STAMFORD, Conn.--(February
7, 2013)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
today reported fourth quarter 2012 financial results.
Fourth Quarter 2012 Highlights
- Excluding special items, EPS from
continuing operations was $0.70. Including special items, EPS from
continuing operations was $0.33.
- Adjusted EBITDA was $325 million,
which included $32 million of EBITDA from the St. Regis Bal Harbour
residential project.
- Excluding special items, income
from continuing operations was $137 million. Including special items,
income from continuing operations was $65 million.
- Worldwide Systemwide REVPAR for
Same-Store Hotels increased 4.1% in constant dollars (3.6% in actual
dollars) compared to 2011. Systemwide REVPAR for Same-Store Hotels in
North America increased 5.2% in constant dollars (5.4% in actual
dollars).
- Management fees, franchise fees and
other income increased 5.1% compared to 2011. Management and franchise
revenues increased 11.2% compared to 2011.
- Worldwide Same-Store
Company-Operated gross operating profit margins increased approximately
45 basis points compared to 2011.
- Worldwide REVPAR for Starwood
Same-Store Owned Hotels increased 1.2% in constant dollars (0.8% in
actual dollars) compared to 2011.
- Margins at Starwood Same-Store
Owned Hotels Worldwide decreased approximately 90 basis points compared
to 2011.
- Earnings from Starwood’s vacation
ownership and residential business increased approximately $5 million
compared to 2011.
- During the quarter, the Company
signed 40 hotel management and franchise contracts, representing
approximately 8,400 rooms, and opened 17 hotels and resorts with
approximately 3,900 rooms.
- During the quarter, the Company
completed sales of hotels for gross cash proceeds of approximately $275
million, retired $725 million of debt, issued $350 million of 3.125%
Senior Notes due 2023, paid an annual dividend of $1.25 per share, and
repurchased 3.5 million shares at a total cost of $180 million and an
average price of $52.07 per share.
Full Year 2012 Highlights
- Excluding special items, EPS from
continuing operations was $2.61. Including special items, EPS from
continuing operations was $2.39.
- Adjusted EBITDA was $1.220 billion,
which included $157 million of EBITDA from the St. Regis Bal Harbour
residential project.
- Excluding special items, income
from continuing operations was $513 million. Including special items,
income from continuing operations was $470 million.
- Worldwide Systemwide REVPAR for
Same-Store Hotels increased 5.0% in constant dollars (3.2% in actual
dollars) compared to 2011. Systemwide REVPAR for Same-Store Hotels in
North America increased 6.0% in constant dollars (5.8% in actual
dollars).
- Management fees, franchise fees and
other income increased 9.1% compared to 2011. Management and franchise
revenues increased 11.5% compared to 2011.
- Worldwide Same-Store
Company-Operated gross operating profit margins increased approximately
90 basis points compared to 2011.
- Worldwide REVPAR for Starwood
Same-Store Owned Hotels increased 2.6% in constant dollars (0.1% in
actual dollars) compared to 2011.
- Margins at Starwood Same-Store
Owned Hotels Worldwide increased approximately 40 basis points compared
to 2011.
- Earnings from Starwood’s vacation
ownership and residential business increased approximately $144 million
compared to 2011, including a $130 million increase in earnings from
the St. Regis Bal Harbour residential project.
- During the year, the Company signed
131 hotel management and franchise contracts, representing
approximately 30,500 rooms, and opened 69 hotels and resorts with
approximately 17,600 rooms.
- During the year, the Company
completed sales of hotels for gross cash proceeds of approximately $542
million, retired $1.272 billion of debt, issued $350 million of 3.125%
Senior Notes due 2023, paid an annual dividend of $1.25 per share, and
repurchased 6.3 million shares at a total cost of $320 million and an
average price of $50.83 per share.
Fourth Quarter 2012 Earnings Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
fourth quarter of 2012 of $0.33 compared to $0.80 in the fourth quarter
of 2011. Excluding special items, EPS from continuing operations was
$0.70 for the fourth quarter of 2012 compared to $0.71 in the fourth
quarter of 2011. Special items in the fourth quarter of 2012, which
totaled a charge of $72 million (after-tax), included a pre-tax charge
of $113 million primarily related to tender premiums associated with
the early redemption of $725 million senior notes with maturities
ranging between 2014 and 2019 as well as pre-tax charges of $14 million
associated with the impairment of certain hotels and investments.
Special items in the fourth quarter of 2011, which totaled a credit of
$18 million (after-tax), included a pre-tax charge of approximately $70
million related to an unfavorable legal decision, a pre-tax charge of
$14 million related to certain hotel impairments and a pre-tax charge
of $16 million related to costs associated with the early redemption of
$605 million of senior notes. Special items in the fourth quarter of
2011 also included an income tax benefit of $116 million, primarily
associated with the utilization of capital losses which had previously
been fully reserved. Excluding special items, the effective income tax
rate in the fourth quarter of 2012 was 35.7% compared to 28.3% in the
fourth quarter of 2011.
Income from continuing operations was $65 million in the
fourth quarter of 2012, compared to $158 million in the fourth quarter
of 2011. Excluding special items, income from continuing operations was
$137 million in the fourth quarter of 2012. Excluding special items,
income from continuing operations was $140 million in the fourth
quarter of 2011.
Net income was $142 million and $0.72 per share in the fourth
quarter of 2012, compared to $167 million and $0.85 per share in the
fourth quarter of 2011.
Frits van Paasschen, CEO, said, “We are happy to report strong
results for the fourth quarter and full year 2012. All four key drivers
of value performed well. We held our costs in check for the fourth year
in a row, grew our footprint with quality hotels and contracts,
sustained high REVPAR and occupancies in an uncertain environment, and
we realized great value from real estate sales.”
“Our balance sheet has never been stronger in the history of
the company. In December, we issued 10-year senior notes at 3.125%,
what we believe to be the lowest rate ever by a U.S. lodging company
for publicly traded 10-year notes. During 2012, we returned over half a
billion dollars of capital to shareholders. We increased our dividend
by 150%, and repurchased 6.3 million shares for $320 million. Going
forward, we will deploy capital by reinvesting in our business and by
returning cash to shareholders through dividends and stock
repurchases.”
“The year looks to be somewhat stronger than 2012, as the
uncertainty we saw in major world economies is showing signs of giving
way to stronger demand growth. Beyond next year into the foreseeable
future, we are bullish about the long-term outlook on the global
high-end lodging industry. We are poised to benefit from higher rates
in North America and Europe where demand is growing but supply is
already short. Even more important, the dramatic economic growth in
Asia, Latin America, Middle East and Africa is fueling demand for our
brands worldwide.”
Year Ended December 31, 2012 Earnings
Summary
Income from continuing operations was $470 million for the
year ended December 31, 2012 compared to $502 million in the same
period in 2011. Excluding special items, income from continuing
operations was $513 million for the year ended December 31, 2012,
compared to $378 million in the same period in 2011. In addition to the
fourth quarter special items discussed above, the results for the year
ended December 31, 2012 included a favorable adjustment of $11 million
to reverse a portion of a litigation reserve established in 2011, a $7
million loss primarily related to the sale of one wholly-owned hotel,
and $15 million net charges associated with the early redemption of
approximately $495 million of senior notes. Excluding special items,
the effective income tax rate for the year ended December 31, 2012 was
32.1%, when compared to 26.1% in the same period in 2011.
Net income was $562 million and $2.86 per share for the year
ended December 31, 2012 compared to $489 million and $2.51 per share in
the same period in 2011.
Adjusted EBITDA was $1.220 billion for the year ended December
31, 2012, compared to $1.032 billion in the same period in 2011.
Adjusted EBITDA in 2012 includes $157 million of EBITDA from the St.
Regis Bal Harbour Resort residential project (“Bal Harbour”), compared
to $27 million in 2011.
Fourth Quarter 2012 Operating Results
Management and Franchise Revenues
Worldwide Systemwide REVPAR for Same-Store Hotels increased
4.1% in constant dollars (3.6% in actual dollars) compared to the
fourth quarter of 2011. International Systemwide REVPAR for Same-Store
Hotels increased 2.7% in constant dollars (increased 1.5% in actual
dollars).
Changes in REVPAR for Worldwide Systemwide Same-Store Hotels
by region:
|
|
|
|
|
|
|
|
REVPAR |
Region
|
|
|
|
|
|
|
Constant
Dollars
|
|
|
|
Actual
Dollars
|
North America |
|
|
|
|
|
|
5.2%
|
|
|
|
5.4%
|
Europe |
|
|
|
|
|
|
1.0%
|
|
|
|
(2.4%)
|
Asia Pacific |
|
|
|
|
|
|
3.9%
|
|
|
|
3.9%
|
Africa and the
Middle East |
|
|
|
|
|
|
1.2%
|
|
|
|
0.0%
|
Latin America |
|
|
|
|
|
|
5.8%
|
|
|
|
5.8%
|
|
Changes in REVPAR for Worldwide Systemwide Same-Store Hotels
by brand:
|
|
|
|
|
|
|
REVPAR |
Brand
|
|
|
|
|
|
Constant
Dollars
|
|
|
|
Actual
Dollars
|
St. Regis/Luxury
Collection |
|
|
|
|
|
3.2%
|
|
|
|
1.7%
|
W Hotels |
|
|
|
|
|
4.2%
|
|
|
|
4.2%
|
Westin |
|
|
|
|
|
4.2%
|
|
|
|
3.8%
|
Sheraton |
|
|
|
|
|
3.8%
|
|
|
|
3.7%
|
Le
Méridien |
|
|
|
|
|
3.0%
|
|
|
|
1.3%
|
Four Points by
Sheraton |
|
|
|
|
|
5.6%
|
|
|
|
5.9%
|
Aloft |
|
|
|
|
|
9.3%
|
|
|
|
9.0%
|
|
Worldwide Same-Store Company-Operated gross operating profit
margins increased approximately 45 basis points compared to 2011.
International gross operating profit margins for Same-Store
Company-Operated properties increased 55 basis points. North American
Same-Store Company-Operated gross operating profit margins increased
approximately 35 basis points, driven by REVPAR increases and cost
controls.
Management fees, franchise fees and other income were $246
million, up $12 million, or 5.1% compared to the fourth quarter of
2011. Management and franchise revenues increased 11.2% to $238
million. Management fees increased 9.8% to $146 million and franchise
fees increased 6.4% to $50 million.
For the full year 2012, Worldwide Systemwide REVPAR for
Same-Store Hotels increased 5.0% in constant dollars (3.2% in actual
dollars) compared to the full year 2011. Worldwide Same-Store
Company-Operated gross operating profit margins increased 90 basis
points. Management fees, franchise fees and other income were $888
million, up $74 million, or 9.1% compared to the full year 2011.
Management and franchise revenues increased 11.5% to $861 million.
Management fees increased 11.9% to $509 million and franchise fees
increased 7.0% to $200 million.
Development
During the fourth quarter of 2012, the Company signed 40 hotel
management and franchise contracts, representing approximately 8,400
rooms, of which 30 are new builds and 10 are conversions from other
brands. At December 31, 2012, the Company had approximately 400 hotels
in the active pipeline representing approximately 100,000 rooms.
During the fourth quarter of 2012, 17 new hotels and resorts
(representing approximately 3,900 rooms) entered the system, including
St. Regis Mauritius Resort (Mauritius, 172 rooms), Metropol Palace, A
Luxury Collection Hotel (Serbia, 130 rooms), W Bangkok (Thailand, 234
rooms), Le Meridien Mexico City (Mexico City, 160 rooms), Sheraton
Shanghai Waigaoqiao (Shanghai, 451 rooms), and Westin Snowmass Resort
(Colorado, 254 rooms). During the quarter, 11 properties (representing
approximately 2,600 rooms) were removed from the system.
For the full year 2012, the Company signed 131 hotel
management and franchise contracts (representing approximately 30,500
rooms). For the full year 2012, 69 new hotels and resorts (representing
approximately 17,600 rooms) entered the system and 25 properties
(representing approximately 5,500 rooms) left the system.
Owned, Leased and Consolidated Joint
Venture Hotels
Worldwide REVPAR at Starwood Same-Store Owned Hotels increased
1.2% in constant dollars (0.8% in actual dollars) when compared to
2011. REVPAR at Starwood Same-Store Owned Hotels in North America
increased 0.6% in constant dollars (1.4% actual dollars).
Internationally, Starwood Same-Store Owned Hotel REVPAR increased 1.7%
in constant dollars (0.2% in actual dollars).
Revenues at Starwood Same-Store Owned Hotels Worldwide
increased 0.2% in constant dollars (decreased 0.1% in actual dollars)
while costs and expenses increased 1.7% in constant dollars (1.1% in
actual dollars) when compared to 2011. Margins at these hotels
decreased approximately 90 basis points.
Revenues at Starwood Same-Store Owned Hotels in North America
increased 0.3% in constant dollars (1.1% in actual dollars) while costs
and expenses increased 1.2% in constant dollars (1.9% in actual
dollars) when compared to 2011. Margins at these hotels decreased
approximately 60 basis points.
Internationally, revenues at Starwood Same-Store Owned Hotels
increased 0.1% in constant dollars (decreased 1.3% in actual dollars)
while costs and expenses increased 2.3% in constant dollars (0.4% in
actual dollars) when compared to 2011. Margins at these hotels
decreased approximately 130 basis points.
Revenues at owned, leased and consolidated joint venture
hotels were $418 million, compared to $439 million in 2011. Expenses at
owned, leased and consolidated joint venture hotels were $334 million
compared to $346 million in 2011. Fourth quarter results were
negatively impacted by asset sales since the fourth quarter of 2011.
For the full year 2012, Worldwide REVPAR at Starwood
Same-Store Owned Hotels increased 2.6% in constant dollars (0.1% in
actual dollars) when compared to the full year 2011. Margins at these
hotels increased approximately 40 basis points.
Vacation Ownership
Total vacation ownership revenues increased 6.6% to $146
million in the fourth quarter of 2012 when compared to 2011, primarily
due to increased revenues from resort operations. Originated contract
sales of vacation ownership intervals and numbers of contracts signed
decreased 2.3% and 0.8%, respectively, primarily due to lower tour flow
and average price partially offset by a slight increase in closing
efficiency. The average price per vacation ownership unit sold
decreased 1.1% to approximately $14,400, driven by inventory mix.
For the full year 2012, total vacation ownership revenues
increased 3.7% to $587 million when compared to the full year 2011,
primarily due to increased revenues from resort operations. The number
of contracts signed decreased 0.9% and the average price per vacation
ownership unit sold decreased 0.9% to approximately $14,800.
Residential
During the fourth quarter of 2012, the Company’s residential
revenues were $103 million compared to $127 million in 2011. The
Company realized residential revenues from Bal Harbour of $99 million
and generated EBITDA of $32 million, compared to revenues of $121
million and EBITDA of $33 million in the same period of 2011. During
the fourth quarter of 2012, the Company closed sales of 27 units at Bal
Harbour and realized incremental cash proceeds of $96 million
associated with these units. From project inception through December
31, 2012, the Company has closed contracts on approximately 73% of the
total residential units available at Bal Harbour, and realized
residential revenue of $810 million and EBITDA of $161 million.
Selling, General, Administrative and
Other
During the fourth quarter of 2012, selling, general,
administrative and other expenses increased 5.2% to $101 million
compared to $96 million in 2011 primarily due to severance costs, in
2012, of approximately $9.0 million.
The Company has recently completed certain changes to its
organization structures in its Europe, Africa, and Middle East division
and its Americas division. Some of those changes were made in the
fourth quarter of 2012 and the Company recorded approximately $9.0
million in severance costs which is included in selling, general and
administrative costs for the fourth quarter of 2012. Other changes will
take place in the first quarter of 2013 and the Company expects to
record severance costs of approximately $10.0 million in selling,
general and administrative costs in the first quarter of 2013.
For the full year 2012, selling, general, administrative and
other expenses increased 5.1% to $370 million compared to $352 million
in the full year 2011, including severance costs, in 2012, of
approximately $11.0 million.
Capital
Gross capital spending during the quarter included
approximately $58 million of maintenance capital and $73 million of
development capital.
For the full year 2012, capital spending included $142 million
of maintenance capital and $271 million of development capital.
Asset Sales
During the fourth quarter of 2012, the Company completed the
sales of certain hotels, including the Manhattan at Times Square Hotel
and the Poconos Resorts, for gross cash proceeds of approximately $275
million. These hotels were sold unencumbered by management and
franchise contracts and the Company recorded a net gain of $141 million
in discontinued operations associated with these sales.
Timeshare Securitization
On October 24, 2012, the Company completed a securitization
involving the issuance of $166 million of fixed rate notes. Starwood is
contributing approximately $174 million in timeshare mortgages
resulting in an advance rate of 95% with an effective note yield of
2.02%. The proceeds from the transaction were used for general
corporate purposes and will pay down the securitized vacation ownership
debt related to its 2005 securitization in 2013.
Dividend
The Company’s Board of Directors increased its annual dividend
by 150% to $1.25 per share. The dividend was paid by the Company on
December 28, 2012 to holders of record on December 14, 2012.
Share Repurchase
In the fourth quarter of 2012, the Company repurchased 3.5
million shares at a total cost of approximately $180 million and an
average price of $52.07 per share. For the full year 2012, the Company
repurchased 6.3 million shares at a total cost of approximately $320
million and an average price of $50.83 per share. As of December 31,
2012, approximately $180 million remained available under the Company’s
share repurchase authorization.
Balance Sheet
During the fourth quarter of 2012, the Company completed a
public offering of $350 million of 3.125% Senior Notes due 2023. The
proceeds, together with cash on hand, were used to complete a tender
offer to purchase $321 million of its 7.875% Senior Notes due 2014,
$156 million of its 7.375% Senior Notes due 2015, $29 million of its
6.75% Senior Notes due 2018, and $40 million of its 7.150% Senior Notes
due 2019. Subsequent to the tender, the Company exercised its call
option to redeem the remaining $179 million outstanding 7.875% Senior
Notes due 2014.
At December 31, 2012, the Company had gross debt of $1.275
billion, cash and cash equivalents of $428 million (including $123
million of restricted cash) and net debt of $847 million, compared to
net debt of $859 million as of September 30, 2012, in each case,
excluding debt and restricted cash associated with securitized vacation
ownership notes receivable. Net debt at December 31, 2012, including
$533 million of debt and $41 million of restricted cash associated with
securitized vacation ownership notes receivables, was $1.339 billion.
At December 31, 2012, debt was approximately 97% fixed rate
and 3% floating rate and its weighted average maturity was 6.4 years
with a weighted average interest rate of 5.86%, excluding the
securitized debt. The Company had cash (including current restricted
cash) and availability under the domestic and international revolving
credit facility of approximately $2.180 billion.
Outlook
We continue to operate in an uncertain world. Macroeconomic
indicators are trending positively as we enter 2013. However,
macroeconomic and geopolitical “tail risks,” though lower, persist. We
remain of the view that several scenarios could play out. Our outlook
below reflects our baseline scenario for the full year 2013:
Including Bal Harbour, which is expected to contribute
approximately $50 million of EBITDA, adjusted EBITDA is expected to be
approximately $1.165 billion to $1.190 billion (based on the
assumptions below).
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $1.115 billion to $1.140
billion, assuming:
- REVPAR increases at Same-Store
Company-Operated Hotels Worldwide of 5% to 7% in constant and actual
dollars.
- REVPAR increases at Same-Store
Owned Hotels Worldwide of 3% to 6% in constant and actual dollars.
- Margins at Same-Store Owned
Hotels Worldwide increase 50 to 100 basis points.
- Management fees, franchise fees
and other income increase approximately 9% to 11%.
- Earnings from the Company’s
vacation ownership and residential business of approximately $160
million to $165 million.
- Selling, general and
administrative expenses increase approximately 3% to 5%.
- Full year owned earnings are
negatively impacted by approximately $25 million due to recent asset
sales.
- Depreciation and amortization is
expected to be approximately $300 million.
- Interest expense is expected to be
approximately $125 million.
- Full year effective tax rate is
expected to be approximately 32%, and cash taxes are expected to be
approximately $100 million.
- Including Bal Harbour, EPS before
special items is expected to be approximately $2.59 to $2.68 (based on
the assumptions above).
- Full year capital expenditures
(excluding vacation ownership and residential inventory) is expected to
be approximately $200 million for maintenance, renovation and
technology. In addition, in-flight investment projects and prior
commitments for joint ventures and other investments are expected to
total approximately $350 million.
- Vacation ownership (excluding Bal
Harbour) is expected to generate approximately $150 million in positive
cash flow. Bal Harbour is expected to generate at least $100 million in
net cash flow.
For the three months ended March 31, 2013:
- Including Bal Harbour, which is
expected to contribute approximately $20 million of EBITDA, adjusted
EBITDA is expected to be approximately $250 million to $260 million
(based on the assumptions below).
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $230 million to $240 million,
assuming:
- REVPAR increases at Same-Store
Company-Operated Hotels Worldwide of 4% to 6% in constant dollars
(approximately 50 basis points lower in actual dollars at current
exchange rates), impacted by holiday shift.
- REVPAR increases at Same-Store
Company Owned Hotels Worldwide of 3% to 5% in constant dollars
(approximately 50 basis points lower in actual dollars at current
exchange rates).
- Management fees, franchise fees
and other income increase approximately 7% to 9%.
- Earnings from the Company’s
vacation ownership and residential business are flat to up
approximately $5 million year over year.
- Depreciation and amortization is
expected to be approximately $73 million.
- Interest expense is expected to be
approximately $32 million.
- Including Bal Harbour, income from
continuing operations is expected to be approximately $99 million to
$105 million, reflecting an effective tax rate of approximately 32%
(based on the assumptions above).
- Including Bal Harbour, EPS is
expected to be approximately $0.51 to $0.54 (based on the assumptions
above).
Special Items
The Company’s special items netted to a charge of $126
million ($72 million after-tax) in the fourth quarter of 2012 compared
to a charge of $98 million (an $18 million benefit 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
December 31,
|
|
|
|
|
|
Year Ended
December 31,
|
2012 |
|
|
2011 |
|
|
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
137
|
|
|
|
$
|
140
|
|
|
|
Income
from continuing operations before special items |
|
|
$
|
513
|
|
|
|
$
|
378
|
|
$
|
0.70
|
|
|
|
$
|
0.71
|
|
|
|
EPS
before special items |
|
|
$
|
2.61
|
|
|
|
$
|
1.93
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
1
|
|
|
|
|
(68
|
)
|
|
|
Restructuring and
other special (charges) credits, net(a) |
|
|
|
12
|
|
|
|
|
(68
|
)
|
|
(14
|
)
|
|
|
|
(14
|
)
|
|
|
Gain (loss) on
asset dispositions and impairments, net(b) |
|
|
|
(21
|
)
|
|
|
|
—
|
|
|
(113
|
)
|
|
|
|
(16
|
)
|
|
|
Loss on
early extinguishment of debt, net(c) |
|
|
|
(128
|
)
|
|
|
|
(16
|
)
|
|
(126
|
)
|
|
|
|
(98
|
)
|
|
|
Total special
items – pre-tax |
|
|
|
(137
|
)
|
|
|
|
(84
|
)
|
|
48
|
|
|
|
|
38
|
|
|
|
Income tax
benefit (expense) for special items(d) |
|
|
|
96
|
|
|
|
|
108
|
|
|
6
|
|
|
|
|
78
|
|
|
|
Income
tax benefit (expense) – other non-recurring items(e) |
|
|
|
(2
|
)
|
|
|
|
100
|
|
|
(72
|
)
|
|
|
|
18
|
|
|
|
Total
special items – after-tax |
|
|
|
(43
|
)
|
|
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
65
|
|
|
|
$
|
158
|
|
|
|
Income
from continuing operations |
|
|
$
|
470
|
|
|
|
$
|
502
|
|
$
|
0.33
|
|
|
|
$
|
0.80
|
|
|
|
EPS
including special items |
|
|
$
|
2.39
|
|
|
|
$
|
2.57
|
|
|
(a) |
|
During the year
ended December 31, 2012, the Company recorded a favorable adjustment of
$11 million to reverse a portion of a litigation reserve established in
2011. |
|
|
|
|
|
During the three
months and year ended December 31, 2011, the Company recorded
restructuring and other special charges of $68 million primarily
related to an unfavorable legal decision. |
|
|
|
(b) |
|
During the three
months ended December 31, 2012, the net loss primarily relates to the
impairment of a preferred equity investment. The year ended December
31, 2012 also includes a net loss primarily relating to the sale of one
wholly-owned hotel. |
|
|
|
|
|
During the three
months ended December 31, 2011, the net loss primarily relates to
impairment charges of $7 million related to six hotels where their
carrying value exceeded their estimated fair values and impairment
charges of $9 million associated with fixed assets at two owned hotels
undergoing a significant renovation, partially offset by insurance
proceeds as a result of storm damage at another owned hotel.
Additionally, the year ended December 31, 2011 includes the gain from
an asset exchange transaction that was partially offset by the
impairment of a minority investment in a joint venture hotel located in
Japan. |
|
|
|
(c) |
|
During the three
months ended December 31, 2012, the net charges primarily relates to
tender premiums associated with the early redemption of $725 million of
the Company’s long-term debt. The year ended December 31, 2012 also
includes a net charge associated with the early redemption of
approximately $495 million of the Company’s long-term debt. |
|
|
|
|
|
The three months
and year ended December 31, 2011 include $16 million of charges
associated with tender premiums and other costs related to the early
redemption of approximately $605 million of the Company’s long-term
debt. |
|
|
|
(d) |
|
During the three
months and year ended December 31, 2012, the benefit primarily relates
to a tax benefit on the special items at the statutory tax rate. The
year ended December 31, 2012 also includes a tax benefit primarily
relating to the sale of two hotels with high tax bases. |
|
|
|
|
|
During the three
months and year ended December 31, 2011, the benefit primarily relates
to a tax benefit on the special items at the statutory tax rate. The
year ended December 31, 2011 also includes a tax benefit on the sale of
two wholly-owned hotels with high tax bases. |
|
|
|
(e) |
|
During the three
months and year ended December 31, 2012, the net benefit and expense
primarily represents adjustments to deferred income taxes. |
|
|
|
|
|
During the three
months and year ended December 31, 2011, the benefit primarily relates
to the use of capital losses which had previously been reserved and
certain changes in valuation allowances associated with deferred tax
assets. The year ended December 31, 2011 also includes a tax benefit of
$35 million related to the IRS settlement in the third quarter of 2011.
|
|
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
fourth quarter financial results at 10:30 a.m. Eastern Time today,
available via webcast on the Company’s website at http://www.starwoodhotels.com/corporate/investor_relations.html.
A webcast replay will be available approximately two hours after the
conclusion of the live event. Alternatively, participants may call into
(866) 921-0636 with conference ID 65233963; please dial in fifteen
minutes early to ensure a timely start. A call replay will be available
from 1:30 p.m. Eastern Time on Thursday, February 7 through Thursday,
February 14, 2013 and can be accessed by dialing (855) 859-2056 with
conference ID 65233963.
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 1,134 properties
in nearly 100 countries and 171,000 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
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
2012 |
|
|
2011 |
|
|
%
Variance
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
$
|
418
|
|
|
|
$
|
439
|
|
|
|
(4.8
|
)
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
$
|
1,698
|
|
|
|
$
|
1,768
|
|
|
|
(4.0
|
)
|
|
249
|
|
|
|
|
264
|
|
|
|
(5.7
|
)
|
|
|
|
Vacation
ownership and residential sales and services |
|
|
|
|
1,287
|
|
|
|
|
703
|
|
|
|
83.1
|
|
|
246
|
|
|
|
|
234
|
|
|
|
5.1
|
|
|
|
|
Management fees,
franchise fees and other income |
|
|
|
|
888
|
|
|
|
|
814
|
|
|
|
9.1
|
|
|
620
|
|
|
|
|
594
|
|
|
|
4.4
|
|
|
|
|
Other
revenues from managed and franchised properties(a) |
|
|
|
|
2,448
|
|
|
|
|
2,339
|
|
|
|
4.7
|
|
|
1,533
|
|
|
|
|
1,531
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
6,321
|
|
|
|
|
5,624
|
|
|
|
12.4
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
334
|
|
|
|
|
346
|
|
|
|
3.5
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
|
1,391
|
|
|
|
|
1,449
|
|
|
|
4.0
|
|
|
171
|
|
|
|
|
191
|
|
|
|
10.5
|
|
|
|
|
Vacation
ownership and residential |
|
|
|
|
961
|
|
|
|
|
521
|
|
|
|
(84.5
|
)
|
|
101
|
|
|
|
|
96
|
|
|
|
(5.2
|
)
|
|
|
|
Selling, general,
administrative and other |
|
|
|
|
370
|
|
|
|
|
352
|
|
|
|
(5.1
|
)
|
|
(1
|
)
|
|
|
|
68
|
|
|
|
n/m
|
|
|
|
|
Restructuring and
other special charges (credits), net |
|
|
|
|
(12
|
)
|
|
|
|
68
|
|
|
|
n/m
|
|
|
58
|
|
|
|
|
58
|
|
|
|
—
|
|
|
|
|
Depreciation |
|
|
|
|
226
|
|
|
|
|
235
|
|
|
|
3.8
|
|
|
7
|
|
|
|
|
7
|
|
|
|
—
|
|
|
|
|
Amortization |
|
|
|
|
25
|
|
|
|
|
30
|
|
|
|
16.7
|
|
|
620
|
|
|
|
|
594
|
|
|
|
(4.4
|
)
|
|
|
|
Other
expenses from managed and franchised properties(a) |
|
|
|
|
2,448
|
|
|
|
|
2,339
|
|
|
|
(4.7
|
)
|
|
1,290
|
|
|
|
|
1,360
|
|
|
|
5.1
|
|
|
|
|
|
|
|
|
|
5,409
|
|
|
|
|
4,994
|
|
|
|
(8.3
|
)
|
|
243
|
|
|
|
|
171
|
|
|
|
42.1
|
|
|
|
|
Operating income |
|
|
|
|
912
|
|
|
|
|
630
|
|
|
|
44.8
|
|
|
6
|
|
|
|
|
5
|
|
|
|
20.0
|
|
|
|
|
Equity (losses)
earnings and gains and (losses) from unconsolidated ventures, net |
|
|
|
|
25
|
|
|
|
|
11
|
|
|
|
n/m
|
|
|
(36
|
)
|
|
|
|
(49
|
)
|
|
|
26.5
|
|
|
|
|
Interest expense,
net of interest income of $1, $1, $2 and $3 |
|
|
|
|
(170
|
)
|
|
|
|
(200
|
)
|
|
|
15.0
|
|
|
(113
|
)
|
|
|
|
(16
|
)
|
|
|
n/m
|
|
|
|
|
Loss on early
extinguishment of debt |
|
|
|
|
(128
|
)
|
|
|
|
(16
|
)
|
|
|
n/m
|
|
|
(14
|
)
|
|
|
|
(14
|
)
|
|
|
—
|
|
|
|
|
Gain (loss)
on asset dispositions and impairments, net |
|
|
|
|
(21
|
)
|
|
|
|
—
|
|
|
|
n/m
|
|
|
86
|
|
|
|
|
97
|
|
|
|
(11.3
|
)
|
|
|
|
Income from
continuing operations before taxes and noncontrolling interests |
|
|
|
|
618
|
|
|
|
|
425
|
|
|
|
45.4
|
|
|
(21
|
)
|
|
|
|
61
|
|
|
|
n/m
|
|
|
|
|
Income
tax benefit (expense) |
|
|
|
|
(148
|
)
|
|
|
|
75
|
|
|
|
n/m
|
|
|
65
|
|
|
|
|
158
|
|
|
|
(58.9
|
)
|
|
|
|
Income (loss)
from continuing operations |
|
|
|
|
470
|
|
|
|
|
500
|
|
|
|
(6.0
|
)
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations: |
|
|
|
|
|
|
|
|
|
|
|
77
|
|
|
|
|
9
|
|
|
|
n/m
|
|
|
|
|
Gain
(loss) on dispositions, net of tax |
|
|
|
|
92
|
|
|
|
|
(13
|
)
|
|
|
n/m
|
|
|
142
|
|
|
|
|
167
|
|
|
|
(15.0
|
)
|
|
|
|
Net income (loss)
|
|
|
|
|
562
|
|
|
|
|
487
|
|
|
|
15.4
|
|
|
—
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
Net loss
(income) attributable to noncontrolling interests |
|
|
|
|
—
|
|
|
|
|
2
|
|
|
|
(100.0
|
)
|
$
|
142
|
|
|
|
$
|
167
|
|
|
|
(15.0
|
)
|
|
|
|
Net
income (loss) attributable to Starwood |
|
|
|
$
|
562
|
|
|
|
$
|
489
|
|
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) Per Share – Basic |
|
|
|
|
|
|
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.82
|
|
|
|
(58.5
|
)
|
|
|
|
Continuing
operations |
|
|
|
$
|
2.44
|
|
|
|
$
|
2.65
|
|
|
|
(7.9
|
)
|
|
0.40
|
|
|
|
|
0.05
|
|
|
|
n/m
|
|
|
|
|
Discontinued
operations |
|
|
|
|
0.48
|
|
|
|
|
(0.07
|
)
|
|
|
n/m
|
|
$
|
0.74
|
|
|
|
$
|
0.87
|
|
|
|
(14.9
|
)
|
|
|
|
Net income
(loss) |
|
|
|
$
|
2.92
|
|
|
|
$
|
2.58
|
|
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) Per Share – Diluted |
|
|
|
|
|
|
|
|
|
|
$
|
0.33
|
|
|
|
$
|
0.80
|
|
|
|
(58.8
|
)
|
|
|
|
Continuing
operations |
|
|
|
$
|
2.39
|
|
|
|
$
|
2.57
|
|
|
|
(7.0
|
)
|
|
0.39
|
|
|
|
|
0.05
|
|
|
|
n/m
|
|
|
|
|
Discontinued
operations |
|
|
|
|
0.47
|
|
|
|
|
(0.06
|
)
|
|
|
n/m
|
|
$
|
0.72
|
|
|
|
$
|
0.85
|
|
|
|
(15.3
|
)
|
|
|
|
Net
income (loss) |
|
|
|
$
|
2.86
|
|
|
|
$
|
2.51
|
|
|
|
13.9
|
|
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Starwood’s Common Stockholders |
|
|
|
|
|
|
|
|
|
|
$
|
65
|
|
|
|
$
|
158
|
|
|
|
(58.9
|
)
|
|
|
|
Continuing
operations |
|
|
|
$
|
470
|
|
|
|
$
|
502
|
|
|
|
(6.4
|
)
|
|
77
|
|
|
|
|
9
|
|
|
|
n/m
|
|
|
|
|
Discontinued
operations |
|
|
|
|
92
|
|
|
|
|
(13
|
)
|
|
|
n/m
|
|
$
|
142
|
|
|
|
$
|
167
|
|
|
|
(15.0
|
)
|
|
|
|
Net
income (loss) |
|
|
|
$
|
562
|
|
|
|
$
|
489
|
|
|
|
14.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
191
|
|
|
|
|
190
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
193
|
|
|
|
|
189
|
|
|
|
|
|
194
|
|
|
|
|
196
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
December 31,
2012 |
|
|
|
December 31,
2011 |
|
|
|
|
|
(unaudited)
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
$
|
305
|
|
|
|
|
$
|
454
|
|
Restricted cash |
|
|
|
|
|
158
|
|
|
|
|
|
232
|
|
Accounts
receivable, net of allowance for doubtful accounts of $59 and $46 |
|
|
|
|
|
586
|
|
|
|
|
|
569
|
|
Inventories |
|
|
|
|
|
361
|
|
|
|
|
|
812
|
|
Securitized vacation ownership
notes receivable, net of allowance for doubtful
accounts of $9 and $10
|
|
|
|
|
|
65
|
|
|
|
|
|
64
|
|
Deferred income
tax |
|
|
|
|
|
320
|
|
|
|
|
|
278
|
|
Prepaid
expenses and other |
|
|
|
|
|
124
|
|
|
|
|
|
125
|
|
Total current
assets |
|
|
|
|
|
1,919
|
|
|
|
|
|
2,534
|
|
Investments |
|
|
|
|
|
260
|
|
|
|
|
|
259
|
|
Plant, property
and equipment, net |
|
|
|
|
|
3,162
|
|
|
|
|
|
3,232
|
|
Assets held for
sale, net |
|
|
|
|
|
36
|
|
|
|
|
|
42
|
|
Goodwill and
intangible assets, net |
|
|
|
|
|
2,025
|
|
|
|
|
|
2,053
|
|
Deferred tax
assets |
|
|
|
|
|
636
|
|
|
|
|
|
639
|
|
Other assets(a)
|
|
|
|
|
|
385
|
|
|
|
|
|
355
|
|
Securitized
vacation ownership notes receivable |
|
|
|
|
|
438
|
|
|
|
|
|
446
|
|
Total
assets |
|
|
|
|
$
|
8,861
|
|
|
|
|
$
|
9,560
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Short-term
borrowings and current maturities of long-term debt(b) |
|
|
|
|
$
|
2
|
|
|
|
|
$
|
3
|
|
Accounts payable |
|
|
|
|
|
121
|
|
|
|
|
|
144
|
|
Current
maturities of long-term securitized vacation ownership debt |
|
|
|
|
|
150
|
|
|
|
|
|
130
|
|
Accrued expenses |
|
|
|
|
|
1,074
|
|
|
|
|
|
1,177
|
|
Accrued salaries,
wages and benefits |
|
|
|
|
|
395
|
|
|
|
|
|
375
|
|
Accrued
taxes and other |
|
|
|
|
|
287
|
|
|
|
|
|
163
|
|
Total current
liabilities |
|
|
|
|
|
2,029
|
|
|
|
|
|
1,992
|
|
Long-term debt(b)
|
|
|
|
|
|
1,273
|
|
|
|
|
|
2,194
|
|
Long-term
securitized vacation ownership debt |
|
|
|
|
|
383
|
|
|
|
|
|
402
|
|
Deferred income
taxes |
|
|
|
|
|
78
|
|
|
|
|
|
46
|
|
Other
liabilities |
|
|
|
|
|
1,956
|
|
|
|
|
|
1,971
|
|
Total
liabilities |
|
|
|
|
|
5,719
|
|
|
|
|
|
6,605
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
|
Common stock; $0.01 par value;
authorized 1,000,000,000 shares; outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
193,121,094 and 195,913,400 shares
at December 31, 2012 and December
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31, 2011,
respectively |
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
Additional
paid-in capital |
|
|
|
|
|
816
|
|
|
|
|
|
963
|
|
Accumulated other
comprehensive loss |
|
|
|
|
|
(338
|
)
|
|
|
|
|
(348
|
)
|
Retained
earnings |
|
|
|
|
|
2,657
|
|
|
|
|
|
2,337
|
|
Total Starwood
stockholders’ equity |
|
|
|
|
|
3,137
|
|
|
|
|
|
2,954
|
|
Noncontrolling
interest |
|
|
|
|
|
5
|
|
|
|
|
|
1
|
|
Total
stockholders’ equity |
|
|
|
|
|
3,142
|
|
|
|
|
|
2,955
|
|
Total
liabilities and stockholders’ equity |
|
|
|
|
$
|
8,861
|
|
|
|
|
$
|
9,560
|
|
|
(a) |
|
Includes
restricted cash of $6 million and $2 million at December 31, 2012 and
December 31, 2011, respectively. |
|
|
|
(b) |
|
Excludes Starwood’s share of
unconsolidated joint venture debt aggregating approximately $389
million and $432 million at
December 31, 2012 and December 31,
2011, respectively.
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Historical Data
(In millions)
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
2012 |
|
|
2011 |
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Income (Loss) to EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
$
|
142
|
|
|
|
$
|
167
|
|
|
|
(15.0
|
)
|
|
|
|
Net income (loss)
|
|
|
|
$
|
562
|
|
|
|
$
|
489
|
|
|
|
14.9
|
|
|
40
|
|
|
|
|
53
|
|
|
|
(24.5
|
)
|
|
|
|
Interest expense(a)
|
|
|
|
|
182
|
|
|
|
|
223
|
|
|
|
(18.4
|
)
|
|
113
|
|
|
|
|
16
|
|
|
|
n/m
|
|
|
|
|
Loss on early
extinguishment of debt, net |
|
|
|
|
128
|
|
|
|
|
16
|
|
|
|
n/m
|
|
|
92
|
|
|
|
|
(70
|
)
|
|
|
n/m
|
|
|
|
|
Income tax
(benefit) expense(b) |
|
|
|
|
234
|
|
|
|
|
(81
|
)
|
|
|
n/m
|
|
|
66
|
|
|
|
|
65
|
|
|
|
1.5
|
|
|
|
|
Depreciation(c)
|
|
|
|
|
256
|
|
|
|
|
265
|
|
|
|
(3.4
|
)
|
|
8
|
|
|
|
|
8
|
|
|
|
—
|
|
|
|
|
Amortization(d)
|
|
|
|
|
28
|
|
|
|
|
34
|
|
|
|
(17.6
|
)
|
|
461
|
|
|
|
|
239
|
|
|
|
92.9
|
|
|
|
|
EBITDA |
|
|
|
|
1,390
|
|
|
|
|
946
|
|
|
|
46.9
|
|
|
14
|
|
|
|
|
14
|
|
|
|
—
|
|
|
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
21
|
|
|
|
|
—
|
|
|
|
n/m
|
|
|
(149
|
)
|
|
|
|
—
|
|
|
|
n/m
|
|
|
|
|
Discontinued
operations (gain) loss on dispositions(e) |
|
|
|
|
(179
|
)
|
|
|
|
18
|
|
|
|
n/m
|
|
|
(1
|
)
|
|
|
|
68
|
|
|
|
n/m
|
|
|
|
|
Restructuring
and other special charges (credits), net |
|
|
|
|
(12
|
)
|
|
|
|
68
|
|
|
|
n/m
|
|
$
|
325
|
|
|
|
$
|
321
|
|
|
|
1.2
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
$
|
1,220
|
|
|
|
$
|
1,032
|
|
|
|
18.2
|
|
|
(a) |
|
Includes $3
million of Starwood’s share of interest expense of unconsolidated joint
ventures for the three months ended December 31, 2012 and 2011, and $10
million and $20 million for the year ended December 31, 2012 and 2011,
respectively. |
(b) |
|
Includes $72
million and $(9) million of tax expense (benefit) recorded in
discontinued operations for the three months ended December 31, 2012
and 2011, respectively, and $87 million and $(5) million for the year
ended December 31, 2012 and 2011, respectively. |
(c) |
|
Includes $8
million and $7 million of Starwood’s share of depreciation expense of
unconsolidated joint ventures for each of the three months ended
December 31, 2012 and 2011, respectively, and $30 million for the year
ended December 31, 2012 and 2011. |
(d) |
|
Includes $1
million of Starwood’s share of amortization expense of unconsolidated
joint ventures for the three months ended December 31, 2012 and 2011,
and $3 million and $4 million for the year ended December 31, 2012 and
2011, respectively. |
(e) |
|
Excludes the
amount of income tax expense (benefit) included within (b) above. |
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels Worldwide
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
$Change |
|
|
|
% Variance |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
|
|
$
|
(0.5
|
)
|
|
|
|
(0.1
|
%)
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
1.1
|
|
|
|
|
0.3
|
%
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
|
|
$
|
0.6
|
|
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
|
|
$
|
3.0
|
|
|
|
|
1.1
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
1.5
|
|
|
|
|
0.6
|
%
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
|
|
$
|
4.5
|
|
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels North America
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
$Change |
|
|
|
% Variance |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
|
|
$
|
1.9
|
|
|
|
|
1.1
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
(1.4
|
)
|
|
|
|
(0.8
|
%)
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
|
|
$
|
0.5
|
|
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
|
|
$
|
2.5
|
|
|
|
|
1.9
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
(1.0
|
)
|
|
|
|
(0.7
|
%)
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
|
|
$
|
1.5
|
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels International
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2012
|
|
|
|
|
|
|
|
$Change |
|
|
|
% Variance |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
|
|
$
|
(2.4
|
)
|
|
|
|
(1.3
|
%)
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
2.5
|
|
|
|
|
1.4
|
%
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
|
|
$
|
0.1
|
|
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
|
|
$
|
0.5
|
|
|
|
|
0.4
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
|
|
2.5
|
|
|
|
|
1.9
|
%
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
|
|
$
|
3.0
|
|
|
|
|
2.3
|
%
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP Reconciliation
– Earnings from Vacation Ownership and Residential Business
(In millions)
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
$
|
78
|
|
|
|
$
|
73
|
|
|
|
$
|
5
|
|
|
|
$
|
326
|
|
|
|
$
|
182
|
|
|
|
$
|
144
|
Depreciation
expense |
|
|
|
|
|
(5
|
)
|
|
|
|
(5
|
)
|
|
|
|
—
|
|
|
|
|
(20
|
)
|
|
|
|
(22
|
)
|
|
|
|
2
|
Operating
income from vacation ownership and residential |
|
|
|
|
$
|
73
|
|
|
|
$
|
68
|
|
|
|
$
|
5
|
|
|
|
$
|
306
|
|
|
|
$
|
160
|
|
|
|
$
|
146
|
|
|
Non-GAAP to GAAP Reconciliation
– Earnings from Bal Harbour
(In millions)
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Year Ended
December 31,
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
$
|
32
|
|
|
|
$
|
33
|
|
|
|
$
|
(1
|
)
|
|
|
$
|
157
|
|
|
|
$
|
27
|
|
|
|
$
|
130
|
Depreciation
expense |
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
$
|
32
|
|
|
|
$
|
33
|
|
|
|
$
|
(1
|
)
|
|
|
$
|
157
|
|
|
|
$
|
27
|
|
|
|
$
|
130
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Future Performance
(In millions, except per share
data)
|
|
Low Case
|
|
Three
Months Ended
March 31, 2013
|
|
|
|
|
|
|
|
Year
Ended
December 31, 2013
|
|
$
|
99
|
|
|
|
Net income |
|
|
|
$
|
503
|
|
|
32
|
|
|
|
Interest expense |
|
|
|
|
125
|
|
|
46
|
|
|
|
Income tax
expense |
|
|
|
|
237
|
|
|
73
|
|
|
|
Depreciation
and amortization |
|
|
|
|
300
|
|
|
250
|
|
|
|
EBITDA |
|
|
|
|
1,165
|
|
|
-
|
|
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
-
|
|
|
-
|
|
|
|
Discontinued
operations (gain) loss on dispositions |
|
|
|
|
-
|
|
$
|
250
|
|
|
|
Adjusted
EBITDA |
|
|
|
$
|
1,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
March 31, 2013
|
|
|
|
|
|
|
|
Year
Ended
December 31, 2013
|
|
$
|
99
|
|
|
|
Income
from continuing operations before special items |
|
|
|
$
|
503
|
|
$
|
0.51
|
|
|
|
EPS
before special items |
|
|
|
$
|
2.59
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
-
|
|
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
-
|
|
|
-
|
|
|
|
Total special
items – pre-tax |
|
|
|
|
-
|
|
|
-
|
|
|
|
Income
tax benefit associated with special items |
|
|
|
|
-
|
|
|
-
|
|
|
|
Total
special items – after-tax |
|
|
|
|
-
|
|
$
|
99
|
|
|
|
Income
from continuing operations |
|
|
|
$
|
503
|
|
$
|
0.51
|
|
|
|
EPS
including special items |
|
|
|
$
|
2.59
|
|
|
High Case
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
|
|
Year
Ended
December 31, 2013
|
|
$
|
105
|
|
|
|
Net income |
|
|
|
$
|
520
|
|
|
32
|
|
|
|
Interest expense |
|
|
|
|
125
|
|
|
50
|
|
|
|
Income tax
expense |
|
|
|
|
245
|
|
|
73
|
|
|
|
Depreciation
and amortization |
|
|
|
|
300
|
|
|
260
|
|
|
|
EBITDA |
|
|
|
|
1,190
|
|
|
-
|
|
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
-
|
|
|
-
|
|
|
|
Discontinued
operations (gain) loss on dispositions |
|
|
|
|
-
|
|
$
|
260
|
|
|
|
Adjusted
EBITDA |
|
|
|
$
|
1,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended
March 31, 2013
|
|
|
|
|
|
|
|
Year
Ended
December 31, 2013
|
|
$
|
105
|
|
|
|
Income
from continuing operations before special items |
|
|
|
$
|
520
|
|
$
|
0.54
|
|
|
|
EPS
before special items |
|
|
|
$
|
2.68
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
-
|
|
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
-
|
|
|
-
|
|
|
|
Total special
items – pre-tax |
|
|
|
|
-
|
|
|
-
|
|
|
|
Income
tax benefit associated with special items |
|
|
|
|
-
|
|
|
-
|
|
|
|
Total
special items – after-tax |
|
|
|
|
-
|
|
$
|
105
|
|
|
|
Income
from continuing operations |
|
|
|
$
|
520
|
|
$
|
0.54
|
|
|
|
EPS
including special items |
|
|
|
$
|
2.68
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Vacation
Ownership and Residential Business
Excluding Bal Harbour
(In millions)
|
|
|
Low Case
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
2013 |
|
2012 |
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
|
$
|
43
|
|
|
$ 43 |
|
|
$
|
—
|
|
Depreciation
expense |
|
|
|
|
|
|
(5
|
)
|
|
(5 |
)
|
|
|
—
|
|
Operating income
from vacation ownership and residential |
|
|
|
|
|
$
|
38
|
|
|
$ 38 |
|
|
$
|
—
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
Earnings
from vacation ownership and residential |
$ 160 |
|
Depreciation expense |
(21 |
)
|
Operating income from vacation ownership and residential |
$ 139 |
|
|
High Case
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
2013 |
|
2012 |
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
|
$
|
48
|
|
|
$ 43 |
|
|
$
|
5
|
|
Depreciation
expense |
|
|
|
|
|
|
(5
|
)
|
|
(5 |
)
|
|
|
—
|
|
Operating income
from vacation ownership and residential |
|
|
|
|
|
$
|
43
|
|
|
$ 38 |
|
|
$
|
5
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
Earnings
from vacation ownership and residential |
$ 165 |
|
Depreciation expense |
(21 |
)
|
Operating income from vacation ownership and residential |
$ 144 |
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Bal Harbour
(In millions)
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
$
|
20
|
Depreciation
expense |
|
|
|
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
$
|
50
|
Depreciation
expense |
|
|
|
|
|
|
|
—
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
$
|
50
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Same Store Owned Hotel Revenue and Expenses
(In millions)
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
|
|
Year Ended
December 31,
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
Same-Store
Owned Hotels
Worldwide
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
$
|
341
|
|
|
$
|
342
|
|
|
(0.3
|
)
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
1,252
|
|
|
$
|
1,255
|
|
|
(0.2
|
)
|
|
—
|
|
|
|
43
|
|
|
(100.0
|
)
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
114
|
|
|
|
223
|
|
|
(48.9
|
)
|
|
70
|
|
|
|
47
|
|
|
48.9
|
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
305
|
|
|
|
262
|
|
|
16.4
|
|
|
7
|
|
|
|
7
|
|
|
—
|
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
27
|
|
|
|
28
|
|
|
(3.6
|
)
|
$
|
418
|
|
|
$
|
439
|
|
|
(4.8
|
)
|
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
|
|
$
|
1,698
|
|
|
$
|
1,768
|
|
|
(4.0
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
$
|
265
|
|
|
$
|
262
|
|
|
(1.1
|
)
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
993
|
|
|
$
|
1,001
|
|
|
0.8
|
|
|
1
|
|
|
|
32
|
|
|
96.9
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
93
|
|
|
|
186
|
|
|
50.0
|
|
|
61
|
|
|
|
46
|
|
|
(32.6
|
)
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
280
|
|
|
|
236
|
|
|
(18.6
|
)
|
|
7
|
|
|
|
6
|
|
|
(16.7
|
)
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
25
|
|
|
|
26
|
|
|
3.8
|
|
$
|
334
|
|
|
$
|
346
|
|
|
3.5
|
|
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
|
|
$
|
1,391
|
|
|
$
|
1,449
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
Year Ended
December 31,
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
Same-Store
Owned Hotels
North America
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
$
|
167
|
|
|
$
|
165
|
|
|
1.2
|
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
612
|
|
|
$
|
610
|
|
|
0.3
|
|
|
—
|
|
|
|
43
|
|
|
(100.0
|
)
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
114
|
|
|
|
209
|
|
|
(45.5
|
)
|
|
61
|
|
|
|
43
|
|
|
41.9
|
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
229
|
|
|
|
181
|
|
|
26.5
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
1
|
|
|
|
1
|
|
|
—
|
|
$
|
228
|
|
|
$
|
251
|
|
|
(9.2
|
)
|
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
|
|
$
|
956
|
|
|
$
|
1,001
|
|
|
(4.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
$
|
131
|
|
|
$
|
129
|
|
|
(1.6
|
)
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
509
|
|
|
$
|
507
|
|
|
(0.4
|
)
|
|
1
|
|
|
|
32
|
|
|
96.9
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
93
|
|
|
|
172
|
|
|
45.9
|
|
|
53
|
|
|
|
40
|
|
|
(32.5
|
)
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
208
|
|
|
|
161
|
|
|
(29.2
|
)
|
|
1
|
|
|
|
—
|
|
|
n/m
|
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
1
|
|
|
|
1
|
|
|
—
|
|
$
|
186
|
|
|
$
|
201
|
|
|
7.5
|
|
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
|
|
$
|
811
|
|
|
$
|
841
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
Year Ended
December 31,
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
Same-Store
Owned Hotels
International
|
|
|
|
2012
|
|
|
2011
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
$
|
174
|
|
|
$
|
177
|
|
|
(1.7
|
)
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
640
|
|
|
$
|
645
|
|
|
(0.8
|
)
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
—
|
|
|
|
14
|
|
|
(100.0
|
)
|
|
9
|
|
|
|
4
|
|
|
n/m
|
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
76
|
|
|
|
81
|
|
|
(6.2
|
)
|
|
7
|
|
|
|
7
|
|
|
—
|
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
26
|
|
|
|
27
|
|
|
(3.7
|
)
|
$
|
190
|
|
|
$
|
188
|
|
|
1.1
|
|
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
|
|
$
|
742
|
|
|
$
|
767
|
|
|
(3.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
$
|
134
|
|
|
$
|
133
|
|
|
(0.8
|
)
|
|
|
|
Same-Store Owned
Hotels(a) |
|
|
|
$
|
484
|
|
|
$
|
494
|
|
|
2.0
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
|
Hotels Sold or
Closed in 2012 and 2011 |
|
|
|
|
—
|
|
|
|
14
|
|
|
100.0
|
|
|
8
|
|
|
|
6
|
|
|
(33.3
|
)
|
|
|
|
Hotels Without
Comparable Results |
|
|
|
|
72
|
|
|
|
75
|
|
|
4.0
|
|
|
6
|
|
|
|
6
|
|
|
—
|
|
|
|
|
Other
ancillary hotel operations |
|
|
|
|
24
|
|
|
|
25
|
|
|
4.0
|
|
$
|
148
|
|
|
$
|
145
|
|
|
(2.1
|
)
|
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
|
|
$
|
580
|
|
|
$
|
608
|
|
|
4.6
|
|
|
(a) |
|
Same-Store Owned
Hotel results exclude four hotels sold and 12 hotels without comparable
results for the three months ended and 11 hotels sold and 14 hotels
without comparable results for the year ended. |
|
|
|
n/m=
not meaningful |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Systemwide(1)
Statistics - Same Store |
For
the Three Months Ended December 31, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
|
Systemwide - North America |
|
|
|
Systemwide - International |
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
115.92
|
|
|
|
111.84
|
|
|
|
3.6%
|
|
|
|
112.89
|
|
|
|
107.06
|
|
|
|
5.4%
|
|
|
|
119.90
|
|
|
|
118.11
|
|
|
|
1.5%
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
174.11
|
|
|
|
171.34
|
|
|
|
1.6%
|
|
|
|
166.48
|
|
|
|
161.14
|
|
|
|
3.3%
|
|
|
|
184.51
|
|
|
|
185.26
|
|
|
|
(0.4%)
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
66.6%
|
|
|
|
65.3%
|
|
|
|
1.3
|
|
|
|
67.8%
|
|
|
|
66.4%
|
|
|
|
1.4
|
|
|
|
65.0%
|
|
|
|
63.8%
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
97.86
|
|
|
|
94.41
|
|
|
|
3.7%
|
|
|
|
94.55
|
|
|
|
88.35
|
|
|
|
7.0%
|
|
|
|
102.17
|
|
|
|
102.27
|
|
|
|
(0.1%)
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
150.53
|
|
|
|
148.14
|
|
|
|
1.6%
|
|
|
|
142.85
|
|
|
|
137.00
|
|
|
|
4.3%
|
|
|
|
160.94
|
|
|
|
163.01
|
|
|
|
(1.3%)
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
65.0%
|
|
|
|
63.7%
|
|
|
|
1.3
|
|
|
|
66.2%
|
|
|
|
64.5%
|
|
|
|
1.7
|
|
|
|
63.5%
|
|
|
|
62.7%
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
127.76
|
|
|
|
123.03
|
|
|
|
3.8%
|
|
|
|
120.95
|
|
|
|
115.69
|
|
|
|
4.5%
|
|
|
|
143.49
|
|
|
|
139.98
|
|
|
|
2.5%
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
185.55
|
|
|
|
181.42
|
|
|
|
2.3%
|
|
|
|
176.21
|
|
|
|
170.40
|
|
|
|
3.4%
|
|
|
|
206.88
|
|
|
|
206.96
|
|
|
|
(0.0%)
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
68.9%
|
|
|
|
67.8%
|
|
|
|
1.1
|
|
|
|
68.6%
|
|
|
|
67.9%
|
|
|
|
0.7
|
|
|
|
69.4%
|
|
|
|
67.6%
|
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST.
REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
189.87
|
|
|
|
186.77
|
|
|
|
1.7%
|
|
|
|
233.89
|
|
|
|
230.01
|
|
|
|
1.7%
|
|
|
|
166.79
|
|
|
|
163.96
|
|
|
|
1.7%
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
299.94
|
|
|
|
300.41
|
|
|
|
(0.2%)
|
|
|
|
341.85
|
|
|
|
334.22
|
|
|
|
2.3%
|
|
|
|
275.14
|
|
|
|
279.49
|
|
|
|
(1.6%)
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
63.3%
|
|
|
|
62.2%
|
|
|
|
1.1
|
|
|
|
68.4%
|
|
|
|
68.8%
|
|
|
|
(0.4)
|
|
|
|
60.6%
|
|
|
|
58.7%
|
|
|
|
1.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
131.98
|
|
|
|
130.30
|
|
|
|
1.3%
|
|
|
|
209.31
|
|
|
|
210.56
|
|
|
|
(0.6%)
|
|
|
|
122.63
|
|
|
|
120.60
|
|
|
|
1.7%
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
195.32
|
|
|
|
194.37
|
|
|
|
0.5%
|
|
|
|
269.20
|
|
|
|
264.92
|
|
|
|
1.6%
|
|
|
|
184.85
|
|
|
|
184.03
|
|
|
|
0.4%
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
67.6%
|
|
|
|
67.0%
|
|
|
|
0.6
|
|
|
|
77.8%
|
|
|
|
79.5%
|
|
|
|
(1.7)
|
|
|
|
66.3%
|
|
|
|
65.5%
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
224.24
|
|
|
|
215.19
|
|
|
|
4.2%
|
|
|
|
213.11
|
|
|
|
206.01
|
|
|
|
3.4%
|
|
|
|
253.14
|
|
|
|
238.95
|
|
|
|
5.9%
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
299.64
|
|
|
|
289.73
|
|
|
|
3.4%
|
|
|
|
283.90
|
|
|
|
274.34
|
|
|
|
3.5%
|
|
|
|
340.97
|
|
|
|
331.18
|
|
|
|
3.0%
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
74.8%
|
|
|
|
74.3%
|
|
|
|
0.5
|
|
|
|
75.1%
|
|
|
|
75.1%
|
|
|
|
-
|
|
|
|
74.2%
|
|
|
|
72.2%
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
77.66
|
|
|
|
73.30
|
|
|
|
5.9%
|
|
|
|
73.68
|
|
|
|
69.01
|
|
|
|
6.8%
|
|
|
|
83.86
|
|
|
|
79.99
|
|
|
|
4.8%
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
117.43
|
|
|
|
115.25
|
|
|
|
1.9%
|
|
|
|
110.69
|
|
|
|
107.71
|
|
|
|
2.8%
|
|
|
|
128.08
|
|
|
|
127.25
|
|
|
|
0.7%
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
66.1%
|
|
|
|
63.6%
|
|
|
|
2.5
|
|
|
|
66.6%
|
|
|
|
64.1%
|
|
|
|
2.5
|
|
|
|
65.5%
|
|
|
|
62.9%
|
|
|
|
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
71.44
|
|
|
|
65.54
|
|
|
|
9.0%
|
|
|
|
76.50
|
|
|
|
69.00
|
|
|
|
10.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
108.77
|
|
|
|
104.71
|
|
|
|
3.9%
|
|
|
|
112.79
|
|
|
|
106.89
|
|
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
65.7%
|
|
|
|
62.6%
|
|
|
|
3.1
|
|
|
|
67.8%
|
|
|
|
64.6%
|
|
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December 31, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
|
|
Company Operated (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
|
115.92
|
|
|
|
111.84
|
|
|
|
3.6%
|
|
|
|
132.93
|
|
|
|
128.97
|
|
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
|
174.11
|
|
|
|
171.34
|
|
|
|
1.6%
|
|
|
|
196.84
|
|
|
|
194.21
|
|
|
|
1.4%
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
|
66.6%
|
|
|
|
65.3%
|
|
|
|
1.3
|
|
|
|
67.5%
|
|
|
|
66.4%
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
|
112.89
|
|
|
|
107.06
|
|
|
|
5.4%
|
|
|
|
145.17
|
|
|
|
138.80
|
|
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
|
166.48
|
|
|
|
161.14
|
|
|
|
3.3%
|
|
|
|
206.88
|
|
|
|
199.78
|
|
|
|
3.6%
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
|
67.8%
|
|
|
|
66.4%
|
|
|
|
1.4
|
|
|
|
70.2%
|
|
|
|
69.5%
|
|
|
|
0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
|
126.28
|
|
|
|
129.43
|
|
|
|
(2.4%)
|
|
|
|
137.86
|
|
|
|
141.02
|
|
|
|
(2.2%)
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
|
201.34
|
|
|
|
205.08
|
|
|
|
(1.8%)
|
|
|
|
212.52
|
|
|
|
217.58
|
|
|
|
(2.3%)
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
|
62.7%
|
|
|
|
63.1%
|
|
|
|
(0.4)
|
|
|
|
64.9%
|
|
|
|
64.8%
|
|
|
|
0.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
|
136.69
|
|
|
|
136.73
|
|
|
|
(0.0%)
|
|
|
|
137.21
|
|
|
|
137.70
|
|
|
|
(0.4%)
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
|
209.87
|
|
|
|
209.82
|
|
|
|
0.0%
|
|
|
|
211.36
|
|
|
|
211.68
|
|
|
|
(0.2%)
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
|
65.1%
|
|
|
|
65.2%
|
|
|
|
(0.1)
|
|
|
|
64.9%
|
|
|
|
65.0%
|
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
|
114.77
|
|
|
|
110.48
|
|
|
|
3.9%
|
|
|
|
114.31
|
|
|
|
108.79
|
|
|
|
5.1%
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
|
171.42
|
|
|
|
170.84
|
|
|
|
0.3%
|
|
|
|
170.57
|
|
|
|
169.63
|
|
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
|
67.0%
|
|
|
|
64.7%
|
|
|
|
2.3
|
|
|
|
67.0%
|
|
|
|
64.1%
|
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
|
103.77
|
|
|
|
98.12
|
|
|
|
5.8%
|
|
|
|
112.36
|
|
|
|
106.39
|
|
|
|
5.6%
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
|
168.90
|
|
|
|
165.89
|
|
|
|
1.8%
|
|
|
|
180.11
|
|
|
|
172.86
|
|
|
|
4.2%
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
|
61.4%
|
|
|
|
59.1%
|
|
|
|
2.3
|
|
|
|
62.4%
|
|
|
|
61.5%
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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/Leased
Hotel Results - Same Store (1) |
For
the Three Months Ended December 31, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
|
|
NORTH AMERICA |
|
|
|
INTERNATIONAL |
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
|
|
|
41 Hotels
|
|
|
|
|
|
|
|
|
|
16 Hotels
|
|
|
|
|
|
|
|
|
|
25 Hotels
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
165.58
|
|
|
164.25
|
|
|
0.8%
|
|
|
|
177.04
|
|
|
174.56
|
|
|
1.4%
|
|
|
|
156.03
|
|
|
155.66
|
|
|
0.2%
|
|
|
|
|
ADR ($) |
|
|
|
233.94
|
|
|
231.35
|
|
|
1.1%
|
|
|
|
239.57
|
|
|
235.33
|
|
|
1.8%
|
|
|
|
228.86
|
|
|
227.76
|
|
|
0.5%
|
|
|
|
|
Occupancy (%) |
|
|
|
70.8%
|
|
|
71.0%
|
|
|
(0.2)
|
|
|
|
73.9%
|
|
|
74.2%
|
|
|
(0.3)
|
|
|
|
68.2%
|
|
|
68.3%
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
341,409
|
|
|
341,888
|
|
|
(0.1%)
|
|
|
|
166,565
|
|
|
164,691
|
|
|
1.1%
|
|
|
|
174,844
|
|
|
177,197
|
|
|
(1.3%)
|
|
|
|
|
Total Expenses |
|
|
|
265,414
|
|
|
262,406
|
|
|
(1.1%)
|
|
|
|
131,776
|
|
|
129,283
|
|
|
(1.9%)
|
|
|
|
133,638
|
|
|
133,123
|
|
|
(0.4%)
|
|
(1)
|
|
Hotel Results
exclude four hotels sold and 12 hotels without comparable results
during 2011 & 2012 |
|
|
|
Note:
Revenues and Expenses above are represented in thousands of dollars. |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Three Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
Worldwide |
|
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance |
|
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Base
Fees |
|
|
|
87
|
|
|
82
|
|
|
5
|
|
|
6.1%
|
Incentive Fees |
|
|
|
59
|
|
|
51
|
|
|
8
|
|
|
15.7%
|
Total
Management Fees |
|
|
|
146
|
|
|
133
|
|
|
13
|
|
|
9.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise Fees |
|
|
|
50
|
|
|
47
|
|
|
3
|
|
|
6.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
196
|
|
|
180
|
|
|
16
|
|
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Management & Franchise Revenues (1) |
|
|
|
42
|
|
|
34
|
|
|
8
|
|
|
23.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
238
|
|
|
214
|
|
|
24
|
|
|
11.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
8
|
|
|
20
|
|
|
(12)
|
|
|
(60.0%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fees, Franchise Fees & Other Income |
|
|
|
246
|
|
|
234
|
|
|
12
|
|
|
5.1%
|
|
(1) Other Management &
Franchise Revenues includes the amortization of deferred gains of
approximately $23 in 2012
and 2011, resulting from the sales
of hotels subject to long-term management contracts and termination
fees.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$ Variance |
|
|
% Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Revenues (1) -- Vacation Ownership Sales |
|
|
|
|
84
|
|
|
|
86
|
|
|
|
(2
|
)
|
|
|
|
(2.3
|
%)
|
Other Sales and
Services Revenues (2) |
|
|
|
|
69
|
|
|
|
59
|
|
|
|
10
|
|
|
|
|
16.9
|
%
|
Deferred Revenues
-- Percentage of Completion |
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
Deferred
Revenues -- Other (3) |
|
|
|
|
(7
|
)
|
|
|
(8
|
)
|
|
|
1
|
|
|
|
|
12.5
|
%
|
Vacation
Ownership Sales and Services Revenues |
|
|
|
|
146
|
|
|
|
137
|
|
|
|
9
|
|
|
|
|
6.6
|
%
|
Residential
Sales and Services Revenues (4) |
|
|
|
|
103
|
|
|
|
127
|
|
|
|
(24
|
)
|
|
|
|
(18.9
|
%)
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
|
|
|
249
|
|
|
|
264
|
|
|
|
(15
|
)
|
|
|
|
(5.7
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Expenses (5) -- Vacation Ownership Sales |
|
|
|
|
53
|
|
|
|
56
|
|
|
|
3
|
|
|
|
|
5.4
|
%
|
Other Expenses (6)
|
|
|
|
|
51
|
|
|
|
46
|
|
|
|
(5
|
)
|
|
|
|
(10.9
|
%)
|
Deferred Expenses
-- Percentage of Completion |
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
Deferred
Expenses -- Other |
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
Vacation
Ownership Expenses |
|
|
|
|
104
|
|
|
|
102
|
|
|
|
(2
|
)
|
|
|
|
(2.0
|
%)
|
Residential
Expenses (4) |
|
|
|
|
67
|
|
|
|
89
|
|
|
|
22
|
|
|
|
|
24.7
|
%
|
Total
Vacation Ownership & Residential Expenses |
|
|
|
|
171
|
|
|
|
191
|
|
|
|
20
|
|
|
|
|
10.5
|
%
|
|
(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 $99 million of
revenues and $67 million of expenses associated with the St. Regis Bal
Harbour residential project
|
(5)
|
|
Timeshare cost of sales and sales
& marketing expenses before deferrals of sales expenses for U.S.
GAAP reporting purposes
|
(6)
|
|
Includes resort, general and
administrative, and other miscellaneous expenses
|
|
Note: Deferred
revenue is calculated based on the Percentage of Completion ("POC") of
the project. Deferred expenses, also based on POC, include product
costs and direct sales and marketing costs only. Indirect sales and
marketing costs are not deferred per ASC 978-720-25 and ASC 978-340-25.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Top
20 Worldwide Markets - Owned/Leased |
For
the Year Ended December 31, 2012 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
of 2012 |
|
|
|
|
|
|
|
|
|
|
|
%
of 2012 |
US Markets
|
|
|
|
|
|
Total
Earnings 1 |
|
|
|
|
|
International
Markets
|
|
|
|
|
|
Total
Earnings 1 |
New York, NY |
|
|
|
|
|
7%
|
|
|
|
|
|
Canada |
|
|
|
|
|
15%
|
Phoenix, AZ |
|
|
|
|
|
7%
|
|
|
|
|
|
Australia |
|
|
|
|
|
12%
|
Hawaii |
|
|
|
|
|
6%
|
|
|
|
|
|
Mexico |
|
|
|
|
|
7%
|
San Francisco/San
Mateo, CA |
|
|
|
|
|
3%
|
|
|
|
|
|
Italy |
|
|
|
|
|
7%
|
Chicago, IL |
|
|
|
|
|
3%
|
|
|
|
|
|
United Kingdom |
|
|
|
|
|
6%
|
New Orleans, LA |
|
|
|
|
|
2%
|
|
|
|
|
|
Brazil |
|
|
|
|
|
6%
|
Los Angeles-Long
Beach, CA |
|
|
|
|
|
2%
|
|
|
|
|
|
Fiji |
|
|
|
|
|
5%
|
Atlanta, GA |
|
|
|
|
|
1%
|
|
|
|
|
|
Argentina |
|
|
|
|
|
4%
|
Philadelphia,
PA-NJ |
|
|
|
|
|
1%
|
|
|
|
|
|
Spain |
|
|
|
|
|
4%
|
Boston,
MA |
|
|
|
|
|
1%
|
|
|
|
|
|
Austria |
|
|
|
|
|
1%
|
Total Top 10 US
Markets |
|
|
|
|
|
33%
|
|
|
|
|
|
Total Top 10
International Markets |
|
|
|
|
|
67%
|
|
(1)
|
|
Represents earnings before
depreciation for owned and leased hotels
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Total
Management & Franchise Fees by Geographic Region |
For
the Year Ended December 31, 2012 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management and |
Geographical
Region |
|
|
|
Management Fees
|
|
|
|
Franchise Fees
|
|
|
|
Franchise
Fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
|
|
34%
|
|
|
|
70%
|
|
|
|
44%
|
Europe |
|
|
|
15%
|
|
|
|
7%
|
|
|
|
13%
|
Asia Pacific |
|
|
|
31%
|
|
|
|
9%
|
|
|
|
24%
|
Middle East and
Africa |
|
|
|
12%
|
|
|
|
-
|
|
|
|
9%
|
Americas
(Latin America & Canada) |
|
|
|
8%
|
|
|
|
14%
|
|
|
|
10%
|
Total
|
|
|
|
100%
|
|
|
|
100%
|
|
|
|
100%
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Systemwide(1)
Statistics - Same Store |
For
the Twelve Months Ended December 31, |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
Systemwide - North America |
|
|
Systemwide - International |
|
|
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
116.51
|
|
|
112.93
|
|
|
3.2%
|
|
|
115.34
|
|
|
109.06
|
|
|
5.8%
|
|
|
118.07
|
|
|
118.12
|
|
|
(0.0%)
|
|
|
|
|
|
|
ADR ($) |
|
|
|
169.55
|
|
|
168.49
|
|
|
0.6%
|
|
|
161.02
|
|
|
156.01
|
|
|
3.2%
|
|
|
182.15
|
|
|
187.00
|
|
|
(2.6%)
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
68.7%
|
|
|
67.0%
|
|
|
1.7
|
|
|
71.6%
|
|
|
69.9%
|
|
|
1.7
|
|
|
64.8%
|
|
|
63.2%
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
97.93
|
|
|
95.11
|
|
|
3.0%
|
|
|
96.70
|
|
|
91.48
|
|
|
5.7%
|
|
|
99.48
|
|
|
99.66
|
|
|
(0.2%)
|
|
|
|
|
|
|
ADR ($) |
|
|
|
146.74
|
|
|
145.56
|
|
|
0.8%
|
|
|
138.03
|
|
|
133.85
|
|
|
3.1%
|
|
|
158.99
|
|
|
161.88
|
|
|
(1.8%)
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
66.7%
|
|
|
65.3%
|
|
|
1.4
|
|
|
70.1%
|
|
|
68.3%
|
|
|
1.8
|
|
|
62.6%
|
|
|
61.6%
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
129.92
|
|
|
124.44
|
|
|
4.4%
|
|
|
126.11
|
|
|
119.82
|
|
|
5.2%
|
|
|
139.76
|
|
|
136.34
|
|
|
2.5%
|
|
|
|
|
|
|
ADR ($) |
|
|
|
180.55
|
|
|
177.46
|
|
|
1.7%
|
|
|
173.11
|
|
|
167.44
|
|
|
3.4%
|
|
|
200.69
|
|
|
205.34
|
|
|
(2.3%)
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
72.0%
|
|
|
70.1%
|
|
|
1.9
|
|
|
72.9%
|
|
|
71.6%
|
|
|
1.3
|
|
|
69.6%
|
|
|
66.4%
|
|
|
3.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST.
REGIS / LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
195.51
|
|
|
196.48
|
|
|
(0.5%)
|
|
|
228.00
|
|
|
215.36
|
|
|
5.9%
|
|
|
178.13
|
|
|
186.34
|
|
|
(4.4%)
|
|
|
|
|
|
|
ADR ($) |
|
|
|
307.00
|
|
|
313.70
|
|
|
(2.1%)
|
|
|
322.95
|
|
|
309.95
|
|
|
4.2%
|
|
|
296.96
|
|
|
316.08
|
|
|
(6.0%)
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
63.7%
|
|
|
62.6%
|
|
|
1.1
|
|
|
70.6%
|
|
|
69.5%
|
|
|
1.1
|
|
|
60.0%
|
|
|
59.0%
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
129.77
|
|
|
128.97
|
|
|
0.6%
|
|
|
203.43
|
|
|
197.79
|
|
|
2.9%
|
|
|
121.38
|
|
|
121.11
|
|
|
0.2%
|
|
|
|
|
|
|
ADR ($) |
|
|
|
187.57
|
|
|
192.76
|
|
|
(2.7%)
|
|
|
246.09
|
|
|
239.45
|
|
|
2.8%
|
|
|
179.43
|
|
|
185.99
|
|
|
(3.5%)
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
69.2%
|
|
|
66.9%
|
|
|
2.3
|
|
|
82.7%
|
|
|
82.6%
|
|
|
0.1
|
|
|
67.6%
|
|
|
65.1%
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
209.62
|
|
|
200.21
|
|
|
4.7%
|
|
|
200.53
|
|
|
189.70
|
|
|
5.7%
|
|
|
242.15
|
|
|
237.78
|
|
|
1.8%
|
|
|
|
|
|
|
ADR ($) |
|
|
|
273.93
|
|
|
266.22
|
|
|
2.9%
|
|
|
259.69
|
|
|
250.73
|
|
|
3.6%
|
|
|
327.04
|
|
|
323.16
|
|
|
1.2%
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
76.5%
|
|
|
75.2%
|
|
|
1.3
|
|
|
77.2%
|
|
|
75.7%
|
|
|
1.5
|
|
|
74.0%
|
|
|
73.6%
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
81.06
|
|
|
77.38
|
|
|
4.8%
|
|
|
78.76
|
|
|
73.81
|
|
|
6.7%
|
|
|
84.70
|
|
|
83.05
|
|
|
2.0%
|
|
|
|
|
|
|
ADR ($) |
|
|
|
117.51
|
|
|
115.54
|
|
|
1.7%
|
|
|
111.48
|
|
|
108.25
|
|
|
3.0%
|
|
|
127.69
|
|
|
127.66
|
|
|
0.0%
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
69.0%
|
|
|
67.0%
|
|
|
2.0
|
|
|
70.7%
|
|
|
68.2%
|
|
|
2.5
|
|
|
66.3%
|
|
|
65.1%
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
74.04
|
|
|
69.18
|
|
|
7.0%
|
|
|
75.38
|
|
|
69.54
|
|
|
8.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
105.94
|
|
|
104.77
|
|
|
1.1%
|
|
|
107.38
|
|
|
104.43
|
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
69.9%
|
|
|
66.0%
|
|
|
3.9
|
|
|
70.2%
|
|
|
66.6%
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Includes same store owned, leased,
managed, and franchised hotels
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Worldwide
Hotel Results - Same Store |
For
the Twelve Months Ended December 31, |
UNAUDITED
|
|
|
Systemwide (1)
|
|
|
Company Operated (2)
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
116.51
|
|
|
112.93
|
|
|
3.2%
|
|
|
131.67
|
|
|
128.14
|
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
169.55
|
|
|
168.49
|
|
|
0.6%
|
|
|
191.29
|
|
|
190.28
|
|
|
0.5%
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
68.7%
|
|
|
67.0%
|
|
|
1.7
|
|
|
68.8%
|
|
|
67.3%
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
115.34
|
|
|
109.06
|
|
|
5.8%
|
|
|
144.07
|
|
|
136.50
|
|
|
5.5%
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
161.02
|
|
|
156.01
|
|
|
3.2%
|
|
|
196.00
|
|
|
188.76
|
|
|
3.8%
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
71.6%
|
|
|
69.9%
|
|
|
1.7
|
|
|
73.5%
|
|
|
72.3%
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
140.94
|
|
|
150.15
|
|
|
(6.1%)
|
|
|
152.24
|
|
|
161.96
|
|
|
(6.0%)
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
212.88
|
|
|
227.45
|
|
|
(6.4%)
|
|
|
224.15
|
|
|
239.57
|
|
|
(6.4%)
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
66.2%
|
|
|
66.0%
|
|
|
0.2
|
|
|
67.9%
|
|
|
67.6%
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
115.97
|
|
|
113.13
|
|
|
2.5%
|
|
|
116.19
|
|
|
113.85
|
|
|
2.1%
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
185.44
|
|
|
189.19
|
|
|
(2.0%)
|
|
|
186.60
|
|
|
191.04
|
|
|
(2.3%)
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
62.5%
|
|
|
59.8%
|
|
|
2.7
|
|
|
62.3%
|
|
|
59.6%
|
|
|
2.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
108.79
|
|
|
105.36
|
|
|
3.3%
|
|
|
110.04
|
|
|
105.29
|
|
|
4.5%
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
166.29
|
|
|
166.49
|
|
|
(0.1%)
|
|
|
167.04
|
|
|
165.61
|
|
|
0.9%
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
65.4%
|
|
|
63.3%
|
|
|
2.1
|
|
|
65.9%
|
|
|
63.6%
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
99.25
|
|
|
93.55
|
|
|
6.1%
|
|
|
107.45
|
|
|
99.49
|
|
|
8.0%
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
160.93
|
|
|
156.70
|
|
|
2.7%
|
|
|
173.14
|
|
|
163.33
|
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
61.7%
|
|
|
59.7%
|
|
|
2.0
|
|
|
62.1%
|
|
|
60.9%
|
|
|
1.2
|
|
(1)
|
|
Includes same store owned, leased,
managed, and franchised hotels
|
(2)
|
|
Includes same store owned, leased,
and managed hotels
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Owned/Leased
Hotel Results - Same Store (1) |
For
the Twelve Months Ended December 31, |
UNAUDITED
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
|
NORTH AMERICA |
|
|
INTERNATIONAL |
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
2012
|
|
|
2011
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
39 Hotels
|
|
|
|
|
|
|
|
|
16 Hotels
|
|
|
|
|
|
|
|
|
23 Hotels
|
|
|
|
REVPAR ($) |
|
|
|
|
|
160.01
|
|
|
159.85
|
|
|
0.1%
|
|
|
168.11
|
|
|
167.13
|
|
|
0.6%
|
|
|
153.02
|
|
|
153.58
|
|
|
(0.4%)
|
ADR ($) |
|
|
|
|
|
220.71
|
|
|
221.17
|
|
|
(0.2%)
|
|
|
219.52
|
|
|
216.83
|
|
|
1.2%
|
|
|
221.85
|
|
|
225.41
|
|
|
(1.6%)
|
Occupancy (%) |
|
|
|
|
|
72.5%
|
|
|
72.3%
|
|
|
0.2
|
|
|
76.6%
|
|
|
77.1%
|
|
|
(0.5)
|
|
|
69.0%
|
|
|
68.1%
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
|
|
1,251,758
|
|
|
1,254,761
|
|
|
(0.2%)
|
|
|
611,738
|
|
|
610,211
|
|
|
0.3%
|
|
|
640,020
|
|
|
644,550
|
|
|
(0.7%)
|
Total Expenses |
|
|
|
|
|
993,311
|
|
|
1,000,977
|
|
|
0.8%
|
|
|
508,871
|
|
|
507,199
|
|
|
(0.3%)
|
|
|
484,439
|
|
|
493,777
|
|
|
1.9%
|
|
(1)
|
|
Hotel Results exclude 11 hotels
sold and 14 hotels without comparable results during 2011 & 2012
|
|
Note:
Revenues and Expenses above are represented in thousands of dollars. |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Year Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance |
|
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Fees |
|
|
|
|
331
|
|
|
309
|
|
|
22
|
|
|
7.1%
|
Incentive
Fees |
|
|
|
|
178
|
|
|
146
|
|
|
32
|
|
|
21.9%
|
Total
Management Fees |
|
|
|
|
509
|
|
|
455
|
|
|
54
|
|
|
11.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
|
|
|
200
|
|
|
187
|
|
|
13
|
|
|
7.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
|
709
|
|
|
642
|
|
|
67
|
|
|
10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
|
|
|
152
|
|
|
130
|
|
|
22
|
|
|
16.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
|
861
|
|
|
772
|
|
|
89
|
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
27
|
|
|
42
|
|
|
(15)
|
|
|
(35.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
|
|
|
888
|
|
|
814
|
|
|
74
|
|
|
9.1%
|
|
(1) Other Management &
Franchise Revenues includes the amortization of deferred gains of
approximately $87 in
2012 and 2011 resulting from the
sales of hotels subject to long-term management contracts and
termination fees.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Year Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
$
Variance |
|
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Revenues (1) -- Vacation Ownership Sales |
|
|
|
|
324
|
|
|
330
|
|
|
(6)
|
|
|
(1.8%)
|
Other Sales and
Services Revenues (2) |
|
|
|
|
278
|
|
|
258
|
|
|
20
|
|
|
7.8%
|
Deferred Revenues
-- Percentage of Completion |
|
|
|
|
3
|
|
|
(3)
|
|
|
6
|
|
|
n/m
|
Deferred
Revenues -- Other (3) |
|
|
|
|
(18)
|
|
|
(19)
|
|
|
1
|
|
|
5.3%
|
Vacation
Ownership Sales and Services Revenues |
|
|
|
|
587
|
|
|
566
|
|
|
21
|
|
|
3.7%
|
Residential
Sales and Services Revenues (4) |
|
|
|
|
700
|
|
|
137
|
|
|
563
|
|
|
n/m
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
|
|
|
1,287
|
|
|
703
|
|
|
584
|
|
|
83.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Expenses (5) -- Vacation Ownership Sales |
|
|
|
|
217
|
|
|
225
|
|
|
8
|
|
|
3.6%
|
Other Expenses (6)
|
|
|
|
|
207
|
|
|
194
|
|
|
(13)
|
|
|
(6.7%)
|
Deferred Expenses
-- Percentage of Completion |
|
|
|
|
2
|
|
|
(2)
|
|
|
(4)
|
|
|
n/m
|
Deferred
Expenses -- Other |
|
|
|
|
8
|
|
|
9
|
|
|
1
|
|
|
11.1%
|
Vacation
Ownership Expenses |
|
|
|
|
434
|
|
|
426
|
|
|
(8)
|
|
|
(1.9%)
|
Residential
Expenses (4) |
|
|
|
|
527
|
|
|
95
|
|
|
(432)
|
|
|
n/m
|
Total
Vacation Ownership & Residential Expenses |
|
|
|
|
961
|
|
|
521
|
|
|
(440)
|
|
|
(84.5%)
|
|
(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 $684 million of revenues and $527 million expenses associated
with the St. Regis Bal Harbour residential project |
(5) Timeshare
cost of sales and sales & marketing expenses before deferrals of
sales expenses for U.S. GAAP reporting purposes |
(6) Includes
resort, general and administrative, and other miscellaneous expenses |
|
Note: Deferred
revenue is calculated based on the Percentage of Completion ("POC") of
the project. Deferred expenses, also based on POC, include product
costs and direct sales and marketing costs only. Indirect sales and
marketing costs are not deferred per ASC 978-720-25 and ASC 978-340-25.
|
|
|
n/m = not
meaningful |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Hotels
without Comparable Results & Other Selected Items |
As
of December 31, 2012 |
UNAUDITED
($ millions) |
|
|
|
|
Properties without comparable results in 2012 and 2011:
|
|
|
|
Revenues and Expenses Associated with Assets Sold or
Closed in 2012 and 2011: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
Westin Maui |
|
|
|
Lahaina, HI |
|
|
|
Expenses
(excluding depreciation) |
$28
|
|
$19
|
|
$4
|
|
($1)
|
|
$50
|
W London -
Leicester Square |
|
|
|
London,
England |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aloft
San Francisco (formerly Clarion Hotel) |
|
|
|
Millbrae, CA |
|
|
|
Hotels Sold or
Closed in 2012: |
|
|
|
|
|
|
|
|
|
W New Orleans -
French Quarter |
|
|
|
New
Orleans, LA |
|
|
|
2012(2)
|
|
|
|
|
|
|
|
|
|
Sheraton Suites
Philadelphia Airport |
|
|
|
Philadelphia,
PA |
|
|
|
Revenues |
$35
|
|
$43
|
|
$36
|
|
-
|
|
$114
|
Hotel Santa Maria
de El Paular |
|
|
|
Rascafria,
Spain |
|
|
|
Expenses
(excluding depreciation) |
$32
|
|
$32
|
|
$28
|
|
$1
|
|
$93
|
Hotel Maria
Cristina |
|
|
|
San
Sebastian, Spain |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Alfonso
XIII |
|
|
|
Seville, Spain |
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
Four Points by Sheraton Tucson
University
|
|
|
|
Tucson, AZ |
|
|
|
Revenues |
$34
|
|
$44
|
|
$46
|
|
$43
|
|
$167
|
Hotel Gritti
Palace |
|
|
|
Venice, Italy |
|
|
|
Expenses
(excluding depreciation) |
$33
|
|
$35
|
|
$35
|
|
$33
|
|
$136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties
sold or closed in 2012 and 2011: |
|
|
|
|
|
|
|
(1) Results consist of seven
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. These amounts are not impacted by the sale of Caesars
Brookdale as the hotel was closed prior to 2011.
|
|
|
|
|
|
|
|
|
Property
|
|
|
|
Location
|
|
|
|
Atlanta Perimeter
|
|
|
|
Atlanta, GA |
|
|
|
(2) Excludes $11 million of revenues and $7 million of expenses related
to the sales of the Aloft and Element located in Lexington, MA in early
2013
|
Boston Park Plaza
|
|
|
|
Boston, MA |
|
|
|
W Chicago -
Lakeshore |
|
|
|
Chicago, IL |
|
|
|
W City Center |
|
|
|
Chicago, IL |
|
|
|
Caesars Cove
Haven |
|
|
|
Lakeville, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
W Los Angeles -
Westwood |
|
|
|
Los Angeles, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesars Pocono
Palace |
|
|
|
Marshalls Creek,
PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesars Paradise
Stream |
|
|
|
Mount Pocono, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Manhattan at Times Square
Hotel
|
|
|
|
New York, NY |
|
|
|
|
|
|
|
|
|
|
|
|
|
The Westin
Gaslamp Quarter |
|
|
|
San Diego, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Caesars Brookdale
|
|
|
|
Scotrun, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Bristol |
|
|
|
Vienna, Austria |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Capital
Expenditures |
For
the Three and Twelve Months Ended December 31, 2012 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
Q4
|
|
|
|
YTD
|
Maintenance
Capital Expenditures: (1) |
|
|
|
|
|
|
|
|
|
Owned, Leased and
Consolidated Joint Venture Hotels |
|
|
|
|
32
|
|
|
|
68
|
Corporate/IT
|
|
|
|
|
26
|
|
|
|
78
|
Subtotal |
|
|
|
|
58
|
|
|
|
146
|
|
|
|
|
|
|
|
|
|
|
Vacation
Ownership and Residential Capital Expenditures: |
|
|
|
|
|
|
|
|
|
Net capital
expenditures for inventory (excluding St. Regis Bal Harbour) (2)
|
|
|
|
|
(8)
|
|
|
|
(38)
|
Capital
expenditures for inventory - St. Regis Bal Harbour |
|
|
|
|
7
|
|
|
|
27
|
Subtotal |
|
|
|
|
(1)
|
|
|
|
(11)
|
|
|
|
|
|
|
|
|
|
|
Development
Capital |
|
|
|
|
73
|
|
|
|
271
|
|
|
|
|
|
|
|
|
|
|
Total
Capital Expenditures |
|
|
|
|
130
|
|
|
|
406
|
|
(1) Maintenance
capital expenditures include improvements that extend the useful life
of the asset. |
|
(2) Represents gross inventory
capital expenditures of $9 and $34 in the three and twelve months ended
December 31, 2012, respectively,
less cost of sales of $17 and $72 in the three and twelve months ended
December 31, 2012, respectively.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
2012
Divisional Hotel Inventory Summary by Ownership by Brand |
As
of December 31, 2012 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
1
|
|
|
|
135
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
135
|
Total
Owned |
|
|
|
|
|
24
|
|
|
|
9,429
|
|
|
|
16
|
|
|
|
2,865
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
3,782
|
|
|
|
4
|
|
|
|
1,254
|
|
|
|
53
|
|
|
|
17,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed &
UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
|
|
36
|
|
|
|
25,941
|
|
|
|
41
|
|
|
|
11,936
|
|
|
|
30
|
|
|
|
8,385
|
|
|
|
15
|
|
|
|
2,954
|
|
|
|
82
|
|
|
|
30,440
|
|
|
|
204
|
|
|
|
79,656
|
Westin |
|
|
|
|
|
57
|
|
|
|
29,670
|
|
|
|
12
|
|
|
|
4,097
|
|
|
|
3
|
|
|
|
949
|
|
|
|
3
|
|
|
|
886
|
|
|
|
30
|
|
|
|
10,126
|
|
|
|
105
|
|
|
|
45,728
|
Four Points |
|
|
|
|
|
1
|
|
|
|
171
|
|
|
|
6
|
|
|
|
1,013
|
|
|
|
7
|
|
|
|
1,329
|
|
|
|
4
|
|
|
|
517
|
|
|
|
21
|
|
|
|
6,810
|
|
|
|
39
|
|
|
|
9,840
|
W |
|
|
|
|
|
25
|
|
|
|
7,537
|
|
|
|
3
|
|
|
|
364
|
|
|
|
1
|
|
|
|
441
|
|
|
|
2
|
|
|
|
433
|
|
|
|
8
|
|
|
|
1,912
|
|
|
|
39
|
|
|
|
10,687
|
Luxury Collection
|
|
|
|
|
|
4
|
|
|
|
1,648
|
|
|
|
19
|
|
|
|
3,013
|
|
|
|
5
|
|
|
|
1,384
|
|
|
|
7
|
|
|
|
290
|
|
|
|
9
|
|
|
|
1,911
|
|
|
|
44
|
|
|
|
8,246
|
St. Regis |
|
|
|
|
|
9
|
|
|
|
1,811
|
|
|
|
2
|
|
|
|
223
|
|
|
|
3
|
|
|
|
885
|
|
|
|
2
|
|
|
|
309
|
|
|
|
8
|
|
|
|
2,032
|
|
|
|
24
|
|
|
|
5,260
|
Le Meridien |
|
|
|
|
|
3
|
|
|
|
309
|
|
|
|
21
|
|
|
|
6,175
|
|
|
|
28
|
|
|
|
6,954
|
|
|
|
1
|
|
|
|
160
|
|
|
|
26
|
|
|
|
7,307
|
|
|
|
79
|
|
|
|
20,905
|
Aloft |
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
402
|
|
|
|
1
|
|
|
|
408
|
|
|
|
2
|
|
|
|
292
|
|
|
|
6
|
|
|
|
1,319
|
|
|
|
11
|
|
|
|
2,421
|
Other
|
|
|
|
|
|
1
|
|
|
|
151
|
|
|
|
1
|
|
|
|
165
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
316
|
Total
Managed & UJV |
|
|
|
|
|
136
|
|
|
|
67,238
|
|
|
|
107
|
|
|
|
27,388
|
|
|
|
78
|
|
|
|
20,735
|
|
|
|
36
|
|
|
|
5,841
|
|
|
|
190
|
|
|
|
61,857
|
|
|
|
547
|
|
|
|
183,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
|
|
165
|
|
|
|
49,045
|
|
|
|
16
|
|
|
|
4,272
|
|
|
|
2
|
|
|
|
403
|
|
|
|
10
|
|
|
|
2,566
|
|
|
|
13
|
|
|
|
6,088
|
|
|
|
206
|
|
|
|
62,374
|
Westin |
|
|
|
|
|
60
|
|
|
|
19,459
|
|
|
|
3
|
|
|
|
1,176
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
1,309
|
|
|
|
9
|
|
|
|
2,730
|
|
|
|
76
|
|
|
|
24,674
|
Four Points |
|
|
|
|
|
109
|
|
|
|
17,242
|
|
|
|
5
|
|
|
|
835
|
|
|
|
-
|
|
|
|
-
|
|
|
|
8
|
|
|
|
1,239
|
|
|
|
8
|
|
|
|
1,441
|
|
|
|
130
|
|
|
|
20,757
|
Luxury Collection
|
|
|
|
|
|
8
|
|
|
|
1,621
|
|
|
|
12
|
|
|
|
1,673
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2
|
|
|
|
248
|
|
|
|
12
|
|
|
|
3,170
|
|
|
|
34
|
|
|
|
6,712
|
Le Meridien |
|
|
|
|
|
8
|
|
|
|
2,161
|
|
|
|
5
|
|
|
|
1,455
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
111
|
|
|
|
3
|
|
|
|
715
|
|
|
|
17
|
|
|
|
4,442
|
Aloft |
|
|
|
|
|
44
|
|
|
|
6,350
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
564
|
|
|
|
48
|
|
|
|
6,914
|
Element |
|
|
|
|
|
9
|
|
|
|
1,518
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
9
|
|
|
|
1,518
|
Other
|
|
|
|
|
|
1
|
|
|
|
275
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
275
|
Total
Franchised |
|
|
|
|
|
404
|
|
|
|
97,671
|
|
|
|
41
|
|
|
|
9,411
|
|
|
|
2
|
|
|
|
403
|
|
|
|
25
|
|
|
|
5,473
|
|
|
|
49
|
|
|
|
14,708
|
|
|
|
521
|
|
|
|
127,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
|
|
207
|
|
|
|
78,515
|
|
|
|
61
|
|
|
|
16,913
|
|
|
|
32
|
|
|
|
8,788
|
|
|
|
30
|
|
|
|
8,219
|
|
|
|
97
|
|
|
|
37,349
|
|
|
|
427
|
|
|
|
149,784
|
Westin |
|
|
|
|
|
121
|
|
|
|
51,528
|
|
|
|
18
|
|
|
|
5,923
|
|
|
|
3
|
|
|
|
949
|
|
|
|
10
|
|
|
|
3,097
|
|
|
|
40
|
|
|
|
13,129
|
|
|
|
192
|
|
|
|
74,626
|
Four Points |
|
|
|
|
|
112
|
|
|
|
17,740
|
|
|
|
11
|
|
|
|
1,848
|
|
|
|
7
|
|
|
|
1,329
|
|
|
|
12
|
|
|
|
1,756
|
|
|
|
29
|
|
|
|
8,251
|
|
|
|
171
|
|
|
|
30,924
|
W |
|
|
|
|
|
28
|
|
|
|
8,554
|
|
|
|
5
|
|
|
|
1,029
|
|
|
|
1
|
|
|
|
441
|
|
|
|
2
|
|
|
|
433
|
|
|
|
8
|
|
|
|
1,912
|
|
|
|
44
|
|
|
|
12,369
|
Luxury Collection
|
|
|
|
|
|
13
|
|
|
|
3,912
|
|
|
|
36
|
|
|
|
5,270
|
|
|
|
5
|
|
|
|
1,384
|
|
|
|
10
|
|
|
|
719
|
|
|
|
21
|
|
|
|
5,081
|
|
|
|
85
|
|
|
|
16,366
|
St. Regis |
|
|
|
|
|
12
|
|
|
|
2,543
|
|
|
|
4
|
|
|
|
484
|
|
|
|
3
|
|
|
|
885
|
|
|
|
2
|
|
|
|
309
|
|
|
|
9
|
|
|
|
2,192
|
|
|
|
30
|
|
|
|
6,413
|
Le Meridien |
|
|
|
|
|
11
|
|
|
|
2,470
|
|
|
|
26
|
|
|
|
7,630
|
|
|
|
28
|
|
|
|
6,954
|
|
|
|
2
|
|
|
|
271
|
|
|
|
29
|
|
|
|
8,022
|
|
|
|
96
|
|
|
|
25,347
|
Aloft |
|
|
|
|
|
47
|
|
|
|
6,874
|
|
|
|
2
|
|
|
|
402
|
|
|
|
1
|
|
|
|
408
|
|
|
|
2
|
|
|
|
292
|
|
|
|
10
|
|
|
|
1,883
|
|
|
|
62
|
|
|
|
9,859
|
Element |
|
|
|
|
|
10
|
|
|
|
1,641
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10
|
|
|
|
1,641
|
Other |
|
|
|
|
|
3
|
|
|
|
561
|
|
|
|
1
|
|
|
|
165
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
4
|
|
|
|
726
|
Vacation
Ownership |
|
|
|
|
|
12
|
|
|
|
6,780
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
1
|
|
|
|
580
|
|
|
|
-
|
|
|
|
-
|
|
|
|
13
|
|
|
|
7,360
|
Total
Systemwide |
|
|
|
|
|
576
|
|
|
|
181,118
|
|
|
|
164
|
|
|
|
39,664
|
|
|
|
80
|
|
|
|
21,138
|
|
|
|
71
|
|
|
|
15,676
|
|
|
|
243
|
|
|
|
77,819
|
|
|
|
1,134
|
|
|
|
335,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Includes Vacation Ownership properties |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of December 31, 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
|
|
|
37
|
|
|
1,643
|
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
|
|
|
750
|
|
|
5,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Joint Ventures (UJV's) |
|
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
198
|
|
|
-
|
|
|
-
|
|
|
198
|
Total
including UJV's |
|
|
|
|
22
|
|
|
22
|
|
|
17
|
|
|
5,022
|
|
|
22
|
|
|
750
|
|
|
5,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Intervals Including UJV's (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
261,144
|
|
|
1,144
|
|
|
39,000
|
|
|
301,288
|
|
(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.
|
|