
50.0
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
35
|
|
|
85
|
|
58.8
|
|
|
35
|
|
|
25
|
|
(40.0
|
)
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
106
|
|
|
73
|
|
(45.2
|
)
|
|
—
|
|
|
—
|
|
—
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
1
|
|
|
—
|
|
n/m
|
|
$
|
200
|
|
$
|
199
|
|
(0.5
|
)
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels Costs
and Expenses
|
|
|
|
$
|
625
|
|
$
|
640
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
|
Nine Months Ended
September 30,
|
2012 |
|
2011 |
|
%
Variance
|
|
|
Same-Store
Owned Hotels
International
|
|
|
|
2012 |
|
2011 |
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
$
|
178
|
|
$
|
184
|
|
(3.3
|
)
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
479
|
|
$
|
483
|
|
(0.8
|
)
|
|
—
|
|
|
4
|
|
(100.0
|
)
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
—
|
|
|
13
|
|
(100.0
|
)
|
|
14
|
|
|
16
|
|
(12.5
|
)
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
54
|
|
|
62
|
|
(12.9
|
)
|
|
6
|
|
|
7
|
|
(14.3
|
)
|
|
|
Other
ancillary hotel operations |
|
|
|
|
20
|
|
|
21
|
|
(4.8
|
)
|
$
|
198
|
|
$
|
211
|
|
(6.2
|
)
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels
Revenue
|
|
|
|
$
|
553
|
|
$
|
579
|
|
(4.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
$
|
131
|
|
$
|
138
|
|
5.1
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
363
|
|
$
|
373
|
|
2.7
|
|
|
—
|
|
|
4
|
|
100.0
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
—
|
|
|
13
|
|
100.0
|
|
|
11
|
|
|
13
|
|
15.4
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
51
|
|
|
57
|
|
10.5
|
|
|
6
|
|
|
7
|
|
14.3
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
18
|
|
|
20
|
|
10.0
|
|
$
|
148
|
|
$
|
162
|
|
8.6
|
|
|
|
Total Owned, Leased and
Consolidated Joint Venture Hotels Costs
and Expenses
|
|
|
|
$
|
432
|
|
$
|
463
|
|
6.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Same-Store Owned Hotel results
exclude four hotels sold and 11 hotels without comparable results for
the three months ended September 30, 2012
and seven hotels sold and 12 hotels without comparable results for the
nine months ended September 30, 2012.
|
|
|
|
n/m = not meaningful
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Systemwide(1)
Statistics - Same Store |
For
the Three Months Ended September 30, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
|
Systemwide - North America |
|
|
|
Systemwide - International |
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
120.02
|
|
|
|
118.47
|
|
|
|
1.3
|
%
|
|
|
|
119.40
|
|
|
|
113.90
|
|
|
|
4.8
|
%
|
|
|
|
120.84
|
|
|
|
124.62
|
|
|
|
(3.0
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
168.31
|
|
|
|
169.07
|
|
|
|
(0.4
|
%)
|
|
|
|
158.71
|
|
|
|
153.65
|
|
|
|
3.3
|
%
|
|
|
|
182.96
|
|
|
|
192.84
|
|
|
|
(5.1
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
71.3%
|
|
|
70.1%
|
|
|
1.2
|
|
|
|
|
75.2%
|
|
|
74.1%
|
|
|
1.1
|
|
|
|
|
66.0%
|
|
|
64.6% |
|
|
1.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
100.60
|
|
|
|
100.01
|
|
|
|
0.6
|
%
|
|
|
|
102.83
|
|
|
|
99.02
|
|
|
|
3.8
|
%
|
|
|
|
97.73
|
|
|
|
101.29
|
|
|
|
(3.5
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
144.66
|
|
|
|
145.47
|
|
|
|
(0.6
|
%)
|
|
|
|
139.09
|
|
|
|
135.62
|
|
|
|
2.6
|
%
|
|
|
|
152.91
|
|
|
|
160.05
|
|
|
|
(4.5
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
69.5% |
|
|
68.8% |
|
|
0.7
|
|
|
|
|
73.9% |
|
|
73.0% |
|
|
0.9
|
|
|
|
|
63.9% |
|
|
63.3% |
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
130.68
|
|
|
|
126.36
|
|
|
|
3.4
|
%
|
|
|
|
127.20
|
|
|
|
121.02
|
|
|
|
5.1
|
%
|
|
|
|
139.31
|
|
|
|
139.57
|
|
|
|
(0.2
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
175.54
|
|
|
|
172.73
|
|
|
|
1.6
|
%
|
|
|
|
167.78
|
|
|
|
160.98
|
|
|
|
4.2
|
%
|
|
|
|
196.03
|
|
|
|
204.77
|
|
|
|
(4.3
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
74.4% |
|
|
73.2% |
|
|
1.2
|
|
|
|
|
75.8% |
|
|
75.2% |
|
|
0.6
|
|
|
|
|
71.1% |
|
|
68.2% |
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
222.25
|
|
|
|
226.46
|
|
|
|
(1.9
|
%)
|
|
|
|
231.67
|
|
|
|
220.41
|
|
|
|
5.1
|
%
|
|
|
|
217.22
|
|
|
|
229.70
|
|
|
|
(5.4
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
333.40
|
|
|
|
350.40
|
|
|
|
(4.9
|
%)
|
|
|
|
313.87
|
|
|
|
301.45
|
|
|
|
4.1
|
%
|
|
|
|
345.67
|
|
|
|
382.31
|
|
|
|
(9.6
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
66.7% |
|
|
64.6% |
|
|
2.1
|
|
|
|
|
73.8% |
|
|
73.1% |
|
|
0.7
|
|
|
|
|
62.8% |
|
|
60.1% |
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
129.10
|
|
|
|
134.45
|
|
|
|
(4.0
|
%)
|
|
|
|
198.93
|
|
|
|
191.02
|
|
|
|
4.1
|
%
|
|
|
|
120.96
|
|
|
|
127.81
|
|
|
|
(5.4
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
184.39
|
|
|
|
195.65
|
|
|
|
(5.8
|
%)
|
|
|
|
236.50
|
|
|
|
232.91
|
|
|
|
1.5
|
%
|
|
|
|
176.92
|
|
|
|
190.32
|
|
|
|
(7.0
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
70.0% |
|
|
68.7% |
|
|
1.3
|
|
|
|
|
84.1% |
|
|
82.0% |
|
|
2.1
|
|
|
|
|
68.4% |
|
|
67.2% |
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
211.39
|
|
|
|
202.03
|
|
|
|
4.6
|
%
|
|
|
|
197.25
|
|
|
|
189.30
|
|
|
|
4.2
|
%
|
|
|
|
248.76
|
|
|
|
235.68
|
|
|
|
5.5
|
%
|
|
ADR
($) |
|
|
|
|
|
|
269.65
|
|
|
|
264.03
|
|
|
|
2.1
|
%
|
|
|
|
248.79
|
|
|
|
241.61
|
|
|
|
3.0
|
%
|
|
|
|
327.16
|
|
|
|
328.81
|
|
|
|
(0.5
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
78.4% |
|
|
76.5% |
|
|
1.9
|
|
|
|
|
79.3% |
|
|
78.3% |
|
|
1.0
|
|
|
|
|
76.0% |
|
|
71.7% |
|
|
4.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
82.43
|
|
|
|
79.77
|
|
|
|
3.3
|
%
|
|
|
|
87.09
|
|
|
|
81.30
|
|
|
|
7.1
|
%
|
|
|
|
75.08
|
|
|
|
77.35
|
|
|
|
(2.9
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
114.52
|
|
|
|
113.41
|
|
|
|
1.0
|
%
|
|
|
|
113.59
|
|
|
|
109.83
|
|
|
|
3.4
|
%
|
|
|
|
116.26
|
|
|
|
119.93
|
|
|
|
(3.1
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
72.0% |
|
|
70.3% |
|
|
1.7
|
|
|
|
|
76.7% |
|
|
74.0% |
|
|
2.7
|
|
|
|
|
64.6% |
|
|
64.5% |
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
75.83
|
|
|
|
70.37
|
|
|
|
7.8
|
%
|
|
|
|
81.03
|
|
|
|
75.02
|
|
|
|
8.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
ADR
($) |
|
|
|
|
|
|
104.88
|
|
|
|
101.79
|
|
|
|
3.0
|
%
|
|
|
|
110.02
|
|
|
|
104.61
|
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
(%) |
|
|
|
|
|
|
72.3% |
|
|
69.1% |
|
|
3.2
|
|
|
|
|
73.6% |
|
|
71.7% |
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Includes
same store owned, leased, managed, and franchised hotels |
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Worldwide
Hotel Results - Same Store |
For
the Three Months Ended September 30, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
|
|
|
Company-Operated (2)
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
120.02
|
|
|
|
118.47
|
|
|
|
1.3
|
%
|
|
|
|
|
133.25
|
|
|
|
132.69
|
|
|
|
0.4
|
%
|
|
ADR
($) |
|
|
|
|
|
|
168.31
|
|
|
|
169.07
|
|
|
|
(0.4
|
%)
|
|
|
|
|
188.60
|
|
|
|
190.54
|
|
|
|
(1.0
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
71.3% |
|
|
70.1% |
|
|
1.2
|
|
|
|
|
|
70.7% |
|
|
69.6% |
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
119.40
|
|
|
|
113.90
|
|
|
|
4.8
|
%
|
|
|
|
|
144.65
|
|
|
|
138.78
|
|
|
|
4.2
|
%
|
|
ADR
($) |
|
|
|
|
|
|
158.71
|
|
|
|
153.65
|
|
|
|
3.3
|
%
|
|
|
|
|
189.93
|
|
|
|
183.89
|
|
|
|
3.3
|
%
|
|
Occupancy
(%) |
|
|
|
|
|
|
75.2% |
|
|
74.1% |
|
|
1.1
|
|
|
|
|
|
76.2% |
|
|
75.5% |
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
169.84
|
|
|
|
186.74
|
|
|
|
(9.1
|
%)
|
|
|
|
|
185.00
|
|
|
|
204.17
|
|
|
|
(9.4
|
%)
|
|
ADR
($) |
|
|
|
|
|
|
232.01
|
|
|
|
258.29
|
|
|
|
(10.2
|
%)
|
|
|
|
|
245.72
|
|
|
|
273.44
|
|
|
|
(10.1
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
73.2% |
|
|
72.3% |
|
|
0.9
|
|
|
|
|
|
75.3% |
|
|
74.7% |
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA & MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
92.72
|
|
|
|
89.83
|
|
|
|
3.2
|
%
|
|
|
|
|
92.65
|
|
|
|
90.21
|
|
|
|
2.7
|
%
|
|
ADR
($) |
|
|
|
|
|
|
163.63
|
|
|
|
163.27
|
|
|
|
0.2
|
%
|
|
|
|
|
164.11
|
|
|
|
164.55
|
|
|
|
(0.3
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
56.7% |
|
|
55.0% |
|
|
1.7
|
|
|
|
|
|
56.5% |
|
|
54.8% |
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
106.31
|
|
|
|
105.55
|
|
|
|
0.7
|
%
|
|
|
|
|
107.16
|
|
|
|
104.62
|
|
|
|
2.4
|
%
|
|
ADR
($) |
|
|
|
|
|
|
160.93
|
|
|
|
163.19
|
|
|
|
(1.4
|
%)
|
|
|
|
|
160.53
|
|
|
|
160.75
|
|
|
|
(0.1
|
%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
66.1% |
|
|
64.7% |
|
|
1.4
|
|
|
|
|
|
66.8% |
|
|
65.1% |
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
92.27
|
|
|
|
89.55
|
|
|
|
3.0
|
%
|
|
|
|
|
96.03
|
|
|
|
93.67
|
|
|
|
2.5
|
%
|
|
ADR
($) |
|
|
|
|
|
|
154.78
|
|
|
|
157.80
|
|
|
|
(1.9
|
%)
|
|
|
|
|
163.67
|
|
|
|
161.19
|
|
|
|
1.5
|
%
|
|
Occupancy
(%) |
|
|
|
|
|
|
59.6% |
|
|
56.7% |
|
|
2.9
|
|
|
|
|
|
58.7% |
|
|
58.1% |
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Includes
same store owned, leased, managed, and franchised hotels |
(2
|
)
|
Includes
same store owned, leased, and managed hotels |
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Owned
Hotel Results - Same Store (1) |
For
the Three Months Ended September 30, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
|
NORTH AMERICA |
|
|
INTERNATIONAL |
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Variance
|
|
|
2012
|
|
2011
|
|
Variance
|
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
|
|
46 Hotels
|
|
|
|
|
|
|
21 Hotels
|
|
|
|
|
|
|
25 Hotels
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
166.28
|
|
168.92
|
|
(1.6%)
|
|
|
165.15
|
|
164.42
|
|
0.4%
|
|
|
167.54
|
|
173.94
|
|
(3.7%)
|
|
|
ADR
($) |
|
|
|
|
|
|
221.97
|
|
225.20
|
|
(1.4%)
|
|
|
212.69
|
|
208.31
|
|
2.1%
|
|
|
233.16
|
|
246.25
|
|
(5.3%)
|
|
|
Occupancy
(%) |
|
|
|
|
|
|
74.9%
|
|
75.0%
|
|
(0.1)
|
|
|
77.6%
|
|
78.9%
|
|
(1.3)
|
|
|
71.9%
|
|
70.6%
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
|
|
|
|
|
359,047
|
|
367,298
|
|
(2.2%)
|
|
|
181,018
|
|
183,494
|
|
(1.3%)
|
|
|
178,029
|
|
183,804
|
|
(3.1%)
|
|
|
Total
Expenses |
|
|
|
|
|
|
287,784
|
|
295,910
|
|
2.7%
|
|
|
156,392
|
|
157,646
|
|
0.8%
|
|
|
131,392
|
|
138,265
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
|
|
|
|
|
|
|
41 Hotels
|
|
|
|
|
|
|
16 Hotels
|
|
|
|
|
|
|
25 Hotels
|
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
167.73
|
|
171.44
|
|
(2.2%)
|
|
|
167.94
|
|
168.74
|
|
(0.5%)
|
|
|
167.54
|
|
173.94
|
|
(3.7%)
|
|
|
ADR
($) |
|
|
|
|
|
|
223.34
|
|
227.41
|
|
(1.8%)
|
|
|
213.65
|
|
209.55
|
|
2.0%
|
|
|
233.16
|
|
246.25
|
|
(5.3%)
|
|
|
Occupancy
(%) |
|
|
|
|
|
|
75.1%
|
|
75.4%
|
|
(0.3)
|
|
|
78.6%
|
|
80.5%
|
|
(1.9)
|
|
|
71.9%
|
|
70.6%
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
|
|
|
|
|
332,648
|
|
342,441
|
|
(2.9%)
|
|
|
154,619
|
|
158,637
|
|
(2.5%)
|
|
|
178,029
|
|
183,804
|
|
(3.1%)
|
|
|
Total
Expenses |
|
|
|
|
|
|
267,389
|
|
275,834
|
|
3.1%
|
|
|
135,997
|
|
137,569
|
|
1.1%
|
|
|
131,392
|
|
138,265
|
|
5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
Hotel
Results exclude four 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 September 30, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
2012
|
|
|
2011
|
|
|
$ Variance
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
Base Fees |
|
|
83
|
|
|
81
|
|
|
2
|
|
|
2.5% |
Incentive
Fees |
|
|
39
|
|
|
33
|
|
|
6
|
|
|
18.2% |
Total
Management Fees |
|
|
122
|
|
|
114
|
|
|
8
|
|
|
7.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
|
53
|
|
|
48
|
|
|
5
|
|
|
10.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
175
|
|
|
162
|
|
|
13
|
|
|
8.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
|
37
|
|
|
33
|
|
|
4
|
|
|
12.1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
212
|
|
|
195
|
|
|
17
|
|
|
8.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
7
|
|
|
7
|
|
|
-
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
|
219
|
|
|
202
|
|
|
17
|
|
|
8.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other Management &
Franchise Revenues includes the amortization of deferred gains of
approximately $21 in
2012 and $22 in 2011, resulting from the sales of hotels subject to
long-term management contracts and
termination fees.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended September 30, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Variance
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
Sales Revenues (1) -- Vacation Ownership Sales |
|
|
|
|
|
81
|
|
|
|
82
|
|
|
|
(1
|
)
|
|
|
(1.2%) |
Other
Sales and Services Revenues (2) |
|
|
|
|
|
|
|
67
|
|
|
|
63
|
|
|
|
4
|
|
|
|
6.3% |
Deferred
Revenues -- Percentage of Completion |
|
|
|
|
|
|
-
|
|
|
|
(3
|
)
|
|
|
3
|
|
|
|
100.0% |
Deferred Revenues -- Other (3) |
|
|
|
|
|
|
|
|
(7
|
)
|
|
|
(4
|
)
|
|
|
(3
|
)
|
|
|
(75.0%) |
Vacation
Ownership Sales and Services Revenues |
|
|
|
|
|
|
141
|
|
|
|
138
|
|
|
|
3
|
|
|
|
2.2% |
Residential Sales and Services Revenues (4) |
|
|
|
|
|
|
|
67
|
|
|
|
2
|
|
|
|
65
|
|
|
|
n/m |
Total Vacation Ownership & Residential Sales and
Services Revenues |
|
|
|
|
|
208
|
|
|
|
140
|
|
|
|
68
|
|
|
|
48.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated
Sales Expenses (5) -- Vacation Ownership Sales |
|
|
|
|
|
53
|
|
|
|
57
|
|
|
|
4
|
|
|
|
7.0% |
Other
Expenses (6) |
|
|
|
|
|
|
|
|
|
51
|
|
|
|
47
|
|
|
|
(4
|
)
|
|
|
(8.5%) |
Deferred
Expenses -- Percentage of Completion |
|
|
|
|
|
|
-
|
|
|
|
(2
|
)
|
|
|
(2
|
)
|
|
|
(100.0%) |
Deferred Expenses -- Other |
|
|
|
|
|
|
|
|
2
|
|
|
|
3
|
|
|
|
1
|
|
|
|
33.3% |
Vacation
Ownership Expenses |
|
|
|
|
|
|
|
|
106
|
|
|
|
105
|
|
|
|
(1
|
)
|
|
|
(1.0%) |
Residential Expenses (4) |
|
|
|
|
|
|
|
|
50
|
|
|
|
2
|
|
|
|
(48
|
)
|
|
|
n/m |
Total Vacation Ownership & Residential Expenses |
|
|
|
|
|
|
156
|
|
|
|
107
|
|
|
|
(49
|
)
|
|
|
(45.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 $62 million of
revenues and $50 million expenses associated with the St. Regis Bal
Harbour residential project
|
(5)
|
|
Timeshare cost of sales and sales
& marketing expenses before deferrals of sales expenses for U.S.
GAAP reporting purposes
|
(6)
|
|
Includes resort, general and
administrative, and other miscellaneous expenses
|
|
|
|
|
|
|
Note:
Deferred revenue is calculated based on the Percentage of Completion
("POC") of the project. Deferred expenses, also based on POC, include |
product
costs and direct sales and marketing costs only. Indirect sales and
marketing costs are not deferred per ASC 978-720-25 and ASC 978-340-25.
|
|
|
|
n/m =
not meaningful |
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Systemwide(1)
Statistics - Same Store |
For
the Nine Months Ended September 30, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
|
Systemwide - North America |
|
|
|
Systemwide - International |
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
117.27
|
|
|
|
113.48
|
|
|
|
3.3
|
%
|
|
|
|
117.19
|
|
|
|
110.50
|
|
|
|
6.1
|
%
|
|
|
|
117.37
|
|
|
|
117.49
|
|
|
|
(0.1
|
%)
|
|
ADR
($) |
|
|
|
169.00
|
|
|
|
168.21
|
|
|
|
0.5
|
%
|
|
|
|
160.73
|
|
|
|
155.67
|
|
|
|
3.3
|
%
|
|
|
|
181.54
|
|
|
|
187.35
|
|
|
|
(3.1
|
%)
|
|
Occupancy
(%) |
|
|
|
69.4%
|
|
|
67.5% |
|
|
1.9
|
|
|
|
|
72.9% |
|
|
71.0% |
|
|
1.9
|
|
|
|
|
64.7% |
|
|
62.7% |
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
98.39
|
|
|
|
95.46
|
|
|
|
3.1
|
%
|
|
|
|
98.43
|
|
|
|
93.18
|
|
|
|
5.6
|
%
|
|
|
|
98.35
|
|
|
|
98.29
|
|
|
|
0.1
|
%
|
|
ADR
($) |
|
|
|
146.06
|
|
|
|
145.06
|
|
|
|
0.7
|
%
|
|
|
|
137.73
|
|
|
|
133.98
|
|
|
|
2.8
|
%
|
|
|
|
157.89
|
|
|
|
160.70
|
|
|
|
(1.7
|
%)
|
|
Occupancy
(%) |
|
|
|
67.4% |
|
|
65.8% |
|
|
1.6
|
|
|
|
|
71.5% |
|
|
69.5% |
|
|
2.0
|
|
|
|
|
62.3% |
|
|
61.2% |
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
131.85
|
|
|
|
125.80
|
|
|
|
4.8
|
%
|
|
|
|
129.32
|
|
|
|
122.57
|
|
|
|
5.5
|
%
|
|
|
|
138.44
|
|
|
|
134.19
|
|
|
|
3.2
|
%
|
|
ADR
($) |
|
|
|
180.57
|
|
|
|
177.54
|
|
|
|
1.7
|
%
|
|
|
|
173.89
|
|
|
|
168.02
|
|
|
|
3.5
|
%
|
|
|
|
199.18
|
|
|
|
205.14
|
|
|
|
(2.9
|
%)
|
|
Occupancy
(%) |
|
|
|
73.0% |
|
|
70.9% |
|
|
2.1
|
|
|
|
|
74.4% |
|
|
73.0% |
|
|
1.4
|
|
|
|
|
69.5% |
|
|
65.4% |
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
199.09
|
|
|
|
200.22
|
|
|
|
(0.6
|
%)
|
|
|
|
226.98
|
|
|
|
211.35
|
|
|
|
7.4
|
%
|
|
|
|
184.27
|
|
|
|
194.29
|
|
|
|
(5.2
|
%)
|
|
ADR
($) |
|
|
|
309.91
|
|
|
|
318.50
|
|
|
|
(2.7
|
%)
|
|
|
|
317.29
|
|
|
|
302.48
|
|
|
|
4.9
|
%
|
|
|
|
305.26
|
|
|
|
328.59
|
|
|
|
(7.1
|
%)
|
|
Occupancy
(%) |
|
|
|
64.2% |
|
|
62.9% |
|
|
1.3
|
|
|
|
|
71.5% |
|
|
69.9% |
|
|
1.6
|
|
|
|
|
60.4% |
|
|
59.1% |
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
127.97
|
|
|
|
127.65
|
|
|
|
0.3
|
%
|
|
|
|
201.21
|
|
|
|
192.02
|
|
|
|
4.8
|
%
|
|
|
|
119.70
|
|
|
|
120.34
|
|
|
|
(0.5
|
%)
|
|
ADR
($) |
|
|
|
184.24
|
|
|
|
191.37
|
|
|
|
(3.7
|
%)
|
|
|
|
240.21
|
|
|
|
231.89
|
|
|
|
3.6
|
%
|
|
|
|
176.43
|
|
|
|
185.50
|
|
|
|
(4.9
|
%)
|
|
Occupancy
(%) |
|
|
|
69.5% |
|
|
66.7% |
|
|
2.8
|
|
|
|
|
83.8% |
|
|
82.8% |
|
|
1.0
|
|
|
|
|
67.8% |
|
|
64.9% |
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
205.73
|
|
|
|
195.09
|
|
|
|
5.5
|
%
|
|
|
|
196.01
|
|
|
|
184.20
|
|
|
|
6.4
|
%
|
|
|
|
241.23
|
|
|
|
234.82
|
|
|
|
2.7
|
%
|
|
ADR
($) |
|
|
|
266.44
|
|
|
|
258.86
|
|
|
|
2.9
|
%
|
|
|
|
251.15
|
|
|
|
242.57
|
|
|
|
3.5
|
%
|
|
|
|
325.16
|
|
|
|
320.48
|
|
|
|
1.5
|
%
|
|
Occupancy
(%) |
|
|
|
77.2% |
|
|
75.4% |
|
|
1.8
|
|
|
|
|
78.0% |
|
|
75.9% |
|
|
2.1
|
|
|
|
|
74.2% |
|
|
73.3% |
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
80.99
|
|
|
|
77.42
|
|
|
|
4.6
|
%
|
|
|
|
79.96
|
|
|
|
74.78
|
|
|
|
6.9
|
%
|
|
|
|
82.64
|
|
|
|
81.64
|
|
|
|
1.2
|
%
|
|
ADR
($) |
|
|
|
116.94
|
|
|
|
114.87
|
|
|
|
1.8
|
%
|
|
|
|
111.72
|
|
|
|
108.13
|
|
|
|
3.3
|
%
|
|
|
|
126.06
|
|
|
|
126.42
|
|
|
|
(0.3
|
%)
|
|
Occupancy
(%) |
|
|
|
69.3% |
|
|
67.4% |
|
|
1.9
|
|
|
|
|
71.6% |
|
|
69.2% |
|
|
2.4
|
|
|
|
|
65.6% |
|
|
64.6% |
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
74.44
|
|
|
|
69.33
|
|
|
|
7.4
|
%
|
|
|
|
76.51
|
|
|
|
70.54
|
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
ADR
($) |
|
|
|
105.58
|
|
|
|
104.71
|
|
|
|
0.8
|
%
|
|
|
|
107.44
|
|
|
|
104.47
|
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy
(%) |
|
|
|
70.5% |
|
|
66.2% |
|
|
4.3
|
|
|
|
|
71.2% |
|
|
67.5% |
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes same store owned, leased,
managed, and franchised hotels
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Worldwide
Hotel Results - Same Store |
For
the Nine Months Ended September 30, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
|
|
Company-Operated (2)
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
117.27
|
|
|
|
113.48
|
|
|
|
3.3
|
%
|
|
|
|
131.65
|
|
|
|
127.80
|
|
|
|
3.0
|
%
|
|
ADR
($) |
|
|
|
169.00
|
|
|
|
168.21
|
|
|
|
0.5
|
%
|
|
|
|
190.21
|
|
|
|
189.39
|
|
|
|
0.4
|
%
|
|
Occupancy
(%) |
|
|
|
69.4% |
|
|
67.5% |
|
|
1.9
|
|
|
|
|
69.2% |
|
|
67.5% |
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
117.19
|
|
|
|
110.50
|
|
|
|
6.1
|
%
|
|
|
|
144.87
|
|
|
|
136.69
|
|
|
|
6.0
|
%
|
|
ADR
($) |
|
|
|
160.73
|
|
|
|
155.67
|
|
|
|
3.3
|
%
|
|
|
|
194.26
|
|
|
|
186.87
|
|
|
|
4.0
|
%
|
|
Occupancy
(%) |
|
|
|
72.9% |
|
|
71.0% |
|
|
1.9
|
|
|
|
|
74.6% |
|
|
73.1% |
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
145.59
|
|
|
|
156.78
|
|
|
|
(7.1
|
%)
|
|
|
|
157.01
|
|
|
|
168.84
|
|
|
|
(7.0
|
%)
|
|
ADR
($) |
|
|
|
217.04
|
|
|
|
235.13
|
|
|
|
(7.7
|
%)
|
|
|
|
228.63
|
|
|
|
247.40
|
|
|
|
(7.6
|
%)
|
|
Occupancy
(%) |
|
|
|
67.1% |
|
|
66.7% |
|
|
0.4
|
|
|
|
|
68.7% |
|
|
68.2% |
|
|
0.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA & MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
110.82
|
|
|
|
106.45
|
|
|
|
4.1
|
%
|
|
|
|
110.98
|
|
|
|
107.08
|
|
|
|
3.6
|
%
|
|
ADR
($) |
|
|
|
178.47
|
|
|
|
182.61
|
|
|
|
(2.3
|
%)
|
|
|
|
179.49
|
|
|
|
184.42
|
|
|
|
(2.7
|
%)
|
|
Occupancy
(%) |
|
|
|
62.1% |
|
|
58.3% |
|
|
3.8
|
|
|
|
|
61.8% |
|
|
58.1% |
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
106.25
|
|
|
|
102.40
|
|
|
|
3.8
|
%
|
|
|
|
107.62
|
|
|
|
102.38
|
|
|
|
5.1
|
%
|
|
ADR
($) |
|
|
|
164.33
|
|
|
|
164.01
|
|
|
|
0.2
|
%
|
|
|
|
165.26
|
|
|
|
162.80
|
|
|
|
1.5
|
%
|
|
Occupancy
(%) |
|
|
|
64.7% |
|
|
62.4% |
|
|
2.3
|
|
|
|
|
65.1% |
|
|
62.9% |
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
|
|
98.18
|
|
|
|
91.66
|
|
|
|
7.1
|
%
|
|
|
|
105.58
|
|
|
|
96.35
|
|
|
|
9.6
|
%
|
|
ADR
($) |
|
|
|
159.36
|
|
|
|
154.48
|
|
|
|
3.2
|
%
|
|
|
|
171.00
|
|
|
|
160.60
|
|
|
|
6.5
|
%
|
|
Occupancy
(%) |
|
|
|
61.6% |
|
|
59.3% |
|
|
2.3
|
|
|
|
|
61.7% |
|
|
60.0% |
|
|
1.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
Includes
same store owned, leased, managed, and franchised hotels |
(2
|
)
|
Includes
same store owned, leased, and managed hotels |
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Owned
Hotel Results - Same Store (1) |
For
the Nine Months Ended September 30, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
|
|
NORTH AMERICA |
|
|
|
INTERNATIONAL |
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
2012
|
|
2011
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
|
|
45 Hotels
|
|
|
|
|
|
|
|
21 Hotels
|
|
|
|
|
|
|
|
24 Hotels
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
160.57
|
|
159.41
|
|
0.7%
|
|
|
|
166.68
|
|
163.90
|
|
1.7%
|
|
|
|
153.63
|
|
154.31
|
|
(0.4%)
|
|
ADR
($) |
|
|
|
|
|
|
220.46
|
|
220.04
|
|
0.2%
|
|
|
|
219.21
|
|
214.68
|
|
2.1%
|
|
|
|
222.02
|
|
226.87
|
|
(2.1%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
72.8%
|
|
72.4%
|
|
0.4
|
|
|
|
76.0%
|
|
76.3%
|
|
(0.3)
|
|
|
|
69.2%
|
|
68.0%
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
|
1,055,392
|
|
1,053,771
|
|
0.2%
|
|
|
|
576,479
|
|
571,181
|
|
0.9%
|
|
|
|
478,913
|
|
482,590
|
|
(0.8%)
|
|
Total Expenses |
|
|
|
|
|
|
846,250
|
|
855,290
|
|
1.1%
|
|
|
|
482,735
|
|
481,761
|
|
(0.2%)
|
|
|
|
363,515
|
|
373,529
|
|
2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
|
|
|
|
|
|
|
40 Hotels
|
|
|
|
|
|
|
|
16 Hotels
|
|
|
|
|
|
|
|
24 Hotels
|
|
|
|
REVPAR
($) |
|
|
|
|
|
|
163.15
|
|
162.84
|
|
0.2%
|
|
|
|
173.23
|
|
171.89
|
|
0.8%
|
|
|
|
153.63
|
|
154.31
|
|
(0.4%)
|
|
ADR
($) |
|
|
|
|
|
|
222.17
|
|
222.07
|
|
0.0%
|
|
|
|
222.32
|
|
217.68
|
|
2.1%
|
|
|
|
222.02
|
|
226.87
|
|
(2.1%)
|
|
Occupancy
(%) |
|
|
|
|
|
|
73.4%
|
|
73.3%
|
|
0.1
|
|
|
|
77.9%
|
|
79.0%
|
|
(1.1)
|
|
|
|
69.2%
|
|
68.0%
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
|
|
|
|
|
985,096
|
|
988,341
|
|
(0.3%)
|
|
|
|
506,183
|
|
505,751
|
|
0.1%
|
|
|
|
478,913
|
|
482,590
|
|
(0.8%)
|
|
Total
Expenses |
|
|
|
|
|
|
787,414
|
|
797,489
|
|
1.3%
|
|
|
|
423,899
|
|
423,960
|
|
0.0%
|
|
|
|
363,515
|
|
373,529
|
|
2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Hotel Results exclude seven hotels sold and 12 hotels
without comparable results during 2011 & 2012 |
*
|
Revenues & Expenses above are represented in '000's |
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Nine Months Ended September 30, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Variance
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
Fees |
|
|
|
|
|
244
|
|
|
227
|
|
|
17
|
|
|
|
7.5
|
%
|
Incentive
Fees |
|
|
|
|
|
119
|
|
|
95
|
|
|
24
|
|
|
|
25.3
|
%
|
Total
Management Fees |
|
|
|
|
|
363
|
|
|
322
|
|
|
41
|
|
|
|
12.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
|
|
|
|
150
|
|
|
140
|
|
|
10
|
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
|
|
513
|
|
|
462
|
|
|
51
|
|
|
|
11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
|
|
|
|
110
|
|
|
96
|
|
|
14
|
|
|
|
14.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
|
|
623
|
|
|
558
|
|
|
65
|
|
|
|
11.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
19
|
|
|
22
|
|
|
(3
|
)
|
|
|
(13.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
|
|
|
|
642
|
|
|
580
|
|
|
62
|
|
|
|
10.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other Management &
Franchise Revenues includes the amortization of deferred gains of
approximately $64 in
2012 and in 2011, resulting from the sales of hotels subject to
long-term management contracts and termination
fees.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Nine Months Ended September 30, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Variance
|
|
|
% Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales Revenues (1) -- Vacation
Ownership Sales |
|
|
|
|
|
|
|
240
|
|
|
|
244
|
|
|
|
(4
|
)
|
|
|
(1.6
|
%)
|
Other Sales and Services Revenues (2) |
|
|
|
|
|
|
|
|
209
|
|
|
|
199
|
|
|
|
10
|
|
|
|
5.0
|
%
|
Deferred Revenues -- Percentage of Completion |
|
|
|
|
|
|
|
3
|
|
|
|
(3
|
)
|
|
|
6
|
|
|
|
n/m
|
|
Deferred Revenues -- Other (3) |
|
|
|
|
|
|
|
|
|
(11
|
)
|
|
|
(11
|
)
|
|
|
-
|
|
|
|
-
|
|
Vacation Ownership Sales and Services Revenues |
|
|
|
|
|
|
|
441
|
|
|
|
429
|
|
|
|
12
|
|
|
|
2.8
|
%
|
Residential Sales and Services Revenues (4) |
|
|
|
|
|
|
|
|
597
|
|
|
|
10
|
|
|
|
587
|
|
|
|
n/m
|
|
Total Vacation Ownership & Residential Sales and
Services Revenues |
|
|
|
1,038
|
|
|
|
439
|
|
|
|
599
|
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales Expenses (5) -- Vacation
Ownership Sales |
|
|
|
|
|
|
|
164
|
|
|
|
169
|
|
|
|
5
|
|
|
|
3.0
|
%
|
Other Expenses (6) |
|
|
|
|
|
|
|
|
|
|
156
|
|
|
|
148
|
|
|
|
(8
|
)
|
|
|
(5.4
|
%)
|
Deferred Expenses -- Percentage of Completion |
|
|
|
|
|
|
|
2
|
|
|
|
(2
|
)
|
|
|
(4
|
)
|
|
|
n/m
|
|
Deferred Expenses -- Other |
|
|
|
|
|
|
|
|
|
8
|
|
|
|
9
|
|
|
|
1
|
|
|
|
11.1
|
%
|
Vacation Ownership Expenses |
|
|
|
|
|
|
|
|
|
330
|
|
|
|
324
|
|
|
|
(6
|
)
|
|
|
(1.9
|
%)
|
Residential Expenses (4) |
|
|
|
|
|
|
|
|
|
460
|
|
|
|
6
|
|
|
|
(454
|
)
|
|
|
n/m
|
|
Total Vacation Ownership & Residential Expenses |
|
|
|
|
|
|
|
790
|
|
|
|
330
|
|
|
|
(460
|
)
|
|
|
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 $585 million of
revenues and $460 million expenses associated with the St. Regis Bal
Harbour residential project
|
(5)
|
|
Timeshare cost of sales and sales
& marketing expenses before deferrals of sales expenses for U.S.
GAAP reporting purposes
|
(6)
|
|
Includes resort, general and
administrative, and other miscellaneous expenses
|
|
|
|
|
|
|
Note: Deferred revenue is calculated based on the
Percentage of Completion ("POC") of the project. Deferred expenses,
also based on POC, include |
product costs and direct sales and marketing costs only.
Indirect sales and marketing costs are not deferred per ASC 978-720-25
and ASC 978-340-25. |
|
|
|
n/m = not meaningful |
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
Hotels without Comparable
Results & Other Selected Items
|
As
of September 30, 2012 |
UNAUDITED
($ 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Westin Peachtree Plaza |
|
|
|
|
Atlanta,
GA |
|
|
|
|
|
|
|
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3 |
|
|
Q4 |
|
Full Year |
St.
Regis Bal Harbour |
|
|
|
|
Bal
Harbour, FL |
|
|
|
|
|
|
|
Hotels
Sold or Closed in 2011: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton
Kauai Resort |
|
|
|
|
Koloa,
HI |
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand
Hotel - Florence |
|
|
|
|
Florence,
Italy |
|
|
|
|
|
|
|
Revenues |
|
|
$
|
28
|
|
|
$
|
23
|
|
|
$
|
5
|
|
|
$
|
-
|
|
|
$
|
56
|
W
London - Leicester Square |
|
|
|
|
London,
England |
|
|
|
|
|
|
|
Expenses
(excluding depreciation) |
|
|
$
|
28
|
|
|
$
|
19
|
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
$
|
50
|
Aloft
San Francisco (formerly Clarion Hotel) |
|
|
|
|
Millbrae,
CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
New Orleans - French Quarter |
|
|
|
|
New
Orleans, LA |
|
|
|
|
|
|
|
Hotels
Sold or Closed in 2012: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton
Suites Philadelphia Airport |
|
|
|
|
Philadelphia,
PA |
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Maria Cristina |
|
|
|
|
San
Sebastian, Spain |
|
|
|
|
|
|
|
Revenues |
|
|
$
|
16
|
|
|
$
|
20
|
|
|
$
|
12
|
|
|
$
|
-
|
|
|
$
|
48
|
Hotel
Alfonso XIII |
|
|
|
|
Seville,
Spain |
|
|
|
|
|
|
|
Expenses
(excluding depreciation) |
|
|
$
|
14
|
|
|
$
|
13
|
|
|
$
|
8
|
|
|
$
|
-
|
|
|
$
|
35
|
Four
Points Tucson |
|
|
|
|
Tucson,
AZ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Gritti Palace |
|
|
|
|
Venice,
Italy |
|
|
|
|
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
$
|
16
|
|
|
$
|
23
|
|
|
$
|
22
|
|
|
$
|
20
|
|
|
$
|
81
|
Properties
sold or closed in 2012 and 2011: |
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
(excluding depreciation) |
|
|
$
|
14
|
|
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
14
|
|
|
$
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
|
|
|
Location
|
|
|
|
|
|
|
|
(1) Results consist of three
hotels sold in 2012 and four 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.
|
Atlanta
Perimeter |
|
|
|
|
Atlanta,
GA |
|
|
|
|
|
|
|
|
Boston
Park Plaza |
|
|
|
|
Boston,
MA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
Chicago - Lakeshore |
|
|
|
|
Chicago,
IL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
City Center |
|
|
|
|
Chicago,
IL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
Los Angeles - Westwood |
|
|
|
|
Los
Angeles, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Westin Gaslamp Quarter |
|
|
|
|
San
Diego, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Bristol |
|
|
|
|
Vienna,
Austria |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Capital
Expenditures |
For
the Three and Nine Months Ended September 30, 2012 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3
|
|
YTD
|
Maintenance
Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
Owned, Leased and
Consolidated Joint Venture Hotels |
|
|
|
|
|
20
|
|
|
36
|
|
Corporate/IT
|
|
|
|
|
|
17
|
|
|
52
|
|
Subtotal |
|
|
|
|
|
37
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership and Residential Capital Expenditures: |
|
|
|
|
|
|
|
|
Net
capital expenditures for inventory (excluding St. Regis Bal Harbour) (2)
|
|
|
|
|
|
(10
|
)
|
|
(30
|
)
|
Capital
expenditures for inventory - St. Regis Bal Harbour |
|
|
|
|
|
3
|
|
|
20
|
|
Subtotal |
|
|
|
|
|
(7
|
)
|
|
(10
|
)
|
|
|
|
|
|
|
|
|
|
Development
Capital |
|
|
|
|
|
78
|
|
|
198
|
|
|
|
|
|
|
|
|
|
|
Total
Capital Expenditures |
|
|
|
|
|
108
|
|
|
276
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Maintenance capital expenditures include improvements
that extend the useful life of the asset. |
|
|
(2) Represents gross inventory
capital expenditures of $6 and $25 in the three and nine months ended
September 30, 2012, respectively, less cost of sales of $16 and $55 in
the three and nine months ended
September 30, 2012, respectively.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
2012
Divisional Hotel Inventory Summary by Ownership by Brand* |
As
of September 30, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAD |
|
|
EUROPE |
|
|
AME |
|
|
LAD |
|
|
ASIA |
|
|
Total |
|
|
|
|
Hotels
|
|
|
Rooms
|
|
|
Hotels
|
|
|
Rooms
|
|
|
Hotels
|
|
|
Rooms
|
|
|
Hotels
|
|
|
Rooms
|
|
|
Hotels
|
|
|
Rooms
|
|
|
Hotels
|
|
|
Rooms
|
Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
6
|
|
|
3,529
|
|
|
4
|
|
|
705
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
2,699
|
|
|
2
|
|
|
821
|
|
|
17
|
|
|
7,754
|
Westin |
|
|
|
4
|
|
|
2,399
|
|
|
3
|
|
|
650
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
902
|
|
|
1
|
|
|
273
|
|
|
11
|
|
|
4,224
|
Four Points |
|
|
|
2
|
|
|
327
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2
|
|
|
327
|
W |
|
|
|
3
|
|
|
1,017
|
|
|
2
|
|
|
665
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
1,682
|
Luxury
Collection |
|
|
|
1
|
|
|
643
|
|
|
5
|
|
|
584
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
181
|
|
|
-
|
|
|
-
|
|
|
7
|
|
|
1,408
|
St. Regis |
|
|
|
3
|
|
|
732
|
|
|
2
|
|
|
261
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
160
|
|
|
6
|
|
|
1,153
|
Aloft |
|
|
|
3
|
|
|
524
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3
|
|
|
524
|
Element |
|
|
|
1
|
|
|
123
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
123
|
Other
|
|
|
|
5
|
|
|
1,403
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
5
|
|
|
1,403
|
Total
Owned |
|
|
|
28
|
|
|
10,697
|
|
|
16
|
|
|
2,865
|
|
|
-
|
|
|
-
|
|
|
9
|
|
|
3,782
|
|
|
4
|
|
|
1,254
|
|
|
57
|
|
|
18,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed &
UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
37
|
|
|
26,283
|
|
|
41
|
|
|
11,936
|
|
|
31
|
|
|
8,640
|
|
|
15
|
|
|
2,954
|
|
|
79
|
|
|
29,735
|
|
|
203
|
|
|
79,548
|
Westin |
|
|
|
54
|
|
|
28,379
|
|
|
12
|
|
|
4,097
|
|
|
3
|
|
|
949
|
|
|
3
|
|
|
886
|
|
|
30
|
|
|
10,114
|
|
|
102
|
|
|
44,425
|
Four Points |
|
|
|
1
|
|
|
171
|
|
|
6
|
|
|
1,013
|
|
|
7
|
|
|
1,329
|
|
|
4
|
|
|
517
|
|
|
19
|
|
|
6,178
|
|
|
37
|
|
|
9,208
|
W |
|
|
|
25
|
|
|
7,670
|
|
|
3
|
|
|
364
|
|
|
1
|
|
|
441
|
|
|
2
|
|
|
433
|
|
|
7
|
|
|
1,677
|
|
|
38
|
|
|
10,585
|
Luxury Collection
|
|
|
|
4
|
|
|
1,648
|
|
|
19
|
|
|
3,003
|
|
|
5
|
|
|
1,384
|
|
|
7
|
|
|
290
|
|
|
8
|
|
|
1,740
|
|
|
43
|
|
|
8,065
|
St. Regis |
|
|
|
9
|
|
|
1,811
|
|
|
2
|
|
|
223
|
|
|
2
|
|
|
713
|
|
|
2
|
|
|
309
|
|
|
8
|
|
|
2,039
|
|
|
23
|
|
|
5,095
|
Le Meridien |
|
|
|
3
|
|
|
309
|
|
|
21
|
|
|
6,173
|
|
|
30
|
|
|
7,119
|
|
|
-
|
|
|
-
|
|
|
26
|
|
|
7,249
|
|
|
80
|
|
|
20,850
|
Aloft |
|
|
|
-
|
|
|
-
|
|
|
2
|
|
|
402
|
|
|
1
|
|
|
408
|
|
|
2
|
|
|
292
|
|
|
6
|
|
|
1,327
|
|
|
11
|
|
|
2,429
|
Other
|
|
|
|
1
|
|
|
774
|
|
|
1
|
|
|
165
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2
|
|
|
939
|
Total
Managed & UJV |
|
|
|
134
|
|
|
67,045
|
|
|
107
|
|
|
27,376
|
|
|
80
|
|
|
20,983
|
|
|
35
|
|
|
5,681
|
|
|
183
|
|
|
60,059
|
|
|
539
|
|
|
181,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
163
|
|
|
48,519
|
|
|
16
|
|
|
4,272
|
|
|
2
|
|
|
403
|
|
|
10
|
|
|
2,566
|
|
|
13
|
|
|
6,081
|
|
|
204
|
|
|
61,841
|
Westin |
|
|
|
60
|
|
|
19,461
|
|
|
3
|
|
|
1,176
|
|
|
-
|
|
|
-
|
|
|
4
|
|
|
1,309
|
|
|
9
|
|
|
2,730
|
|
|
76
|
|
|
24,676
|
Four Points |
|
|
|
110
|
|
|
17,375
|
|
|
5
|
|
|
835
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
1,239
|
|
|
8
|
|
|
1,441
|
|
|
131
|
|
|
20,890
|
Luxury
Collection |
|
|
|
8
|
|
|
1,621
|
|
|
11
|
|
|
1,543
|
|
|
-
|
|
|
-
|
|
|
2
|
|
|
248
|
|
|
12
|
|
|
3,170
|
|
|
33
|
|
|
6,582
|
Le Meridien |
|
|
|
8
|
|
|
2,161
|
|
|
5
|
|
|
1,455
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
111
|
|
|
3
|
|
|
714
|
|
|
17
|
|
|
4,441
|
Aloft |
|
|
|
44
|
|
|
6,350
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
4
|
|
|
564
|
|
|
48
|
|
|
6,914
|
Element |
|
|
|
9
|
|
|
1,518
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
9
|
|
|
1,518
|
Other
|
|
|
|
1
|
|
|
275
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
275
|
Total
Franchised |
|
|
|
403
|
|
|
97,280
|
|
|
40
|
|
|
9,281
|
|
|
2
|
|
|
403
|
|
|
25
|
|
|
5,473
|
|
|
49
|
|
|
14,700
|
|
|
519
|
|
|
127,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
206
|
|
|
78,331
|
|
|
61
|
|
|
16,913
|
|
|
33
|
|
|
9,043
|
|
|
30
|
|
|
8,219
|
|
|
94
|
|
|
36,637
|
|
|
424
|
|
|
149,143
|
Westin |
|
|
|
118
|
|
|
50,239
|
|
|
18
|
|
|
5,923
|
|
|
3
|
|
|
949
|
|
|
10
|
|
|
3,097
|
|
|
40
|
|
|
13,117
|
|
|
189
|
|
|
73,325
|
Four Points |
|
|
|
113
|
|
|
17,873
|
|
|
11
|
|
|
1,848
|
|
|
7
|
|
|
1,329
|
|
|
12
|
|
|
1,756
|
|
|
27
|
|
|
7,619
|
|
|
170
|
|
|
30,425
|
W |
|
|
|
28
|
|
|
8,687
|
|
|
5
|
|
|
1,029
|
|
|
1
|
|
|
441
|
|
|
2
|
|
|
433
|
|
|
7
|
|
|
1,677
|
|
|
43
|
|
|
12,267
|
Luxury
Collection |
|
|
|
13
|
|
|
3,912
|
|
|
35
|
|
|
5,130
|
|
|
5
|
|
|
1,384
|
|
|
10
|
|
|
719
|
|
|
20
|
|
|
4,910
|
|
|
83
|
|
|
16,055
|
St. Regis |
|
|
|
12
|
|
|
2,543
|
|
|
4
|
|
|
484
|
|
|
2
|
|
|
713
|
|
|
2
|
|
|
309
|
|
|
9
|
|
|
2,199
|
|
|
29
|
|
|
6,248
|
Le Meridien |
|
|
|
11
|
|
|
2,470
|
|
|
26
|
|
|
7,628
|
|
|
30
|
|
|
7,119
|
|
|
1
|
|
|
111
|
|
|
29
|
|
|
7,963
|
|
|
97
|
|
|
25,291
|
Aloft |
|
|
|
47
|
|
|
6,874
|
|
|
2
|
|
|
402
|
|
|
1
|
|
|
408
|
|
|
2
|
|
|
292
|
|
|
10
|
|
|
1,891
|
|
|
62
|
|
|
9,867
|
Element |
|
|
|
10
|
|
|
1,641
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
10
|
|
|
1,641
|
Other |
|
|
|
7
|
|
|
2,452
|
|
|
1
|
|
|
165
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
8
|
|
|
2,617
|
Vacation
Ownership |
|
|
|
12
|
|
|
6,780
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1
|
|
|
580
|
|
|
-
|
|
|
-
|
|
|
13
|
|
|
7,360
|
Total
Systemwide |
|
|
|
577
|
|
|
181,802
|
|
|
163
|
|
|
39,522
|
|
|
82
|
|
|
21,386
|
|
|
70
|
|
|
15,516
|
|
|
236
|
|
|
76,013
|
|
|
1,128
|
|
|
334,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Includes
Vacation Ownership properties |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of September 30, 2012 |
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
|
|
|
|
|
1,584
|
|
|
22
|
|
|
21
|
|
|
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
|
|
|
|
|
4,824
|
|
|
22
|
|
|
734
|
|
|
5,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Joint Ventures (UJV's) |
|
|
1
|
|
1
|
|
1
|
|
|
|
|
198
|
|
|
-
|
|
|
-
|
|
|
198
|
|
Total
including UJV's |
|
|
22
|
|
22
|
|
17
|
|
|
|
|
5,022
|
|
|
22
|
|
|
734
|
|
|
5,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Intervals Including UJV's (7) |
|
|
|
|
|
|
|
|
|
|
|
261,144
|
|
|
1,144
|
|
|
38,168
|
|
|
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.
|
|
|
|
|