WHITE PLAINS, N.Y. January 29, 2009 - Starwood
Hotels &
Resorts Worldwide, Inc. (NYSE: HOT) today
reported
fourth quarter 2008 financial results.
Fourth Quarter 2008
Highlights
- Excluding special items, EPS
from continuing operations was $0.49. Including
special items, EPS from continuing operations was a loss of $0.25.
- Total Company Adjusted
EBITDA was $273 million.
- Excluding special items,
income from continuing operations was $88
million.
Including special items, the loss from continuing operations was $45
million.
- Special items totaled $133
million of net charges ($0.74 per share)
primarily
related to $30 million of severance costs, $79 million of impairment
charges
from discontinued vacation ownership projects and $86 million of
impairment
charges primarily at five owned hotels in North America.
- Worldwide System-wide REVPAR
for Same-Store Hotels decreased 12.1%
(9.1%
in constant dollars) compared to the fourth quarter of 2007.
System-wide
REVPAR for Same-Store Hotels in North America decreased 13.2% (11.7% in
constant dollars).
- Management and franchise
revenues decreased 4.7% compared to 2007.
- Worldwide REVPAR for
Starwood branded Same-Store Owned Hotels decreased
19.6% (15.4% in constant dollars) compared to the fourth quarter of
2007.
REVPAR for Starwood branded Same-Store Owned Hotels in North America
decreased
18.6% (16.3% in constant dollars).
- Margins at Starwood branded
Same-Store Owned Hotels Worldwide and in
North
America decreased 479 and 596 basis points, respectively, compared to
the
fourth quarter of 2007.
- Revenues from vacation
ownership and residential sales decreased 48.7%
compared to 2007.
- The Company signed 31 hotel
management and franchise contracts in the
quarter
representing approximately 6,100 rooms. For the full year, the Company
signed 147 hotel contracts representing approximately 35,700
rooms.
Fourth Quarter 2008 Earnings
Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the
“Company”) today reported a loss from continuing operations for the
fourth quarter of 2008 of $0.25 per share compared to EPS of $0.74 in
the
fourth quarter of 2007. Excluding special items, which net to a charge
of $133 million in 2008 and $11 million in 2007, EPS from continuing
operations
was $0.49 for the fourth quarter of 2008 compared to $0.79 in the
fourth
quarter of 2007. Excluding special items, the effective income tax rate
in the fourth quarter of 2008 was 27.5% compared to 28.5% in the same
period
of 2007.
Special items in the fourth quarter of 2008 totaled $133
million of
net charges ($0.74 per share) primarily related to $30 million of
severance
costs, $79 million of impairment charges from discontinued vacation
ownership
projects, and $86 million of impairment charges primarily at five owned
hotels in North America.
The loss from continuing operations was $45 million in the
fourth quarter
of 2008 compared to income of $146 million in 2007. Excluding special
items,
income from continuing operations was $88 million for the fourth
quarter
of 2008 compared to $157 million in 2007.
Net income was $79 million and EPS was $0.43 in the fourth
quarter of
2008 compared to $146 million and EPS of $0.74 in the fourth quarter of
2007. The 2008 results include a gain of $124 million (net of taxes) in
discontinued operations, resulting from the sale of three hotels which
were sold unencumbered by management or franchise agreements.
Frits van Paasschen, CEO said, “In the past year, we have made
significant
progress in reducing our costs, which enabled us to deliver better than
expected quarterly results despite worse than expected REVPAR. Cost
reductions
completed so far should yield a $100 million reduction in our SG&A
on a run-rate basis. Our extensive cost cutting efforts at the property
level will help offset some of the margin erosion that results from
declining
REVPAR. We also scaled back our capital spending in all areas for 2009.
While the outlook for 2009 remains challenging, we are prepared for the
worst and confident that we will emerge from this downturn stronger
than
ever. We have experienced operating teams in the field, some of the
strongest
brands in the lodging industry, and a pipeline that will drive our
global
fee growth.”
Fourth Quarter 2008
Operating Results
Management and Franchise
Revenues
Worldwide System-wide REVPAR for Same-Store Hotels decreased
12.1% (9.1%using
constant dollars) compared to the fourth quarter of 2007. International
System-wide REVPAR for Same-Store Hotels decreased 10.8% (6.1% using
constant
dollars). Worldwide System-wide REVPAR increased 8.6% in Africa and the
Middle East. Worldwide System-wide REVPAR decreases for the other
regions
were: 3.3% in Latin America, 13.2% in North America, 14.4% in Asia
Pacific,
and 17.8% in Europe. Worldwide System-wide REVPAR decreases by brand
were:
Sheraton 9.6%, Westin 11.4%, Le Méridien 11.5%, Four Points by Sheraton
11.5%, W Hotels 21.1%, and St. Regis/Luxury Collection 23.3%.
Management fees, franchise fees and other income were $215
million,
down $20 million, or 8.5%, from the fourth quarter of 2007. Management
fees decreased 5.6% to $119 million and franchise fees decreased 12.2%
to $36 million.
Approximately 57% of the Company’s management and franchise
fees are
generated in markets outside the United States.
During the fourth quarter of 2008, the Company signed 31 hotel
management
and franchise contracts representing approximately 6,100 rooms of which
27 are new builds and four are conversions from other brands. At
December
31, 2008, the Company had over 425 hotels in the active pipeline
representing
approximately 100,000 rooms, driven by strong interest in all Starwood
brands. Of these rooms, 64% are in the upper upscale and luxury
segments
and 62% are in international locations.
During the fourth quarter of 2008, 21 new hotels and resorts
(representing
approximately 4,200 rooms) entered the system, including the Westin
Book
Cadillac (Detroit, MI, 453 rooms), St. Regis Punta Mita (Nayarit,
Mexico,
120 rooms), Aloft Beijing (Beijing, China, 186 rooms), and the Le
Méridien
Bangkok (Bangkok, Thailand, 282 rooms). Fifteen properties
(representing
approximately 2,700 rooms) were removed from the system during the
quarter.
Owned, Leased and Consolidated
Joint
Venture Hotels
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels
decreased
19.6%. REVPAR at Starwood branded Same-Store Owned Hotels in North
America
decreased 18.6%. Internationally, Starwood branded Same-Store Owned
Hotel
REVPAR decreased 21.3% (down 9.1% using constant dollars).
Revenues at Starwood branded Same-Store Owned Hotels in North
America
decreased 17.4% while costs and expenses decreased 10.3% when compared
to 2007. Margins at these hotels decreased 596 basis points.
Revenues at Starwood branded Same-Store Owned Hotels Worldwide
decreased
18.6% (down 16.3% in constant dollars) while costs and expenses
decreased
13.1% when compared to 2007. Margins at these hotels decreased 479
basis
points.
Approximately 47% of Starwood’s Owned Hotel earnings (before
depreciation)
are generated from outside the United States.
Revenues at owned, leased and consolidated joint venture
hotels were
$504 million when compared to $631 million in 2007.
Vacation Ownership
Total vacation ownership reported revenues decreased 48.3% to
$134 million
when compared to 2007. Originated contract sales of vacation ownership
intervals decreased 43.2% primarily due to an overall decline in demand
and the sellout of the Company’s Westin Ka’anapali Ocean Resort North
in Maui. The average price per vacation ownership unit sold decreased
31.1%
to approximately $17,000, driven by a higher sales mix of lower-priced
inventory, including a higher percentage of lower-priced biennial
inventory
in Hawaii. The number of contracts signed decreased 17.2% when compared
to 2007.
The Company did not sell any vacation ownership receivables
during the
fourth quarter. Although conditions remain uncertain in the asset
backed
securities market, the Company is exploring a variety of avenues to
sell
vacation ownership receivables. However, given unpredictable market
conditions,
the Company does not expect any gains from securitizations in 2009.
As a result of the current economic climate and business
conditions,
the Company has undertaken a comprehensive review of its vacation
ownership
business. The Company has significantly scaled back its overhead to
match
reduced revenue expectations. This included closing five sales centers
and terminating over 500 employees during the fourth quarter. In 2008
and
early 2009, the Company closed nine sales centers and three call
centers
and terminated approximately 900 employees. Additionally, the Company
has
reset capital plans for this business. No new projects are being
initiated
and the Company has decided to discontinue further development of some
projects that were in their early stages. As a result, development
costs
and land values at certain projects have been written down to their
fair
value, resulting in an impairment charge during the fourth quarter of
2008
of approximately $72 million.
Residential
Residential fees in the fourth quarter of 2008 totaled $2
million compared
to $6 million in the same period in 2007.
Selling, General,
Administrative and
Other
Selling, general, administrative and other expenses decreased
35.6%
to $96 million compared to the fourth quarter of 2007. The decrease was
primarily due to the Company's continued focus on reducing its cost
structure.
In the fourth quarter, the Company completed the second phase
of its
overhead cost reduction program, making significant reductions across
several
corporate departments and divisional headquarters. These actions have
resulted
in expected run rate savings of approximately $100 million. The Company
anticipates completing the review of other functional areas, and
implementing
reductions in those areas, by the end of the first quarter of 2009.
Restructuring Charges and Other
Special
Charges, Net
During the fourth quarter of 2008, the Company recorded a $109
million
charge, including approximately $30 million of severance and related
charges
associated with its ongoing initiative of rationalizing its cost
structure
in light of the current economic climate and the decline in activity in
its business units. The charge also included impairment charges of
approximately
$79 million primarily related to the Company’s decision to not develop
certain vacation ownership projects.
Loss on Asset Dispositions and
Impairments,
Net
During the fourth quarter of 2008, the Company recorded
impairment charges
of $64 million related to five owned hotels in which the carrying
values
exceeded their estimated fair values. In addition, the Company recorded
a $22 million impairment charge to write down its economic retained
interests
in securitized vacation ownership notes receivable based on a change to
the expected future cash flows as a result of the current economic
climate.
Asset Sales
During the fourth quarter of 2008, the Company sold three
hotels in
Venice, Italy for net cash proceeds of $206 million. These hotels were
sold unencumbered by any management or franchise agreement and the
Company
recorded a gain on the sale of these hotels of $124 million (net of
taxes)
in discontinued operations. Additionally, during the fourth quarter of
2008, the Company sold the Westin Turnberry for net cash proceeds of
$99
million. This sale was subject to a long-term management agreement and
the Company recorded a deferred gain of $27 million in connection with
the sale.
Capital
Gross capital spending during the quarter included
approximately $89
million in renovations of hotel assets, including construction capital,
at the Sheraton Steamboat Resort, Sheraton Buenos Aires, W Times Square
and Phoenician Resort. Investment spending on gross vacation ownership
interest (“VOI”) and residential inventory was $98 million, primarily
in Bal Harbour, Maui, Orlando and Cancun.
Share Repurchase
During the fourth quarter of 2008, the Company did not
repurchase any
shares. In the twelve months ended December 31, 2008, the Company
repurchased
approximately 13.6 million shares at a total cost of approximately $593
million. The Company had approximately 183 million shares outstanding
(including
partnership units) at December 31, 2008.
Dividend
In November, 2008, the Company’s Board of Directors declared
its annual
dividend of $0.90 per share. The dividend was paid by the Company on
January
9, 2009 to holders of record on December 31, 2008.
IRS Tax Settlement
In January 2009, the Company and the IRS reached an agreement
in principle
to settle the litigation pertaining to the tax treatment of the
Company’s
1998 disposition of World Directories, Inc. Under the proposed
settlement,
the Company expects to receive a refund of over $200 million as a
result
of tax payments previously made. The Company expects to finalize the
details
of the agreement and obtain the refund during the summer of 2009.
Balance Sheet
At December 31, 2008, the Company had total debt of $4.008
billion and
cash and cash equivalents of $491 million (including $102 million of
restricted
cash), or net debt of $3.517 billion, compared to net debt of $3.240
billion
at the end of 2007.
At December 31, 2008, debt was approximately 59% fixed rate
and 41%
floating rate and its weighted average maturity was 3.9 years with a
weighted
average interest rate of 5.24%. The Company had cash (including total
restricted
cash) and availability under the domestic and international revolving
credit
facility of approximately $2.070 billion.
Results for the
Twelve Months
Ended December 31, 2008
EPS from continuing operations decreased to $1.37 compared to
$2.57
in 2007. Excluding special items, EPS from continuing operations was
$2.19
compared to $2.76 in 2007. Excluding special items, income from
continuing
operations was $406 million compared to $582 million in 2007. Net
income
was $329 million and EPS was $1.77 compared to $542 million and $2.57,
respectively, in 2007. Total Company Adjusted EBITDA, which was
impacted
by the sale or closure of 19 hotels since the beginning of 2007, was
$1.157
billion compared to $1.356 billion in 2007.
Outlook
For the full year 2009:
At the current time, given significant uncertainty in the
global economy,
it is very difficult to provide any definitive guidance looking out
four
quarters. What the Company can provide are some broad parameters being
used for 2009 planning purposes. In the hotel business, the Company is
planning on a significant decline in Worldwide REVPAR. The Company also
anticipates another difficult year in the vacation ownership business
with
declines in originated sales. As previously discussed, the Company’s
extensive cost reduction activities at the hotel level, in the vacation
ownership business and in corporate overhead have offset some of the
impact
of declining revenues. The Company is also significantly scaling back
capital
expenditures for owned hotels and the vacation ownership business.
- Assuming REVPAR at
Same-Store Company Operated Hotels Worldwide REVPAR
declines 12% and REVPAR at Branded Same-Store Owned Hotels declines 15%
at today’s exchange rates:
--
Adjusted EBITDA would be approximately $875 million. |
|
--
EPS before special items would be approximately $1.10. |
|
--
Same-Store Branded Owned Hotel EBITDA will decline approximately 35%
versus
2008. |
|
--
Management and Franchise revenues will decline approximately 10%. |
|
--
Operating income from our vacation ownership and residential business
will
be down approximately $50 million. |
|
--
Selling, General and Administrative expenses will decline approximately
$50 million. |
|
--
Income from continuing operations, before special items, is expected to
be approximately $200 million, reflecting an effective tax rate of
approximately
31%. |
- Full year capital
expenditures (excluding vacation ownership and
residential
inventory) would be approximately $150 million for maintenance,
renovation
and technology. In addition, in flight investment projects, including
Bal
Harbour, and prior commitments for joint ventures and other investments
will total approximately $175 million.
- Full year depreciation and
amortization would be approximately $355
million.
- Full year interest expense
would be approximately $232 million and cash
taxes of approximately $100 million.
- Vacation ownership and
Residential, excluding the Bal Harbour project,
is expected to generate approximately $25 million in positive cash
flow,
not inclusive of any sales of timeshare receivables.
- The Company expects to open
80 to 100 hotels in 2009 (representing
approximately
20,000 rooms).
For the three months ended March 31, 2009:
- Adjusted EBITDA is expected
to be $145 million to $160 million assuming:
--
REVPAR decline at Same-Store Company Operated Hotels Worldwide of 17%
to
19% (14% to 16% in constant dollars). |
|
--
REVPAR decline at Branded Same-Store Owned Hotels in North America of
27%
to 30%. |
|
--
Management and franchise revenues will be down approximately 15%. |
|
--
Operating income from our vacation ownership and residential businesses
will be down $10 million to $15 million. |
- Income from continuing
operations, before special items, is expected to
be approximately $3 million to $13 million, reflecting an effective tax
rate of approximately 31%.
- EPS before special items is
expected to be approximately $0.02 to
$0.07..
Special Items
The Company’s special items netted to a charge of $133 million
(after
tax) in the fourth quarter of 2008 compared to a charge of $11 million
(after-tax) in the same period of 2007.
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 |
|
Year
Ended |
December
31, |
|
December
31, |
|
2008 |
|
|
|
2007 |
|
|
|
2008 |
|
|
|
2007 |
|
|
|
|
|
|
|
|
$ |
88 |
|
|
$ |
157 |
|
Income
from continuing operations before special items |
$ |
406 |
|
|
$ |
582 |
|
$ |
0.49 |
|
|
$ |
0.79 |
|
EPS
before special items |
$ |
2.19 |
|
|
$ |
2.76 |
|
|
|
|
|
|
|
|
|
|
|
Special
Items |
|
|
|
|
(109 |
) |
|
|
(5 |
) |
Restructuring
and other special charges, net (a) |
|
(141 |
) |
|
|
(53 |
) |
|
(86 |
) |
|
|
(24 |
) |
Loss
on asset dispositions and impairments, net (b) |
|
(98 |
) |
|
|
(44 |
) |
|
(195 |
) |
|
|
(29 |
) |
Total
special items – pre-tax |
|
(239 |
) |
|
|
(97 |
) |
|
52 |
|
|
|
1 |
|
Income
tax benefit for special items (c) |
|
77 |
|
|
|
38 |
|
|
10 |
|
|
|
17 |
|
Income
tax benefits related to hotel sales (d) |
|
10 |
|
|
|
20 |
|
|
(133 |
) |
|
|
(11 |
) |
Total
special items – after-tax |
|
(152 |
) |
|
|
(39 |
) |
|
|
|
|
|
|
|
$ |
(45 |
) |
|
$ |
146 |
|
(Loss)/income
from continuing operations |
$ |
254 |
|
|
$ |
543 |
|
$ |
(0.25 |
) |
|
$ |
0.74 |
|
EPS
including special items |
$ |
1.37 |
|
|
$ |
2.57 |
|
|
|
|
|
|
|
|
(a) During the
three months ended December
31, 2008, the Company recorded $30 million in restructuring charges,
consisting
primarily of severance costs, related to the ongoing initiative to
streamline
operations and eliminate costs. Additionally, the Company
recorded other
special charges of $79 million primarily related to impairment charges
associated with the write down of two vacation ownership projects that
the Company no longer plans to develop as a result of the current
economic
crisis and its expected long-term impact on this business.
The full year ended
December 31, 2008
includes additional restructuring costs, primarily related to severance
costs incurred in prior quarters.
For the three months ended
December 31,
2007, the charge primarily relates to additional costs associated with
the Sheraton Bal Harbour Resort, which was demolished and is being
converted
into a St. Regis Hotel with residences and fractional units.
The full year ended
December 31, 2007
includes the accelerated depreciation of fixed assets at the Sheraton
Bal
Harbour, partially offset by a $2 million refund of insurance proceeds
related to a retired executive.
(b) During the three
months ended December
31, 2008, the Company recorded impairment charges of $64 million on
five
owned hotels in which the carrying values exceeded their estimated fair
values and a $22 million impairment charge to write down its retained
economic
interests in securitized vacation ownership notes receivable.
The net loss for the full
year ended December
31, 2008 also includes an impairment charge of $11 million associated
with
the Company’s equity interest in a joint venture that owns land that
it no longer intends to develop.
During the three months
ended December
31, 2007, the charge primarily reflects losses of $20 million related
to
four hotels which were sold in fourth quarter of 2007.
The loss for the full year
ended December
31, 2007 also includes an $18 million loss on the sale of four
additional
hotels and a $23 million impairment on two hotels sold in the fourth
quarter,
offset by a $15 million gain on the sale of assets in which the Company
held minority interest and insurance proceeds of $6 million related to
owned hotels damaged by hurricanes and floods in prior years.
(c) In 2008 and 2007, the
benefit relates
to the favorable impact of capital loss utilization and tax benefits at
the statutory rate for the special items.
(d) Income tax benefit
relates to adjustments
to deferred taxes associated with deferred gains on hotel sales.
|
The Company has included the above supplemental information
concerning
special items to assist investors in analyzing Starwood’s financial
position
and results of operations. The Company has chosen to provide this
information
to investors to enable them to perform meaningful comparisons of past,
present and future operating results and as a means to emphasize the
results
of core on-going operations.
Starwood will be conducting a conference call to discuss the
fourth
quarter financial results at 10:30 a.m. (EST) today at (913) 312-0422.
The conference call will be available through simultaneous web cast in
the Investor Relations/Press Releases section of the Company’s website
at http://www.starwoodhotels.com.
A replay of the conference call will also be available from 1:30 p.m.
(EST)
today through February 5, 2009 at 12:00 midnight (EST) on both the
Company’s
website and via telephone replay at (719) 457-0820 (access code
6866584).
Definitions
All references to EPS, unless otherwise noted, reflect
earnings per
diluted share from continuing operations. 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 total 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
revenues
and costs and expenses from hotels sold, restructuring 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. Due to
guidance
from the Securities and Exchange Commission, the Company now does not
reflect
such items when calculating EBITDA; however, the Company continues to
adjust
for these special items and refers to this measure as Adjusted EBITDA.
The Company has historically reported this measure to its investors and
believes that the continued inclusion of Adjusted EBITDA provides
consistency
in its financial reporting and enables investors to perform more
meaningful
comparisons of past, present and future operating results and provides
a means to evaluate the results of its core on-going operations. EBITDA
and Adjusted EBITDA are not intended to represent cash flow from
operations
as defined by GAAP and such metrics should not be considered as an
alternative
to net income, cash flow from operations or any other performance
measure
prescribed by GAAP. The Company’s calculation of EBITDA and Adjusted
EBITDA may be different from the calculations used by other companies
and,
therefore, comparability may be limited.
All references to Same-Store Owned Hotels reflect the
Company’s owned,
leased and consolidated joint venture hotels, excluding condo hotels,
hotels
sold to date and hotels undergoing significant repositionings or for
which
comparable results are not available (i.e., hotels not owned during the
entire periods presented or closed due to seasonality or hurricane
damage).
References to Company Operated Hotel metrics (e.g. REVPAR) reflect
metrics
for the Company’s owned and managed hotels. References to System-Wide
metrics (e.g. REVPAR) reflect metrics for the Company’s owned, managed
and franchised hotels. REVPAR is defined as revenue per available room.
ADR is defined as average daily rate.
All references to contract sales or originated sales reflect
vacation
ownership sales before revenue adjustments for percentage of completion
accounting methodology.
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 offset by payments by Starwood under performance and
other
guarantees.
Starwood Hotels & Resorts Worldwide, Inc. is one of the
leading
hotel and leisure companies in the world with approximately 940
properties
in more than 100 countries and 155,000 employees at its owned and
managed
properties. Starwood® Hotels is a fully integrated owner, operator and
franchisor of hotels and resorts with the following internationally
renowned
brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®,
Sheraton®, Four Points® by Sheraton, aloft(SM), and element(SM).
Starwood
Hotels also owns Starwood Vacation Ownership, Inc., one of the premier
developers and operators of high quality vacation interval ownership
resorts.
For more information, please visit www.starwoodhotels.com.
** Please contact
Starwood’s new,
toll-free media hotline at (866) 4-STAR-PR
|
(866-478-2777)
for photography or additional information.** |
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,
business and financing conditions, 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 |
|
|
|
Year
Ended |
December
31, |
|
|
|
December
31, |
|
|
|
|
% |
|
|
|
|
|
|
|
% |
|
2008 |
|
|
|
2007 |
|
|
Variance |
|
|
|
|
2008 |
|
|
|
2007 |
|
|
Variance |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
$ |
504 |
|
|
$ |
631 |
|
|
(20.1 |
) |
|
Owned,
leased and consolidated joint venture hotels |
|
$ |
2,259 |
|
|
$ |
2,429 |
|
|
(7.0 |
) |
|
136 |
|
|
|
265 |
|
|
(48.7 |
) |
|
Vacation
ownership and residential sales and services |
|
|
749 |
|
|
|
1,025 |
|
|
(26.9 |
) |
|
215 |
|
|
|
235 |
|
|
(8.5 |
) |
|
Management
fees, franchise fees and other income |
|
|
857 |
|
|
|
834 |
|
|
2.8 |
|
|
478 |
|
|
|
479 |
|
|
(0.2 |
) |
|
Other
revenues from managed and franchised properties (a) |
|
|
2,042 |
|
|
|
1,865 |
|
|
9.5 |
|
|
1,333 |
|
|
|
1,610 |
|
|
(17.2 |
) |
|
|
|
|
5,907 |
|
|
|
6,153 |
|
|
(4.0 |
) |
|
|
|
|
|
|
Costs
and Expenses |
|
|
|
|
|
|
|
393 |
|
|
|
460 |
|
|
14.6 |
|
|
Owned,
leased and consolidated joint venture hotels |
|
|
1,722 |
|
|
|
1,805 |
|
|
4.6 |
|
|
111 |
|
|
|
195 |
|
|
43.1 |
|
|
Vacation
ownership and residential |
|
|
583 |
|
|
|
758 |
|
|
23.1 |
|
|
96 |
|
|
|
149 |
|
|
35.6 |
|
|
Selling,
general, administrative and other |
|
|
477 |
|
|
|
508 |
|
|
6.1 |
|
|
109 |
|
|
|
5 |
|
|
n/m |
|
|
Restructuring
and other special charges, net |
|
|
141 |
|
|
|
53 |
|
|
n/m |
|
|
75 |
|
|
|
74 |
|
|
(1.4 |
) |
|
Depreciation |
|
|
291 |
|
|
|
280 |
|
|
(3.9 |
) |
|
6 |
|
|
|
6 |
|
|
― |
|
Amortization |
|
|
32 |
|
|
|
26 |
|
|
(23.1 |
) |
|
478 |
|
|
|
479 |
|
|
0.2 |
|
|
Other
expenses from managed and franchised properties (a) |
|
|
2,042 |
|
|
|
1,865 |
|
|
(9.5 |
) |
|
1,268 |
|
|
|
1,368 |
|
|
7.3 |
|
|
|
|
|
5,288 |
|
|
|
5,295 |
|
|
0.1 |
|
|
65 |
|
|
|
242 |
|
|
(73.1 |
) |
|
Operating
income |
|
|
619 |
|
|
|
858 |
|
|
(27.9 |
) |
|
2 |
|
|
|
12 |
|
|
(83.3 |
) |
|
Equity
earnings and gains and losses from unconsolidated ventures, net |
|
|
16 |
|
|
|
66 |
|
|
(75.8 |
) |
|
(57 |
) |
|
|
(39 |
) |
|
(46.2 |
) |
|
Interest
expense, net of interest income of $0, $9, $3 and $21 |
|
|
(207 |
) |
|
|
(147 |
) |
|
(40.8 |
) |
|
(86 |
) |
|
|
(24 |
) |
|
n/m |
|
|
Loss
on asset dispositions and impairments, net |
|
|
(98 |
) |
|
|
(44 |
) |
|
n/m |
|
|
(76 |
) |
|
|
191 |
|
|
n/m |
|
|
(Loss)/income
from continuing operations before taxes and minority equity |
|
|
330 |
|
|
|
733 |
|
|
(55.0 |
) |
|
30 |
|
|
|
(44 |
) |
|
n/m |
|
|
Income
tax benefit (expense) |
|
|
(76 |
) |
|
|
(189 |
) |
|
59.8 |
|
|
1 |
|
|
|
(1 |
) |
|
n/m |
|
|
Minority
equity in net income |
|
― |
|
|
(1 |
) |
|
n/m |
|
|
(45 |
) |
|
|
146 |
|
|
n/m |
|
|
(Loss)/income
from continuing operations |
|
|
254 |
|
|
|
543 |
|
|
(53.2 |
) |
|
124
|
|
|
―
|
|
n/m
|
|
|
Discontinued
operations:
Net gain/(loss) on
dispositions
|
|
|
(
75 |
|
|
|
(
(1 |
) |
|
n/m |
|
$ |
79 |
|
|
$ |
146 |
|
|
(45.9 |
) |
|
Net
income |
|
$ |
329 |
|
|
$ |
542 |
|
|
(39.3 |
) |
|
|
|
|
|
|
Earnings
(Loss) Per Share – Basic |
|
|
|
|
|
|
$ |
(0.25 |
) |
|
$ |
0.77 |
|
|
n/m |
|
|
Continuing
operations |
|
$ |
1.40 |
|
|
$ |
2.67 |
|
|
(47.6 |
) |
|
0.69 |
|
|
|
— |
|
|
n/m |
|
|
Discontinued
operations |
|
|
0.41 |
|
|
|
— |
|
|
n/m |
|
$ |
0.44 |
|
|
$ |
0.77 |
|
|
(42.9 |
) |
|
Net
income |
|
$ |
1.81 |
|
|
$ |
2.67 |
|
|
(32.2 |
) |
|
|
|
|
|
|
Earnings
(Loss) Per Share – Diluted |
|
|
|
|
|
|
$ |
(0.25 |
) |
|
$ |
0.74 |
|
|
n/m |
|
|
Continuing
operations |
|
$ |
1.37 |
|
|
$ |
2.57 |
|
|
(46.7 |
) |
|
0.68 |
|
|
|
— |
|
|
n/m |
|
|
Discontinued
operations |
|
|
0.40 |
|
|
|
— |
|
|
n/m |
|
$ |
0.43 |
|
|
$ |
0.74 |
|
|
(41.9 |
) |
|
Net
income |
|
$ |
1.77 |
|
|
$ |
2.57 |
|
|
(31.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
178 |
|
|
|
192 |
|
|
|
|
Weighted
average number of Shares |
|
|
181 |
|
|
|
203 |
|
|
|
|
181 |
|
|
|
198 |
|
|
|
|
Weighted
average number of Shares assuming dilution |
|
|
185 |
|
|
|
211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) The
Company includes in revenues
the reimbursement of costs incurred on behalf of managed hotel property
owners and franchisees with no added margin and includes in costs and
expenses
these reimbursed costs. These costs relate primarily to
payroll costs
at managed properties where the Company is the employer.
n/m = not
meaningful
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE,
INC.
CONSOLIDATED BALANCE
SHEETS
(in millions, except
share data)
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
2008 |
|
|
|
2007 |
|
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Current
assets: |
|
|
|
|
Cash
and cash equivalents |
|
$ |
389 |
|
|
$ |
151 |
|
Restricted
cash |
|
|
96 |
|
|
|
196 |
|
Accounts
receivable, net of allowance for doubtful accounts of $49 and $50 |
|
|
552 |
|
|
|
627 |
|
Inventories |
|
|
986 |
|
|
|
714 |
|
Prepaid
expenses and other |
|
|
143 |
|
|
|
136 |
|
Total
current assets |
|
|
2,166 |
|
|
|
1,824 |
|
Investments |
|
|
372 |
|
|
|
423 |
|
Plant,
property and equipment, net |
|
|
3,599 |
|
|
|
3,850 |
|
Assets
held for sale (a) |
|
|
10 |
|
|
|
— |
|
Goodwill
and intangible assets, net |
|
|
2,235 |
|
|
|
2,302 |
|
Deferred
tax assets |
|
|
553 |
|
|
|
729 |
|
Other
assets (b) |
|
|
768 |
|
|
|
494 |
|
|
|
$ |
9,703 |
|
|
$ |
9,622 |
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Short-term
borrowings and current maturities of long-term debt (c) |
|
$ |
506 |
|
|
$ |
5 |
|
Accounts
payable |
|
|
171 |
|
|
|
201 |
|
Accrued
expenses |
|
|
1,274 |
|
|
|
1,175 |
|
Accrued
salaries, wages and benefits |
|
|
346 |
|
|
|
405 |
|
Accrued
taxes and other |
|
|
391 |
|
|
|
315 |
|
Total
current liabilities |
|
|
2,688 |
|
|
|
2,101 |
|
Long-term
debt (c) |
|
|
3,502 |
|
|
|
3,590 |
|
Deferred
tax liabilities |
|
|
26 |
|
|
|
28 |
|
Other
liabilities |
|
|
1,843 |
|
|
|
1,801 |
|
|
|
|
8,059 |
|
|
|
7,520 |
|
Minority
interest |
|
|
23 |
|
|
|
26 |
|
Commitments
and contingencies |
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Corporation
common stock; $0.01 par value; authorized 1,000,000,000 shares;
outstanding
183,005,332 and 190,998,585 shares at December 31, 2008 and December
31,
2007, respectively |
|
|
2 |
|
|
|
2 |
|
Additional
paid-in capital |
|
|
493 |
|
|
|
868 |
|
Accumulated
other comprehensive loss |
|
|
(391 |
) |
|
|
(147 |
) |
Retained
earnings |
|
|
1,517 |
|
|
|
1,353 |
|
Total
stockholders’ equity |
|
|
1,621 |
|
|
|
2,076 |
|
|
|
$ |
9,703 |
|
|
$ |
9,622 |
|
|
|
|
|
|
(a) Includes one hotel
expected to be
sold in 2009.
(b) Includes restricted
cash of $6 million
and $8 million at December 31, 2008 and December 31, 2007,
respectively.
(c) Excludes Starwood’s
share of unconsolidated
joint venture debt aggregating approximately $642 million and $572
million
at December 31, 2008 and December 31, 2007, respectively.
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE,
INC.
Non-GAAP to GAAP
Reconciliations
– Historical Data
(in millions)
|
|
|
|
|
|
Three
Months Ended |
|
|
|
Year
Ended |
December
31, |
|
|
|
December
31, |
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
%
|
2008 |
|
2007 |
|
Variance |
|
|
|
|
2008 |
|
|
|
2007 |
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Income to EBITDA and Adjusted EBITDA |
|
|
|
|
|
|
$
79 |
|
$
146 |
|
(45.9 |
) |
|
Net
income |
|
$ |
329 |
|
|
$ |
542 |
|
(39.3 |
) |
64 |
|
54 |
|
18.5 |
|
|
Interest
expense(a) |
|
|
233 |
|
|
|
188 |
|
23.9 |
|
(24) |
|
44 |
|
n/m |
|
|
Income
tax expense(b) |
|
|
131 |
|
|
|
190 |
|
(31.1 |
) |
83 |
|
81 |
|
2.5 |
|
|
Depreciation(c) |
|
|
321 |
|
|
|
309 |
|
3.9 |
|
6 |
|
7 |
|
(14.3 |
) |
|
Amortization (d) |
|
|
34 |
|
|
|
30 |
|
13.3 |
|
208 |
|
332 |
|
(37.3 |
) |
|
EBITDA |
|
|
1,048 |
|
|
|
1,259 |
|
(16.8 |
) |
86 |
|
24 |
|
n/m |
|
|
Loss
on asset dispositions and impairments, net |
|
|
98 |
|
|
|
44 |
|
n/m |
|
(130) |
|
― |
|
n/m |
|
|
Discontinued
operations |
|
|
(130 |
) |
|
― |
|
n/m |
|
109 |
|
5 |
|
n/m |
|
|
Restructuring
and other special charges, net |
|
|
141 |
|
|
|
53 |
|
n/m |
|
$
273 |
|
$
361 |
|
(24.4 |
) |
|
Adjusted
EBITDA |
|
$ |
1,157 |
|
|
$ |
1,356 |
|
(14.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes $7
million and $6 million
of interest expense related to unconsolidated joint ventures for the
three
months ended December 31, 2008 and 2007, respectively, and $23 million
and $20 million for the year ended December 31, 2008 and 2007,
respectively.
(b) Includes $6
million and $0 million
of tax expense recorded in discontinued operations for the three months
ended December 31, 2008 and 2007, respectively, and $55 million and $1
million for the year ended December 31, 2008 and 2007,
respectively.
(c) Includes $8
million and $7 million
of Starwood’s share of depreciation expense of unconsolidated joint
ventures
for the three months ended December 31, 2008 and 2007, respectively,
and
$30 million and $29 million for the year ended December 31, 2008 and
2007,
respectively.
(d) Includes $0
million and $1 million
of Starwood’s share of amortization expense of unconsolidated joint
ventures
for the three months ended December 31, 2008 and 2007, respectively,
and
$2 million and $4 million for the year ended December 31, 2008 and
2007,
respectively.
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE,
INC.
Non-GAAP to GAAP
Reconciliations
– Future Performance
(In millions)
|
|
|
|
|
|
|
|
Low
Case |
|
|
|
High
Case |
|
Three
Months Ended |
|
|
|
Three
Months Ended |
|
March
31, 2009 |
|
|
|
March
31, 2009 |
|
|
|
|
|
|
|
$ |
3 |
|
Net
income |
|
$ |
13 |
|
|
52 |
|
Interest
expense |
|
|
52 |
|
|
— |
|
Income
tax expense |
|
|
5 |
|
|
90 |
|
Depreciation
and amortization |
|
|
90 |
|
$
|
145
|
|
EBITDA
|
|
$
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, 2009
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
200 |
|
|
|
Interest expense
|
|
|
232 |
|
|
|
Income tax expense
|
|
|
88 |
|
|
|
Depreciation and
amortization
|
|
|
355 |
|
|
|
EBITDA
|
|
$ |
875 |
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS &
RESORTS WORLDWIDE,
INC.
Non-GAAP to GAAP
Reconciliations
– Same Store Owned Hotel Revenue and Expenses
(In millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Year Ended
|
|
December 31,
|
|
|
|
|
December 31,
|
|
|
|
|
|
% |
|
|
Same-Store
Owned Hotels ((1)) |
|
|
|
|
|
% |
|
2008 |
|
2007 |
|
Variance |
|
|
Worldwide |
|
2008 |
|
2007 |
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
$
462 |
|
$
565 |
|
(18.2 |
) |
|
Same-Store
Owned Hotels |
|
$ |
2,015 |
|
$ |
2,046 |
|
(1.5 |
) |
6 |
|
26 |
|
(76.9 |
) |
|
Hotels
Sold or Closed in 2008 and 2007 (19 hotels) |
|
|
77 |
|
|
216 |
|
(64.4 |
) |
36 |
|
40 |
|
(10.0 |
) |
|
Hotels
Without Comparable Results (10 hotels) |
|
|
158 |
|
|
160 |
|
(1.3 |
) |
― |
|
― |
|
― |
|
|
Other
ancillary hotel operations |
|
|
9 |
|
|
7 |
|
28.6 |
|
$
504 |
|
$
631 |
|
(20.1 |
) |
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$ |
2,259 |
|
$ |
2,429 |
|
(7.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and Expenses |
|
|
|
|
|
|
|
$
351 |
|
$
400 |
|
12.3 |
|
|
Same-Store
Owned Hotels |
|
$ |
1,511 |
|
$ |
1,492 |
|
(1.3 |
) |
8 |
|
27 |
|
70.4 |
|
|
Hotels
Sold or Closed in 2008 and 2007 (19 hotels) |
|
|
70 |
|
|
180 |
|
61.1 |
|
33 |
|
33 |
|
― |
|
|
Hotels
Without Comparable Results (10 hotels) |
|
|
135 |
|
|
128 |
|
(5.5 |
) |
1 |
|
― |
|
n/m |
|
|
Other
ancillary hotel operations |
|
|
6 |
|
|
5 |
|
(20.0 |
) |
$
393 |
|
$
460 |
|
14.6 |
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and
Expenses |
|
$ |
1,722 |
|
$ |
1,805 |
|
4.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year
Ended |
|
December 31,
|
|
|
|
December
31, |
|
|
|
|
|
% |
|
|
Same-Store
Owned Hotels |
|
|
|
|
|
% |
|
2008 |
|
2007 |
|
Variance |
|
|
North
America |
|
|
2008 |
|
|
2007 |
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
$
298 |
|
$
358 |
|
(16.8 |
) |
|
Same-Store
Owned Hotels |
|
$ |
1,279 |
|
$ |
1,308 |
|
(2.2 |
) |
― |
|
17 |
|
n/m |
|
|
Hotels
Sold or Closed in 2008 and 2007 (15 hotels) |
|
|
17 |
|
|
148 |
|
(88.5 |
) |
29 |
|
31 |
|
(6.5 |
) |
|
Hotels
Without Comparable Results (8 hotels) |
|
|
131 |
|
|
131 |
|
― |
|
$
327 |
|
$
406 |
|
(19.5 |
) |
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$ |
1,427 |
|
$ |
1,587 |
|
(10.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and Expenses |
|
|
|
|
|
|
|
$
230 |
|
$
254 |
|
9.4 |
|
|
Same-Store
Owned Hotels |
|
$ |
968 |
|
$ |
961 |
|
(0.7 |
) |
3 |
|
15 |
|
80.0 |
|
|
Hotels
Sold or Closed in 2008 and 2007 (15 hotels) |
|
|
17 |
|
|
121 |
|
86.0 |
|
26 |
|
26 |
|
― |
|
|
Hotels
Without Comparable Results (8 hotels) |
|
|
111 |
|
|
104 |
|
(6.7 |
) |
$
259 |
|
$
295 |
|
12.2 |
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and
Expenses |
|
$ |
1,096 |
|
$ |
1,186 |
|
7.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
|
Year
Ended |
|
December
31, |
|
|
|
December
31, |
|
|
|
|
|
% |
|
|
Same-Store
Owned Hotels |
|
|
|
|
|
% |
|
2008 |
|
2007 |
|
Variance |
|
|
International |
|
|
2008 |
|
|
2007 |
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
|
$
164 |
|
$
207 |
|
(20.8 |
) |
|
Same-Store
Owned Hotels |
|
$ |
736 |
|
$ |
738 |
|
(0.3 |
) |
6 |
|
9 |
|
(33.3 |
) |
|
Hotels
Sold or Closed in 2008 and 2007 (4 hotels) |
|
|
60 |
|
|
68 |
|
(11.8 |
) |
7 |
|
9 |
|
(22.2 |
) |
|
Hotels
Without Comparable Results (2 hotels) |
|
|
27 |
|
|
29 |
|
(6.9 |
) |
― |
|
― |
|
― |
|
|
Other
ancillary hotel operations |
|
|
9 |
|
|
7 |
|
28.6 |
|
$
177 |
|
$
225 |
|
(21.3 |
) |
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$ |
832 |
|
$ |
842 |
|
(1.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs
and Expenses |
|
|
|
|
|
|
|
$
121 |
|
$
146 |
|
17.1 |
|
|
Same-Store
Owned Hotels |
|
$ |
543 |
|
$ |
531 |
|
(2.3 |
) |
5 |
|
12 |
|
58.3 |
|
|
Hotels
Sold or Closed in 2008 and 2007 (4 hotels) |
|
|
53 |
|
|
59 |
|
10.2 |
|
7 |
|
7 |
|
― |
|
|
Hotels
Without Comparable Results (2 hotels) |
|
|
24 |
|
|
24 |
|
― |
|
1 |
|
― |
|
n/m |
|
|
Other
ancillary hotel operations |
|
|
6 |
|
|
5 |
|
(20.0 |
) |
$
134 |
|
$
165 |
|
18.8 |
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and
Expenses |
|
$ |
626 |
|
$ |
619 |
|
(1.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Same-Store Owned
Hotel Results exclude
19 hotels sold or closed in 2008 and 2007 and 10 hotels without
comparable
results.
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
Systemwide(1)
Statistics - Same Store |
For
the Three Months Ended December 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
- Worldwide |
|
Systemwide
- North America |
|
Systemwide
- International |
|
|
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
110.11 |
|
|
125.25 |
|
|
-12.1 |
% |
|
104.23 |
|
|
120.07 |
|
|
-13.2 |
% |
|
117.79 |
|
|
132.02 |
|
|
-10.8 |
% |
|
ADR
($) |
|
176.98 |
|
|
187.05 |
|
|
-5.4 |
% |
|
168.96 |
|
|
179.84 |
|
|
-6.0 |
% |
|
187.23 |
|
|
196.38 |
|
|
-4.7 |
% |
|
Occupancy
(%) |
|
62.2 |
% |
|
67.0 |
% |
|
-4.8 |
|
|
61.7 |
% |
|
66.8 |
% |
|
-5.1 |
|
|
62.9 |
% |
|
67.2 |
% |
|
-4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
96.72 |
|
|
107.00 |
|
|
-9.6 |
% |
|
89.27 |
|
|
102.39 |
|
|
-12.8 |
% |
|
105.76 |
|
|
112.62 |
|
|
-6.1 |
% |
|
ADR
($) |
|
157.15 |
|
|
160.92 |
|
|
-2.3 |
% |
|
147.31 |
|
|
154.97 |
|
|
-4.9 |
% |
|
168.67 |
|
|
168.05 |
|
|
0.4 |
% |
|
Occupancy
(%) |
|
61.5 |
% |
|
66.5 |
% |
|
-5.0 |
|
|
60.6 |
% |
|
66.1 |
% |
|
-5.5 |
|
|
62.7 |
% |
|
67.0 |
% |
|
-4.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
118.61 |
|
|
133.87 |
|
|
-11.4 |
% |
|
115.36 |
|
|
129.22 |
|
|
-10.7 |
% |
|
127.84 |
|
|
147.09 |
|
|
-13.1 |
% |
|
ADR
($) |
|
187.59 |
|
|
199.90 |
|
|
-6.2 |
% |
|
182.80 |
|
|
192.16 |
|
|
-4.9 |
% |
|
201.07 |
|
|
222.23 |
|
|
-9.5 |
% |
|
Occupancy
(%) |
|
63.2 |
% |
|
67.0 |
% |
|
-3.8 |
|
|
63.1 |
% |
|
67.2 |
% |
|
-4.1 |
|
|
63.6 |
% |
|
66.2 |
% |
|
-2.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST.
REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
185.59 |
|
|
242.09 |
|
|
-23.3 |
% |
|
211.65 |
|
|
253.07 |
|
|
-16.4 |
% |
|
169.10 |
|
|
235.16 |
|
|
-28.1 |
% |
|
ADR
($) |
|
331.39 |
|
|
376.33 |
|
|
-11.9 |
% |
|
366.05 |
|
|
391.05 |
|
|
-6.4 |
% |
|
308.27 |
|
|
366.96 |
|
|
-16.0 |
% |
|
Occupancy
(%) |
|
56.0 |
% |
|
64.3 |
% |
|
-8.3 |
|
|
57.8 |
% |
|
64.7 |
% |
|
-6.9 |
|
|
54.9 |
% |
|
64.1 |
% |
|
-9.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
143.61 |
|
|
162.29 |
|
|
-11.5 |
% |
|
220.47 |
|
|
265.22 |
|
|
-16.9 |
% |
|
136.79 |
|
|
153.14 |
|
|
-10.7 |
% |
|
ADR
($) |
|
218.31 |
|
|
232.41 |
|
|
-6.1 |
% |
|
297.78 |
|
|
350.03 |
|
|
-14.9 |
% |
|
210.28 |
|
|
220.98 |
|
|
-4.8 |
% |
|
Occupancy
(%) |
|
65.8 |
% |
|
69.8 |
% |
|
-4.0 |
|
|
74.0 |
% |
|
75.8 |
% |
|
-1.8 |
|
|
65.1 |
% |
|
69.3 |
% |
|
-4.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
197.57 |
|
|
250.33 |
|
|
-21.1 |
% |
|
195.49 |
|
|
251.14 |
|
|
-22.2 |
% |
|
217.53 |
|
|
242.53 |
|
|
-10.3 |
% |
|
ADR
($) |
|
301.80 |
|
|
337.90 |
|
|
-10.7 |
% |
|
296.03 |
|
|
333.38 |
|
|
-11.2 |
% |
|
362.79 |
|
|
390.51 |
|
|
-7.1 |
% |
|
Occupancy
(%) |
|
65.5 |
% |
|
74.1 |
% |
|
-8.6 |
|
|
66.0 |
% |
|
75.3 |
% |
|
-9.3 |
|
|
60.0 |
% |
|
62.1 |
% |
|
-2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
67.09 |
|
|
75.78 |
|
|
-11.5 |
% |
|
62.76 |
|
|
70.60 |
|
|
-11.1 |
% |
|
77.09 |
|
|
87.76 |
|
|
-12.2 |
% |
|
ADR
($) |
|
108.91 |
|
|
114.85 |
|
|
-5.2 |
% |
|
103.57 |
|
|
108.44 |
|
|
-4.5 |
% |
|
120.63 |
|
|
129.04 |
|
|
-6.5 |
% |
|
Occupancy
(%) |
|
61.6 |
% |
|
66.0 |
% |
|
-4.4 |
|
|
60.6 |
% |
|
65.1 |
% |
|
-4.5 |
|
|
63.9 |
% |
|
68.0 |
% |
|
-4.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
98.32 |
|
|
117.68 |
|
|
-16.5 |
% |
|
98.32 |
|
|
117.68 |
|
|
-16.5 |
% |
|
|
|
|
|
|
|
ADR
($) |
|
163.39 |
|
|
186.01 |
|
|
-12.2 |
% |
|
163.39 |
|
|
186.01 |
|
|
-12.2 |
% |
|
|
|
|
|
|
|
Occupancy
(%) |
|
60.2 |
% |
|
63.3 |
% |
|
-3.1 |
|
|
60.2 |
% |
|
63.3 |
% |
|
-3.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 December 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
Company
Operated (2) |
|
|
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
110.11 |
|
|
125.25 |
|
|
-12.1 |
% |
|
126.75 |
|
|
143.24 |
|
|
-11.5 |
% |
|
ADR
($) |
|
176.98 |
|
|
187.05 |
|
|
-5.4 |
% |
|
198.03 |
|
|
208.52 |
|
|
-5.0 |
% |
|
Occupancy
(%) |
|
62.2 |
% |
|
67.0 |
% |
|
-4.8 |
|
|
64.0 |
% |
|
68.7 |
% |
|
-4.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
104.23 |
|
|
120.07 |
|
|
-13.2 |
% |
|
131.14 |
|
|
152.49 |
|
|
-14.0 |
% |
|
ADR
($) |
|
168.96 |
|
|
179.84 |
|
|
-6.0 |
% |
|
201.82 |
|
|
216.83 |
|
|
-6.9 |
% |
|
Occupancy
(%) |
|
61.7 |
% |
|
66.8 |
% |
|
-5.1 |
|
|
65.0 |
% |
|
70.3 |
% |
|
-5.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
125.75 |
|
|
153.03 |
|
|
-17.8 |
% |
|
135.95 |
|
|
167.17 |
|
|
-18.7 |
% |
|
ADR
($) |
|
207.87 |
|
|
232.03 |
|
|
-10.4 |
% |
|
220.62 |
|
|
248.80 |
|
|
-11.3 |
% |
|
Occupancy
(%) |
|
60.5 |
% |
|
66.0 |
% |
|
-5.5 |
|
|
61.6 |
% |
|
67.2 |
% |
|
-5.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
154.85 |
|
|
142.61 |
|
|
8.6 |
% |
|
158.11 |
|
|
143.37 |
|
|
10.3 |
% |
|
ADR
($) |
|
219.96 |
|
|
204.85 |
|
|
7.4 |
% |
|
224.01 |
|
|
205.92 |
|
|
8.8 |
% |
|
Occupancy
(%) |
|
70.4 |
% |
|
69.6 |
% |
|
0.8 |
|
|
70.6 |
% |
|
69.6 |
% |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
103.56 |
|
|
120.96 |
|
|
-14.4 |
% |
|
98.90 |
|
|
112.78 |
|
|
-12.3 |
% |
|
ADR
($) |
|
165.46 |
|
|
178.88 |
|
|
-7.5 |
% |
|
162.08 |
|
|
170.30 |
|
|
-4.8 |
% |
|
Occupancy
(%) |
|
62.6 |
% |
|
67.6 |
% |
|
-5.0 |
|
|
61.0 |
% |
|
66.2 |
% |
|
-5.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
87.02 |
|
|
90.01 |
|
|
-3.3 |
% |
|
97.98 |
|
|
98.21 |
|
|
-0.2 |
% |
|
ADR
($) |
|
144.96 |
|
|
136.18 |
|
|
6.4 |
% |
|
160.49 |
|
|
146.34 |
|
|
9.7 |
% |
|
Occupancy
(%) |
|
60.0 |
% |
|
66.1 |
% |
|
-6.1 |
|
|
61.1 |
% |
|
67.1 |
% |
|
-6.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes same store
owned, leased,
managed, and franchised hotels
|
(2) Includes same store
owned, leased,
and managed hotels
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
Owned
Hotel Results - Same Store (1) |
For
the Three Months Ended December 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
NORTH
AMERICA |
|
INTERNATIONAL |
|
|
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
59
Hotels |
|
31
Hotels |
|
28
Hotels |
|
REVPAR
($) |
|
148.99 |
|
|
184.97 |
|
|
-19.5 |
% |
|
160.47 |
|
|
196.69 |
|
|
-18.4 |
% |
|
131.16 |
|
|
166.76 |
|
|
-21.3 |
% |
|
ADR
($) |
|
226.42 |
|
|
256.36 |
|
|
-11.7 |
% |
|
238.54 |
|
|
269.32 |
|
|
-11.4 |
% |
|
206.47 |
|
|
235.57 |
|
|
-12.4 |
% |
|
Occupancy
(%) |
|
65.8 |
% |
|
72.2 |
% |
|
-6.4 |
|
|
67.3 |
% |
|
73.0 |
% |
|
-5.7 |
|
|
63.5 |
% |
|
70.8 |
% |
|
-7.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
461,938 |
|
|
564,785 |
|
|
-18.2 |
% |
|
297,895 |
|
|
358,052 |
|
|
-16.8 |
% |
|
164,043 |
|
|
206,733 |
|
|
-20.6 |
% |
|
Total
Expenses |
|
350,809 |
|
|
399,972 |
|
|
-12.3 |
% |
|
230,086 |
|
|
253,870 |
|
|
-9.4 |
% |
|
120,723 |
|
|
146,102 |
|
|
-17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED
HOTELS |
|
53
Hotels |
|
25
Hotels |
|
28
Hotels |
|
REVPAR
($) |
|
154.21 |
|
|
191.88 |
|
|
-19.6 |
% |
|
171.73 |
|
|
210.97 |
|
|
-18.6 |
% |
|
131.16 |
|
|
166.76 |
|
|
-21.3 |
% |
|
ADR
($) |
|
232.30 |
|
|
262.61 |
|
|
-11.5 |
% |
|
250.50 |
|
|
282.05 |
|
|
-11.2 |
% |
|
206.47 |
|
|
235.57 |
|
|
-12.4 |
% |
|
Occupancy
(%) |
|
66.4 |
% |
|
73.1 |
% |
|
-6.7 |
|
|
68.6 |
% |
|
74.8 |
% |
|
-6.2 |
|
|
63.5 |
% |
|
70.8 |
% |
|
-7.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
431,741 |
|
|
530,687 |
|
|
-18.6 |
% |
|
267,698 |
|
|
323,954 |
|
|
-17.4 |
% |
|
164,043 |
|
|
206,733 |
|
|
-20.6 |
% |
|
Total
Expenses |
|
323,300 |
|
|
371,958 |
|
|
-13.1 |
% |
|
202,577 |
|
|
225,856 |
|
|
-10.3 |
% |
|
120,723 |
|
|
146,102 |
|
|
-17.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hotel Results
exclude 19 hotels
sold or closed and 10 hotels without comparable results during 2007
&
2008
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Three Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
2008 |
|
2007 |
|
$
Variance |
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
Management
Fees: |
|
|
|
|
|
|
|
|
|
Base
Fees |
|
71 |
|
75 |
|
-4 |
|
-5.3 |
% |
|
Incentive
Fees |
|
48 |
|
51 |
|
-3 |
|
-5.9 |
% |
Total
Management Fees |
|
119 |
|
126 |
|
-7 |
|
-5.6 |
% |
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
36 |
|
41 |
|
-5 |
|
-12.2 |
% |
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
155 |
|
167 |
|
-12 |
|
-7.2 |
% |
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
26 |
|
23 |
|
3 |
|
13.0 |
% |
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
181 |
|
190 |
|
-9 |
|
-4.7 |
% |
|
|
|
|
|
|
|
|
|
|
Other
(2) |
|
34 |
|
45 |
|
-11 |
|
-24.4 |
% |
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
215 |
|
235 |
|
-20 |
|
-8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Other Management & Franchise Revenues primarily includes the
amortization
of deferred gains of approximately $20 million in 2008 and $21 million
in 2007 resulting from the sales of hotels subject to long-term
management
contracts and termination fees. |
|
|
|
|
|
|
|
|
|
|
(2)
Amount includes revenues from the Company's Bliss spa and product
business
and other miscellaneous revenue. |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
2007 |
|
%
Variance |
|
|
|
|
|
|
|
Originated
Sales Revenues (1) -- Vacation Ownership Sales |
|
92 |
|
|
162 |
|
|
(43.2 |
%) |
Other
Sales and Services Revenues (2) |
|
51 |
|
|
47 |
|
|
8.5 |
% |
Deferred
Revenues -- Percentage of Completion |
|
18 |
|
|
59 |
|
|
n/m |
|
Deferred
Revenues -- Other (3) |
|
(27 |
) |
|
(9 |
) |
|
n/m |
|
Vacation
Ownership Sales and Services Revenues |
|
134 |
|
|
259 |
|
|
(48.3 |
%) |
Residential
Sales and Services Revenues |
|
2 |
|
|
6 |
|
|
n/m |
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
136 |
|
|
265 |
|
|
(48.7 |
%) |
|
|
|
|
|
|
|
Originated
Sales Expenses (4) -- Vacation Ownership Sales |
|
51 |
|
|
104 |
|
|
51.0 |
% |
Other
Expenses (5) |
|
46 |
|
|
56 |
|
|
17.9 |
% |
Deferred
Expenses -- Percentage of Completion |
|
9 |
|
|
25 |
|
|
n/m |
|
Deferred
Expenses -- Other |
|
3 |
|
|
6 |
|
|
n/m |
|
Vacation
Ownership Expenses |
|
109 |
|
|
191 |
|
|
42.9 |
% |
Residential
Expenses |
|
2 |
|
|
4 |
|
|
50.0 |
% |
Total
Vacation Ownership & Residential Expenses |
|
111 |
|
|
195 |
|
|
43.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, gain on sale of notes
receivable,
and miscellaneous other revenues |
(3)
Includes deferral of revenue for contracts still in rescission period,
contracts that do not yet meet the requirements of SFAS No. 66 or SFAS
No. 152 and provision for loan loss |
(4)
Timeshare cost of sales and sales & marketing expenses before
deferrals
of sales expenses for U.S. GAAP reporting purposes |
(5)
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 SFAS No. 152. |
|
|
|
|
|
|
|
n/m
= not meaningful |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Top
40 Owned, Leased and Consolidated Joint Venture Hotels |
For
the Year Ended December 31, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
Hotels |
|
Location |
|
Rooms |
|
International
Hotels |
|
Location |
|
Rooms |
|
St.
Regis Aspen |
|
Aspen,
CO |
|
179 |
|
St.
Regis Grand Hotel, Rome |
|
Rome,
Italy |
|
161 |
|
St.
Regis New York |
|
New
York, NY |
|
229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand
Hotel, Florence |
|
Florence,
Italy |
|
107 |
|
The
Phoenician |
|
Scottsdale,
AZ |
|
643 |
|
Hotel
Alfonso XIII |
|
Seville,
Spain |
|
147 |
|
|
|
|
|
|
|
Hotel
Gritti Palace |
|
Venice,
Italy |
|
91 |
|
W
Chicago - City Center |
|
Chicago,
IL |
|
369 |
|
Hotel
Imperial |
|
Vienna,
Austria |
|
138 |
|
W
Chicago Lakeshore |
|
Chicago,
IL |
|
520 |
|
Park
Tower, Buenos Aires |
|
Buesnos
Aires, Argentina |
|
180 |
|
W
Los Angeles Westwood |
|
Los
Angeles, CA |
|
258 |
|
|
|
|
|
|
|
W
New Orleans |
|
New
Orleans, LA |
|
423 |
|
Westin
Denarau Island Resort |
|
Nadi,
Fiji |
|
273 |
|
W
New York - The Court & Tuscany |
|
New
York, NY |
|
318 |
|
The
Westin Excelsior, Florence |
|
Florence,
Italy |
|
171 |
|
W
New York - Time Square |
|
New
York, NY |
|
507 |
|
The
Westin Excelsior, Rome |
|
Rome,
Italy |
|
316 |
|
W
San Francisco |
|
San
Francisco, CA |
|
404 |
|
The
Westin Resort & Spa, Cancun |
|
Cancun,
Mexico |
|
379 |
|
|
|
|
|
|
|
The
Westin Resort & Spa, Los Cabos |
|
San
Jose del Cabo, Mexico |
|
243 |
|
The
Westin Gaslamp Quarter, San Diego |
|
San
Diego, CA |
|
450 |
|
The
Westin Resort & Spa, Puerto Vallarta |
|
Puerta
Vallarta, Mexico |
|
280 |
|
Westin
Maui Resort & Spa |
|
Lahaina,
HI |
|
759 |
|
|
|
|
|
|
|
Westin
Peachtree Plaza |
|
Atlanta,
GA |
|
1,068 |
|
Le
Centre Sheraton Hotel |
|
Montreal,
Canada |
|
825 |
|
Westin
San Francisco Airport |
|
San
Francisco, CA |
|
397 |
|
Sheraton
Brussels Hotel & Towers |
|
Brussels,
Belgium |
|
511 |
|
|
|
|
|
|
|
Sheraton
Buenos Aires Hotel & Convention Center |
|
Buenos
Aires, Argentina |
|
739 |
|
Sheraton
Kauai Resort |
|
Koloa,
HI |
|
394 |
|
Sheraton
Centre Toronto Hotel |
|
Toronto,
Canada |
|
1,377 |
|
Sheraton
Manhattan Hotel |
|
New
York, NY |
|
665 |
|
Sheraton
Gateway Hotel in Toronto International Hotel |
|
Toronto,
Canada |
|
474 |
|
Sheraton
Steamboat |
|
Steamboat
Springs, CO |
|
205 |
|
Sheraton
Maria Isabel Hotel & Towers |
|
Mexico
City, Mexico |
|
755 |
|
|
|
|
|
|
|
Sheraton
On The Park |
|
Sydney,
Australia |
|
557 |
|
Boston
Park Plaza Hotel |
|
Boston,
MA |
|
941 |
|
Sheraton
Paris Airport Hotel Charles de Gaulle |
|
Roissy
Aerogare, France |
|
252 |
|
|
|
|
|
|
|
The
Park Lane Hotel |
|
London,
England |
|
305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Four
Points by Sheraton Sydney Hotel |
|
Sydney,
Australia |
|
630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Top
40 hotels represent approximately 95% of owned, leased and consolidated
joint venture earnings before depreciation |
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Top 20 Worldwide
Markets - Owned
|
For
the Twelve Months Ended December 31, 2008 |
UNAUDITED |
|
|
|
|
|
|
|
|
|
%
of 2008 |
|
|
|
%
of 2008 |
US
Markets |
Total
Earnings 1 |
|
International
Markets |
Total
Earnings 1 |
New
York, NY |
14% |
|
Italy |
|
9% |
Hawaii |
7% |
|
Mexico |
9% |
Phoenix,
AZ |
7% |
|
Canada |
9% |
Chicago,
IL |
5% |
|
Australia |
5% |
San
Francisco/San Mateo, CA |
4% |
|
Argentina |
4% |
Atlanta,
GA |
4% |
|
United
Kingdom |
4% |
San
Diego, CA |
3% |
|
Spain |
2% |
Colorado
Area |
2% |
|
France |
2% |
Los
Angeles-Long Beach, CA |
2% |
|
Austria |
1% |
Boston,
MA |
2% |
|
Belgium |
1% |
Total
Top 10 US Markets |
50% |
|
Total
Top 10 International Markets |
46% |
|
Other
US Markets |
3% |
|
|
Other
International Markets |
1% |
Total
US Markets |
53% |
|
Total
International Markets |
47% |
|
|
|
|
|
|
|
1
Represents earnings before depreciation for owned, leased and
consolidated
joint venture hotels |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Total
Management & Franchise Fees by Geographic Region |
For
the Year Ended December 31, 2008 |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
Management |
|
Franchise |
|
Total
Management and |
|
Geographical
Region |
|
Fees |
|
Fees |
|
Franchise
Fees |
|
|
|
|
|
|
|
|
|
United
States |
|
36% |
|
61% |
|
43% |
|
Europe |
|
18% |
|
15% |
|
17% |
|
Asia
Pacific |
|
20% |
|
9% |
|
17% |
|
Middle
East and Africa |
|
19% |
|
1% |
|
14% |
|
Americas
(Latin America & Canada) |
|
7% |
|
14% |
|
9% |
|
Total |
|
100% |
|
100% |
|
100% |
|
|
|
|
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
Systemwide(1)
Statistics - Same Store |
For
the Twelve Months Ended December 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
- Worldwide |
|
Systemwide
- North America |
|
Systemwide
- International |
|
|
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
125.21 |
|
|
123.13 |
|
|
1.7 |
% |
|
118.89 |
|
|
121.58 |
|
|
-2.2 |
% |
|
133.70 |
|
|
125.22 |
|
|
6.8 |
% |
|
ADR
($) |
|
185.20 |
|
|
177.03 |
|
|
4.6 |
% |
|
172.70 |
|
|
170.77 |
|
|
1.1 |
% |
|
202.72 |
|
|
185.93 |
|
|
9.0 |
% |
|
Occupancy
(%) |
|
67.6 |
% |
|
69.6 |
% |
|
-2.0 |
|
|
68.8 |
% |
|
71.2 |
% |
|
-2.4 |
|
|
66.0 |
% |
|
67.4 |
% |
|
-1.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
107.82 |
|
|
105.15 |
|
|
2.5 |
% |
|
101.11 |
|
|
103.42 |
|
|
-2.2 |
% |
|
116.30 |
|
|
107.35 |
|
|
8.3 |
% |
|
ADR
($) |
|
161.64 |
|
|
152.91 |
|
|
5.7 |
% |
|
148.83 |
|
|
147.11 |
|
|
1.2 |
% |
|
178.49 |
|
|
160.63 |
|
|
11.1 |
% |
|
Occupancy
(%) |
|
66.7 |
% |
|
68.8 |
% |
|
-2.1 |
|
|
67.9 |
% |
|
70.3 |
% |
|
-2.4 |
|
|
65.2 |
% |
|
66.8 |
% |
|
-1.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
135.68 |
|
|
136.19 |
|
|
-0.4 |
% |
|
133.78 |
|
|
135.97 |
|
|
-1.6 |
% |
|
141.34 |
|
|
136.86 |
|
|
3.3 |
% |
|
ADR
($) |
|
195.22 |
|
|
190.35 |
|
|
2.6 |
% |
|
189.55 |
|
|
186.43 |
|
|
1.7 |
% |
|
213.18 |
|
|
203.29 |
|
|
4.9 |
% |
|
Occupancy
(%) |
|
69.5 |
% |
|
71.5 |
% |
|
-2.0 |
|
|
70.6 |
% |
|
72.9 |
% |
|
-2.3 |
|
|
66.3 |
% |
|
67.3 |
% |
|
-1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST.
REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
242.93 |
|
|
244.72 |
|
|
-0.7 |
% |
|
235.32 |
|
|
243.15 |
|
|
-3.2 |
% |
|
247.92 |
|
|
245.74 |
|
|
0.9 |
% |
|
ADR
($) |
|
386.29 |
|
|
367.67 |
|
|
5.1 |
% |
|
362.12 |
|
|
362.89 |
|
|
-0.2 |
% |
|
403.04 |
|
|
370.83 |
|
|
8.7 |
% |
|
Occupancy
(%) |
|
62.9 |
% |
|
66.6 |
% |
|
-3.7 |
|
|
65.0 |
% |
|
67.0 |
% |
|
-2.0 |
|
|
61.5 |
% |
|
66.3 |
% |
|
-4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
152.95 |
|
|
143.43 |
|
|
6.6 |
% |
|
226.58 |
|
|
231.52 |
|
|
-2.1 |
% |
|
146.12 |
|
|
135.26 |
|
|
8.0 |
% |
|
ADR
($) |
|
221.67 |
|
|
205.86 |
|
|
7.7 |
% |
|
302.87 |
|
|
305.27 |
|
|
-0.8 |
% |
|
213.44 |
|
|
195.74 |
|
|
9.0 |
% |
|
Occupancy
(%) |
|
69.0 |
% |
|
69.7 |
% |
|
-0.7 |
|
|
74.8 |
% |
|
75.8 |
% |
|
-1.0 |
|
|
68.5 |
% |
|
69.1 |
% |
|
-0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
212.36 |
|
|
221.69 |
|
|
-4.2 |
% |
|
211.62 |
|
|
224.25 |
|
|
-5.6 |
% |
|
219.48 |
|
|
197.13 |
|
|
11.3 |
% |
|
ADR
($) |
|
296.46 |
|
|
298.35 |
|
|
-0.6 |
% |
|
290.50 |
|
|
294.46 |
|
|
-1.3 |
% |
|
365.98 |
|
|
348.77 |
|
|
4.9 |
% |
|
Occupancy
(%) |
|
71.6 |
% |
|
74.3 |
% |
|
-2.7 |
|
|
72.8 |
% |
|
76.2 |
% |
|
-3.4 |
|
|
60.0 |
% |
|
56.5 |
% |
|
3.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
78.85 |
|
|
76.17 |
|
|
3.5 |
% |
|
74.65 |
|
|
74.28 |
|
|
0.5 |
% |
|
91.12 |
|
|
81.69 |
|
|
11.5 |
% |
|
ADR
($) |
|
116.10 |
|
|
109.53 |
|
|
6.0 |
% |
|
110.54 |
|
|
106.01 |
|
|
4.3 |
% |
|
132.04 |
|
|
120.13 |
|
|
9.9 |
% |
|
Occupancy
(%) |
|
67.9 |
% |
|
69.5 |
% |
|
-1.6 |
|
|
67.5 |
% |
|
70.1 |
% |
|
-2.6 |
|
|
69.0 |
% |
|
68.0 |
% |
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
108.26 |
|
|
111.56 |
|
|
-3.0 |
% |
|
108.26 |
|
|
111.56 |
|
|
-3.0 |
% |
|
|
|
|
|
|
|
ADR
($) |
|
168.37 |
|
|
173.40 |
|
|
-2.9 |
% |
|
168.37 |
|
|
173.40 |
|
|
-2.9 |
% |
|
|
|
|
|
|
|
Occupancy
(%) |
|
64.3 |
% |
|
64.3 |
% |
|
|
|
|
64.3 |
% |
|
64.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes same store
owned, leased,
managed, and franchised hotels
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
Worldwide
Hotel Results - Same Store |
For
the Twelve Months Ended December 31, |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1) |
|
Company
Operated (2) |
|
|
|
2008 |
|
2007 |
|
Var. |
|
2008 |
|
2007 |
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
125.21 |
|
|
123.13 |
|
|
1.7 |
% |
|
141.89 |
|
|
138.75 |
|
|
2.3 |
% |
|
ADR
($) |
|
185.20 |
|
|
177.03 |
|
|
4.6 |
% |
|
205.92 |
|
|
196.22 |
|
|
4.9 |
% |
|
Occupancy
(%) |
|
67.6 |
% |
|
69.6 |
% |
|
-2.0 |
|
|
68.9 |
% |
|
70.7 |
% |
|
-1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
118.89 |
|
|
121.58 |
|
|
-2.2 |
% |
|
145.91 |
|
|
150.00 |
|
|
-2.7 |
% |
|
ADR
($) |
|
172.70 |
|
|
170.77 |
|
|
1.1 |
% |
|
204.26 |
|
|
203.06 |
|
|
0.6 |
% |
|
Occupancy
(%) |
|
68.8 |
% |
|
71.2 |
% |
|
-2.4 |
|
|
71.4 |
% |
|
73.9 |
% |
|
-2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
162.40 |
|
|
154.25 |
|
|
5.3 |
% |
|
172.85 |
|
|
165.51 |
|
|
4.4 |
% |
|
ADR
($) |
|
246.76 |
|
|
226.85 |
|
|
8.8 |
% |
|
256.75 |
|
|
238.57 |
|
|
7.6 |
% |
|
Occupancy
(%) |
|
65.8 |
% |
|
68.0 |
% |
|
-2.2 |
|
|
67.3 |
% |
|
69.4 |
% |
|
-2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
145.56 |
|
|
125.20 |
|
|
16.3 |
% |
|
148.32 |
|
|
126.70 |
|
|
17.1 |
% |
|
ADR
($) |
|
205.95 |
|
|
181.15 |
|
|
13.7 |
% |
|
208.43 |
|
|
182.50 |
|
|
14.2 |
% |
|
Occupancy
(%) |
|
70.7 |
% |
|
69.1 |
% |
|
1.6 |
|
|
71.2 |
% |
|
69.4 |
% |
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
115.05 |
|
|
111.67 |
|
|
3.0 |
% |
|
110.80 |
|
|
106.52 |
|
|
4.0 |
% |
|
ADR
($) |
|
178.44 |
|
|
166.02 |
|
|
7.5 |
% |
|
173.09 |
|
|
159.01 |
|
|
8.9 |
% |
|
Occupancy
(%) |
|
64.5 |
% |
|
67.3 |
% |
|
-2.8 |
|
|
64.0 |
% |
|
67.0 |
% |
|
-3.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR
($) |
|
90.78 |
|
|
83.72 |
|
|
8.4 |
% |
|
98.35 |
|
|
90.23 |
|
|
9.0 |
% |
|
ADR
($) |
|
142.74 |
|
|
132.51 |
|
|
7.7 |
% |
|
154.35 |
|
|
142.96 |
|
|
8.0 |
% |
|
Occupancy
(%) |
|
63.6 |
% |
|
63.2 |
% |
|
0.4 |
|
|
63.7 |
% |
|
63.1 |
% |
|
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes same store
owned, leased,
managed, and franchised hotels
|
(2) Includes same store
owned, leased,
and managed hotels
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
|
|
Owned
Hotel Results - Same Store (1) |
|
|
For
the Twelve Months Ended December 31, |
|
|
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
NORTH
AMERICA |
|
INTERNATIONAL |
|
|
|
2008 |
|
|
2007 |
|
|
Var. |
|
2008 |
|
|
2007 |
|
|
Var. |
|
2008 |
|
|
2007 |
|
|
Var. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
59
Hotels |
|
31
Hotels |
|
28
Hotels |
|
REVPAR
($) |
|
168.93 |
|
|
171.01 |
|
|
-1.2 |
% |
|
178.14 |
|
|
181.68 |
|
|
-1.9 |
% |
|
154.62 |
|
|
154.40 |
|
|
0.1 |
% |
|
ADR
($) |
|
237.45 |
|
|
235.18 |
|
|
1.0 |
% |
|
241.26 |
|
|
242.07 |
|
|
-0.3 |
% |
|
230.91 |
|
|
223.54 |
|
|
3.3 |
% |
|
Occupancy
(%) |
|
71.1 |
% |
|
72.7 |
% |
|
-1.6 |
|
|
73.8 |
% |
|
75.1 |
% |
|
-1.3 |
|
|
67.0 |
% |
|
69.1 |
% |
|
-2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
2,015,182 |
|
|
2,046,063 |
|
|
-1.5 |
% |
|
1,279,252 |
|
|
1,307,548 |
|
|
-2.2 |
% |
|
735,930 |
|
|
738,515 |
|
|
-0.4 |
% |
|
Total
Expenses |
|
1,510,612 |
|
|
1,492,476 |
|
|
1.2 |
% |
|
967,626 |
|
|
961,110 |
|
|
0.7 |
% |
|
542,986 |
|
|
531,366 |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED
HOTELS |
|
53
Hotels |
|
25
Hotels |
|
28
Hotels |
|
REVPAR
($) |
|
175.17 |
|
|
177.12 |
|
|
-1.1 |
% |
|
190.78 |
|
|
194.35 |
|
|
-1.8 |
% |
|
154.62 |
|
|
154.40 |
|
|
0.1 |
% |
|
ADR
($) |
|
243.80 |
|
|
240.73 |
|
|
1.3 |
% |
|
252.48 |
|
|
252.43 |
|
|
0.0 |
% |
|
230.91 |
|
|
223.54 |
|
|
3.3 |
% |
|
Occupancy
(%) |
|
71.8 |
% |
|
73.6 |
% |
|
-1.8 |
|
|
75.6 |
% |
|
77.0 |
% |
|
-1.4 |
|
|
67.0 |
% |
|
69.1 |
% |
|
-2.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenue |
|
1,887,249 |
|
|
1,917,583 |
|
|
-1.6 |
% |
|
1,151,319 |
|
|
1,179,068 |
|
|
-2.4 |
% |
|
735,930 |
|
|
738,515 |
|
|
-0.4 |
% |
|
Total
Expenses |
|
1,397,290 |
|
|
1,383,081 |
|
|
1.0 |
% |
|
854,304 |
|
|
851,715 |
|
|
0.3 |
% |
|
542,986 |
|
|
531,366 |
|
|
2.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Hotel Results
exclude 19 hotels
sold or closed and 10 hotels without comparable results during 2007
&
2008
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Twelve Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
2008 |
|
2007 |
|
$
Variance |
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
Management
Fees: |
|
|
|
|
|
|
|
|
|
Base
Fees |
|
287 |
|
280 |
|
7 |
|
2.5 |
% |
|
Incentive
Fees |
|
169 |
|
155 |
|
14 |
|
9.0 |
% |
Total
Management Fees |
|
456 |
|
435 |
|
21 |
|
4.8 |
% |
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
164 |
|
151 |
|
13 |
|
8.6 |
% |
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
620 |
|
586 |
|
34 |
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
97 |
|
96 |
|
1 |
|
1.0 |
% |
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
717 |
|
682 |
|
35 |
|
5.1 |
% |
|
|
|
|
|
|
|
|
|
|
Other
(2) |
|
140 |
|
152 |
|
-12 |
|
-7.9 |
% |
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
857 |
|
834 |
|
23 |
|
2.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Other Management & Franchise Revenues primarily includes the
amortization
of deferred gains of approximately $83 million in 2008 and $81 million
in 2007 resulting from the sales of hotels subject to long-term
management
contracts and termination fees. |
|
|
|
|
|
|
|
|
|
|
(2)
The amount includes revenues from the Company's Bliss spa and product
business
and other miscellaneous revenue. In 2007, amount includes $18 million
of
income earned from the Company's carried interests in the Westin Boston
Waterfront Hotel which was earned when the hotel was sold by its owners
in January 2007. |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Twelve Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
2007 |
|
%
Variance |
|
|
|
|
|
|
|
Originated
Sales Revenues (1) -- Vacation Ownership Sales |
|
526 |
|
|
711 |
|
|
(26.0 |
%) |
Other
Sales and Services Revenues (2) |
|
207 |
|
|
181 |
|
|
14.4 |
% |
Deferred
Revenues -- Percentage of Completion |
|
(9 |
) |
|
118 |
|
|
n/m |
|
Deferred
Revenues -- Other (3) |
|
(24 |
) |
|
(3 |
) |
|
n/m |
|
Vacation
Ownership Sales and Services Revenues |
|
700 |
|
|
1,007 |
|
|
(30.5 |
%) |
Residential
Sales and Services Revenues |
|
49 |
|
|
18 |
|
|
n/m |
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
749 |
|
|
1,025 |
|
|
(26.9 |
%) |
|
|
|
|
|
|
|
Originated
Sales Expenses (4) -- Vacation Ownership Sales |
|
356 |
|
|
452 |
|
|
21.2 |
% |
Other
Expenses (5) |
|
201 |
|
|
209 |
|
|
3.8 |
% |
Deferred
Expenses -- Percentage of Completion |
|
(5 |
) |
|
53 |
|
|
n/m |
|
Deferred
Expenses -- Other |
|
24 |
|
|
30 |
|
|
n/m |
|
Vacation
Ownership Expenses |
|
576 |
|
|
744 |
|
|
22.6 |
% |
Residential
Expenses |
|
7 |
|
|
14 |
|
|
50.0 |
% |
Total
Vacation Ownership & Residential Expenses |
|
583 |
|
|
758 |
|
|
23.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, gain on sale of notes
receivable,
and miscellaneous other revenues |
(3)
Includes deferral of revenue for contracts still in rescission period,
contracts that do not yet meet the requirements of SFAS No. 66 or SFAS
No. 152 and provision for loan loss |
(4)
Timeshare cost of sales and sales & marketing expenses before
deferrals
of sales expenses for U.S. GAAP reporting purposes |
(5)
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 SFAS No. 152. |
|
|
|
|
|
|
|
n/m
= not meaningful |
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Hotels
without Comparable Results & Other Selected Items |
As
of December 31, 2008 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties
without comparable results in 2008: |
|
|
Selected
Balance Sheet and Cash Flow Items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property |
|
Location |
|
Cash
and cash equivalents (including restricted cash of $102 million) |
|
$ |
491 |
Sheraton
Steamboat Resort & Conference Center |
|
Steamboat
Springs, CO |
|
Debt |
|
|
|
|
|
|
|
|
|
|
$ |
4,008 |
Westin
St. John Resort & Villas |
|
St.
John, Virgin Islands |
|
|
|
|
|
|
|
|
|
|
|
|
|
Westin
Peachtree |
|
Atlanta,
GA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton
Fiji Resort |
|
Nadi,
Fiji |
|
|
|
|
|
|
|
|
|
|
|
|
|
Westin
Denarau Island Resort & Spa |
|
Nadi,
Fiji |
|
|
|
|
|
|
|
|
|
|
|
|
|
element
Lexington |
|
Lexington,
MA |
|
|
|
|
|
|
|
|
|
|
|
|
|
aloft
Lexington |
|
Lexington,
MA |
|
|
|
|
|
|
|
|
|
|
|
|
|
aloft
Philadelphia Airport |
|
Philadelphia,
PA |
|
|
Park
Ridge Hotel & Conference Center at Valley Forge |
|
King
of Prussia, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Four
Points by Sheraton Minneapolis |
|
Minneapolis,
MN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues and Expenses
Associated
with Assets Sold or Closed in 2008 and 2007 (1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
|
Full
Year |
|
|
|
|
Hotels
Sold or Closed in 2007: |
|
|
|
|
|
|
|
|
|
Properties
sold or closed in 2008 and 2007: |
|
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
48 |
|
$ |
39 |
|
$ |
24 |
|
$ |
10 |
|
|
$ |
121 |
Property |
|
Location |
|
Expenses
(excluding depreciation) |
|
$ |
36 |
|
$ |
33 |
|
$ |
18 |
|
$ |
9 |
|
|
$ |
96 |
Westin
Fort Lauderdale |
|
Ft.
Lauderdale, FL |
|
|
|
|
|
|
|
|
|
|
|
|
|
Days
Inn City Center |
|
Portland,
OR |
|
Hotels
Sold or Closed in 2008: |
|
|
|
|
|
|
|
|
|
Sheraton
Nashua Hotel |
|
Nashua,
NH |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
Four
Points by Sheraton Denver Cherry Creek |
|
Denver,
CO |
|
Revenues |
|
$ |
10 |
|
$ |
25 |
|
$ |
36 |
|
$ |
6 |
|
|
$ |
77 |
Sheraton
Bal Harbour Beach Resort |
|
Bal
Harbour, FL |
|
Expenses
(excluding depreciation) |
|
$ |
16 |
|
$ |
23 |
|
$ |
23 |
|
$ |
8 |
|
|
$ |
70 |
Sheraton
Edison |
|
Edison,
NJ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Four
Points by Sheraton Hyannis |
|
Hyannis,
MA |
|
2007 |
|
|
|
|
|
|
|
|
|
|
|
Four
Points by Sheraton Portland |
|
Portland,
OR |
|
Revenues |
|
$ |
10 |
|
$ |
30 |
|
$ |
39 |
|
$ |
16 |
|
|
$ |
95 |
Sheraton
South Portland |
|
Portland,
ME |
|
Expenses
(excluding depreciation) |
|
$ |
15 |
|
$ |
25 |
|
$ |
26 |
|
$ |
18 |
|
|
$ |
84 |
Westin
Galleria |
|
Houston,
TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
Westin
Oaks |
|
Houston,
TX |
|
(1)
Results consist of 8 hotels sold or closed in 2008 and 11 hotels sold
or
closed in 2007. These amounts are included in the revenues and expenses
from owned, leased and consolidated joint venture hotels in 2008 and
2007. |
Caesar's
Brookdale |
|
Scotrun,
PA |
|
Sheraton
Hamilton |
|
Hamilton,
Ontario |
|
|
|
|
|
|
|
|
|
|
|
|
|
Days
Inn Town Center |
|
Seattle,
WA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sixth
Avenue Inn |
|
Seattle,
WA |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Des Bains |
|
Venice
Lido, Italy |
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Westin Excelsior |
|
Venice
Lido, Italy |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotel
Villa Cipriani |
|
Asolo,
Italy |
|
|
|
|
|
|
|
|
|
|
|
|
|
The
Westin Turnberry |
|
Ayreshire,
Scotland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Capital
Expenditures |
For
the Three and Twelve Months Ended December 31, 2008 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
Q4 |
|
YTD |
Capital
Expenditures: |
|
|
|
|
Owned,
Leased and Consolidated Joint Venture Hotels |
|
89 |
|
279 |
Corporate/IT |
|
20 |
|
84 |
Subtotal |
|
109 |
|
363 |
|
|
|
|
|
Vacation
Ownership Capital Expenditures: |
|
|
|
|
Capital
expenditures (includes land acquisitions) |
|
30 |
|
110 |
Net
capital expenditures for inventory (excluding St. Regis Bal Harbour) (1) |
|
39 |
|
131 |
Net
capital expenditures for inventory - St. Regis Bal Harbour (1) |
|
47 |
|
148 |
Subtotal |
|
116 |
|
389 |
|
|
|
|
|
Development
Capital |
|
33 |
|
65 |
|
|
|
|
|
Total
Capital Expenditures |
|
258 |
|
817 |
|
|
|
|
|
(1)
Represents gross inventory capital expenditures of $98 and $402 in the
three and twelve months ended December 31, 2008, respectively, less
cost
of sales of $12 and $123 in the three and twelve months ended December
31, 2008, respectively. |
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
2008
Divisional Hotel Inventory Summary by Ownership by Brand |
December
31, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAD |
|
EAME |
|
LAD |
|
ASIA |
|
Total |
|
|
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
8 |
|
4,461 |
|
6 |
|
1,505 |
|
5 |
|
2,713 |
|
2 |
|
821 |
|
21 |
|
9,500 |
|
Westin |
|
5 |
|
2,849 |
|
3 |
|
650 |
|
3 |
|
902 |
|
1 |
|
273 |
|
12 |
|
4,674 |
|
Four
Points |
|
3 |
|
579 |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
630 |
|
4 |
|
1,209 |
|
W |
|
9 |
|
3,172 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
9 |
|
3,172 |
|
Luxury
Collection |
|
1 |
|
643 |
|
7 |
|
828 |
|
1 |
|
180 |
|
- |
|
- |
|
9 |
|
1,651 |
|
St.
Regis |
|
3 |
|
668 |
|
1 |
|
161 |
|
- |
|
- |
|
- |
|
- |
|
4 |
|
829 |
|
aloft |
|
2 |
|
272 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
272 |
|
element |
|
1 |
|
123 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
123 |
|
Other |
|
7 |
|
2,200 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
7 |
|
2,200 |
|
Total
Owned |
|
39 |
|
14,967 |
|
17 |
|
3,144 |
|
9 |
|
3,795 |
|
4 |
|
1,724 |
|
69 |
|
23,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
& UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
46 |
|
30,421 |
|
71 |
|
20,931 |
|
15 |
|
2,934 |
|
52 |
|
19,150 |
|
184 |
|
73,436 |
|
Westin |
|
50 |
|
27,242 |
|
15 |
|
4,080 |
|
- |
|
- |
|
16 |
|
5,978 |
|
81 |
|
37,300 |
|
Four
Points |
|
2 |
|
646 |
|
8 |
|
1,536 |
|
3 |
|
427 |
|
7 |
|
2,144 |
|
20 |
|
4,753 |
|
W |
|
12 |
|
3,476 |
|
1 |
|
134 |
|
1 |
|
237 |
|
3 |
|
723 |
|
17 |
|
4,570 |
|
Luxury
Collection |
|
9 |
|
1,803 |
|
12 |
|
1,804 |
|
7 |
|
250 |
|
- |
|
- |
|
28 |
|
3,857 |
|
St.
Regis |
|
4 |
|
900 |
|
1 |
|
95 |
|
1 |
|
120 |
|
4 |
|
1,008 |
|
10 |
|
2,123 |
|
Le
Meridien |
|
5 |
|
1,046 |
|
64 |
|
16,172 |
|
- |
|
- |
|
24 |
|
6,405 |
|
93 |
|
23,623 |
|
aloft |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
186 |
|
1 |
|
186 |
|
Other |
|
1 |
|
- |
|
1 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
- |
|
Total
Managed & UJV |
|
129 |
|
65,534 |
|
173 |
|
44,752 |
|
27 |
|
3,968 |
|
107 |
|
35,594 |
|
436 |
|
149,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
154 |
|
45,345 |
|
27 |
|
6,846 |
|
9 |
|
2,500 |
|
14 |
|
5,651 |
|
204 |
|
60,342 |
|
Westin |
|
54 |
|
17,883 |
|
5 |
|
2,030 |
|
3 |
|
600 |
|
7 |
|
1,939 |
|
69 |
|
22,452 |
|
Four
Points |
|
88 |
|
14,335 |
|
12 |
|
1,670 |
|
8 |
|
1,296 |
|
2 |
|
235 |
|
110 |
|
17,536 |
|
Luxury
Collection |
|
4 |
|
908 |
|
14 |
|
1,829 |
|
- |
|
- |
|
7 |
|
2,022 |
|
25 |
|
4,759 |
|
Le
Meridien |
|
5 |
|
1,553 |
|
6 |
|
1,743 |
|
1 |
|
213 |
|
2 |
|
554 |
|
14 |
|
4,063 |
|
aloft |
|
14 |
|
2,047 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
14 |
|
2,047 |
|
element |
|
1 |
|
123 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
123 |
|
Total
Franchised |
|
320 |
|
82,194 |
|
64 |
|
14,118 |
|
21 |
|
4,609 |
|
32 |
|
10,401 |
|
437 |
|
111,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
208 |
|
80,227 |
|
104 |
|
29,282 |
|
29 |
|
8,147 |
|
68 |
|
25,622 |
|
409 |
|
143,278 |
|
Westin |
|
109 |
|
47,974 |
|
23 |
|
6,760 |
|
6 |
|
1,502 |
|
24 |
|
8,190 |
|
162 |
|
64,426 |
|
Four
Points |
|
93 |
|
15,560 |
|
20 |
|
3,206 |
|
11 |
|
1,723 |
|
10 |
|
3,009 |
|
134 |
|
23,498 |
|
W |
|
21 |
|
6,648 |
|
1 |
|
134 |
|
1 |
|
237 |
|
3 |
|
723 |
|
26 |
|
7,742 |
|
Luxury
Collection |
|
14 |
|
3,354 |
|
33 |
|
4,461 |
|
8 |
|
430 |
|
7 |
|
2,022 |
|
62 |
|
10,267 |
|
St.
Regis |
|
7 |
|
1,568 |
|
2 |
|
256 |
|
1 |
|
120 |
|
4 |
|
1,008 |
|
14 |
|
2,952 |
|
Le
Meridien |
|
10 |
|
2,599 |
|
70 |
|
17,915 |
|
1 |
|
213 |
|
26 |
|
6,959 |
|
107 |
|
27,686 |
|
aloft |
|
16 |
|
2,319 |
|
- |
|
- |
|
- |
|
- |
|
1 |
|
186 |
|
17 |
|
2,505 |
|
element |
|
2 |
|
246 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
- |
|
2 |
|
246 |
|
Other |
|
8 |
|
2,200 |
|
1 |
|
- |
|
- |
|
- |
|
- |
|
- |
|
9 |
|
2,200 |
|
Total
Systemwide |
|
488 |
|
162,695 |
|
254 |
|
62,014 |
|
57 |
|
12,372 |
|
143 |
|
47,719 |
|
942 |
|
284,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of December 31, 2008 |
UNAUDITED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#
Resorts |
|
#
of Units (1) |
|
|
|
|
|
In |
|
In
Active |
|
|
|
Pre-sales/ |
|
Future |
|
Total
at |
|
Brand |
|
Total (2)
|
|
Operations
|
|
Sales |
|
Completed (3) |
|
Development (4) |
|
Capacity (5),(6) |
|
Buildout |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
8 |
|
7 |
|
7 |
|
2,934 |
|
145 |
|
1,394 |
|
4,473 |
|
Westin |
|
10 |
|
7 |
|
9 |
|
1,333 |
|
229 |
|
756 |
|
2,318 |
|
St.
Regis |
|
2 |
|
2 |
|
2 |
|
63 |
|
- |
|
- |
|
63 |
|
The
Luxury Collection |
|
1 |
|
1 |
|
1 |
|
6 |
|
- |
|
1 |
|
7 |
|
Unbranded |
|
3 |
|
3 |
|
1 |
|
124 |
|
- |
|
1 |
|
125 |
|
Total
SVO, Inc. |
|
24 |
|
20 |
|
20 |
|
4,460 |
|
374 |
|
2,152 |
|
6,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Joint Ventures (UJV's) |
|
2 |
|
1 |
|
1 |
|
198 |
|
- |
|
40 |
|
238 |
|
Total
including UJV's |
|
26 |
|
21 |
|
21 |
|
4,658 |
|
374 |
|
2,192 |
|
7,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Intervals Including UJV's (7) |
|
|
|
|
|
|
|
242,216 |
|
19,448 |
|
113,984 |
|
375,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Lockoff units are considered as one unit for this analysis. |
|
(2)
Includes resorts in operation and in active sales. |
|
(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. |
|