STAMFORD, Conn.--(April
30, 2013)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
today reported first quarter 2013 financial results.
First Quarter 2013 Highlights
- Excluding special items, EPS from
continuing operations was $0.76. Including special items, EPS from
continuing operations was $0.73.
- Adjusted EBITDA was $315 million,
which included $58 million of EBITDA from the St. Regis Bal Harbour
residential project.
- Excluding special items, income
from continuing operations was $148 million. Including special items,
income from continuing operations was $143 million.
- Worldwide Systemwide REVPAR for
Same-Store Hotels increased 5.0% in constant dollars (4.6% in actual
dollars) compared to 2012. Systemwide REVPAR for Same-Store Hotels in
North America increased 6.2% in constant dollars (6.2% in actual
dollars).
- Management fees, franchise fees and
other income increased 8.0% compared to 2012.
- Worldwide Same-Store
Company-Operated gross operating profit margins increased approximately
52 basis points compared to 2012.
- Worldwide REVPAR for Starwood
Same-Store Owned Hotels increased 3.4% in constant dollars (3.1% in
actual dollars) compared to 2012.
- Margins at Starwood Same-Store
Owned Hotels Worldwide remained flat compared to 2012.
- Earnings from Starwood’s vacation
ownership and residential business decreased approximately $11 million
compared to 2012, due to lower revenues at the St. Regis Bal Harbour
residential project that is nearing completion.
- During the quarter, the Company
signed 26 hotel management and franchise contracts, representing
approximately 6,200 rooms, and opened 18 hotels and resorts with
approximately 4,000 rooms.
First Quarter 2013 Earnings Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
first quarter of 2013 of $0.73 compared to $0.65 in the first quarter
of 2012. Excluding special items, EPS from continuing operations was
$0.76 for the first quarter of 2013 compared to $0.63 in the first
quarter of 2012. Special items in the first quarter of 2013, which
totaled a charge of $5 million (after-tax), included a loss of $8
million (pre-tax), primarily related to the sale of three wholly-owned
hotels. Special items in the first quarter of 2012, which totaled a
benefit of $5 million (after-tax), included an $11 million (pre-tax)
reduction of a legal reserve, partially offset by a $7 million
(pre-tax) loss on the sale of one wholly-owned hotel. Excluding special
items, the effective income tax rate in the first quarter of 2013 was
31.3% compared to 29.8% in the first quarter of 2012.
Income from continuing operations was $143 million in the
first quarter of 2013, compared to $129 million in the first quarter of
2012. Excluding special items, income from continuing operations was
$148 million in the first quarter of 2013 compared to $124 million in
the first quarter of 2012.
Net income was $213 million and $1.09 per share in the first
quarter of 2013, compared to $128 million and $0.65 per share in the
first quarter of 2012. The net income in the first quarter of 2013
included a tax benefit of $70 million, in discontinued operations, as a
result of the reversal of a reserve associated with an uncertain tax
position related to a previous disposition. The applicable statute of
limitation for this tax position lapsed during the first quarter of
2013.
Frits van Paasschen, CEO, said, “We had a solid first quarter
across all lines of our business. Our management and franchise fees
grew strongly, and despite our sale of 11 hotels, earnings at our owned
portfolio exceeded last year’s levels, driven by great performance at
our North American properties. We grew REVPAR Index as we captured more
than our fair share of global growth. And at Bal Harbour, we’ve now
sold and closed on approximately 86% of the residences. Overall, the
global lodging recovery continues along the trend lines we’ve been
seeing. Tight supply is driving higher room rates in North America, and
our footprint continues to expand in the growing economies. We are
seeing more interest among real estate buyers for both vacation
ownership and our owned hotels.”
“We spent a month in Dubai as part of a temporary office
relocation to work closely with our teams in that region. Dubai is a
perfect example of how growth in lodging demand is being fueled by the
rising wealth around the world, the creation of new cities in fast
growing economies, and the expanding reach of global businesses.”
First Quarter 2013 Operating Results
Management and Franchise Revenues
Worldwide Systemwide REVPAR for Same-Store Hotels increased
5.0% in constant dollars (4.6% in actual dollars) compared to the first
quarter of 2012. International Systemwide REVPAR for Same-Store Hotels
increased 3.4% in constant dollars (increased 2.6% in actual dollars).
Changes in REVPAR for Worldwide Systemwide Same-Store Hotels
by region:
|
|
|
|
|
|
REVPAR |
Region
|
|
|
|
|
Constant
Dollars
|
|
|
Actual
Dollars
|
Americas: |
|
|
|
|
|
|
|
|
North America |
|
|
|
|
6.2%
|
|
|
6.2%
|
Latin America |
|
|
|
|
0.3%
|
|
|
0.3%
|
Asia Pacific: |
|
|
|
|
|
|
|
|
Greater China |
|
|
|
|
5.4%
|
|
|
6.4%
|
Rest of Asia |
|
|
|
|
5.5%
|
|
|
1.7%
|
Europe, Africa
& Middle East: |
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
(1.3)%
|
|
|
(0.4)%
|
Africa &
Middle East |
|
|
|
|
7.3%
|
|
|
6.0%
|
|
Changes in REVPAR for Worldwide
Systemwide Same-Store Hotels by brand:
|
|
|
|
|
|
|
REVPAR |
Brand
|
|
|
|
|
Constant
Dollars
|
|
|
Actual
Dollars
|
St. Regis/Luxury
Collection |
|
|
|
|
11.1%
|
|
|
10.4%
|
W Hotels |
|
|
|
|
7.9%
|
|
|
7.9%
|
Westin |
|
|
|
|
3.6%
|
|
|
3.1%
|
Sheraton |
|
|
|
|
3.8%
|
|
|
3.2%
|
Le
Méridien |
|
|
|
|
2.0%
|
|
|
2.3%
|
Four Points by
Sheraton |
|
|
|
|
6.9%
|
|
|
6.7%
|
Aloft |
|
|
|
|
7.7%
|
|
|
7.7%
|
|
Worldwide Same-Store Company-Operated gross operating profit
margins increased approximately 52 basis points compared to 2012.
International gross operating profit margins for Same-Store
Company-Operated properties increased 12 basis points. North American
Same-Store Company-Operated gross operating profit margins increased
approximately 110 basis points, driven by REVPAR increases and cost
controls.
Management fees, franchise fees and other income were $217
million, up $16 million, or 8.0% compared to the first quarter of 2012.
Management fees increased 7.8% to $124 million and franchise fees
increased 6.7% to $48 million.
Development
During the first quarter of 2013, the Company signed 26 hotel
management and franchise contracts, representing approximately 6,200
rooms, of which 20 are new builds and 6 are conversions from other
brands. At March 31, 2013, the Company had approximately 400 hotels in
the active pipeline representing approximately 100,000 rooms.
During the first quarter of 2013, 18 new hotels and resorts
(representing approximately 4,000 rooms) entered the system, including
Le Méridien Dallas, The Stoneleigh (Dallas, 170 rooms), The
Westin Birmingham (Birmingham, 294 rooms), The Westin Panama (Panama
City, 218 rooms), Sheraton Dubai Mall of Emirates Hotel (Dubai, 481
rooms), Aloft Kuala Lumpur Sentral (Kuala Lumpur, 482 rooms), and W
Guangzhou (Guangdong, 317 rooms). During the quarter, five properties
(representing approximately 900 rooms) were removed from the system.
Owned, Leased and Consolidated Joint
Venture Hotels
Worldwide REVPAR at Starwood Same-Store Owned Hotels increased
3.4% in constant dollars (3.1% in actual dollars) when compared to
2012. Excluding owned hotels in Argentina, REVPAR at Worldwide Owned
Hotels increased 5.3% in constant dollars (4.9% in actual dollars).
REVPAR at Starwood Same-Store Owned Hotels in North America increased
6.3% in constant dollars (6.1% actual dollars). Internationally,
Starwood Same-Store Owned Hotel REVPAR increased 0.9% in constant
dollars (0.4% in actual dollars). Excluding owned hotels in Argentina,
internationally, REVPAR at owned hotels increased 4.2% in constant
dollars (3.7% in actual dollars). REVPAR at owned hotels in Argentina
decreased approximately 27% in constant dollars driven by economic
instability in the country.
Revenues at Starwood Same-Store Owned Hotels Worldwide
increased 2.0% in constant dollars (increased 1.6% in actual dollars)
while costs and expenses increased 1.9% in constant dollars (1.5% in
actual dollars) when compared to 2012. Margins at these hotels remained
flat compared to 2012. Excluding owned hotels in Argentina, margins
increased by approximately 100 basis points.
Revenues at Starwood Same-Store Owned Hotels in North America
increased 4.5% in constant dollars (4.3% in actual dollars) while costs
and expenses increased 2.8% in constant dollars (2.7% in actual
dollars) when compared to 2012. Margins at these hotels increased
approximately 130 basis points.
Internationally, revenues at Starwood Same-Store Owned Hotels
decreased 0.3% in constant dollars (decreased 0.9% in actual dollars)
while costs and expenses increased 1.1% in constant dollars (0.5% in
actual dollars) when compared to 2012. Margins at these hotels
decreased approximately 120 basis points. Excluding owned hotels in
Argentina, margins increased by approximately 70 basis points.
Revenues at owned, leased and consolidated joint venture
hotels were $379 million, compared to $402 million in 2012. Expenses at
owned, leased and consolidated joint venture hotels were $320 million
compared to $349 million in 2012. First quarter results were negatively
impacted by asset sales since the first quarter of 2012.
Vacation Ownership
Total vacation ownership revenues increased 16.4% to $177
million in the first quarter of 2013 when compared to 2012 primarily
due to increased revenues from resort operations, the transfer of the
Westin St. John from owned hotel revenues to vacation ownership
revenues, and a favorable adjustment to loan loss reserves. Originated
contract sales of vacation ownership intervals and the number of
contracts signed were flat compared to 2012. The average price per
vacation ownership unit sold increased 0.5% to approximately $16,200,
driven by inventory mix.
Residential
During the first quarter of 2013, the Company’s residential
revenues were $132 million compared to $362 million in 2012. The
Company realized residential revenues from Bal Harbour of $129 million
and generated EBITDA of $58 million, compared to revenues of $356
million and EBITDA of $78 million in the same period of 2012. During
the first quarter of 2013, the Company closed sales of 38 units at Bal
Harbour and realized incremental cash proceeds of $127 million
associated with these units. From project inception through March 31,
2013, the Company has closed contracts on approximately 86% of the
total residential units available at Bal Harbour and realized
residential revenue of $939 million and EBITDA of $219 million.
Selling, General, Administrative and
Other
During the first quarter of 2013, selling, general,
administrative and other expenses decreased 6.3% to $90 million
compared to $96 million in 2012 primarily due to organizational changes
in the second half of 2012 and non-recurring professional expenses
recorded in the prior year. The Company continues to target a 3-5%
increase for the full year.
During the first quarter of 2013, the Company completed
certain changes to its organizational structures in the Americas
division. The Company recorded an expense for severance costs of
approximately $4 million associated with these changes.
Capital
Gross capital spending during the quarter included
approximately $17 million of maintenance capital and $81 million of
development capital.
Asset Sales
During the first quarter of 2013, the Company completed the
sales of three hotels; the Aloft and Element hotels in Lexington,
Massachusetts and the W New Orleans - French Quarter for cash proceeds
of approximately $61 million. These hotels were sold subject to either
long-term management or franchise contracts. The Company recorded a
loss of $8 million associated with these sales. In addition, following
the end of the first quarter the Company completed the sale of the W
New Orleans for cash proceeds of approximately $65 million.
Share Repurchase
In the first quarter of 2013 and through April 5, 2013, the
Company repurchased nearly 1 million shares at a total cost of
approximately $56 million and a weighted average price of $59.35 per
share. As of April 5, 2013, approximately $624 million remained
available under the Company’s share repurchase authorization.
Balance Sheet
At March 31, 2013, the Company had gross debt of $1.275
billion, cash and cash equivalents of $529 million (including $142
million of restricted cash) and net debt of $746 million, compared to
net debt of $847 million as of December 31, 2012, in each case
excluding debt and restricted cash associated with securitized vacation
ownership notes receivable. Net debt at March 31, 2013, including $472
million of debt and $20 million of restricted cash associated with
securitized vacation ownership notes receivable, was $1.198 billion.
Outlook
For the Full Year 2013:
Including Bal Harbour, which is expected to contribute
approximately $90 million of EBITDA, adjusted EBITDA is expected to be
approximately $1.210 billion to $1.235 billion (based on the
assumptions below).
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $1.120 billion to $1.145
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 4% to 6% in constant and actual dollars.
- Margins at Same-Store Owned
Hotels Worldwide increase 75 to 125 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 $8 million due to assets sold year
to date in 2013.
- 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 $115 million.
- Including Bal Harbour, EPS before
special items is expected to be approximately $2.75 to $2.83 (based on
the assumptions above).
- Full year capital expenditures
(excluding vacation ownership and residential inventory) are 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 $175 million in positive
cash flow. Bal Harbour is expected to generate at least $150 million in
net cash flow.
For the three months ended June 30, 2013:
- Including Bal Harbour, which is
expected to contribute approximately $20 million of EBITDA, adjusted
EBITDA is expected to be approximately $305 million to $315 million
(based on the assumptions below).
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $285 million to $295 million,
assuming:
- REVPAR increases at Same-Store
Company-Operated Hotels Worldwide of 5% to 7% in constant dollars
(approximately 50 basis points lower in actual dollars at current
exchange rates).
- REVPAR increases at Same-Store
Company-Owned Hotels Worldwide of 4% to 6% in constant dollars
(approximately 50 basis points lower in actual dollars at current
exchange rates).
- Management fees, franchise fees
and other income increase approximately 8% to 10%.
- 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 $75 million.
- Interest expense is expected to be
approximately $30 million.
- Including Bal Harbour, income from
continuing operations is expected to be approximately $136 million to
$143 million, reflecting an effective tax rate of approximately 32%
(based on the assumptions above).
- Including Bal Harbour, EPS is
expected to be approximately $0.70 to $0.73 (based on the assumptions
above).
Special Items
The Company’s special items netted to a charge of $8
million ($5 million after-tax) in the first quarter of 2013 compared to
a benefit of $4 million (a $5 million benefit after-tax) in the same
period of 2012.
The following represents a reconciliation of income from
continuing operations before special items to income from continuing
operations including special items (in millions, except per share
data):
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2013 |
|
|
|
2012 |
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations before special items |
|
|
|
|
$
|
148
|
|
|
|
|
$
|
124
|
|
EPS
before special items |
|
|
|
|
$
|
0.76
|
|
|
|
|
$
|
0.63
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
Restructuring and
other special (charges) credits, net (a) |
|
|
|
|
|
1
|
|
|
|
|
|
11
|
|
Gain
(loss) on asset dispositions and impairments, net (b) |
|
|
|
|
|
(9
|
)
|
|
|
|
|
(7
|
)
|
Total special
items – pre-tax |
|
|
|
|
|
(8
|
)
|
|
|
|
|
4
|
|
Income
tax benefit (expense) for special items (c) |
|
|
|
|
|
3
|
|
|
|
|
|
1
|
|
Total
special items – after-tax |
|
|
|
|
|
(5
|
)
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Income
from continuing operations |
|
|
|
|
$
|
143
|
|
|
|
|
$
|
129
|
|
EPS
including special items |
|
|
|
|
$
|
0.73
|
|
|
|
|
$
|
0.65
|
|
|
a) |
|
During the three
months ended March 31, 2012, the Company recorded a favorable
adjustment of $11 million to reverse a portion of a litigation reserve
established in 2011. |
|
|
|
b) |
|
During the three
months ended March 31, 2013, the net loss primarily relates to the sale
of three wholly-owned hotels. During the three months ended March 31,
2012, the net loss primarily relates to the sale of one wholly-owned
hotel. |
|
|
|
c)
|
|
During the three
months ended March 31, 2013, the benefit primarily relates to a tax
benefit on the special items at the statutory tax rate. The three
months ended March 31, 2012 includes the recognition of a deferred tax
adjustment associated with a previous transaction. |
|
|
|
The Company has included the above supplemental information
concerning special items to assist investors in analyzing Starwood’s
financial position and results of operations. The Company has chosen to
provide this information to investors to enable them to perform
meaningful comparisons of past, present and future operating results
and as a means to emphasize the results of core ongoing operations.
Starwood will be conducting a conference call to discuss the
first 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/about/investor/earnings.html.
A webcast replay will be available at 1:30 p.m. Eastern Time on
Tuesday, April 30 and will run for one year. Alternatively,
participants may call into (866) 921-0636 with conference ID 27331153;
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 Tuesday, April
30 through Tuesday, May 7, 2013 and can be accessed by dialing (855)
859-2056 with conference ID 27331153.
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 ongoing 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 1,146 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 Element®.
The Company boasts one of the industry’s leading loyalty programs,
Starwood Preferred Guest (SPG), allowing members to earn and redeem
points for room stays, room upgrades and flights, with no blackout
dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier
provider of world-class vacation experiences through villa-style
resorts and privileged access to Starwood brands. For more information,
including reconciliations of non-GAAP financial measures to GAAP
financial measures, please visit www.starwoodhotels.com or contact Investor
Relations at (203) 351-3500.
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. Forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties and other factors that may cause actual results to
differ materially from those anticipated at the time the
forward-looking statements are made. Further results, performance and
achievements may be affected by general economic conditions including
the impact of war and terrorist activity, natural disasters, business
and financing conditions (including the condition of credit markets in
the U.S. and internationally), foreign exchange fluctuations,
cyclicality of the real estate (including residential) and the hotel
and vacation ownership businesses, operating risks associated with the
hotel, vacation ownership and residential businesses, relationships
with associates and labor unions, customers and property owners, the
impact of the internet reservation channels, our reliance on
technology, domestic and international political and geopolitical
conditions, competition, governmental and regulatory actions (including
the impact of changes in U.S. and foreign tax laws and their
interpretation), travelers’ fears of exposure to contagious diseases,
risk associated with the level of our indebtedness, risk associated
with potential acquisitions and dispositions and the introduction of
new brand concepts and other risks and uncertainties. These risks and
uncertainties are presented in detail in our filings with the
Securities and Exchange Commission. Future vacation ownership units
indicated in this press release include planned units on land owned by
the Company or by joint ventures in which the Company has an interest
that have received all major governmental land use approvals for the
development of vacation ownership resorts. There can also be no
assurance that such units will in fact be developed and, if developed,
the time period of such development (which may be more than several
years in the future). Some of the projects may require additional
third-party approvals or permits for development and build out and may
also be subject to legal challenges as well as a commitment of capital
by the Company. The actual number of units to be constructed may be
significantly lower than the number of future units indicated. There
can also be no assurance that agreements will be entered into for the
hotels in the Company’s pipeline and, if entered into, the timing of
any agreement and the opening of the related hotel. Although we believe
the expectations reflected in forward-looking statements are based upon
reasonable assumptions, we can give no assurance that our expectations
will be attained or that results will not materially differ. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Unaudited Consolidated
Statements of Income
(In millions, except per share
data)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2013 |
|
|
2012 |
|
|
%
Variance
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
|
$
|
379
|
|
|
|
$
|
402
|
|
|
|
(5.7
|
)
|
Vacation
ownership and residential sales and services |
|
|
|
|
|
309
|
|
|
|
|
514
|
|
|
|
(39.9
|
)
|
Management fees,
franchise fees and other income |
|
|
|
|
|
217
|
|
|
|
|
201
|
|
|
|
8.0
|
|
Other
revenues from managed and franchised properties (a) |
|
|
|
|
|
634
|
|
|
|
|
598
|
|
|
|
6.0
|
|
|
|
|
|
|
|
1,539
|
|
|
|
|
1,715
|
|
|
|
(10.3
|
)
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
|
|
|
320
|
|
|
|
|
349
|
|
|
|
8.3
|
|
Vacation
ownership and residential |
|
|
|
|
|
199
|
|
|
|
|
393
|
|
|
|
49.4
|
|
Selling, general,
administrative and other |
|
|
|
|
|
90
|
|
|
|
|
96
|
|
|
|
6.3
|
|
Restructuring and
other special charges (credits), net |
|
|
|
|
|
(1
|
)
|
|
|
|
(11
|
)
|
|
|
90.9
|
|
Depreciation |
|
|
|
|
|
58
|
|
|
|
|
57
|
|
|
|
(1.8
|
)
|
Amortization |
|
|
|
|
|
7
|
|
|
|
|
6
|
|
|
|
(16.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses from managed and franchised properties (a) |
|
|
|
|
|
634
|
|
|
|
|
598
|
|
|
|
(6.0
|
)
|
|
|
|
|
|
|
1,307
|
|
|
|
|
1,488
|
|
|
|
12.2
|
|
Operating income |
|
|
|
|
|
232
|
|
|
|
|
227
|
|
|
|
2.2
|
|
Equity (losses) earnings and gains
(losses) from unconsolidated
ventures, net
|
|
|
|
|
|
9
|
|
|
|
|
10
|
|
|
|
(10.0
|
)
|
Interest expense,
net of interest income of $1 and $0 |
|
|
|
|
|
(26
|
)
|
|
|
|
(49
|
)
|
|
|
46.9
|
|
Gain (loss)
on asset dispositions and impairments, net |
|
|
|
|
|
(9
|
)
|
|
|
|
(7
|
)
|
|
|
(28.6
|
)
|
Income from continuing operations
before taxes and
noncontrolling interests
|
|
|
|
|
|
206
|
|
|
|
|
181
|
|
|
|
13.8
|
|
Income
tax benefit (expense) |
|
|
|
|
|
(64
|
)
|
|
|
|
(52
|
)
|
|
|
(23.1
|
)
|
Income from
continuing operations |
|
|
|
|
|
142
|
|
|
|
|
129
|
|
|
|
10.1
|
|
Discontinued
Operations: |
|
|
|
|
|
|
|
|
|
|
|
Gain
(loss) on dispositions, net of tax |
|
|
|
|
|
70
|
|
|
|
|
(1
|
)
|
|
|
n/m
|
|
Net income |
|
|
|
|
|
212
|
|
|
|
|
128
|
|
|
|
65.6
|
|
Net loss
(income) attributable to noncontrolling interests |
|
|
|
|
|
1
|
|
|
|
|
—
|
|
|
|
n/m
|
|
Net
income attributable to Starwood |
|
|
|
|
$
|
213
|
|
|
|
$
|
128
|
|
|
|
66.4
|
|
Earnings
(Losses) Per Share – Basic |
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
|
$
|
0.74
|
|
|
|
$
|
0.67
|
|
|
|
10.4
|
|
Discontinued
operations |
|
|
|
|
|
0.37
|
|
|
|
|
—
|
|
|
|
n/m
|
|
Net income
(loss) |
|
|
|
|
$
|
1.11
|
|
|
|
$
|
0.67
|
|
|
|
65.7
|
|
Earnings
(Losses) Per Share – Diluted |
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
|
$
|
0.73
|
|
|
|
$
|
0.65
|
|
|
|
12.3
|
|
Discontinued
operations |
|
|
|
|
|
0.36
|
|
|
|
|
—
|
|
|
|
n/m
|
|
Net
income (loss) |
|
|
|
|
$
|
1.09
|
|
|
|
$
|
0.65
|
|
|
|
67.7
|
|
Amounts
attributable to Starwood’s Common Stockholders |
|
|
|
|
|
|
|
|
|
|
|
Continuing
operations |
|
|
|
|
$
|
143
|
|
|
|
$
|
129
|
|
|
|
10.9
|
|
Discontinued
operations |
|
|
|
|
|
70
|
|
|
|
|
(1
|
)
|
|
|
n/m
|
|
Net
income (loss) |
|
|
|
|
$
|
213
|
|
|
|
$
|
128
|
|
|
|
66.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares |
|
|
|
|
|
191
|
|
|
|
|
192
|
|
|
|
|
Weighted
average number of shares assuming dilution |
|
|
|
|
|
194
|
|
|
|
|
197
|
|
|
|
|
|
(a)The Company
includes in revenues the reimbursement of costs incurred on behalf of
managed hotel property owners and franchisees with no added margin and
includes in costs and expenses these reimbursed costs. These costs
relate primarily to payroll costs at managed properties where the
Company is the employer. |
|
n/m= not
meaningful |
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Consolidated Balance Sheets
(In millions, except share data)
|
|
|
|
|
|
|
March 31,
2013
|
|
|
|
December 31,
2012
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
$
|
387
|
|
|
|
|
$
|
305
|
|
Restricted cash |
|
|
|
|
|
158
|
|
|
|
|
|
158
|
|
Accounts
receivable, net of allowance for doubtful accounts of $54 and $59 |
|
|
|
|
|
600
|
|
|
|
|
|
586
|
|
Inventories |
|
|
|
|
|
299
|
|
|
|
|
|
361
|
|
Securitized vacation ownership
notes receivable, net of allowance for doubtful
accounts of $8 and $9
|
|
|
|
|
|
63
|
|
|
|
|
|
65
|
|
Deferred income
taxes |
|
|
|
|
|
277
|
|
|
|
|
|
320
|
|
Prepaid
expenses and other |
|
|
|
|
|
163
|
|
|
|
|
|
124
|
|
Total current
assets |
|
|
|
|
|
1,947
|
|
|
|
|
|
1,919
|
|
Investments |
|
|
|
|
|
266
|
|
|
|
|
|
260
|
|
Plant, property
and equipment, net |
|
|
|
|
|
3,133
|
|
|
|
|
|
3,162
|
|
Assets held for
sale, net |
|
|
|
|
|
—
|
|
|
|
|
|
36
|
|
Goodwill and
intangible assets, net |
|
|
|
|
|
2,025
|
|
|
|
|
|
2,025
|
|
Deferred income
taxes |
|
|
|
|
|
624
|
|
|
|
|
|
636
|
|
Other assets (a)
|
|
|
|
|
|
425
|
|
|
|
|
|
385
|
|
Securitized
vacation ownership notes receivable |
|
|
|
|
|
410
|
|
|
|
|
|
438
|
|
Total
assets |
|
|
|
|
$
|
8,830
|
|
|
|
|
$
|
8,861
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Short-term
borrowings and current maturities of long-term debt (b) |
|
|
|
|
$
|
2
|
|
|
|
|
$
|
2
|
|
Accounts payable |
|
|
|
|
|
100
|
|
|
|
|
|
121
|
|
Current
maturities of long-term securitized vacation ownership debt |
|
|
|
|
|
119
|
|
|
|
|
|
150
|
|
Accrued expenses |
|
|
|
|
|
1,150
|
|
|
|
|
|
1,074
|
|
Accrued salaries,
wages and benefits |
|
|
|
|
|
297
|
|
|
|
|
|
395
|
|
Accrued
taxes and other |
|
|
|
|
|
195
|
|
|
|
|
|
287
|
|
Total current
liabilities |
|
|
|
|
|
1,863
|
|
|
|
|
|
2,029
|
|
Long-term debt (b)
|
|
|
|
|
|
1,273
|
|
|
|
|
|
1,273
|
|
Long-term
securitized vacation ownership debt |
|
|
|
|
|
353
|
|
|
|
|
|
383
|
|
Deferred income
taxes |
|
|
|
|
|
75
|
|
|
|
|
|
78
|
|
Other
liabilities |
|
|
|
|
|
1,921
|
|
|
|
|
|
1,956
|
|
Total
liabilities |
|
|
|
|
|
5,485
|
|
|
|
|
|
5,719
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
|
Common stock; $0.01 par value;
authorized 1,000,000,000 shares; outstanding
194,555,997 and 193,121,094
shares at March 31, 2013 and December 31,
2012, respectively
|
|
|
|
|
|
2
|
|
|
|
|
|
2
|
|
Additional
paid-in capital |
|
|
|
|
|
820
|
|
|
|
|
|
816
|
|
Accumulated other
comprehensive loss |
|
|
|
|
|
(350
|
)
|
|
|
|
|
(338
|
)
|
Retained
earnings |
|
|
|
|
|
2,870
|
|
|
|
|
|
2,657
|
|
Total Starwood
stockholders’ equity |
|
|
|
|
|
3,342
|
|
|
|
|
|
3,137
|
|
Noncontrolling
interest |
|
|
|
|
|
3
|
|
|
|
|
|
5
|
|
Total
stockholders’ equity |
|
|
|
|
|
3,345
|
|
|
|
|
|
3,142
|
|
Total
liabilities and stockholders’ equity |
|
|
|
|
$
|
8,830
|
|
|
|
|
$
|
8,861
|
|
|
(a) |
|
Includes
restricted cash of $4 million and $6 million at March 31, 2013 and
December 31, 2012, respectively. |
(b) |
|
Excludes
Starwood’s share of unconsolidated joint venture debt aggregating
approximately $362 million and $389 million at March 31, 2013 and
December 31, 2012, respectively. |
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Historical Data
(In millions)
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Income (Loss) to EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
$
|
213
|
|
|
|
|
$
|
128
|
|
|
|
|
66.4
|
%
|
Interest expense (a)
|
|
|
|
|
|
|
28
|
|
|
|
|
|
49
|
|
|
|
|
(42.9
|
)%
|
Income tax
(benefit) expense (b) |
|
|
|
|
|
|
(6
|
)
|
|
|
|
|
53
|
|
|
|
|
n/m
|
|
Depreciation (c)
|
|
|
|
|
|
|
64
|
|
|
|
|
|
64
|
|
|
|
|
—
|
|
Amortization
(d) |
|
|
|
|
|
|
8
|
|
|
|
|
|
7
|
|
|
|
|
14.3
|
%
|
EBITDA |
|
|
|
|
|
|
307
|
|
|
|
|
|
301
|
|
|
|
|
2.0
|
%
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
|
|
9
|
|
|
|
|
|
7
|
|
|
|
|
28.6
|
%
|
Restructuring
and other special charges (credits), net |
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
(11
|
)
|
|
|
|
(90.9
|
)%
|
Adjusted
EBITDA |
|
|
|
|
|
$
|
315
|
|
|
|
|
$
|
297
|
|
|
|
|
6.1
|
%
|
|
(a) |
|
Includes $1
million and $0 million of Starwood’s share of interest expense of
unconsolidated joint ventures for the three months ended March 31, 2013
and 2012, respectively. |
(b) |
|
Includes $(70
million) and $1 million of tax expense (benefit) recorded in
discontinued operations for the three months ended March 31, 2013 and
2012, respectively. |
(c) |
|
Includes $6
million and $7 million of Starwood’s share of depreciation expense of
unconsolidated joint ventures for the three months ended March 31, 2013
and 2012, respectively. |
(d) |
|
Includes $1
million and $1 million of Starwood’s share of amortization expense of
unconsolidated joint ventures for the three months ended March 31, 2013
and 2012, respectively. |
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels Worldwide
(In millions)
|
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
$ Change
|
|
|
|
% Variance |
Revenue |
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
$
|
4.4
|
|
|
|
|
1.6
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
1.1
|
|
|
|
|
0.4
|
%
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
$
|
5.5
|
|
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
$
|
3.6
|
|
|
|
|
1.5
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
0.8
|
|
|
|
|
0.4
|
%
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
$
|
4.4
|
|
|
|
|
1.9
|
%
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels North America
(In millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
$ Change
|
|
|
|
% Variance |
Revenue |
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
$
|
5.7
|
|
|
|
|
4.3
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
0.3
|
|
|
|
|
0.2
|
%
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
$
|
6.0
|
|
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
$
|
3.0
|
|
|
|
|
2.7
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
0.1
|
|
|
|
|
0.1
|
%
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
$
|
3.1
|
|
|
|
|
2.8
|
%
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels International
(In millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
$ Change
|
|
|
|
% Variance |
Revenue |
|
|
|
|
|
|
|
|
|
Revenue
increase/(decrease) (GAAP) |
|
|
|
|
$
|
(1.3
|
)
|
|
|
|
(0.9
|
)%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
0.9
|
|
|
|
|
0.6
|
%
|
Revenue
increase/(decrease) in constant dollars |
|
|
|
|
$
|
(0.4
|
)
|
|
|
|
(0.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
Expense
increase/(decrease) (GAAP) |
|
|
|
|
$
|
0.6
|
|
|
|
|
0.5
|
%
|
Impact of
changes in foreign exchange rates |
|
|
|
|
|
0.7
|
|
|
|
|
0.6
|
%
|
Expense
increase/(decrease) in constant dollars |
|
|
|
|
$
|
1.3
|
|
|
|
|
1.1
|
%
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels Worldwide
(In millions)
|
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
% Variance (a) |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
from same-store owned hotels |
|
|
|
|
$
|
285
|
|
|
|
|
$
|
280
|
|
|
|
|
1.6
|
%
|
less:
revenue from same-store owned hotels in Argentina |
|
|
|
|
|
(10
|
)
|
|
|
|
|
(14
|
)
|
|
|
|
(26.4
|
)%
|
Total
revenue excluding revenue from same-store owned hotels in Argentina |
|
|
|
|
$
|
275
|
|
|
|
|
$
|
266
|
|
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expense
from same-store owned hotels |
|
|
|
|
$
|
234
|
|
|
|
|
$
|
230
|
|
|
|
|
1.5
|
%
|
less:
expense from same-store owned hotels in Argentina |
|
|
|
|
|
(10
|
)
|
|
|
|
|
(10
|
)
|
|
|
|
(5.7
|
)%
|
Total
expense excluding expense from same-store owned hotels in Argentina |
|
|
|
|
$
|
224
|
|
|
|
|
$
|
220
|
|
|
|
|
1.9
|
%
|
|
Non-GAAP to GAAP
Reconciliations – Same-Store Owned/Leased Hotels International
(In millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
2013 |
|
|
|
2012 |
|
|
|
% Variance (a) |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
from same-store owned hotels |
|
|
|
|
$
|
146
|
|
|
|
|
$
|
147
|
|
|
|
|
(0.9
|
)%
|
less:
revenue from same-store owned hotels in Argentina |
|
|
|
|
|
(10
|
)
|
|
|
|
|
(14
|
)
|
|
|
|
(26.4
|
)%
|
Total
revenue excluding revenue from same-store owned hotels in Argentina |
|
|
|
|
$
|
136
|
|
|
|
|
$
|
133
|
|
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expense
from same-store owned hotels |
|
|
|
|
$
|
122
|
|
|
|
|
$
|
122
|
|
|
|
|
0.5
|
%
|
less:
expense from same-store owned hotels in Argentina |
|
|
|
|
|
(10
|
)
|
|
|
|
|
(10
|
)
|
|
|
|
(5.7
|
)%
|
Total
expense excluding expense from same-store owned hotels in Argentina |
|
|
|
|
$
|
112
|
|
|
|
|
$
|
112
|
|
|
|
|
1.1
|
%
|
|
(a) % Variance calculated based on
numbers in thousands.
|
|
Non-GAAP to GAAP Reconciliation
– Earnings from Vacation Ownership and Residential
Business
(In millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
2013 |
|
|
|
2012 |
|
|
|
$ Variance |
Earnings from
vacation ownership and residential |
|
|
|
|
$
|
110
|
|
|
|
|
$
|
121
|
|
|
|
|
(11
|
)
|
Depreciation
expense |
|
|
|
|
|
(5
|
)
|
|
|
|
|
(5
|
)
|
|
|
|
—
|
|
Operating
income from vacation ownership and residential |
|
|
|
|
$
|
105
|
|
|
|
|
$
|
116
|
|
|
|
|
(11
|
)
|
|
Non-GAAP to GAAP Reconciliation
– Earnings from Bal Harbour
(In millions)
|
|
|
|
|
|
Three Months Ended
March 31, 2013
|
|
|
|
|
|
2013 |
|
|
|
2012 |
|
|
|
$ Variance |
Earnings from Bal
Harbour |
|
|
|
|
$
|
58
|
|
|
|
|
$
|
78
|
|
|
|
|
(20
|
)
|
Depreciation
expense |
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Operating
income from Bal Harbour |
|
|
|
|
$
|
58
|
|
|
|
|
$
|
78
|
|
|
|
|
(20
|
)
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Future Performance
(In millions, except per share
data)
|
|
Low Case
|
|
Three Months Ended
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
$
|
136
|
|
|
|
|
|
Net income (a)
|
|
|
|
|
|
$
|
|
599
|
|
|
30
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
125
|
|
|
64
|
|
|
|
|
|
Income tax
expense (a) |
|
|
|
|
|
|
|
178
|
|
|
75
|
|
|
|
|
|
Depreciation
and amortization |
|
|
|
|
|
|
|
300
|
|
|
305
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
1,202
|
|
|
—
|
|
|
|
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
|
|
|
9
|
|
|
—
|
|
|
|
|
|
Restructuring
and other special charges (credits) |
|
|
|
|
|
|
|
(1
|
)
|
$
|
305
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
$
|
|
1,210
|
|
|
|
Three Months Ended
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
$
|
136
|
|
|
|
|
|
Income
from continuing operations before special items |
|
|
|
|
|
$
|
|
534
|
|
$
|
0.70
|
|
|
|
|
|
EPS
before special items |
|
|
|
|
|
$
|
|
2.75
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
Gain (loss) on
asset dispositions and impairments, net |
|
|
|
|
|
|
|
(9
|
)
|
|
—
|
|
|
|
|
|
Restructuring
and other special (charges) credits |
|
|
|
|
|
|
|
1
|
|
|
—
|
|
|
|
|
|
Total special
items – pre-tax |
|
|
|
|
|
|
|
(8
|
)
|
|
—
|
|
|
|
|
|
Income
tax benefit associated with special items |
|
|
|
|
|
|
|
3
|
|
|
—
|
|
|
|
|
|
Total
special items – after-tax |
|
|
|
|
|
|
|
(5
|
)
|
$
|
136
|
|
|
|
|
|
Income
from continuing operations |
|
|
|
|
|
$
|
|
529
|
|
$
|
0.70
|
|
|
|
|
|
EPS
including special items |
|
|
|
|
|
$
|
|
2.72
|
|
|
High Case
|
|
Three Months Ended
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
$
|
143
|
|
|
|
|
|
Net income (a)
|
|
|
|
|
|
$
|
|
616
|
|
|
30
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
125
|
|
|
67
|
|
|
|
|
|
Income tax
expense (a) |
|
|
|
|
|
|
|
186
|
|
|
75
|
|
|
|
|
|
Depreciation
and amortization |
|
|
|
|
|
|
|
300
|
|
|
315
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
1,227
|
|
|
—
|
|
|
|
|
|
(Gain) loss on
asset dispositions and impairments, net |
|
|
|
|
|
|
|
9
|
|
|
—
|
|
|
|
|
|
Restructuring
and other special charges (credits) |
|
|
|
|
|
|
|
(1
|
)
|
$
|
315
|
|
|
|
|
|
Adjusted
EBITDA |
|
|
|
|
|
$
|
|
1,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2013
|
|
|
Year Ended
December 31, 2013
|
$
|
143
|
|
|
|
|
|
Income
from continuing operations before special items |
|
|
|
|
|
$
|
|
551
|
|
$
|
0.73
|
|
|
|
|
|
EPS
before special items |
|
|
|
|
|
$
|
|
2.83
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
—
|
|
|
|
|
|
Gain (loss) on
asset dispositions and impairments, net |
|
|
|
|
|
|
|
(9
|
)
|
|
—
|
|
|
|
|
|
Restructuring
and other special (charges) credits |
|
|
|
|
|
|
|
1
|
|
|
— |
|
|
|
|
|
Total
special items – pre-tax |
|
|
|
|
|
|
|
(8
|
) |
|
—
|
|
|
|
|
|
Income
tax benefit associated with special items |
|
|
|
|
|
|
|
3
|
|
|
—
|
|
|
|
|
|
Total
special items – after-tax |
|
|
|
|
|
|
|
(5
|
)
|
$
|
143
|
|
|
|
|
|
Income
from continuing operations |
|
|
|
|
|
$
|
|
546
|
|
$
|
0.73
|
|
|
|
|
|
EPS
including special items |
|
|
|
|
|
$
|
|
2.81
|
|
|
(a) Includes a tax benefit of $70 million recorded in
discontinued operations during the three months ended March 31, 2013.
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Vacation
Ownership and Residential Business
Excluding Bal Harbour
(In millions)
|
|
Low Case
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
|
$
|
40
|
|
|
|
|
$
|
40
|
|
|
|
$
|
—
|
|
Depreciation
expense |
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
(1
|
)
|
Operating
income from vacation ownership and residential |
|
|
|
|
|
$
|
35
|
|
|
|
|
$
|
36
|
|
|
|
$
|
(1
|
)
|
|
|
Year Ended
December 31, 2013
|
|
|
Earnings
from vacation ownership and residential |
$ 160 |
|
Depreciation expense |
(22 |
)
|
Operating income from vacation ownership and residential |
$ 138 |
|
|
High Case
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
$
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
|
|
|
|
$
|
45
|
|
|
|
|
$
|
40
|
|
|
|
$
|
5
|
|
Depreciation
expense |
|
|
|
|
|
|
(5
|
)
|
|
|
|
|
(4
|
)
|
|
|
|
(1
|
)
|
Operating
income from vacation ownership and residential |
|
|
|
|
|
$
|
40
|
|
|
|
|
$
|
36
|
|
|
|
$
|
4
|
|
|
|
Year Ended
December 31, 2013
|
|
|
Earnings
from vacation ownership and residential |
$ 165 |
|
Depreciation expense |
(22 |
)
|
Operating income from vacation ownership and residential |
$ 143 |
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations –
Future Earnings from Bal Harbour
(In millions)
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, 2013
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
$
|
20
|
|
Depreciation
expense |
|
|
|
|
|
|
|
—
|
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
Earnings from Bal
Harbour |
|
|
|
|
|
|
$
|
90
|
|
Depreciation
expense |
|
|
|
|
|
|
|
—
|
|
Operating
income from Bal Harbour |
|
|
|
|
|
|
$
|
90
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
|
|
Non-GAAP to GAAP
Reconciliations – Same Store Owned Hotel Revenue and Expenses
(In millions)
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Same-Store Owned Hotels
Worldwide
|
|
|
|
|
2013
|
|
|
2012
|
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
|
|
|
$
|
285
|
|
|
$
|
280
|
|
|
1.8
|
|
Hotels Sold or
Closed in 2013 and 2012 |
|
|
|
|
|
3
|
|
|
|
38
|
|
|
(92.1
|
)
|
Hotels Without
Comparable Results |
|
|
|
|
|
85
|
|
|
|
77
|
|
|
10.4
|
|
Other
ancillary hotel operations |
|
|
|
|
|
6
|
|
|
|
7
|
|
|
(14.3
|
)
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
|
|
|
$
|
379
|
|
|
$
|
402
|
|
|
(5.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
|
|
|
$
|
234
|
|
|
$
|
230
|
|
|
(1.7
|
)
|
Hotels Sold or
Closed in 2013 and 2012 |
|
|
|
|
|
3
|
|
|
|
35
|
|
|
91.4
|
|
Hotels Without
Comparable Results |
|
|
|
|
|
77
|
|
|
|
78
|
|
|
1.3
|
|
Other
ancillary hotel operations |
|
|
|
|
|
6
|
|
|
|
6
|
|
|
—
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
|
|
|
$
|
320
|
|
|
$
|
349
|
|
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Same-Store Owned Hotels
North America
|
|
|
|
|
2013 |
|
|
2012 |
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
|
|
|
$
|
139
|
|
|
$
|
133
|
|
|
4.5
|
|
Hotels Sold or
Closed in 2013 and 2012 |
|
|
|
|
|
3
|
|
|
|
38
|
|
|
(92.1
|
)
|
Hotels
Without Comparable Results |
|
|
|
|
|
76
|
|
|
|
72
|
|
|
5.6
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
|
|
|
$
|
218
|
|
|
$
|
243
|
|
|
(10.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
|
|
|
$
|
112
|
|
|
$
|
108
|
|
|
(3.7
|
)
|
Hotels Sold or
Closed in 2013 and 2012 |
|
|
|
|
|
3
|
|
|
|
35
|
|
|
91.4
|
|
Hotels
Without Comparable Results |
|
|
|
|
|
65
|
|
|
|
69
|
|
|
5.8
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
|
|
|
$
|
180
|
|
|
$
|
212
|
|
|
15.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
Same-Store Owned Hotels
International
|
|
|
|
|
2013 |
|
|
2012 |
|
|
%
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
|
|
|
$
|
146
|
|
|
$
|
147
|
|
|
(0.7
|
)
|
Hotels Without
Comparable Results |
|
|
|
|
|
9
|
|
|
|
5
|
|
|
80.0
|
|
Other
ancillary hotel operations |
|
|
|
|
|
6
|
|
|
|
7
|
|
|
(14.3
|
)
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
|
|
|
$
|
161
|
|
|
$
|
159
|
|
|
1.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
Same-Store Owned
Hotels (a) |
|
|
|
|
$
|
122
|
|
|
$
|
122
|
|
|
—
|
|
Hotels Without
Comparable Results |
|
|
|
|
|
12
|
|
|
|
9
|
|
|
(33.3
|
)
|
Other
ancillary hotel operations |
|
|
|
|
|
6
|
|
|
|
6
|
|
|
—
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
|
|
|
$
|
140
|
|
|
$
|
137
|
|
|
(2.2
|
)
|
|
(a) |
|
Same-Store Owned Hotel results
exclude 11 hotels sold and 12 hotels without comparable results for the
three months
ended March 31, 2013.
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Systemwide(1)
Statistics - Same Store |
For
the Three Months Ended March 31, 2013 |
UNAUDITED
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
|
|
Systemwide - North America |
|
|
|
|
Systemwide - International |
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
Variance
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
Variance
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
112.50
|
|
|
|
|
107.60
|
|
|
|
|
4.6%
|
|
|
|
|
112.44
|
|
|
|
|
105.89
|
|
|
|
|
6.2%
|
|
|
|
|
112.56
|
|
|
|
|
109.66
|
|
|
|
|
2.6%
|
|
ADR ($) |
|
|
|
|
|
|
172.35
|
|
|
|
|
168.77
|
|
|
|
|
2.1%
|
|
|
|
|
163.96
|
|
|
|
|
157.33
|
|
|
|
|
4.2%
|
|
|
|
|
183.56
|
|
|
|
|
184.28
|
|
|
|
|
-0.4%
|
|
Occupancy (%) |
|
|
|
|
|
|
65.3%
|
|
|
|
|
63.8%
|
|
|
|
|
1.5
|
|
|
|
|
68.6%
|
|
|
|
|
67.3%
|
|
|
|
|
1.3
|
|
|
|
|
61.3%
|
|
|
|
|
59.5%
|
|
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
94.86
|
|
|
|
|
91.90
|
|
|
|
|
3.2%
|
|
|
|
|
94.26
|
|
|
|
|
88.90
|
|
|
|
|
6.0%
|
|
|
|
|
95.56
|
|
|
|
|
95.43
|
|
|
|
|
0.1%
|
|
ADR ($) |
|
|
|
|
|
|
150.14
|
|
|
|
|
148.70
|
|
|
|
|
1.0%
|
|
|
|
|
141.45
|
|
|
|
|
136.04
|
|
|
|
|
4.0%
|
|
|
|
|
161.72
|
|
|
|
|
165.61
|
|
|
|
|
-2.3%
|
|
Occupancy (%) |
|
|
|
|
|
|
63.2%
|
|
|
|
|
61.8%
|
|
|
|
|
1.4
|
|
|
|
|
66.6%
|
|
|
|
|
65.3%
|
|
|
|
|
1.3
|
|
|
|
|
59.1%
|
|
|
|
|
57.6%
|
|
|
|
|
1.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
127.41
|
|
|
|
|
123.60
|
|
|
|
|
3.1%
|
|
|
|
|
126.00
|
|
|
|
|
121.32
|
|
|
|
|
3.9%
|
|
|
|
|
130.45
|
|
|
|
|
128.58
|
|
|
|
|
1.5%
|
|
ADR ($) |
|
|
|
|
|
|
184.10
|
|
|
|
|
179.72
|
|
|
|
|
2.4%
|
|
|
|
|
178.12
|
|
|
|
|
172.17
|
|
|
|
|
3.5%
|
|
|
|
|
197.91
|
|
|
|
|
197.58
|
|
|
|
|
0.2%
|
|
Occupancy (%) |
|
|
|
|
|
|
69.2%
|
|
|
|
|
68.8%
|
|
|
|
|
0.4
|
|
|
|
|
70.7%
|
|
|
|
|
70.5%
|
|
|
|
|
0.2
|
|
|
|
|
65.9%
|
|
|
|
|
65.1%
|
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST.
REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
191.04
|
|
|
|
|
173.11
|
|
|
|
|
10.4%
|
|
|
|
|
252.51
|
|
|
|
|
223.41
|
|
|
|
|
13.0%
|
|
|
|
|
163.42
|
|
|
|
|
150.50
|
|
|
|
|
8.6%
|
|
ADR ($) |
|
|
|
|
|
|
300.38
|
|
|
|
|
291.13
|
|
|
|
|
3.2%
|
|
|
|
|
344.44
|
|
|
|
|
320.26
|
|
|
|
|
7.6%
|
|
|
|
|
275.89
|
|
|
|
|
274.47
|
|
|
|
|
0.5%
|
|
Occupancy (%) |
|
|
|
|
|
|
63.6%
|
|
|
|
|
59.5%
|
|
|
|
|
4.1
|
|
|
|
|
73.3%
|
|
|
|
|
69.8%
|
|
|
|
|
3.5
|
|
|
|
|
59.2%
|
|
|
|
|
54.8%
|
|
|
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE MERIDIEN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
121.90
|
|
|
|
|
119.13
|
|
|
|
|
2.3%
|
|
|
|
|
180.97
|
|
|
|
|
165.50
|
|
|
|
|
9.3%
|
|
|
|
|
114.87
|
|
|
|
|
113.61
|
|
|
|
|
1.1%
|
|
ADR ($) |
|
|
|
|
|
|
188.61
|
|
|
|
|
185.72
|
|
|
|
|
1.6%
|
|
|
|
|
235.60
|
|
|
|
|
220.91
|
|
|
|
|
6.6%
|
|
|
|
|
181.81
|
|
|
|
|
180.74
|
|
|
|
|
0.6%
|
|
Occupancy (%) |
|
|
|
|
|
|
64.6%
|
|
|
|
|
64.1%
|
|
|
|
|
0.5
|
|
|
|
|
76.8%
|
|
|
|
|
74.9%
|
|
|
|
|
1.9
|
|
|
|
|
63.2%
|
|
|
|
|
62.9%
|
|
|
|
|
0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
212.11
|
|
|
|
|
196.51
|
|
|
|
|
7.9%
|
|
|
|
|
196.43
|
|
|
|
|
185.25
|
|
|
|
|
6.0%
|
|
|
|
|
248.32
|
|
|
|
|
222.35
|
|
|
|
|
11.7%
|
|
ADR ($) |
|
|
|
|
|
|
286.65
|
|
|
|
|
274.40
|
|
|
|
|
4.5%
|
|
|
|
|
264.17
|
|
|
|
|
251.98
|
|
|
|
|
4.8%
|
|
|
|
|
339.39
|
|
|
|
|
330.61
|
|
|
|
|
2.7%
|
|
Occupancy (%) |
|
|
|
|
|
|
74.0%
|
|
|
|
|
71.6%
|
|
|
|
|
2.4
|
|
|
|
|
74.4%
|
|
|
|
|
73.5%
|
|
|
|
|
0.9
|
|
|
|
|
73.2%
|
|
|
|
|
67.3%
|
|
|
|
|
5.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR POINTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
74.38
|
|
|
|
|
69.69
|
|
|
|
|
6.7%
|
|
|
|
|
70.55
|
|
|
|
|
65.07
|
|
|
|
|
8.4%
|
|
|
|
|
80.14
|
|
|
|
|
76.69
|
|
|
|
|
4.5%
|
|
ADR ($) |
|
|
|
|
|
|
116.55
|
|
|
|
|
113.94
|
|
|
|
|
2.3%
|
|
|
|
|
107.79
|
|
|
|
|
103.98
|
|
|
|
|
3.7%
|
|
|
|
|
130.58
|
|
|
|
|
129.91
|
|
|
|
|
0.5%
|
|
Occupancy (%) |
|
|
|
|
|
|
63.8%
|
|
|
|
|
61.2%
|
|
|
|
|
2.6
|
|
|
|
|
65.5%
|
|
|
|
|
62.6%
|
|
|
|
|
2.9
|
|
|
|
|
61.4%
|
|
|
|
|
59.0%
|
|
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
70.67
|
|
|
|
|
65.61
|
|
|
|
|
7.7%
|
|
|
|
|
75.76
|
|
|
|
|
71.56
|
|
|
|
|
5.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
|
|
|
108.99
|
|
|
|
|
106.51
|
|
|
|
|
2.3%
|
|
|
|
|
112.53
|
|
|
|
|
108.05
|
|
|
|
|
4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
|
|
|
64.8%
|
|
|
|
|
61.6%
|
|
|
|
|
3.2
|
|
|
|
|
67.3%
|
|
|
|
|
66.2%
|
|
|
|
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)Includes same store owned,
leased, managed, and franchised hotels
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Worldwide
Hotel Results - Same Store |
For
the Three Months Ended March 31, 2013 |
UNAUDITED
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
|
|
|
Company Operated (2)
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
Var.
USD |
|
|
|
|
2013
|
|
|
|
|
2012
|
|
|
|
|
Var.
USD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL WORLDWIDE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
112.50
|
|
|
|
|
107.60
|
|
|
|
|
4.6%
|
|
|
|
|
127.70
|
|
|
|
|
121.99
|
|
|
|
|
4.7%
|
|
ADR ($) |
|
|
|
|
|
|
172.35
|
|
|
|
|
168.77
|
|
|
|
|
2.1%
|
|
|
|
|
194.67
|
|
|
|
|
191.07
|
|
|
|
|
1.9%
|
|
Occupancy (%) |
|
|
|
|
|
|
65.3%
|
|
|
|
|
63.8%
|
|
|
|
|
1.5
|
|
|
|
|
65.6%
|
|
|
|
|
63.8%
|
|
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AMERICAS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
111.89
|
|
|
|
|
105.85
|
|
|
|
|
5.7%
|
|
|
|
|
140.23
|
|
|
|
|
133.26
|
|
|
|
|
5.2%
|
|
ADR ($) |
|
|
|
|
|
|
164.46
|
|
|
|
|
158.38
|
|
|
|
|
3.8%
|
|
|
|
|
199.37
|
|
|
|
|
191.26
|
|
|
|
|
4.2%
|
|
Occupancy (%) |
|
|
|
|
|
|
68.0%
|
|
|
|
|
66.8%
|
|
|
|
|
1.2
|
|
|
|
|
70.3%
|
|
|
|
|
69.7%
|
|
|
|
|
0.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
112.44
|
|
|
|
|
105.89
|
|
|
|
|
6.2%
|
|
|
|
|
143.32
|
|
|
|
|
135.43
|
|
|
|
|
5.8%
|
|
ADR ($) |
|
|
|
|
|
|
163.96
|
|
|
|
|
157.33
|
|
|
|
|
4.2%
|
|
|
|
|
201.12
|
|
|
|
|
192.35
|
|
|
|
|
4.6%
|
|
Occupancy (%) |
|
|
|
|
|
|
68.6%
|
|
|
|
|
67.3%
|
|
|
|
|
1.3
|
|
|
|
|
71.3%
|
|
|
|
|
70.4%
|
|
|
|
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
105.69
|
|
|
|
|
105.37
|
|
|
|
|
0.3%
|
|
|
|
|
118.38
|
|
|
|
|
117.90
|
|
|
|
|
0.4%
|
|
ADR ($) |
|
|
|
|
|
|
170.73
|
|
|
|
|
171.55
|
|
|
|
|
-0.5%
|
|
|
|
|
185.52
|
|
|
|
|
182.82
|
|
|
|
|
1.5%
|
|
Occupancy (%) |
|
|
|
|
|
|
61.9%
|
|
|
|
|
61.4%
|
|
|
|
|
0.5
|
|
|
|
|
63.8%
|
|
|
|
|
64.5%
|
|
|
|
|
-0.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA PACIFIC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
108.22
|
|
|
|
|
104.42
|
|
|
|
|
3.6%
|
|
|
|
|
110.17
|
|
|
|
|
104.03
|
|
|
|
|
5.9%
|
|
ADR ($) |
|
|
|
|
|
|
172.69
|
|
|
|
|
175.88
|
|
|
|
|
-1.8%
|
|
|
|
|
176.28
|
|
|
|
|
178.26
|
|
|
|
|
-1.1%
|
|
Occupancy (%) |
|
|
|
|
|
|
62.7%
|
|
|
|
|
59.4%
|
|
|
|
|
3.3
|
|
|
|
|
62.5%
|
|
|
|
|
58.4%
|
|
|
|
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Greater China
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
89.73
|
|
|
|
|
84.30
|
|
|
|
|
6.4%
|
|
|
|
|
89.14
|
|
|
|
|
83.86
|
|
|
|
|
6.3%
|
|
ADR ($) |
|
|
|
|
|
|
166.31
|
|
|
|
|
167.08
|
|
|
|
|
-0.5%
|
|
|
|
|
165.44
|
|
|
|
|
167.93
|
|
|
|
|
-1.5%
|
|
Occupancy (%) |
|
|
|
|
|
|
54.0%
|
|
|
|
|
50.5%
|
|
|
|
|
3.5
|
|
|
|
|
53.9%
|
|
|
|
|
49.9%
|
|
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
127.31
|
|
|
|
|
125.17
|
|
|
|
|
1.7%
|
|
|
|
|
140.16
|
|
|
|
|
132.78
|
|
|
|
|
5.6%
|
|
ADR ($) |
|
|
|
|
|
|
177.65
|
|
|
|
|
182.55
|
|
|
|
|
-2.7%
|
|
|
|
|
187.43
|
|
|
|
|
188.71
|
|
|
|
|
-0.7%
|
|
Occupancy (%) |
|
|
|
|
|
|
71.7%
|
|
|
|
|
68.6%
|
|
|
|
|
3.1
|
|
|
|
|
74.8%
|
|
|
|
|
70.4%
|
|
|
|
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EAME |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
119.73
|
|
|
|
|
117.22
|
|
|
|
|
2.1%
|
|
|
|
|
127.28
|
|
|
|
|
124.12
|
|
|
|
|
2.5%
|
|
ADR ($) |
|
|
|
|
|
|
201.20
|
|
|
|
|
198.10
|
|
|
|
|
1.6%
|
|
|
|
|
207.70
|
|
|
|
|
205.24
|
|
|
|
|
1.2%
|
|
Occupancy (%) |
|
|
|
|
|
|
59.5%
|
|
|
|
|
59.2%
|
|
|
|
|
0.3
|
|
|
|
|
61.3%
|
|
|
|
|
60.5%
|
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
109.45
|
|
|
|
|
109.94
|
|
|
|
|
-0.4%
|
|
|
|
|
119.06
|
|
|
|
|
119.17
|
|
|
|
|
-0.1%
|
|
ADR ($) |
|
|
|
|
|
|
195.07
|
|
|
|
|
193.39
|
|
|
|
|
0.9%
|
|
|
|
|
204.23
|
|
|
|
|
203.48
|
|
|
|
|
0.4%
|
|
Occupancy (%) |
|
|
|
|
|
|
56.1%
|
|
|
|
|
56.8%
|
|
|
|
|
-0.7
|
|
|
|
|
58.3%
|
|
|
|
|
58.6%
|
|
|
|
|
-0.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa &
Middle East |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
|
|
|
138.26
|
|
|
|
|
130.40
|
|
|
|
|
6.0%
|
|
|
|
|
138.83
|
|
|
|
|
131.09
|
|
|
|
|
5.9%
|
|
ADR ($) |
|
|
|
|
|
|
210.65
|
|
|
|
|
205.75
|
|
|
|
|
2.4%
|
|
|
|
|
212.05
|
|
|
|
|
207.53
|
|
|
|
|
2.2%
|
|
Occupancy (%) |
|
|
|
|
|
|
65.6%
|
|
|
|
|
63.4%
|
|
|
|
|
2.2
|
|
|
|
|
65.5%
|
|
|
|
|
63.2%
|
|
|
|
|
2.3
|
|
|
|
(1)Includes
same store owned, leased, managed, and franchised hotels |
(2)Includes
same store owned, leased, and managed hotels |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Owned/Leased
Hotel Results - Same Store |
For
the Three Months Ended March 31, 2013 |
UNAUDITED
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
|
|
|
|
NORTH AMERICA |
|
|
|
|
|
INTERNATIONAL |
|
|
|
|
2013
|
|
2012
|
|
Variance
|
|
|
2013
|
|
2012
|
|
Variance |
|
|
2013
|
|
2012
|
|
Variance |
|
TOTAL
HOTELS |
|
|
|
|
|
38 Hotels
|
|
|
|
|
|
|
14 Hotels
|
|
|
|
|
|
|
24 Hotels
|
|
|
REVPAR ($) |
|
|
|
|
|
150.19
|
|
|
|
|
145.71
|
|
|
|
|
3.1%
|
|
|
|
|
|
156.98
|
|
|
|
|
147.95
|
|
|
|
|
6.1%
|
|
|
|
|
|
144.35
|
|
|
|
|
143.77
|
|
|
|
|
0.4%
|
|
ADR ($) |
|
|
|
|
|
212.90
|
|
|
|
|
207.92
|
|
|
|
|
2.4%
|
|
|
|
|
|
207.64
|
|
|
|
|
198.41
|
|
|
|
|
4.7%
|
|
|
|
|
|
218.08
|
|
|
|
|
217.15
|
|
|
|
|
0.4%
|
|
Occupancy (%) |
|
|
|
|
|
70.5%
|
|
|
|
|
70.1%
|
|
|
|
|
0.4
|
|
|
|
|
|
75.6%
|
|
|
|
|
74.6%
|
|
|
|
|
0.1
|
|
|
|
|
|
66.2%
|
|
|
|
|
66.2%
|
|
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue* |
|
|
|
|
|
284,785
|
|
|
|
|
280,362
|
|
|
|
|
1.6%
|
|
|
|
|
|
139,121
|
|
|
|
|
133,424
|
|
|
|
|
4.3%
|
|
|
|
|
|
145,663
|
|
|
|
|
146,938
|
|
|
|
|
-0.9%
|
|
Total Expenses* |
|
|
|
|
|
233,541
|
|
|
|
|
229,989
|
|
|
|
|
-1.5%
|
|
|
|
|
|
111,366
|
|
|
|
|
108,453
|
|
|
|
|
-2.7%
|
|
|
|
|
|
122,175
|
|
|
|
|
121,536
|
|
|
|
|
-0.5%
|
|
|
|
*Revenues
& Expenses above are represented in '000's |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Three Months Ended March 31, 2013 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
Worldwide |
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
$
Variance |
|
|
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Fees |
|
|
|
|
80
|
|
|
|
76
|
|
|
|
4
|
|
|
|
5.3%
|
Incentive
Fees |
|
|
|
|
44
|
|
|
|
39
|
|
|
|
5
|
|
|
|
12.8%
|
Total
Management Fees |
|
|
|
|
124
|
|
|
|
115
|
|
|
|
9
|
|
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
|
|
|
48
|
|
|
|
45
|
|
|
|
3
|
|
|
|
6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
|
172
|
|
|
|
160
|
|
|
|
12
|
|
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
|
|
|
39
|
|
|
|
36
|
|
|
|
3
|
|
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
|
211
|
|
|
|
196
|
|
|
|
15
|
|
|
|
7.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
6
|
|
|
|
5
|
|
|
|
1
|
|
|
|
20.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
|
|
|
217
|
|
|
|
201
|
|
|
|
16
|
|
|
|
8.0%
|
|
(1) Other Management &
Franchise Revenues includes the amortization of deferred gains of
approximately $23
million in 2013 and $21 million in
2012, resulting from the sales of hotels subject to long-term
management
contracts and termination fees.
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended March 31, 2013 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
$
Variance |
|
|
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Revenues (1) -- Vacation Ownership Sales |
|
|
|
|
83
|
|
|
|
83
|
|
|
|
0
|
|
|
|
0.0%
|
Other Sales and
Services Revenues (2) |
|
|
|
|
88
|
|
|
|
70
|
|
|
|
18
|
|
|
|
25.7%
|
Deferred Revenues
-- Percentage of Completion |
|
|
|
|
(2)
|
|
|
|
1
|
|
|
|
(3)
|
|
|
|
n/m
|
Deferred
Revenues -- Other (3) |
|
|
|
|
8
|
|
|
|
(2)
|
|
|
|
10
|
|
|
|
n/m
|
Vacation
Ownership Sales and Services Revenues |
|
|
|
|
177
|
|
|
|
152
|
|
|
|
25
|
|
|
|
16.4%
|
Residential
Sales and Services Revenues (4) |
|
|
|
|
132
|
|
|
|
362
|
|
|
|
(230)
|
|
|
|
(63.5%)
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
|
|
|
309
|
|
|
|
514
|
|
|
|
(205)
|
|
|
|
(39.9%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Expenses (5) -- Vacation Ownership Sales |
|
|
|
|
63
|
|
|
|
59
|
|
|
|
(4)
|
|
|
|
(6.8%)
|
Other Expenses (6)
|
|
|
|
|
64
|
|
|
|
53
|
|
|
|
(11)
|
|
|
|
(20.8%)
|
Deferred Expenses
-- Percentage of Completion |
|
|
|
|
(1)
|
|
|
|
0
|
|
|
|
1
|
|
|
|
n/m
|
Deferred
Expenses -- Other |
|
|
|
|
2
|
|
|
|
3
|
|
|
|
1
|
|
|
|
33.3%
|
Vacation
Ownership Expenses |
|
|
|
|
128
|
|
|
|
115
|
|
|
|
(13)
|
|
|
|
(11.3%)
|
Residential
Expenses (4) |
|
|
|
|
71
|
|
|
|
278
|
|
|
|
207
|
|
|
|
(74.5%)
|
Total
Vacation Ownership & Residential Expenses |
|
|
|
|
199
|
|
|
|
393
|
|
|
|
194
|
|
|
|
49.4%
|
|
(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 2013, includes $129 million of
revenues and $71 million expenses associated with the St. Regis Bal
Harbour residential project. For 2012,
includes $356 million of revenues
and $278 million expenses associated wit the St. Regis Bal Harbour
residential project.
|
|
(5)
|
|
Timeshare cost of sales and sales
& marketing expenses before deferrals of sales expenses for U.S.
GAAP reporting purposes
|
(6)
|
|
Includes resort, general and
administrative, and other miscellaneous expenses
|
|
Note: Deferred revenue is
calculated based on the Percentage of Completion ("POC") of the
project. Deferred expenses, also based on POC, include
product costs and direct sales and
marketing costs only. Indirect sales and marketing costs are not
deferred per ASC 978-720-25 and ASC 978-340-25.
|
|
n/m =
not meaningful |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Hotels
without Comparable Results & Other Selected Items |
As
of March 31, 2013 |
UNAUDITED
($ millions) |
|
|
|
|
Properties
without comparable results in 2013 and 2012: |
|
|
|
|
Revenues and Expenses Associated with Assets Sold or
Closed in 2013 and 2012: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
|
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Westin Peachtree Plaza, Atlanta |
|
|
|
|
Atlanta,
GA |
|
|
|
|
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Full Year |
The
St. Regis Bal Harbour Resort |
|
|
|
|
Bal Harbour, FL |
|
|
|
|
Hotels Sold or
Closed in 2012: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The St. Regis New
York |
|
|
|
|
New York, NY |
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Westin Maui
Resort & Spa, Ka'anapali |
|
|
|
|
Maui, HI |
|
|
|
|
Revenues |
|
$
|
|
|
|
35
|
|
|
$
|
|
|
|
43
|
|
|
$
|
|
|
|
36
|
|
|
$
|
|
|
|
-
|
|
|
$
|
114
|
The
Westin Denarau Island Resort & Spa, Fiji |
|
|
|
|
Nadi, Fiji |
|
|
|
|
Expenses
(excluding depreciation) |
|
$
|
|
|
|
32
|
|
|
$
|
|
|
|
32
|
|
|
$
|
|
|
|
28
|
|
|
$
|
|
|
|
1
|
|
|
$
|
93
|
Aloft San
Francisco Airport |
|
|
|
|
Millbrae, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton Santa
Maria de El Paular |
|
|
|
|
Madrid, Spain |
|
|
|
|
Hotels
Sold or Closed in 2013: (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Maria
Cristina, San Sebastian |
|
|
|
|
San
Sebastian, Spain |
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Alfonso
XIII, Seville |
|
|
|
|
Seville, Spain |
|
|
|
|
Revenues |
|
$
|
|
|
|
3
|
|
|
$
|
|
|
|
-
|
|
|
$
|
|
|
|
-
|
|
|
$
|
|
|
|
-
|
|
|
$
|
3
|
Four
Points by Sheraton Tucson University (2) |
|
|
|
|
Tucson, AZ |
|
|
|
|
Expenses
(excluding depreciation) |
|
$
|
|
|
|
3
|
|
|
$
|
|
|
|
-
|
|
|
$
|
|
|
|
-
|
|
|
$
|
|
|
|
-
|
|
|
$
|
3
|
The Gritti
Palace, Venice |
|
|
|
|
Venice, Italy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Westin St.
John |
|
|
|
|
St.
John, Virgin Islands |
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$
|
|
|
|
3
|
|
|
$
|
|
|
|
5
|
|
|
$
|
|
|
|
5
|
|
|
$
|
|
|
|
5
|
|
|
$
|
18
|
Properties
sold or closed in 2013 and 2012: |
|
|
|
|
|
|
|
|
|
Expenses
(excluding depreciation) |
|
$
|
|
|
|
3
|
|
|
$
|
|
|
|
4
|
|
|
$
|
|
|
|
4
|
|
|
$
|
|
|
|
4
|
|
|
$
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
|
|
|
Location
|
|
|
|
|
(1) Results consist of three hotels sold in 2013 and
eight hotels sold in 2012. These amounts are included in the revenues |
Atlanta Perimeter
|
|
|
|
|
Atlanta, GA
|
|
|
|
|
and
expenses from owned, leased and consolidated joint venture hotels in
the statements of income for 2013 and 2012. |
W Los Angeles - Westwood
|
|
|
|
|
Los Angeles, CA |
|
|
|
|
These
amounts are not impacted from the sale of Caesars Brookdale because it
was closed prior to 2012. |
W Chicago - Lakeshore
|
|
|
|
|
Chicago, IL |
|
|
|
|
(2)
As of April 2013, this hotel completed a conversion and is now
operating as Aloft Tucson University. |
Caesars Cove
Haven |
|
|
|
|
Lakeville, PA |
|
|
|
|
(3)
Excludes $25 million of revenues and $19 million of expenses in 2012,
and excludes $7 million in revenues and |
New York -
Manhattan at Times Square |
|
|
|
|
New York, NY |
|
|
|
|
$2
million of expenses in the first quarter of 2013, related to the sale
of the W New Orleans in April 2013. |
Caesars Paradise
Stream |
|
|
|
|
Mount Pocono, PA |
|
|
|
|
|
Caesars Pocono
Palace |
|
|
|
|
Marshalls Creek,
PA |
|
|
|
|
|
Caesars Brookdale
|
|
|
|
|
Scotrun, PA |
|
|
|
|
|
Aloft Lexington |
|
|
|
|
Lexington, MA |
|
|
|
|
|
Element Lexington
|
|
|
|
|
Lexington, MA |
|
|
|
|
|
W New Orleans -
French Quarter |
|
|
|
|
New Orleans, LA |
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
|
Capital
Expenditures |
|
For
the Three Months Ended March 31, 2013 |
|
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
Q1
|
|
Maintenance
Capital Expenditures: (1) |
|
|
|
|
|
|
Owned, Leased and
Consolidated Joint Venture Hotels |
|
|
|
|
7
|
|
Corporate/IT
|
|
|
|
|
10
|
|
Subtotal |
|
|
|
|
17
|
|
|
|
|
|
|
|
|
Vacation
Ownership and Residential Capital Expenditures: |
|
|
|
|
|
|
Net capital
expenditures for inventory (excluding St. Regis Bal Harbour) (2)
|
|
|
|
|
(15
|
)
|
Capital
expenditures for inventory - St. Regis Bal Harbour |
|
|
|
|
2
|
|
Subtotal |
|
|
|
|
(13
|
)
|
|
|
|
|
|
|
|
Development
Capital |
|
|
|
|
81
|
|
|
|
|
|
|
|
|
Total
Capital Expenditures |
|
|
|
|
85
|
|
|
|
|
(1) Maintenance capital
expenditures include improvements that extend the useful life of the
asset.
|
|
(2) Represents gross inventory
capital expenditures of $7 million in the three months ended
March 31, 2013, less cost of sales
of $22 million in the three months ended March 31, 2013.
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
2013
Divisional Hotel Inventory Summary by Ownership by Brand |
As
of March 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
North America |
|
Latin America |
|
Asia Pacific |
|
Greater China |
|
Rest of Asia |
|
Europe, Africa &
Middle East
|
|
Europe |
|
Africa &
Middle East
|
|
TOTAL |
|
|
|
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms
|
|
Hotels |
|
Rooms |
Owned &
Leased |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
11
|
|
6,228
|
|
6
|
|
3,529
|
|
5
|
|
2,699
|
|
2
|
|
821
|
|
-
|
|
-
|
|
2
|
|
821
|
|
4
|
|
705
|
|
4
|
|
705
|
|
-
|
|
-
|
|
|
17
|
|
7,754
|
Westin |
|
|
|
6
|
|
3,131
|
|
3
|
|
2,229
|
|
3
|
|
902
|
|
1
|
|
273
|
|
-
|
|
-
|
|
1
|
|
273
|
|
3
|
|
650
|
|
3
|
|
650
|
|
-
|
|
-
|
|
|
10
|
|
4,054
|
Four Points |
|
|
|
2
|
|
327
|
|
2
|
|
327
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
2
|
|
327
|
W |
|
|
|
2
|
|
919
|
|
2
|
|
919
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
665
|
|
2
|
|
665
|
|
-
|
|
-
|
|
|
4
|
|
1,584
|
Luxury Collection
|
|
|
|
2
|
|
824
|
|
1
|
|
643
|
|
1
|
|
181
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
577
|
|
5
|
|
577
|
|
-
|
|
-
|
|
|
7
|
|
1,401
|
St. Regis |
|
|
|
3
|
|
716
|
|
3
|
|
716
|
|
-
|
|
-
|
|
1
|
|
160
|
|
-
|
|
-
|
|
1
|
|
160
|
|
2
|
|
261
|
|
2
|
|
261
|
|
-
|
|
-
|
|
|
6
|
|
1,137
|
Le Meridien |
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Aloft |
|
|
|
2
|
|
388
|
|
2
|
|
388
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
2
|
|
388
|
Element |
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Other
|
|
|
|
1
|
|
135
|
|
1
|
|
135
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
1
|
|
135
|
Total
Owned & Leased |
|
|
|
29
|
|
12,668
|
|
20
|
|
8,886
|
|
9
|
|
3,782
|
|
4
|
|
1,254
|
|
-
|
|
-
|
|
4
|
|
1,254
|
|
16
|
|
2,858
|
|
16
|
|
2,858
|
|
-
|
|
-
|
|
|
49
|
|
16,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed &
UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
51
|
|
28,895
|
|
36
|
|
25,941
|
|
15
|
|
2,954
|
|
82
|
|
32,505
|
|
54
|
|
24,404
|
|
28
|
|
8,101
|
|
72
|
|
20,740
|
|
40
|
|
11,517
|
|
32
|
|
9,223
|
|
|
205
|
|
82,140
|
Westin |
|
|
|
60
|
|
30,790
|
|
57
|
|
29,904
|
|
3
|
|
886
|
|
31
|
|
10,340
|
|
15
|
|
5,341
|
|
16
|
|
4,999
|
|
15
|
|
5,046
|
|
12
|
|
4,097
|
|
3
|
|
949
|
|
|
106
|
|
46,176
|
Four Points |
|
|
|
4
|
|
597
|
|
1
|
|
171
|
|
3
|
|
426
|
|
22
|
|
7,060
|
|
18
|
|
5,543
|
|
4
|
|
1,517
|
|
13
|
|
2,342
|
|
5
|
|
779
|
|
8
|
|
1,563
|
|
|
39
|
|
9,999
|
W |
|
|
|
27
|
|
8,076
|
|
25
|
|
7,643
|
|
2
|
|
433
|
|
9
|
|
2,229
|
|
3
|
|
1,114
|
|
6
|
|
1,115
|
|
4
|
|
805
|
|
3
|
|
364
|
|
1
|
|
441
|
|
|
40
|
|
11,110
|
Luxury Collection
|
|
|
|
11
|
|
1,938
|
|
4
|
|
1,648
|
|
7
|
|
290
|
|
10
|
|
1,991
|
|
4
|
|
811
|
|
6
|
|
1,180
|
|
25
|
|
4,599
|
|
20
|
|
3,215
|
|
5
|
|
1,384
|
|
|
46
|
|
8,528
|
St. Regis |
|
|
|
11
|
|
2,117
|
|
9
|
|
1,808
|
|
2
|
|
309
|
|
8
|
|
2,032
|
|
5
|
|
1,380
|
|
3
|
|
652
|
|
5
|
|
1,108
|
|
2
|
|
223
|
|
3
|
|
885
|
|
|
24
|
|
5,257
|
Le Meridien |
|
|
|
4
|
|
469
|
|
3
|
|
309
|
|
1
|
|
160
|
|
26
|
|
7,306
|
|
7
|
|
2,534
|
|
19
|
|
4,772
|
|
47
|
|
12,954
|
|
19
|
|
5,808
|
|
28
|
|
7,146
|
|
|
77
|
|
20,729
|
Aloft |
|
|
|
2
|
|
292
|
|
-
|
|
-
|
|
2
|
|
292
|
|
7
|
|
1,801
|
|
5
|
|
1,023
|
|
2
|
|
778
|
|
4
|
|
943
|
|
3
|
|
535
|
|
1
|
|
408
|
|
|
13
|
|
3,036
|
Element |
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Other
|
|
|
|
1
|
|
151
|
|
1
|
|
151
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
165
|
|
1
|
|
165
|
|
-
|
|
-
|
|
|
2
|
|
316
|
Total
Managed & UJV |
|
|
|
171
|
|
73,325
|
|
136
|
|
67,575
|
|
35
|
|
5,750
|
|
195
|
|
65,264
|
|
111
|
|
42,150
|
|
84
|
|
23,114
|
|
186
|
|
48,702
|
|
105
|
|
26,703
|
|
81
|
|
21,999
|
|
|
552
|
|
187,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
176
|
|
51,897
|
|
165
|
|
49,047
|
|
11
|
|
2,850
|
|
13
|
|
6,124
|
|
3
|
|
1,836
|
|
10
|
|
4,288
|
|
19
|
|
4,937
|
|
17
|
|
4,534
|
|
2
|
|
403
|
|
|
208
|
|
62,958
|
Westin |
|
|
|
64
|
|
20,422
|
|
59
|
|
18,895
|
|
5
|
|
1,527
|
|
9
|
|
2,730
|
|
2
|
|
496
|
|
7
|
|
2,234
|
|
3
|
|
1,176
|
|
3
|
|
1,176
|
|
-
|
|
-
|
|
|
76
|
|
24,328
|
Four Points |
|
|
|
122
|
|
19,249
|
|
113
|
|
17,920
|
|
9
|
|
1,329
|
|
8
|
|
1,441
|
|
1
|
|
126
|
|
7
|
|
1,315
|
|
5
|
|
835
|
|
5
|
|
835
|
|
-
|
|
-
|
|
|
135
|
|
21,525
|
W |
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Luxury Collection
|
|
|
|
9
|
|
1,748
|
|
7
|
|
1,500
|
|
2
|
|
248
|
|
10
|
|
3,071
|
|
-
|
|
-
|
|
10
|
|
3,071
|
|
12
|
|
1,673
|
|
12
|
|
1,673
|
|
-
|
|
-
|
|
|
31
|
|
6,492
|
St. Regis |
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Le Meridien |
|
|
|
11
|
|
2,717
|
|
10
|
|
2,606
|
|
1
|
|
111
|
|
3
|
|
715
|
|
1
|
|
160
|
|
2
|
|
555
|
|
5
|
|
1,446
|
|
3
|
|
623
|
|
2
|
|
823
|
|
|
19
|
|
4,878
|
Aloft |
|
|
|
48
|
|
6,926
|
|
48
|
|
6,926
|
|
-
|
|
-
|
|
4
|
|
564
|
|
-
|
|
-
|
|
4
|
|
564
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
52
|
|
7,490
|
Element |
|
|
|
10
|
|
1,641
|
|
10
|
|
1,641
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
10
|
|
1,641
|
Other
|
|
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
-
|
Total
Franchised |
|
|
|
440
|
|
104,600
|
|
412
|
|
98,535
|
|
28
|
|
6,065
|
|
47
|
|
14,645
|
|
7
|
|
2,618
|
|
40
|
|
12,027
|
|
44
|
|
10,067
|
|
40
|
|
8,841
|
|
4
|
|
1,226
|
|
|
531
|
|
129,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
|
|
238
|
|
87,020
|
|
207
|
|
78,517
|
|
31
|
|
8,503
|
|
97
|
|
39,450
|
|
57
|
|
26,240
|
|
40
|
|
13,210
|
|
95
|
|
26,382
|
|
61
|
|
16,756
|
|
34
|
|
9,626
|
|
|
430
|
|
152,852
|
Westin |
|
|
|
130
|
|
54,343
|
|
119
|
|
51,028
|
|
11
|
|
3,315
|
|
41
|
|
13,343
|
|
17
|
|
5,837
|
|
24
|
|
7,506
|
|
21
|
|
6,872
|
|
18
|
|
5,923
|
|
3
|
|
949
|
|
|
192
|
|
74,558
|
Four Points |
|
|
|
128
|
|
20,173
|
|
116
|
|
18,418
|
|
12
|
|
1,755
|
|
30
|
|
8,501
|
|
19
|
|
5,669
|
|
11
|
|
2,832
|
|
18
|
|
3,177
|
|
10
|
|
1,614
|
|
8
|
|
1,563
|
|
|
176
|
|
31,851
|
W |
|
|
|
29
|
|
8,995
|
|
27
|
|
8,562
|
|
2
|
|
433
|
|
9
|
|
2,229
|
|
3
|
|
1,114
|
|
6
|
|
1,115
|
|
6
|
|
1,470
|
|
5
|
|
1,029
|
|
1
|
|
441
|
|
|
44
|
|
12,694
|
Luxury Collection
|
|
|
|
22
|
|
4,510
|
|
12
|
|
3,791
|
|
10
|
|
719
|
|
20
|
|
5,062
|
|
4
|
|
811
|
|
16
|
|
4,251
|
|
42
|
|
6,849
|
|
37
|
|
5,465
|
|
5
|
|
1,384
|
|
|
84
|
|
16,421
|
St. Regis |
|
|
|
14
|
|
2,833
|
|
12
|
|
2,524
|
|
2
|
|
309
|
|
9
|
|
2,192
|
|
5
|
|
1,380
|
|
4
|
|
812
|
|
7
|
|
1,369
|
|
4
|
|
484
|
|
3
|
|
885
|
|
|
30
|
|
6,394
|
Le Meridien |
|
|
|
15
|
|
3,186
|
|
13
|
|
2,915
|
|
2
|
|
271
|
|
29
|
|
8,021
|
|
8
|
|
2,694
|
|
21
|
|
5,327
|
|
52
|
|
14,400
|
|
22
|
|
6,431
|
|
30
|
|
7,969
|
|
|
96
|
|
25,607
|
Aloft |
|
|
|
52
|
|
7,606
|
|
50
|
|
7,314
|
|
2
|
|
292
|
|
11
|
|
2,365
|
|
5
|
|
1,023
|
|
6
|
|
1,342
|
|
4
|
|
943
|
|
3
|
|
535
|
|
1
|
|
408
|
|
|
67
|
|
10,914
|
Element |
|
|
|
10
|
|
1,641
|
|
10
|
|
1,641
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
10
|
|
1,641
|
Other |
|
|
|
2
|
|
286
|
|
2
|
|
286
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
165
|
|
1
|
|
165
|
|
-
|
|
-
|
|
|
3
|
|
451
|
Vacation
Ownership |
|
|
|
14
|
|
7,532
|
|
13
|
|
6,952
|
|
1
|
|
580
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
14
|
|
7,532
|
Total
Systemwide |
|
|
|
654
|
|
198,125
|
|
581
|
|
181,948
|
|
73
|
|
16,177
|
|
246
|
|
81,163
|
|
118
|
|
44,768
|
|
128
|
|
36,395
|
|
246
|
|
61,627
|
|
161
|
|
38,402
|
|
85
|
|
23,225
|
|
|
1,146
|
|
340,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note:
Includes Vacation Ownership properties |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of March 31, 2013 |
UNAUDITED
|
|
|
|
|
|
|
|
# Resorts |
|
|
# of Units (1) |
|
|
|
|
|
Total (2)
|
|
|
In
Operations
|
|
|
In Active
Sales
|
|
|
Completed (3) |
|
|
Pre-sales/
Development (4)
|
|
|
Future
Capacity (5),(6)
|
|
|
Total at
Buildout
|
Brand
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|