STARWOOD HOTELS & RESORTS WORLDWIDE,
INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per Share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
------------------------
--------------------------
2004 2003 % Variance
2004 2003 % Variance
------ ------ ----------
------- ------- ----------
Revenues
Owned, leased and
consolidated
joint venture
$811 $735
10.3 hotels
$2,448 $2,288 7.0
Vacation
ownership sales
175 129
35.7 and services
443 327 35.5
Management fees,
franchise fees
105 68
54.4 and other income 299
184 62.5
Other revenues
from managed and
franchised
245 204
20.1 properties(a) 736
634 16.1
------ ------ ----------
------- ------- ----------
1,336 1,136
17.6
3,926 3,433 14.4
Costs and
Expenses
Owned, leased and
consolidated
joint venture
617 577
(6.9) hotels
1,864 1,781 (4.7)
Vacation
132 98
(34.7) ownership
334 252 (32.5)
Selling, general,
administrative
74 45
(64.4) and other
244 159 (53.5)
Restructuring and
other special
(37) (1)
n/m credits, net
(37) (1) n/m
103 100
(3.0) Depreciation 306
309 1.0
4
4 - Amortization
13 14
7.1
Other expenses
from managed and
franchised
245 204
(20.1) properties(a) 736
634 (16.1)
------ ------ ----------
------- ------- ----------
1,138 1,027
(10.8)
3,460 3,148 (9.9)
198 109
81.7 Operating income 466
285 63.5
Gain on sale of
VOI notes
3
1 n/m receivable
11 6
83.3
Equity earnings
from
unconsolidated
6
2 n/m ventures
22 10
n/m
Interest expense,
net of interest
income of $1,
$2, $2 and $3
(64) (69)
7.2 (b)
(193) (219) 11.9
Loss on asset
dispositions and
(4) (3)
(33.3) impairments, net (8) (179)
95.5
------ ------ ----------
------- ------- ----------
Income (loss)
from continuing
operations
before taxes and
139 40
n/m minority equity 298
(97) n/m
Income tax
benefit
(34) 7
n/m (expense)
(41) 113 n/m
Minority equity
-
- - in
net loss 1
1 -
------ ------ ----------
------- ------- ----------
Income from
continuing
105 47
n/m operations
258 17
n/m
Discontinued
operations:
Loss from
operations,
net of taxes
of $0, $0, $0
-
- -
and $1 (c) -
(1) n/m
Gain on
disposition
2
1 n/m
(d)
37 206 (82.0)
------ ------ ----------
------- ------- ----------
$107 $48
n/m Net income
$295 $222 32.9
====== ====== ==========
======= ======= ==========
Earnings Per
Share -- Basic
Continuing
$0.51 $0.23
n/m operations $1.25
$0.09 n/m
Discontinued
0.01 0.01
- operations
0.18 1.01 (82.2)
------ ------ ----------
------- ------- ----------
$0.52 $0.24
n/m Net income $1.43
$1.10 30.0
====== ====== ==========
======= ======= ==========
Earnings Per
Share -- Diluted
Continuing
$0.49 $0.23
n/m operations $1.21
$0.08 n/m
Discontinued
0.01 -
n/m operations
0.17 1.00 (83.0)
------ ------ ----------
------- ------- ----------
$0.50 $0.23
n/m Net income $1.38
$1.08 27.8
====== ====== ==========
======= ======= ==========
Weighted average
208 203
number of Shares 207 202
====== ======
======= =======
Weighted average
number of Shares
assuming
215 208
dilution
214 205
====== ======
======= =======
(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.
(b) Interest expense is net of $0 million of discontinued
operations allocations for the three and nine month periods ended September
30, 2004 and $0 and $7 million for the three and nine month periods ended
September 30, 2003, respectively.
(c) For 2003, the Hotel Principe di Savoia in Milan, Italy
("Principe") is reported as a discontinued operation as a result of the
sale of this hotel in June 2003 with no continuing involvement.
(d) 2004 and 2003 activity primarily represents the reversal
of reserves that are no longer required as the related contingencies have
been resolved and the favorable resolution of certain tax matters related
to the 1999 divestiture of the Company's gaming business. Also includes
a $194 million (pre-tax) gain in the nine months ended September 30, 2003
recorded in connection with the sale of the Principe in June 2003.
n/m = not meaningful
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
September 30, December 31,
2004 2003
-------------- ------------
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$231 $427
Restricted cash
189 81
Accounts receivable, net of allowance
for doubtful accounts of $56
and $53
438 418
Inventories
320 232
Prepaid expenses and other
177 104
-------------- ------------
Total current assets
1,355 1,262
Investments
463 415
Plant, property and equipment, net
6,944 7,106
Goodwill and intangible assets, net
2,509 2,488
Other assets (a)
737 623
-------------- ------------
$12,008 $11,894
============== ============
Liabilities and Stockholders' Equity
Current liabilities:
Short-term borrowings and current
maturities of long-term debt
(b)
$243 $233
Accounts payable
154 171
Accrued expenses
688 836
Accrued salaries, wages and benefits
270 228
Accrued taxes and other
182 176
-------------- ------------
Total current liabilities
1,537 1,644
Long-term debt (b)
4,258 4,393
Deferred income taxes
840 898
Other liabilities
655 574
-------------- ------------
7,290 7,509
-------------- ------------
Minority interest
27 28
-------------- ------------
Exchangeable units and Class B preferred
shares, at redemption value of $38.50
- 31
-------------- ------------
Commitments and contingencies
Stockholders' equity:
Class A exchangeable preferred
shares
of the Trust; $0.01 par
value;
authorized 30,000,000
shares;
outstanding 597,983 and
480,880
shares at September 30,
2004 and
December 31, 2003, respectively
- -
Corporation common stock; $0.01
par
value; authorized 1,050,000,000
shares; outstanding 205,944,530
and
201,812,126 shares at
September 30,
2004 and December 31,
2003,
respectively
2 2
Trust Class B shares of beneficial
interest; $0.01 par value;
authorized
1,000,000,000 shares;
outstanding
205,944,530 and 201,812,126
shares at
September 30, 2004 and
December 31,
2003, respectively
2 2
Additional paid-in capital 5,043
4,952
Deferred compensation
(18) (9)
Accumulated other
comprehensive loss (346)
(334)
Retained earnings (accumulated deficit)
8 (287)
-------------- ------------
Total stockholders' equity 4,691
4,326
-------------- ------------
$12,008 $11,894
============== ============
_________
(a) Includes restricted cash of $108
million and $19 million at
September
30, 2004 and December 31, 2003, respectively.
(b) Excludes Starwood's share of unconsolidated
joint venture debt
aggregating
approximately $414 million and $410 million at
September
30, 2004 and December 31, 2003, respectively.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations - Historical Data
(In millions)
Three Months Ended
Nine Months Ended
September 30,
September 30,
------------------------
----------------------
2004 2003 % Variance
2004 2003 % Variance
------ ------ ----------
----- ----- ----------
Reconciliation of Net
Income to EBITDA and
Adjusted EBITDA
$107 $48
n/m Net income
$295 $222 32.9
68 76
(10.5) Interest expense(a) 209 242
(13.6)
Income tax (benefit)
35 (7)
n/m expense(b)
8 (72) n/m
111 107
3.7 Depreciation(c)
330 330
-
6 5
20.0 Amortization (d)
18 18
-
------ ------ ----------
----- ----- ----------
327 229
42.8 EBITDA
860 740 16.2
Adjustment to costs
associated with
construction
- 3
n/m remediation
(4) 3 n/m
Loss on asset
dispositions and
4 3
33.3 impairments, net
8 179 (95.5)
Restructuring and
other special
(37) (1)
n/m credits, net
(37) (1) n/m
Discontinued
(3) (1)
n/m operations(e)
(4) (254) 98.4
------ ------ ----------
----- ----- ----------
291 233
24.9 Adjusted EBITDA
823 667 23.4
Hotels Sold in 2003
(20 hotels) (f)
- (7)
n/m Revenues
- (110) n/m
- 6
n/m Costs and expenses
- 89 n/m
------ ------ ----------
----- ----- ----------
Adjusted EBITDA
excluding assets sold
$291 $232
25.4 in 2003
$823 $646 27.4
====== ====== ==========
===== ===== ==========
(a) Includes $3, $5, $14 and $13 million of interest expense
related to unconsolidated joint ventures for the three months ended September
30, 2004 and 2003 and the nine months ended September 30, 2004 and 2003,
respectively. Also includes $0 and $7 million of interest expense allocated
to discontinued operations for the three and nine months ended September
30, 2003, respectively. No interest expense was allocated to discontinued
operations in 2004.
(b) Includes $1, $0, $(33) and $41 million of tax (benefit)
expense recorded in discontinued operations for the three months ended
September 30, 2004 and 2003 and for the nine months ended September 30,
2004 and 2003, respectively.
(c) Includes $8, $7, $24 and $20 million of Starwood's
share of depreciation expense of unconsolidated joint ventures for the
three months ended September 30, 2004 and 2003 and the nine months ended
September 30, 2004 and 2003, respectively. Also includes $1 million of
depreciation expense included in discontinued operations for the nine months
ended September 30, 2003. No depreciation expense was allocated to discontinued
operations in the third quarter of 2003 or in 2004.
(d) Includes $2, $1, $5 and $4 million of Starwood's share
of amortization expense of unconsolidated joint ventures for the three
months ended September 30, 2004 and 2003 and the nine months ended September
30, 2004 and 2003, respectively.
(e) Excludes the interest expense, taxes, and depreciation
balances already added back as noted in (a), (b) and (c) above.
(f) Represents 20 hotels (excluding the Principe which
is reported in discontinued operations) that were sold in 2003. These amounts
are included in the revenues and expenses from owned, leased and consolidated
joint venture hotels in 2003.
Three Months Ended
Nine Months Ended
September 30,
September 30,
------------------
-----------------
2004 2003
2004 2003
-------- ---------
-------- --------
Cash Flow Data
$107
$48 Net income
$295 $222
Exclude:
(2)
(1) Discontinued operations, net
(37) (205)
-------- ---------
-------- --------
105
47 Income from continuing operations 258
17
(Increase) decrease in restricted
(67)
64 cash
(197) 13
Adjustments to income from
continuing operations, changes
157
178 in working capital and other
315 471
-------- ---------
-------- --------
Cash from continuing
195
289 operations
376 501
Cash from discontinued
-
- operations
1 10
-------- ---------
-------- --------
$195 $289
Cash from operating activities $377
$511
======== =========
======== ========
Cash from (used for) investing
$(80) $308
activities
$(324) $837
======== =========
======== ========
Cash used for financing
$(50) $(132) activities
$(251) $(678)
======== =========
======== ========
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Non-GAAP
to GAAP Reconciliations - Future Performance
(In millions)
Twelve Months Ended
December 31, 2004
--------------------
Income from continuing operations before special
items
$317
Special items - after-tax (see page 7)
33
---------------
Income from continuing operations
$350
===============
EPS from continuing operations before special
items
$1.48
Special items - after-tax (see page 7)
.15
---------------
EPS from continuing operations
$1.63
===============
Three Months Twelve Months Twelve Months
Ended Ended
Ended
December 31, December 31, December 31,
2004 2004
2005
------------ ------------- -------------
Net income
$92 $387
$390
Interest expense
73 282
292
Income tax expense
22 30
138
Depreciation and amortization
120 468
480
------------ ------------- -------------
EBITDA
$307 $1,167
$1,300
Loss on asset dispositions and
impairments, net
-
8
-
Discontinued operations
- (4)
-
Restructuring and other
special credits, net
- (37)
-
Adjustment to costs associated
with construction remediation
- (4)
-
------------ ------------- -------------
Adjusted EBITDA
$307 $1,130
$1,300
============ ============= =============
Twelve Months Ended
December 31, 2003
-------------------
Net income
$309
Interest expense
312
Income tax benefit
(73)
Depreciation
438
Amortization
26
----------
EBITDA
1,012
Loss on asset dispositions and impairments, net
183
Discontinued operations
(252)
Restructuring and other special credits, net
(9)
Costs associated with construction remediation
4
----------
Adjusted EBITDA
938
Hotels sold in 2003
Revenues
(110)
Costs and expenses
89
----------
Adjusted EBITDA excluding hotels sold in 2003
$917
==========
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations -
Same Store Owned Hotel Revenue and Expenses
(In millions)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---------------------
-------------------------
Same Store
Owned Hotels (1)
2004 2003 % Variance
Worldwide 2004
2003 % Variance
----- ---------------
------- -----------------
Revenue
Same Store Owned
$792 $716 10.6
Hotels
$2,403 $2,147 11.9
Hotels Sold or
Closed in 2003
- 7
n/m (23 hotels)
- 110 n/m
Hotels without
Comparable
Results (2
14 7
n/m hotels)
39 23 69.6
Other ancillary
5 5
- hotel operations
6 8 (25.0)
----- ----- ---------
------- ------- ---------
Total Owned, Leased
and Consolidated
Joint Venture Hotels
$811 $735 10.3
Revenue
$2,448 $2,288 7.0
Costs and Expenses
Same Store Owned
$603 $563 (7.1)
Hotels
$1,829 $1,667 (9.7)
Hotels Sold or
Closed in 2003
1 6
83.3 (23 hotels)
1 92 98.9
Hotels without
Comparable
Results (2
12 6
n/m hotels)
30 17 (76.5)
Other ancillary
1 2
50.0 hotel operations
4 5 20.0
----- ----- ---------
------- ------- ---------
Total Owned, Leased
and Consolidated
Joint Venture Hotels
$617 $577 (6.9)
Costs and Expenses $1,864 $1,781
(4.7)
===== ===== =========
======= ======= =========
Three Months Ended
Nine Months Ended
September 30,
September 30,
---------------------
-------------------------
Same Store Owned
Hotels
2004 2003 % Variance North
America 2004
2003 % Variance
----- ---------------
------- -----------------
Revenue
Same Store Owned
$567 $514 10.3
Hotels
$1,742 $1,577 10.5
Hotels Sold or
Closed in 2003
- 7
n/m (17 hotels)
- 98
n/m
Hotels without
Comparable
Results (2
14 7
n/m hotels)
39 23 69.6
----- ----- ---------
------- ------- ---------
Total Owned, Leased
and Consolidated
Joint Venture Hotels
$581 $528 10.0
Revenue
$1,781 $1,698 4.9
Costs and Expenses
Same Store Owned
$435 $410 (6.1)
Hotels
$1,330 $1,232 (8.0)
Hotels Sold or
Closed in 2003
1 6
83.3 (17 hotels)
1 76 98.7
Hotels without
Comparable
Results (2
12 6
n/m hotels)
30 17 (76.5)
----- ----- ---------
------- ------- ---------
Total Owned, Leased
and Consolidated
Joint Venture Hotels
$448 $422 (6.2)
Costs and Expenses $1,361 $1,325
(2.7)
===== ===== =========
======= ======= =========
Three Months Ended
Nine Months Ended
September 30,
September 30,
---------------------
-------------------------
Same Store Owned
Hotels
2004 2003 % Variance International
2004 2003 % Variance
----- ---------------
------- -----------------
Revenue
Same Store Owned
$225 $202 11.4
Hotels
$661 $570 16.0
Hotels Sold or
Closed in 2003 (6
- -
- hotels)
- 12
n/m
Other ancillary
5 5
- hotel operations
6 8 (25.0)
----- ----- ---------
------- ------- ---------
Total Owned, Leased
and Consolidated
Joint Venture Hotels
$230 $207 11.1
Revenue
$667 $ 590 13.1
Costs and Expenses
Same Store Owned
$168 $153 (9.8)
Hotels
$499 $435 (14.7)
Hotels Sold or
Closed in 2003 (6
- -
- hotels)
- 16
n/m
Other ancillary
1 2
50.0 hotel operations
4 5 20.0
----- ----- ---------
------- ------- ---------
Total Owned, Leased
and Consolidated
Joint Venture Hotels
$169 $155 (9.0)
Costs and Expenses $503
$456 (10.3)
===== ===== =========
======= ======= =========
(1) Same Store Owned Hotel Results exclude 23 hotels
sold or closed in
2003 and 2 hotels without comparable results.
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels (1)
For the Three Months Ended September 30, 2004
UNAUDITED
WORLDWIDE
--------------------------------
2004 2003
Var.
---------- ---------- ----------
139 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
111.15 98.98
12.3%
ADR ($)
155.55 144.06
8.0%
OCCUPANCY (%)
71.5% 68.7%
2.8
60
--------------------------------
SHERATON
REVPAR ($)
93.60 80.62
16.1%
ADR ($)
133.09 121.69
9.4%
OCCUPANCY (%)
70.3% 66.3%
4.0
36
--------------------------------
WESTIN
REVPAR ($)
120.07 111.57
7.6%
ADR ($)
164.36 152.92
7.5%
OCCUPANCY (%)
73.1% 73.0%
0.1
10
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
210.74 184.56
14.2%
ADR ($)
350.51 327.79
6.9%
OCCUPANCY (%)
60.1% 56.3%
3.8
12
--------------------------------
W
REVPAR ($)
152.28 142.52
6.8%
ADR ($)
203.47 192.61
5.6%
OCCUPANCY (%)
74.8% 74.0%
0.8
21
--------------------------------
OTHER
REVPAR ($)
93.34 79.68
17.1%
ADR ($)
125.05 114.03
9.7%
OCCUPANCY (%)
74.6% 69.9%
4.7
NORTH AMERICA
--------------------------------
2004 2003
Var.
---------- ---------- ----------
94 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
110.11 98.20
12.1%
ADR ($)
148.85 137.18
8.5%
OCCUPANCY (%)
74.0% 71.6%
2.4
36
--------------------------------
SHERATON
REVPAR ($)
101.11 86.17
17.3%
ADR ($)
135.72 121.49
11.7%
OCCUPANCY (%)
74.5% 70.9%
3.6
22
--------------------------------
WESTIN
REVPAR ($)
106.35 99.67
6.7%
ADR ($)
141.36 132.22
6.9%
OCCUPANCY (%)
75.2% 75.4%
-0.2
4
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
165.09 149.81
10.2%
ADR ($)
282.88 266.78
6.0%
OCCUPANCY (%)
58.4% 56.2%
2.2
12
--------------------------------
W
REVPAR ($)
152.28 142.52
6.8%
ADR ($)
203.47 192.61
5.6%
OCCUPANCY (%)
74.8% 74.0%
0.8
20
--------------------------------
OTHER
REVPAR ($)
92.88 79.16
17.3%
ADR ($)
126.82 116.88
8.5%
OCCUPANCY (%)
73.2% 67.7%
5.5
INTERNATIONAL(2)
--------------------------------
2004 2003
Var.
---------- ---------- ----------
45 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
114.06 101.16
12.8%
ADR ($)
177.06 166.90
6.1%
OCCUPANCY (%)
64.4% 60.6%
3.8
24
--------------------------------
SHERATON
REVPAR ($)
79.18 69.97
13.2%
ADR ($)
127.03 122.17
4.0%
OCCUPANCY (%)
62.3% 57.3%
5.0
14
--------------------------------
WESTIN
REVPAR ($)
163.32 149.03
9.6%
ADR ($)
246.80 228.23
8.1%
OCCUPANCY (%)
66.2% 65.3%
0.9
6
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
290.39 245.19
18.4%
ADR ($)
459.46 433.44
6.0%
OCCUPANCY (%)
63.2% 56.6%
6.6
W
REVPAR ($)
ADR ($)
OCCUPANCY (%)
1
--------------------------------
OTHER
REVPAR ($)
96.62 83.44
15.8%
ADR ($)
114.35 97.57
17.2%
OCCUPANCY (%)
84.5% 85.5%
(1.0)
(1) Hotel Results exclude 15 hotels sold or closed subsequent
to June
30, 2003 and 2 hotels without comparable
results
(2) See next page for breakdown by division
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Same Store Owned Hotels (1)
For the Three Months Ended September 30, 2004
UNAUDITED
EUROPE
--------------------------------
2004 2003
Var.
---------- ---------- ----------
29 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
159.97 143.45
11.5%
ADR ($)
241.30 227.76
5.9%
OCCUPANCY (%)
66.3% 63.0%
3.3
12
--------------------------------
SHERATON
REVPAR ($)
104.39 93.83
11.3%
ADR ($)
151.98 147.41
3.1%
OCCUPANCY (%)
68.7% 63.7%
5.0
11
--------------------------------
WESTIN
REVPAR ($)
196.51 181.26
8.4%
ADR ($)
307.66 282.51
8.9%
OCCUPANCY (%)
63.9% 64.2%
(0.3)
6
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
290.39 245.19
18.4%
ADR ($)
459.46 433.44
6.0%
OCCUPANCY (%)
63.2% 56.6%
6.6
OTHER
REVPAR ($)
ADR ($)
OCCUPANCY (%)
LATIN AMERICA
--------------------------------
2004 2003
Var.
---------- ---------- ----------
12 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
52.37 44.84
16.8%
ADR ($)
91.78 88.77
3.4%
OCCUPANCY (%)
57.1% 50.5%
6.6
9
--------------------------------
SHERATON
REVPAR ($)
47.00 40.47
16.1%
ADR ($)
87.78 87.22
0.6%
OCCUPANCY (%)
53.5% 46.4%
7.1
3
--------------------------------
WESTIN
REVPAR ($)
75.56 63.76
18.5%
ADR ($)
104.58 93.32
12.1%
OCCUPANCY (%)
72.3% 68.3%
4.0
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY (%)
OTHER
REVPAR ($)
ADR ($)
OCCUPANCY (%)
ASIA PACIFIC
--------------------------------
2004 2003
Var.
---------- ---------- ----------
4 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
109.03 94.65
15.2%
ADR ($)
139.44 117.91
18.3%
OCCUPANCY (%)
78.2% 80.3%
(2.1)
3
--------------------------------
SHERATON
REVPAR ($)
116.63 101.53
14.9%
ADR ($)
156.93 131.78
19.1%
OCCUPANCY (%)
74.3% 77.0%
(2.7)
WESTIN
REVPAR ($)
ADR ($)
OCCUPANCY (%)
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY (%)
1
--------------------------------
OTHER
REVPAR ($)
96.62 83.44
15.8%
ADR ($)
114.35 97.57
17.2%
OCCUPANCY (%)
84.5% 85.5%
(1.0)
(1) Hotel Results exclude 15 hotels sold or closed subsequent
to June
30, 2003 and 2 hotels without comparable
results
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Same Store Owned Hotels (1)
For the Three Months Ended September 30, 2004
UNAUDITED
EUROPE
--------------------------------
2004 2003
Var.
---------- ---------- ----------
29 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
159.97 143.45
11.5%
ADR ($)
241.30 227.76
5.9%
OCCUPANCY (%)
66.3% 63.0%
3.3
12
--------------------------------
SHERATON
REVPAR ($)
104.39 93.83
11.3%
ADR ($)
151.98 147.41
3.1%
OCCUPANCY (%)
68.7% 63.7%
5.0
11
--------------------------------
WESTIN
REVPAR ($)
196.51 181.26
8.4%
ADR ($)
307.66 282.51
8.9%
OCCUPANCY (%)
63.9% 64.2%
(0.3)
6
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
290.39 245.19
18.4%
ADR ($)
459.46 433.44
6.0%
OCCUPANCY (%)
63.2% 56.6%
6.6
OTHER
REVPAR ($)
ADR ($)
OCCUPANCY (%)
LATIN AMERICA
--------------------------------
2004 2003
Var.
---------- ---------- ----------
12 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
52.37 44.84
16.8%
ADR ($)
91.78 88.77
3.4%
OCCUPANCY (%)
57.1% 50.5%
6.6
9
--------------------------------
SHERATON
REVPAR ($)
47.00 40.47
16.1%
ADR ($)
87.78 87.22
0.6%
OCCUPANCY (%)
53.5% 46.4%
7.1
3
--------------------------------
WESTIN
REVPAR ($)
75.56 63.76
18.5%
ADR ($)
104.58 93.32
12.1%
OCCUPANCY (%)
72.3% 68.3%
4.0
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY (%)
OTHER
REVPAR ($)
ADR ($)
OCCUPANCY (%)
ASIA PACIFIC
--------------------------------
2004 2003
Var.
---------- ---------- ----------
4 Hotels
--------------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
109.03 94.65
15.2%
ADR ($)
139.44 117.91
18.3%
OCCUPANCY (%)
78.2% 80.3%
(2.1)
3
--------------------------------
SHERATON
REVPAR ($)
116.63 101.53
14.9%
ADR ($)
156.93 131.78
19.1%
OCCUPANCY (%)
74.3% 77.0%
(2.7)
WESTIN
REVPAR ($)
ADR ($)
OCCUPANCY (%)
ST. REGIS/LUXURY COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY (%)
1
--------------------------------
OTHER
REVPAR ($)
96.62 83.44
15.8%
ADR ($)
114.35 97.57
17.2%
OCCUPANCY (%)
84.5% 85.5%
(1.0)
(1) Hotel Results exclude 15 hotels sold or closed subsequent
to June
30, 2003 and 2 hotels without comparable
results
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels (1)
For the Three Months Ended September 30, 2004
UNAUDITED ($thousands)
WORLDWIDE
--------------------------------
2004 2003
Var.
---------- ---------- ----------
139 Hotels
--------------------------------
SAME STORE OWNED HOTELS
Total REVENUE
791,894 715,902 10.6%
Total EXPENSE(3)
603,176 563,210 (7.1%)
60
--------------------------------
SHERATON
REVENUE
321,157 279,351 15.0%
EXPENSE
240,431 218,690 (9.9%)
36
--------------------------------
WESTIN
REVENUE
242,290 226,279
7.1%
EXPENSE
181,798 172,351 (5.5%)
10
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVENUE
76,771 68,170
12.6%
EXPENSE
62,866 59,726 (5.3%)
12
--------------------------------
W(3)
REVENUE
87,379 84,152
3.8%
EXPENSE
70,369 67,801 (3.8%)
21
--------------------------------
OTHER
REVENUE
64,297 57,950
11.0%
EXPENSE
47,712 44,642 (6.9%)
NORTH AMERICA
--------------------------------
2004 2003
Var.
---------- ---------- ----------
94 Hotels
--------------------------------
SAME STORE OWNED HOTELS
Total REVENUE
566,728 513,495 10.4%
Total EXPENSE(3)
435,994 410,947 (6.1%)
36
--------------------------------
SHERATON
REVENUE
218,599 186,908 17.0%
EXPENSE
162,349 149,084 (8.9%)
22
--------------------------------
WESTIN
REVENUE
160,115 150,898
6.1%
EXPENSE
121,931 116,316 (4.8%)
4
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVENUE
44,330 40,508
9.4%
EXPENSE
41,072 39,792 (3.2%)
12
--------------------------------
W(3)
REVENUE
87,379 84,152
3.8%
EXPENSE
70,369 67,801 (3.8%)
20
--------------------------------
OTHER
REVENUE
56,305 51,029
10.3%
EXPENSE
40,273 37,954 (6.1%)
INTERNATIONAL(2)
--------------------------------
2004 2003
Var.
---------- ---------- ----------
45 Hotels
--------------------------------
SAME STORE OWNED HOTELS
Total REVENUE
225,166 202,407 11.2%
Total EXPENSE(3)
167,182 152,263 (9.8%)
24
--------------------------------
SHERATON
REVENUE
102,558 92,443
10.9%
EXPENSE
78,082 69,606 (12.2%)
14
--------------------------------
WESTIN
REVENUE
82,175 75,381
9.0%
EXPENSE
59,867 56,035 (6.8%)
6
--------------------------------
ST. REGIS/LUXURY COLLECTION
REVENUE
32,441 27,662
17.3%
EXPENSE
21,794 19,934 (9.3%)
W(3)
REVENUE
EXPENSE
1
--------------------------------
OTHER
REVENUE
7,992 6,921
15.5%
EXPENSE
7,439 6,688 (11.2%)
(1) Hotel Results exclude 15 hotels sold or closed subsequent
to June
30, 2003 and 2 hotels without comparable
results
(2) See next page for breakdown by division
(3) Includes lease expense of $4,288 in 2004 and 2003
related to the
lease of the W Times Square in New
York
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels(1)
For the Three Months Ended September 30, 2004
UNAUDITED ($thousands)
EUROPE
LATIN AMERICA
-------------------------- -------------------------
2004 2003 Var.
2004 2003 Var.
--------- -------- ------- -------- ------- --------
29 Hotels
12 Hotels
-------------------------- -------------------------
SAME STORE OWNED
HOTELS
Total REVENUE 157,463 142,262
10.7% 40,109 34,927 14.8%
Total EXPENSE 116,320 107,361
(8.3%) 30,576 25,752 (18.7%)
12
9
-------------------------- -------------------------
SHERATON
REVENUE
54,389 49,354 10.2% 28,567 24,792
15.2%
EXPENSE
43,758 39,242 (11.5%) 21,477 17,902
(20.0%)
11
3
-------------------------- -------------------------
WESTIN
REVENUE
70,633 65,246 8.3% 11,542
10,135 13.9%
EXPENSE
50,768 48,185 (5.4%) 9,099
7,850 (15.9%)
6
--------------------------
ST. REGIS/LUXURY
COLLECTION
REVENUE
32,441 27,662 17.3%
n/a
EXPENSE
21,794 19,934 (9.3%)
n/a
OTHER
REVENUE
EXPENSE
ASIA PACIFIC
--------------------------
2004 2003 Var.
--------- -------- -------
4 Hotels
--------------------------
SAME STORE OWNED
HOTELS
Total REVENUE 27,594
25,218 9.4%
Total EXPENSE 20,286
19,150 (5.9%)
3
--------------------------
SHERATON
REVENUE
19,602 18,297 7.1%
EXPENSE
12,847 12,462 3.1%)
WESTIN
REVENUE
EXPENSE
ST. REGIS/LUXURY
COLLECTION
REVENUE
n/a
EXPENSE
n/a
1
--------------------------
OTHER
REVENUE
7,992 6,921 15.5%
EXPENSE
7,439 6,688 (11.2%)
(1)Hotel Results exclude 15 hotels sold or closed subsequent
to June
30, 2003 and 2 hotels without comparable results
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels (1)
For the Nine Months Ended September 30, 2004
UNAUDITED
WORLDWIDE
NORTH AMERICA
---------------------- -----------------------
2004 2003 Var. 2004
2003 Var.
-------- ------- ----- -------- ------- ------
139 Hotels
94 Hotels
---------------------- -----------------------
SAME STORE OWNED HOTELS
REVPAR ($)
109.56 96.38 13.7% 108.67 96.58
12.5%
ADR ($)
159.04 148.91 6.8% 152.89 144.19
6.0%
OCCUPANCY
(%) 68.9% 64.7% 4.2
71.1% 67.0% 4.1
60
36
---------------------- -----------------------
SHERATON
REVPAR ($)
91.31 77.87 17.3% 96.81 82.75
17.0%
ADR ($)
134.91 125.15 7.8% 136.08 126.33
7.7%
OCCUPANCY
(%) 67.7% 62.2% 5.5
71.1% 65.5% 5.6
36
22
---------------------- -----------------------
WESTIN
REVPAR ($)
120.30 110.91 8.5% 107.99 100.86
7.1%
ADR ($)
167.14 157.91 5.8% 145.59 139.22
4.6%
OCCUPANCY
(%) 72.0% 70.2% 1.8
74.2% 72.4% 1.8
10
4
---------------------- -----------------------
ST. REGIS/LUXURY
COLLECTION
REVPAR ($)
229.37 199.56 14.9% 213.63 192.63 10.9%
ADR ($)
373.19 352.03 6.0% 330.39 317.64
4.0%
OCCUPANCY
(%) 61.5% 56.7% 4.8
64.7% 60.6% 4.1
12
12
---------------------- -----------------------
W
REVPAR ($)
152.24 136.69 11.4% 152.24 136.69 11.4%
ADR ($)
209.27 197.47 6.0% 209.27 197.47
6.0%
OCCUPANCY
(%) 72.7% 69.2% 3.5
72.7% 69.2% 3.5
21
20
---------------------- -----------------------
OTHER
REVPAR ($)
80.00 68.09 17.5% 77.31 68.07
13.6%
ADR ($)
120.58 110.36 9.3% 120.87 114.11
5.9%
OCCUPANCY
(%) 66.3% 61.7% 4.6
64.0% 59.7% 4.3
INTERNATIONAL(2)
-----------------
2004 2003 Var.
-------- ------- ------
45 Hotels
-----------------------
SAME STORE OWNED HOTELS
REVPAR ($)
112.09 95.79 17.0%
ADR ($)
178.68 164.30 8.8%
OCCUPANCY
(%) 62.7% 58.3% 4.4
24
-----------------------
SHERATON
REVPAR ($)
80.67 68.43 17.9%
ADR ($)
132.28 122.46 8.0%
OCCUPANCY
(%) 61.0% 55.9% 5.1
14
-----------------------
WESTIN
REVPAR ($)
159.73 143.31 11.5%
ADR ($)
245.92 227.13 8.3%
OCCUPANCY
(%) 65.0% 63.1% 1.9
6
-----------------------
ST. REGIS/LUXURY
COLLECTION
REVPAR ($)
256.82 211.64 21.3%
ADR ($)
459.62 425.13 8.1%
OCCUPANCY
(%) 55.9% 49.8% 6.1
W
1
-----------------------
OTHER
REVPAR ($)
98.90 68.19 45.0%
ADR ($)
119.00 89.13 33.5%
OCCUPANCY
(%) 83.1% 76.5% 6.6
(1)Hotel Results exclude 23 hotels sold or closed in 2003
and 2 hotels
without comparable results
(2)See next page for breakdown by division
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels (1)
For the Nine Months Ended September 30, 2004
UNAUDITED
EUROPE
LATIN AMERICA
------------------------ ----------------------
2004 2003 Var.
2004 2003 Var.
------- -------- ------- ------- ------- ------
29 Hotels
12 Hotels
------------------------ ----------------------
SAME STORE OWNED HOTELS
REVPAR ($)
152.34 132.86 14.7% 59.67
51.49 15.9%
ADR ($)
243.98 224.32 8.8% 101.32
97.61 3.8%
OCCUPANCY
(%) 62.4% 59.2% 3.2
58.9% 52.7% 6.2
12
9
------------------------ ----------------------
SHERATON
REVPAR ($)
104.87 91.56 14.5% 52.06
44.32 17.5%
ADR ($)
163.20 151.14 8.0% 93.39
90.73 2.9%
OCCUPANCY
(%) 64.3% 60.6% 3.7
55.7% 48.8% 6.9
11
3
------------------------ ----------------------
WESTIN
REVPAR ($)
185.69 166.07 11.8% 92.53
83.14 11.3%
ADR ($)
299.29 274.54 9.0% 127.66 118.80
7.5%
OCCUPANCY
(%) 62.0% 60.5% 1.5
72.5% 70.0% 2.5
6
------------------------
ST. REGIS/LUXURY
COLLECTION
REVPAR ($)
256.82 211.64 21.3%
ADR ($)
459.62 425.13 8.1%
OCCUPANCY
(%) 55.9% 49.8% 6.1
ASIA PACIFIC
-------------------------
2004 2003 Var.
------- -------- --------
4 Hotels
-------------------------
SAME STORE OWNED HOTELS
REVPAR ($)
105.21 77.53 35.7%
ADR ($)
140.28 109.80 27.8%
OCCUPANCY
(%) 75.0% 70.6% 4.4
3
-------------------------
SHERATON
REVPAR ($)
109.09 83.30 31.0%
ADR ($)
155.75 124.39 25.2%
OCCUPANCY
(%) 70.0% 67.0% 3.0
WESTIN
REVPAR ($)
ADR ($)
OCCUPANCY
(%)
ST. REGIS/LUXURY
COLLECTION
REVPAR ($)
ADR ($)
OCCUPANCY
(%)
1
-------------------------
OTHER
REVPAR ($)
98.90 68.19 45.0%
ADR ($)
119.00 89.13 33.5%
OCCUPANCY
(%) 83.1% 76.5% 6.6
(1)Hotel Results exclude 23 hotels sold or closed in 2003
and 2 hotels
without comparable results
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels(1)
For the Nine Months Ended September 30, 2004
UNAUDITED ($thousands)
WORLDWIDE
--------------------------------
2004 2003
Var.
---------- ---------- ----------
139 Hotels
--------------------------------
SAME STORE OWNED HOTELS
Total REVENUE
2,402,968 2,146,746 11.9%
Total EXPENSE(3)
1,828,765 1,666,799 (9.7%)
60
--------------------------------
SHERATON
REVENUE
961,069 828,052 16.1%
EXPENSE
723,315 642,639 (12.6%)
36
--------------------------------
WESTIN
REVENUE
747,143 689,552
8.4%
EXPENSE
554,577 512,799 (8.1%)
10
--------------------------------
ST. REGIS/LUXURY
COLLECTION
REVENUE
262,885 233,972 12.4%
EXPENSE
202,269 188,574 (7.3%)
12
--------------------------------
W(3)
REVENUE
261,141 240,753
8.5%
EXPENSE
209,986 196,222 (7.0%)
21
--------------------------------
OTHER
REVENUE
170,730 154,417 10.6%
EXPENSE
138,618 126,565 (9.5%)
NORTH AMERICA
--------------------------------
2004 2003
Var.
---------- ---------- ----------
94 Hotels
--------------------------------
SAME STORE OWNED HOTELS
Total REVENUE
1,741,869 1,576,668 10.5%
Total EXPENSE(3)
1,330,283 1,232,347 (7.9%)
36
--------------------------------
SHERATON
REVENUE
651,621 561,784 16.0%
EXPENSE
491,234 441,352 (11.3%)
22
--------------------------------
WESTIN
REVENUE
506,254 475,222
6.5%
EXPENSE
373,866 352,280 (6.1%)
4
--------------------------------
ST. REGIS/LUXURY
COLLECTION
REVENUE
176,056 161,297
9.2%
EXPENSE
138,776 132,762 (4.5%)
12
--------------------------------
W(3)
REVENUE
261,141 240,753
8.5%
EXPENSE
209,986 196,222 (7.0%)
20
--------------------------------
OTHER
REVENUE
146,797 137,612
6.7%
EXPENSE
116,421 109,731 (6.1%)
INTERNATIONAL(2)
--------------------------------
2004 2003
Var.
---------- ---------- ----------
45 Hotels
--------------------------------
SAME STORE OWNED HOTELS
Total REVENUE
661,099 570,078 16.0%
Total EXPENSE(3)
498,482 434,452 (14.7%)
24
--------------------------------
SHERATON
REVENUE
309,448 266,268 16.2%
EXPENSE
232,081 201,287 (15.3%)
14
--------------------------------
WESTIN
REVENUE
240,889 214,330 12.4%
EXPENSE
180,711 160,519 (12.6%)
6
--------------------------------
ST. REGIS/LUXURY
COLLECTION
REVENUE
86,829 72,675
19.5%
EXPENSE
63,493 55,812 (13.8%)
W(3)
REVENUE
EXPENSE
1
--------------------------------
OTHER
REVENUE
23,933 16,805
42.4%
EXPENSE
22,197 16,834 (31.9%)
(1) Hotel Results exclude 23 hotels sold or closed in
2003 and 2
hotels without comparable results
(2) See next page for breakdown by division
(3) Includes lease expense of $12,863 in 2004 and 2003
related to the
lease of the W Times Square in New
York
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store Owned Hotels(1)
For the Nine Months Ended September 30, 2004
UNAUDITED ($thousands)
EUROPE
LATIN AMERICA
------------------------- -------------------------
2004 2003 Var.
2004 2003 Var.
-------- -------- ------- -------- -------- -------
29 Hotels
12 Hotels
------------------------- -------------------------
SAME STORE OWNED
HOTELS
Total REVENUE 449,768
393,405 14.3% 132,635 116,059 14.3%
Total EXPENSE 349,043
306,235 (14.0%) 89,809 79,132 (13.5%)
12
9
------------------------- -------------------------
SHERATON
REVENUE
163,762 143,839 13.9% 90,923
78,620 15.6%
EXPENSE
132,612 114,298 (16.0%) 62,036 54,738
(13.3%)
11
3
------------------------- -------------------------
WESTIN
REVENUE
199,177 176,891 12.6% 41,712
37,439 11.4%
EXPENSE
152,938 136,125 (12.4%) 27,773 24,394
(13.9%)
6
-------------------------
ST. REGIS/LUXURY
COLLECTION
REVENUE
86,829 72,675 19.5%
EXPENSE
63,493 55,812 (13.8%)
OTHER
REVENUE
EXPENSE
ASIA PACIFIC
-------------------------
2004 2003 Var.
-------- -------- -------
4 Hotels
-------------------------
SAME STORE OWNED
HOTELS
Total REVENUE 78,696
60,614 29.8%
Total
EXPENSE
59,630 49,085 (21.5%)
3
-------------------------
SHERATON
REVENUE
54,763 43,809 25.0%
EXPENSE
37,433 32,251 (16.1%)
WESTIN
REVENUE
EXPENSE
ST. REGIS/LUXURY
COLLECTION
REVENUE
EXPENSE
1
-------------------------
OTHER
REVENUE
23,933 16,805 42.4%
EXPENSE
22,197 16,834 (31.9%)
(1)Hotel Results exclude 23 hotels sold or closed in 2003
and 2 hotels
without comparable results
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Debt Portfolio Summary
As of September 30, 2004
UNAUDITED
Interest Balance
Interest Avg
Debt
Terms (in
% of Rate Maturity
millions) Portfolio
(in years)
-------------------------------------------------------------------
Floating Rate
Debt:
Senior credit
facility
Revolving credit Various +
facility
125 $11
- 3.62% 2.0
Term loan
LIBOR +
125 575
13% 3.05% 1.7
----------------------------------------
586 13%
3.06% 1.7
Mortgages and Various
other
208 4%
5.32% 1.1
Interest rate LIBOR +
swaps
423 300
7% 6.25%
-------------------------------
Total Floating
1,094 24%
4.36% 1.6
Fixed Rate Debt:
Sheraton Holding
public debt (1)
1,061 24%
6.00% 8.2
Senior notes (2)
1,519 34%
6.70% 5.2
Convertible debt
- Series B
20 -
3.25% 2.0 (3)
Convertible debt
- 2003
360 8%
3.50% 1.6
Mortgages and
other
747 17%
7.24% 6.4
Interest rate
swaps
(300) (7%) 7.88%
-------------------------------
Total Fixed
3,407 76%
6.08% 5.9
-------------------------------
Total Debt
$4,501 100%
5.67% 5.1
===============================
------------------------
Maturities (in millions)
------------------------
less than 1 year $243
1-3 years 2,169
3-5 years 472
greater than 5 years 1,617
---------
$4,501
=========
(1) Balance consists of outstanding
public debt of $1.047 billion
and a $14 million fair value adjustment related to the
unamortized
gain on fixed to floating interest rate swaps terminated
in September
2002 and March 2004.
(2) Balance consists of outstanding
public debt of $1.496 billion
and a $37 million fair value adjustment related to the
unamortized
gain on fixed to floating interest rate swaps terminated
in September
2002 and March 2004 and a ($14) million fair value adjustment
related
to current fixed to floating interest rate swaps.
(3) Average maturity reflects the
maturity date of the revolving
credit facility which would be used to refinance the
amount put to the
Company.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotels without Results & Other Selected Items
As of September 30, 2004
UNAUDITED ($ millions)
Properties without comparable results in 2004:
Property
Location
--------------------------------- -----------------------------------
Sheraton Kauai
Koloa, HI
St. Regis Aspen
Aspen, CO
Properties sold or closed in
2003:
Property
Location
--------------------------------- -----------------------------------
Lenox Inn
Atlanta, GA
Sheraton Mofarrej
Sao Paulo, Brazil
Hotel Cala di Volpe
Costa Smeralda, Italy
Hotel Pitrizza
Costa Smeralda, Italy
Hotel Romazzino
Costa Smeralda, Italy
Cervo Hotel & Conference Center
Costa Smeralda, Italy
Hotel Principe di Savoia
Milan, Italy
Hilton Novi
Novi, MI
Westin Southfield
Southfield, MI
Residence Inn Tyson's Corner
Vienna, VA
Sheraton Buckhead
Atlanta, GA
Sheraton College Park
Beltsville, MD
Sheraton Chicago Northwest
Arlington Heights, IL
Sheraton Norfolk
Norfolk, VA
Hilton Sonoma County
Santa Rosa, CA
Westin Stamford
Stamford, CT
Wayfarer Inn
Bedford, NH
Sheraton Ferncroft
Danvers, MA
Sheraton Danbury
Danbury, CT
Sheraton Gainesville
Gainesville, FL
Baltimore Marriott
Baltimore, MD
Arlington Marriott
Arlington, VA
North Charleston Sheraton
Charleston, SC
Selected Balance Sheet and Cash Flow Items:
Cash and cash equivalents (including total restricted
cash of $297 million)
$528
Debt level
$4,501
Revenues and Expenses Associated with Assets Sold
in 2003 (1):
Q1 Q2
Q3 Q4 Full Year
---------------------------------------
2003
Revenues
$42 $61 $7
$- $110
Expenses
$38 $45 $6
$- $89
(1) Results consist of 20 hotels (excludes the Hotel
Principe di
Savoia reported in discontinued
operations)that were sold in
2003. These amounts are included
in the revenues and expenses
from owned, leased and consolidated
joint venture hotels in 2003.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Capital Expenditures
For the Three
and Nine Months Ended September 30, 2004
UNAUDITED (% millions)
QTD YTD
Capital Expenditures:
Owned, Leased and Consolidated Joint Venture Hotels
$54 $154
Corporate/IT
10 26
------- -------
Subtotal
64 180
Vacation Ownership Capital Expenditures:
Capital expenditures (includes land acquisition)
11 19
Inventory
37 74
------- -------
Subtotal
48 93
Development Capital
55 211
------- -------
Total Capital Expenditures
$167 $484
======= =======
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Summary of Portfolio by Properties & Rooms
As of September 30, 2004
UNAUDITED
NAD
EAME LAD
-------- --------
-------
Owned
Hotels Rooms Hotels Rooms Hotels
Rooms
-----------------------------------------------
Sheraton
37 16,483 12 3,468
7 3,573
Westin
22 10,352 11 2,385
3 901
Four Points
7 1,362 -
- - -
W
12 4,344 -
- - -
Luxury Collection
1 654
5 638 2
320
St. Regis
4 890
1 161 -
-
Other
13 3,041 -
- - -
-----------------------------------------------
Total Owned
96 37,126 29 6,652
12 4,794
Managed & UJV
Sheraton
41 19,939 75 21,708
10 1,911
Westin
38 21,454 6 1,464
- -
Four Points
14 3,188 6
903 1 128
W
4 750
- - 1
237
Luxury Collection
6 1,393 6
942 7 158
St. Regis
2 697
1 95 -
-
Other
1 2,567 1
405 -
-
-----------------------------------------------
Total Managed & UJV
106 49,988 95 25,517
19 2,434
Franchised
Sheraton
109 35,213 30 7,267
3 1,074
Westin
18 7,302 3
1,127 3 598
Four Points
87 15,758 10 1,376
8 1,261
Luxury Collection
2 351 11
1,291 -
-
-----------------------------------------------
Total Franchised
216 58,624 54 11,061
14 2,933
----------------------------------------------------------------------
Systemwide
Sheraton
187 71,635 117 32,443
20 6,558
Westin
78 39,108 20 4,976
6 1,499
Four Points
108 20,308 16 2,279
9 1,389
W
16 5,094 -
- 1 237
Luxury Collection
9 2,398 22 2,871
9 478
St. Regis
6 1,587 2
256 -
-
Other
14 5,608 1
405 -
-
-----------------------------------------------
Total Systemwide
418 145,738 178 43,230
45 10,161
===============================================
ASIA
Total
--------------
-----------
Owned
Hotels Rooms
Hotels Rooms
-----------------------------------------------
Sheraton
3 1,028
59 24,552
Westin
- -
36 13,638
Four Points
1 630
8 1,992
W
- -
12 4,344
Luxury Collection
- -
8 1,612
St. Regis
- -
5 1,051
Other
- -
13 3,041
-----------------------------------------------
Total Owned
4 1,658
141 50,230
Managed & UJV
Sheraton
48 17,333
174 60,891
Westin
12 4,912
56 27,830
Four Points
2 207
23 4,426
W
2 353
7 1,340
Luxury Collection
- -
19 2,493
St. Regis
2 591
5 1,383
Other
2 315
4 3,287
-----------------------------------------------
Total Managed & UJV
68 23,711
288 101,650
Franchised
Sheraton
16 5,445
158 48,999
Westin
5 1,226
29 10,253
Four Points
1 126
106 18,521
Luxury Collection
- -
13 1,642
-----------------------------------------------
Total Franchised
22 6,797
306 79,415
----------------------------------------------------------------------
Systemwide
Sheraton
67 23,806
391 134,442
Westin
17 6,138
121 51,721
Four Points
4 963
137 24,939
W
2 353
19 5,684
Luxury Collection
- -
40 5,747
St. Regis
2 591
10 2,434
Other
2 315
17 6,328
-----------------------------------------------
Total Systemwide
94 32,166
735 231,295
=============================================== |