STAMFORD, Conn.--(Febraury
2, 2012)--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT)
today reported fourth quarter 2011 financial results.
“We grew worldwide systemwide REVPAR by 5.8%, delivering
strong fourth quarter EBITDA and EPS. Each of our nine brands performed
well, driving REVPAR index gains for the tenth quarter in a row.”
Fourth Quarter 2011 Highlights
- Excluding special items, EPS from
continuing operations was $0.71, including income from the St. Regis
Bal Harbour residential project. Including special items, EPS from
continuing operations was $0.80, including an income tax benefit of
$0.40 primarily related to the use of tax capital losses, offset by
charges totaling $0.31 primarily related to an unfavorable legal
decision, the early extinguishment of debt and hotel impairments.
- Adjusted EBITDA was $321 million,
which included $33 million of EBITDA from the St. Regis Bal Harbour
residential project, up 19.3% compared to 2010.
- Excluding special items, income
from continuing operations was $140 million, including income from the
St. Regis Bal Harbour residential project. Including special items,
income from continuing operations was $158 million.
- Worldwide System-wide REVPAR for
Same-Store Hotels increased 5.9% (5.8% in constant dollars) compared to
2010. System-wide REVPAR for Same-Store Hotels in North America
increased 7.7% (7.6% in constant dollars).
- Management fees, franchise fees and
other income increased 12.0% compared to 2010.
- Worldwide Same-Store
company-operated gross operating profit margins increased approximately
110 basis points compared to 2010.
- Worldwide REVPAR for Starwood
branded Same-Store Owned Hotels increased 5.7% (5.0% in constant
dollars) compared to 2010.
- Margins at Starwood branded
Same-Store Owned Hotels Worldwide increased approximately 230 basis
points compared to 2010.
- Earnings from our vacation
ownership and residential business increased approximately $40 million
compared to 2010, including $33 million of earnings from the St. Regis
Bal Harbour residential project.
- During the quarter, the Company
signed 36 hotel management and franchise contracts representing
approximately 7,600 rooms and opened 28 hotels and resorts with
approximately 7,900 rooms.
Fourth Quarter 2011 Earnings Summary
Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or
the “Company”) today reported EPS from continuing operations for the
fourth quarter of 2011 of $0.80 compared to $1.08 in the fourth quarter
of 2010. Excluding special items, EPS from continuing operations was
$0.71 for the fourth quarter of 2011, including income from the St.
Regis Bal Harbour residential project (“Bal Harbour”), compared to
$0.52 in the fourth quarter of 2010. Special items in the fourth
quarter of 2011 included a pre-tax charge of $98 million, representing
a charge of approximately $70 million related to an unfavorable legal
decision, a charge of $14 million related to certain hotel impairments
and a charge of $16 million related to costs associated with the early
extinguishment of debt. Special items in the fourth quarter of 2011
also included an income tax benefit of $116 million, primarily
associated with the utilization of capital losses which had previously
been fully reserved and the tax effects of the special items discussed
above. Special items in the fourth quarter of 2010 included a pre-tax
benefit of $69 million, primarily related to the favorable settlement
of a lawsuit. Special items in the fourth quarter of 2010 also included
a $38 million income tax benefit primarily related to the favorable
settlement with the IRS regarding the 1998 disposition of World
Directories, Inc. Excluding special items, the effective income tax
rate in the fourth quarter of 2011 was 28.3%, including income from Bal
Harbour, compared to 24.9% in the fourth quarter of 2010.
Income from continuing operations was $158 million in the
fourth quarter of 2011 compared to $206 million in the fourth quarter
of 2010. Excluding special items, income from continuing operations was
$140 million in the fourth quarter of 2011, including income from Bal
Harbour, compared to $99 million in the fourth quarter of 2010.
Net income was $167 million and $0.85 per share in the fourth
quarter of 2011 compared to $339 million and $1.78 per share in the
fourth quarter of 2010. In addition to the special items discussed
above, 2010 results benefited from a gain of $132 million reflected in
discontinued operations related to the final settlement with the IRS
regarding the 1998 disposition of World Directories, Inc.
Frits van Paasschen, CEO said, “We grew worldwide systemwide
REVPAR by 5.8%, delivering strong fourth quarter EBITDA and EPS. Each
of our nine brands performed well, driving REVPAR index gains for the
tenth quarter in a row."
“Our strong and growing presence in the emerging markets
fueled almost 21,000 room openings in 2011, the most in our Company’s
history. These openings bring our five year total to 389 new hotels. In
other words, over one-third of our 1,090 hotels are newly opened. When
combined with a full year REVPAR increase of 7.4%, our fees jumped
14.3%, a strong acceleration from 2010’s growth rate. As we look to
2012, it is shaping up to be another record year of room additions and
strong REVPAR growth.”
“Our efforts to Own the Global Guest are helping us grow
faster than the market and driving returns for owners and shareholders.
The changes we have made to reinvent the SPG program should allow us to
deepen the relationships with our loyal guests as well as attract the
next generation of global travel elites."
Year Ended December 31, 2011 Earnings
Summary
Income from continuing operations was $502 million for the year
ended December 31, 2011 compared to $310 million in the same period in
2010. Excluding special items, income from continuing operations was
$378 million for the year ended December 31, 2011, including income
from Bal Harbour, compared to $237 million in the same period in 2010.
In addition to the fourth quarter special items discussed above, the
results for the year ended December 31, 2011 included an income tax
benefit of approximately $92 million, primarily as a result of the
favorable settlement of an IRS audit and tax benefits associated with
asset sales. Excluding special items, the effective income tax rate for
the year ended December 31, 2011 was 26.1%, including income from Bal
Harbour, when compared to 21.3% in the same period in 2010.
Net income was $489 million and $2.51 per share for the year
ended December 31, 2011 compared to $477 million and $2.51 per share in
the same period in 2010. In addition to the special items discussed
above, 2010 benefited from a gain of $168 million reflected in
discontinued operations related to the final settlement with the IRS
regarding the 1998 disposition of World Directories, Inc. and a tax
benefit in connection with the sale of one wholly-owned hotel.
Adjusted EBITDA was $1.032 billion for the year ended December
31, 2011, including $27 million of EBITDA from Bal Harbour, an increase
of approximately 17.4% compared to $879 million in the same period in
2010.
Fourth Quarter 2011 Operating Results
Management and Franchise Revenues
Worldwide System-wide REVPAR for Same-Store Hotels increased
5.9% (5.8% in constant dollars) compared to the fourth quarter
of 2010. International System-wide REVPAR for Same-Store Hotels
increased 3.7% (3.5% in constant dollars).
Changes in REVPAR for Worldwide System-wide Same-Store Hotels
by region:
|
|
|
|
REVPAR |
|
|
|
Region
|
|
|
|
Reported
|
|
|
|
Constant
dollars |
|
|
|
North America |
|
|
|
7.7%
|
|
|
|
7.6%
|
|
|
|
Europe |
|
|
|
0.2%
|
|
|
|
0.8%
|
|
|
|
Asia Pacific |
|
|
|
6.6%
|
|
|
|
5.2%
|
|
|
|
Africa
and the Middle East |
|
|
|
(1.0)%
|
|
|
|
0.2%
|
|
|
|
Latin America |
|
|
|
9.6%
|
|
|
|
9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increases in REVPAR for Worldwide System-wide Same-Store
Hotels by brand:
|
|
|
|
REVPAR |
|
|
|
Brand
|
|
|
|
Reported
|
|
|
|
Constant
dollars |
|
|
|
St.
Regis/Luxury Collection |
|
|
|
6.2%
|
|
|
|
6.7%
|
|
|
|
W Hotels |
|
|
|
7.8%
|
|
|
|
8.2%
|
|
|
|
Westin |
|
|
|
8.2%
|
|
|
|
7.9%
|
|
|
|
Sheraton |
|
|
|
4.3%
|
|
|
|
4.0%
|
|
|
|
Le
Méridien |
|
|
|
1.2%
|
|
|
|
1.6%
|
|
|
|
Four Points by
Sheraton |
|
|
|
8.1%
|
|
|
|
7.0%
|
|
|
|
Aloft |
|
|
|
12.5%
|
|
|
|
12.8%
|
|
|
|
Worldwide Same-Store company-operated gross operating profit
margins increased approximately 110 basis points compared to 2010.
International gross operating profit margins for Same-Store
company-operated properties increased 10 basis points, negatively
impacted by political unrest in the Middle East and North Africa. North
American Same-Store company-operated gross operating profit margins
increased approximately 230 basis points, driven by REVPAR
increases and cost controls.
Management fees, franchise fees and other income were $234
million, up $25 million, or 12.0% from the fourth quarter of 2010.
Management fees increased 3.9% to $133 million and franchise fees
increased 11.9% to $47 million.
For the full year 2011, Worldwide System-wide REVPAR for
Same-Store Hotels increased 9.7% (7.4% in constant dollars) compared to
the full year 2010. Worldwide Same-Store company-operated gross
operating profit margins increased 90 basis points. Management fees,
franchise fees and other income were $814 million, up $102 million, or
14.3% compared to the full year 2010. Management fees increased 11.2%
to $455 million and franchise fees increased 16.1% to $187 million.
Development
During the fourth quarter of 2011, the Company signed 36 hotel
management and franchise contracts, representing approximately 7,600
rooms, of which 25 are new builds and 11 are conversions from other
brands. At December 31, 2011, the Company had over 350 hotels in the
active pipeline representing almost 90,000 rooms.
During the fourth quarter of 2011, 28 new hotels and resorts
(representing approximately 7,900 rooms) entered the system, including
the St. Regis Sanya Resort (China, 401 rooms), Le Méridien
Coimbatore (India, 254 rooms), St. Regis Saadiyat Island (United Arab
Emirates, 377 rooms), The Westin Playa Bonita (Panama, 611 rooms) and
Sheraton Kansas City at Crown Center (Missouri, 730 rooms). Ten
properties (representing approximately 1,600 rooms) were removed from
the system during the quarter.
For the full year 2011, the Company signed 112 hotel
management and franchise contracts (representing approximately 28,800
rooms). For the full year 2011, 81 new hotels and resorts (representing
approximately 20,900 rooms) entered the system and 32 properties
(representing approximately 8,200 rooms) left the system.
Owned, Leased and Consolidated Joint
Venture Hotels
Worldwide REVPAR at Starwood branded Same-Store Owned Hotels
increased 5.7% (5.0% in constant dollars) in the fourth quarter of 2011
when compared to 2010. REVPAR at Starwood branded Same-Store Owned
Hotels in North America increased 5.5% (5.3% in constant dollars).
Internationally, Starwood branded Same-Store Owned Hotel REVPAR
increased 6.0% (4.7% in constant dollars).
Revenues at Starwood branded Same-Store Owned Hotels in North
America increased 4.4% while costs and expenses increased 0.8% when
compared to 2010. Margins at these hotels increased approximately 270
basis points.
Revenues at Starwood branded Same-Store Owned Hotels Worldwide
increased 4.5% (3.8% in constant dollars) while costs and expenses
increased 1.5% (0.7% in constant dollars) when compared to 2010.
Margins at these hotels increased approximately 230 basis points.
Revenues at owned, leased and consolidated joint venture
hotels were $439 million, compared to $459 million in 2010. Expenses
at owned, leased and consolidated joint venture hotels were $346
million compared to $367 million in 2010. Fourth quarter results were
impacted by six renovations and four asset sales.
For the full year 2011, Worldwide REVPAR at Starwood branded
Same-Store Owned Hotels increased 12.4% (8.7% in constant dollars) when
compared to the full year 2010. Margins at these hotels increased
approximately 190 basis points.
Vacation Ownership
Total vacation ownership revenues increased 1.5% to $137
million in the fourth quarter of 2011 when compared to 2010. Originated
contract sales of vacation ownership intervals increased 6.2% primarily
due to increased tour flow from new buyers and improved sales and
marketing performance. The number of contracts signed increased 4.3%
when compared to 2010 and the average price per vacation ownership unit
sold increased 1.4% to approximately $14,500, driven by inventory mix.
For the full year 2011, total vacation ownership revenues
increased 7.6% to $566 million when compared to the full year 2010. The
number of contracts signed increased 6.4% and the average price per
vacation ownership unit sold was flat at approximately $14,900.
Residential
During the fourth quarter of 2011, the Company’s residential
revenues were $127 million compared to $1 million in 2010. Residential
revenues in the fourth quarter of 2011 included $121 million of
revenues from the sale of residential units at Bal Harbour which
received certificate of occupancy during the quarter. During the fourth
quarter of 2011, upon receiving the certificate of occupancy, the sales
of 36 units were closed and the Company realized incremental cash
proceeds of $74 million associated with these units.
Selling, General, Administrative and
Other
Selling, general, administrative and other expenses increased
11.6% to $96 million compared to $86 million in 2010. The increase was
primarily due to a reimbursement of legal costs in 2010 as a result of
a favorable legal settlement.
For the full year 2011, selling, general, administrative and
other expenses increased 2.3% to $352 million compared to $344 million
in the full year 2010.
Legal Decision
In November 2011, a subsidiary of the Company received an
unfavorable legal decision. As a result, the Company recognized a $70
million pre-tax charge. The legal decision is not final and the Company
intends to appeal.
Capital
Gross capital spending during the quarter included
approximately $83 million of maintenance capital and $67 million of
development capital. The Company realized net cash flow of $62 million
from vacation ownership interest (“VOI”) and residential inventory,
primarily related to Bal Harbour.
For the full year 2011, capital spending included $253 million
of maintenance capital and $209 million of development capital. Net
investment spending on VOI and residential inventory was $15 million.
Dividends
In November 2011, the Company’s Board of Directors increased
its annual dividend by 67% to $0.50 per share. The dividend was paid by
the Company on December 30, 2011 to holders of record on December 15,
2011.
Balance Sheet
At December 31, 2011, the Company had gross debt of $2.197
billion, excluding $532 million of debt associated with securitized
vacation ownership notes receivable. Additionally, the Company had cash
and cash equivalents of $666 million (including $212 million of
restricted cash), and net debt of $1.531 billion, compared to net debt
of $1.675 billion as of September 30, 2011. Net debt at December 31,
2011, including debt and restricted cash ($22 million) associated with
securitized vacation ownership notes receivables, was $2.041 billion.
At December 31, 2011, debt was approximately 80% fixed rate
and 20% floating rate and its weighted average maturity was 4.1 years
with a weighted average interest rate of 6.66% excluding the
securitized debt. The Company had cash (including current restricted
cash) and availability under the domestic and international revolving
credit facility of approximately $2.177 billion.
During the fourth quarter of 2011, the Company sold
approximately $210 million of vacation ownership notes receivable
realizing cash proceeds of $200 million.
During the fourth quarter of 2011, the Company redeemed all
$605 million of its 7.875% Senior Notes outstanding which were
originally issued in April 2002 and due May 2012. Redemption premiums
and other costs associated with the prepayment were approximately $16
million.
Outlook
In Developed markets, the macroeconomic environment remains
uncertain with high unemployment and high public/private debt. While
there are increasing concerns about slower, “new” normal demand growth,
the lodging supply situation is very favorable. In Emerging markets,
macroeconomic growth has been strong, driving high secular growth in
both lodging demand and supply. We remain of the view that several
scenarios could play out. Our outlook below reflects our Baseline
Scenario for the full year 2012:
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $1.060 billion to $1.090
billion, assuming:
- REVPAR increases at Same-Store
Company Operated Hotels Worldwide of 5% to 7% in constant dollars
(approximately 200 basis points lower in dollars at current exchange
rates).
- REVPAR increases at Branded
Same-Store Owned Hotels Worldwide of 4% to 6% in constant dollars
(approximately 200 basis points lower in dollars at current exchange
rates).
- Margins at Branded Same-Store Owned
Hotels Worldwide increase 100 to 150 basis points.
- Management fees, franchise fees and
other income increase approximately 8% to 10%.
- Earnings from our vacation
ownership and residential business of approximately $150 million to
$155 million.
- Selling, general and administrative
expenses increase 3% to 5%.
- Including Bal Harbour, which is
expected to contribute at least $80 million of EBITDA, adjusted EBITDA
is expected to be approximately $1.140 billion to $1.170 billion.
- Depreciation and amortization is
expected to be approximately $300 million.
- Interest expense is expected to be
approximately $212 million.
- Inclusive of Bal Harbour, full year
effective tax rate is expected to be approximately 30%, and cash taxes
are expected to be approximately $100 million.
- Inclusive of Bal Harbour, EPS is
expected to be approximately $2.22 to $2.33.
- Full year capital expenditure
(excluding vacation ownership and residential inventory) is expected to
be approximately $200 million for maintenance, renovation and
technology. In addition, in-flight investment projects and prior
commitments for joint ventures and other investments are expected to
total approximately $375 million.
- Vacation ownership (excluding Bal
Harbour) is expected to generate approximately $125 million in positive
cash flow. Bal Harbour is expected to generate at least $250 million in
net cash flow.
For the three months ended March 31, 2012:
- Excluding Bal Harbour, adjusted
EBITDA is expected to be approximately $205 million to $215 million,
assuming:
- REVPAR increases at Same-Store
Company Operated Hotels Worldwide of 5% to 7% in constant dollars
(approximately 100 basis points lower in dollars at current exchange
rates).
- REVPAR increases at Branded
Same-Store Company Owned Hotels Worldwide of 4% to 6% in constant
dollars (approximately 150 basis points lower in dollars at current
exchange rates).
- Management fees, franchise fees and
other income increase approximately 8% to 10%.
- Earnings from our vacation
ownership and residential business are flat year over year.
- Including Bal Harbour, which is
expected to contribute at least $60 million of EBITDA, adjusted EBITDA
is expected to be approximately $265 million to $275 million.
- Depreciation and amortization is
expected to be approximately $73 million.
- Interest expense is expected to be
approximately $54 million.
- Including Bal Harbour, income from
continuing operations is expected to be approximately $97 million to
$104 million, reflecting an effective tax rate of approximately 30%.
- Including Bal Harbour, EPS is
expected to be approximately $0.49 to $0.53.
Special Items
The Company’s special items netted to a charge of $98 million
($18 million after-tax benefit) in the fourth quarter of 2011 compared
to a benefit of $69 million ($107 million after-tax) in the same period
of 2010.
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, |
|
2011 |
|
2010 |
|
|
|
|
2011 |
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
140
|
|
|
$
|
99
|
|
|
Income
from continuing operations before special items |
|
$
|
|
378
|
|
|
|
|
$
|
|
237
|
|
|
$
|
0.71
|
|
|
$
|
0.52
|
|
|
EPS
before special items |
|
$
|
|
1.93
|
|
|
|
|
$
|
|
1.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
|
|
|
|
|
|
|
(68
|
)
|
|
|
73
|
|
|
Restructuring,
goodwill impairment, and other special (charges) credits, net (a)
|
|
|
|
(68
|
)
|
|
|
|
|
|
75
|
|
|
|
(14
|
)
|
|
|
(4
|
)
|
|
Gain (loss) on
asset dispositions and impairments, net (b) |
|
|
― |
|
|
|
|
|
(39
|
)
|
|
|
(16
|
)
|
|
― |
|
Debt
extinguishment (c) |
|
|
|
(16
|
)
|
|
|
|
|
― |
|
|
(98
|
)
|
|
|
69
|
|
|
Total special
items – pre-tax |
|
|
|
(84
|
)
|
|
|
|
|
|
36
|
|
|
|
38
|
|
|
|
(4
|
)
|
|
Income tax
benefit (expense) for special items (d) |
|
|
|
108
|
|
|
|
|
|
|
(5
|
)
|
|
|
78
|
|
|
|
42
|
|
|
Income
tax benefit – capital loss utilization and other non-recurring items (e)
|
|
|
|
100
|
|
|
|
|
|
|
42
|
|
|
|
18
|
|
|
|
107
|
|
|
Total
special items – after-tax |
|
|
|
124
|
|
|
|
|
|
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
158
|
|
|
$
|
206
|
|
|
Income
(loss) from continuing operations |
|
$
|
|
502
|
|
|
|
|
$
|
|
310
|
|
|
$
|
0.80
|
|
|
$
|
1.08
|
|
|
EPS
including special items |
|
$
|
|
2.57
|
|
|
|
|
$
|
|
1.63
|
|
|
(a) During the three months and year ended December 31, 2011,
the Company recorded restructuring and other special charges of $68
million primarily related to an unfavorable legal decision.
During the three months ended December 31, 2010, the Company
recorded restructuring and other special credits of $73 million
primarily related to the favorable settlement of a lawsuit and the
reversal of a reserve from a previous acquisition no longer deemed
necessary. Additionally, the year ended December 31, 2010 includes $2
million of restructuring credits associated with the reversal of
previous restructuring reserves no longer deemed necessary.
(b) During the three months ended December 31, 2011, the net
loss primarily relates to impairment charges of $7 million related to
six hotels where their carrying value exceeded their estimated fair
values and impairment charges of $9 million associated with fixed
assets at two owned hotels undergoing a significant renovation,
partially offset by insurance proceeds as a result of storm damage at
another owned hotel. Additionally, the year ended December 31, 2011
includes the gain from an asset exchange transaction that was partially
offset by the impairment of a minority investment in a joint venture
hotel located in Japan.
During the three months ended December 31, 2010, the net loss
primarily relates to the impairment of fixed assets at an owned hotel
that is undergoing a significant renovation, offset by a gain on the
sale of non-core assets. The year ended December 31, 2010 also includes
a loss of $53 million from the sale of one owned hotel partially offset
by a gain of $14 million from property insurance proceeds related to an
owned hotel damaged by a tornado and a $5 million gain that resulted
from the step acquisition of a controlling interest in a previously
unconsolidated joint venture.
(c) The three months and year ended December 31, 2011, include
$16 million of charges associated with tender premiums and other costs
related to the early extinguishment of approximately $605 million of
the Company’s long-term debt. These charges were recorded in the
interest expense line item.
(d) During the three months and year ended December 31, 2011,
the benefit relates primarily to a tax benefit on the special items at
the statutory tax rate. The year ended December 31, 2011 also includes
a tax benefit on the sale of two wholly-owned hotels with high tax
bases as a result of a previous transaction.
During the three months and year ended December 31, 2010, the
net expense primarily relates to a tax expense at the statutory rate
for restructuring credits partially offset by a benefit related to a
gain on the sale of a joint venture investment.
(e) During the three months and year ended December 31, 2011,
the benefit primarily relates to the use of capital losses which had
previously been reserved and certain changes in valuation allowances
associated with deferred tax assets. The year ended December 31, 2011
also includes a tax benefit of $35 million related to the IRS
settlement in the third quarter of 2011.
During the three months and year ended December 31, 2010, a
$42 million benefit primarily relates to a refund from the IRS of
approximately $245 million primarily for previously paid taxes and
related interest associated with the settlement of a dispute regarding
the 1998 disposition of World Directories, Inc. An additional benefit
of $134 million, associated with this settlement, was recorded in
discontinued operations.
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 (706)
758-8744 with conference ID 39788575. The conference call will be
available through a simultaneous web cast in the News & Events /
Earnings Conference Calls section of the Company’s website at http://www.starwoodhotels.com/corporate/investor_relations.html.
A replay of the conference call will also be available from 1:30 p.m.
(EST) today through Thursday, February 9, 2012 at 12:00 midnight (EST)
on both the corporate website and via telephone replay at (855)
589-2056 with conference ID 39788575.
Definitions
All references to EPS, unless otherwise noted, reflect
earnings per diluted share from continuing operations attributable to
Starwood’s common shareholders. All references to continuing
operations, discontinued operations and net income reflect amounts
attributable to Starwood’s common shareholders (i.e. excluding amounts
attributable to noncontrolling interests). All references to “net
capital expenditures” mean gross capital expenditures for timeshare and
fractional inventory net of cost of sales. EBITDA represents net income
before interest expense, taxes, depreciation and amortization. The
Company believes that EBITDA is a useful measure of the Company’s
operating performance due to the significance of the Company’s
long-lived assets and level of indebtedness. EBITDA is a commonly used
measure of performance in its industry which, when considered with GAAP
measures, the Company believes gives a more complete understanding of
the Company’s operating performance. It also facilitates comparisons
between the Company and its competitors. The Company’s management has
historically adjusted EBITDA (i.e., “Adjusted EBITDA”) when evaluating
operating performance for the 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 restructuring, goodwill impairment and other special
charges and gains and losses on asset dispositions and impairments, is
necessary to provide the most accurate measure of core operating
results and as a means to evaluate comparative results. The Company’s
management also uses Adjusted EBITDA as a measure in determining the
value of acquisitions and dispositions and it is used in the annual
budget process. The Company has historically reported this measure to
its investors and believes that the continued inclusion of Adjusted
EBITDA provides consistency in its financial reporting and enables
investors to perform more meaningful comparisons of past, present and
future operating results and provides a means to evaluate the results
of its core on-going operations. EBITDA and Adjusted EBITDA are not
intended to represent cash flow from operations as defined by GAAP and
such metrics should not be considered as an alternative to net income,
cash flow from operations or any other performance measure prescribed
by GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may be
different from the calculations used by other companies and, therefore,
comparability may be limited.
All references to Same-Store Owned Hotels reflect the
Company’s owned, leased and consolidated joint venture hotels,
excluding condo hotels, hotels sold to date and hotels undergoing
significant repositionings or for which comparable results are not
available (i.e., hotels not owned during the entire periods presented
or closed due to seasonality or natural disasters). References to
Company Operated Hotel metrics (e.g. REVPAR) reflect metrics for the
Company’s owned 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 revenues in constant dollars represent
revenues, excluding the impact of the movement of foreign exchange
rates. The Company calculates revenues in constant dollars by
calculating revenues for the current year using the prior year’s
exchange rates. The Company uses this revenue measure to better
understand the underlying results and trends of the business, excluding
the impact of movements in foreign exchange rates.
All references to contract sales or originated sales reflect
vacation ownership sales before revenue adjustments for percentage of
completion accounting methodology. All references to earnings from
vacation ownership and residential represents operating income before
depreciation expense.
All references to management and franchise revenues represent
base and incentive fees, franchise fees, amortization of deferred gains
resulting from the sales of hotels subject to long-term management
contracts and termination fees.
Starwood Hotels & Resorts Worldwide, Inc. is one of the
leading hotel and leisure companies in the world with 1,090 properties
in nearly 100 countries and 154,000 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®,
and Element(SM). The company boasts one of the industry’s leading
loyalty programs, Starwood Preferred Guest (SPG), allowing members to
earn and redeem points for room stays, room upgrades and flights, with
no blackout dates. Starwood Hotels also owns Starwood Vacation
Ownership, Inc., one of the premier developers and operators of high
quality vacation interval ownership resorts. For more information,
including reconciliations of non-GAAP financial measures to GAAP
financial measures, please visit www.starwoodhotels.com or contact Investor
Relations at (203) 351-3500.
** Please contact Starwood’s
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, natural disasters, business
and financing conditions (including the condition of credit markets in
the U.S. and internationally), foreign exchange fluctuations,
cyclicality of the real estate (including residential) and the hotel
and vacation ownership businesses, operating risks associated with the
hotel, vacation ownership and residential businesses, relationships
with associates and labor unions, customers and property owners, the
impact of the internet reservation channels, our reliance on
technology, domestic and international political and geopolitical
conditions, competition, governmental and regulatory actions (including
the impact of changes in U.S. and foreign tax laws and their
interpretation), travelers’ fears of exposure to contagious diseases,
risk associated with the level of our indebtedness, risk associated
with potential acquisitions and dispositions and the introduction of
new brand concepts and other risks and uncertainties. These risks and
uncertainties are presented in detail in our filings with the
Securities and Exchange Commission. Future vacation ownership units
indicated in this press release include planned units on land owned by
the Company or by joint ventures in which the Company has an interest
that have received all major governmental land use approvals for the
development of vacation ownership resorts. There can also be no
assurance that such units will in fact be developed and, if developed,
the time period of such development (which may be more than several
years in the future). Some of the projects may require additional
third-party approvals or permits for development and build out and may
also be subject to legal challenges as well as a commitment of capital
by the Company. The actual number of units to be constructed may be
significantly lower than the number of future units indicated. There
can also be no assurance that agreements will be entered into for the
hotels in the Company’s pipeline and, if entered into, the timing of
any agreement and the opening of the related hotel. Although we believe
the expectations reflected in forward-looking statements are based upon
reasonable assumptions, we can give no assurance that our expectations
will be attained or that results will not materially differ. We
undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME |
(In
millions, except per share data) |
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
|
Year
Ended |
December 31, |
|
|
|
December 31, |
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
% |
2011 |
|
2010 |
|
Variance |
|
|
|
2011 |
|
|
2010 |
|
|
Variance |
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
$
|
439
|
|
|
$
|
459
|
|
|
(4.4
|
)
|
|
Owned, leased and
consolidated joint venture hotels |
|
$
|
1,768
|
|
|
|
$
|
1,704
|
|
|
|
3.8
|
|
|
264
|
|
|
|
136
|
|
|
94.1
|
|
|
Vacation
ownership and residential sales and services |
|
|
703
|
|
|
|
|
538
|
|
|
|
30.7
|
|
|
234
|
|
|
|
209
|
|
|
12.0
|
|
|
Management fees,
franchise fees and other income |
|
|
814
|
|
|
|
|
712
|
|
|
|
14.3
|
|
|
594
|
|
|
|
536
|
|
|
10.8
|
|
|
Other
revenues from managed and franchised properties (a) |
|
|
2,339
|
|
|
|
|
2,117
|
|
|
|
10.5
|
|
|
1,531
|
|
|
|
1,340
|
|
|
14.3
|
|
|
|
|
|
5,624
|
|
|
|
|
5,071
|
|
|
|
10.9
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
|
|
|
|
|
346
|
|
|
|
367
|
|
|
5.7
|
|
|
Owned, leased and
consolidated joint venture hotels |
|
|
1,449
|
|
|
|
|
1,395
|
|
|
|
(3.9
|
)
|
|
191
|
|
|
|
103
|
|
|
(85.4
|
)
|
|
Vacation
ownership and residential |
|
|
521
|
|
|
|
|
405
|
|
|
|
(28.6
|
)
|
|
96
|
|
|
|
86
|
|
|
(11.6
|
)
|
|
Selling, general,
administrative and other |
|
|
352
|
|
|
|
|
344
|
|
|
|
(2.3
|
)
|
|
68 |
|
|
|
(73 |
) |
|
n/m |
|
|
Restructuring,
goodwill impairment and other special charges (credits), net |
|
|
68
|
|
|
|
|
(75
|
)
|
|
|
n/m
|
|
|
58
|
|
|
|
56
|
|
|
(3.6
|
)
|
|
Depreciation |
|
|
235
|
|
|
|
|
252
|
|
|
|
6.7
|
|
|
7
|
|
|
|
9
|
|
|
22.2
|
|
|
Amortization |
|
|
30
|
|
|
|
|
33
|
|
|
|
9.1
|
|
|
594
|
|
|
|
536
|
|
|
(10.8
|
)
|
|
Other
expenses from managed and franchised properties (a) |
|
|
2,339
|
|
|
|
|
2,117
|
|
|
|
(10.5
|
)
|
|
1,360
|
|
|
|
1,084
|
|
|
(25.5
|
)
|
|
|
|
|
4,994
|
|
|
|
|
4,471
|
|
|
|
(11.7
|
)
|
|
171
|
|
|
|
256
|
|
|
(33.2
|
)
|
|
Operating income |
|
|
630
|
|
|
|
|
600
|
|
|
|
5.0
|
|
|
5
|
|
|
|
5
|
|
|
― |
|
|
Equity (losses)
earnings and gains and (losses) from unconsolidated ventures, net |
|
|
11
|
|
|
|
|
10
|
|
|
|
10.0
|
|
|
(65
|
)
|
|
|
(56
|
)
|
|
(16.1
|
)
|
|
Interest expense,
net of interest income of $1, $1, $3 and $2 |
|
|
(216
|
)
|
|
|
|
(236
|
)
|
|
|
8.5
|
|
|
(14
|
)
|
|
|
(4
|
)
|
|
n/m
|
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
― |
|
|
|
|
(39
|
)
|
|
|
100.0
|
|
|
97
|
|
|
|
201
|
|
|
(51.7
|
)
|
|
Income from
continuing operations before taxes and noncontrolling interests |
|
|
425
|
|
|
|
|
335
|
|
|
|
26.9
|
|
|
61
|
|
|
|
5
|
|
|
n/m
|
|
|
Income
tax benefit (expense) |
|
|
75
|
|
|
|
|
(27
|
)
|
|
|
n/m
|
|
|
158
|
|
|
|
206
|
|
|
(23.3
|
)
|
|
Income (loss)
from continuing operations |
|
|
500
|
|
|
|
|
308
|
|
|
|
62.3
|
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations: |
|
|
|
|
|
|
|
|
|
|
|
―
|
|
|
|
1
|
|
|
(100.0
|
)
|
|
Income (loss)
from operations, net of tax |
|
― |
|
|
|
|
(1
|
)
|
|
|
100.0
|
|
|
9
|
|
|
|
132
|
|
|
(93.2
|
)
|
|
Gain
(loss) on dispositions, net of tax |
|
|
(
(13 |
)
|
|
|
|
168
|
|
|
|
n/m
|
|
|
167
|
|
|
|
339
|
|
|
(50.7
|
)
|
|
Net income (loss)
|
|
|
487
|
|
|
|
|
475
|
|
|
|
2.5
|
|
― |
|
|
― |
|
|
― |
|
|
Net loss
(income) attributable to noncontrolling interests |
|
|
2
|
|
|
|
|
2
|
|
|
|
― |
|
$
|
167
|
|
|
$
|
339
|
|
|
(50.7
|
)
|
|
Net
income (loss) attributable to Starwood |
|
$
|
489
|
|
|
|
$
|
477
|
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) Per Share – Basic |
|
|
|
|
|
|
|
|
|
|
$
|
0.82
|
|
|
$
|
1.13
|
|
|
(27.4
|
)
|
|
Continuing
operations |
|
$
|
2.65
|
|
|
|
$
|
1.70
|
|
|
|
55.9
|
|
|
0.05
|
|
|
|
0.72
|
|
|
(93.1
|
)
|
|
Discontinued
operations |
|
|
(0.07
|
)
|
|
|
|
0.91
|
|
|
|
n/m
|
|
$
|
0.87
|
|
|
$
|
1.85
|
|
|
(53.0
|
)
|
|
Net
income (loss) |
|
$
|
2.58
|
|
|
|
$
|
2.61
|
|
|
|
(1.1
|
)
|
|
|
|
|
|
|
|
|
|
Earnings
(Losses) Per Share – Diluted |
|
|
|
|
|
|
|
|
|
|
$
|
0.80
|
|
|
$
|
1.08
|
|
|
(25.9
|
)
|
|
Continuing
operations |
|
$
|
2.57
|
|
|
|
$
|
1.63
|
|
|
|
57.7
|
|
|
0.05
|
|
|
|
0.70
|
|
|
(92.9
|
)
|
|
Discontinued
operations |
|
|
(0.06
|
)
|
|
|
|
0.88
|
|
|
|
n/m
|
|
$
|
0.85
|
|
|
$
|
1.78
|
|
|
(52.2
|
)
|
|
Net
income (loss) |
|
$
|
2.51
|
|
|
|
$
|
2.51
|
|
|
|
― |
|
|
|
|
|
|
|
|
|
|
Amounts
attributable to Starwood’s Common Shareholders |
|
|
|
|
|
|
|
|
|
|
$
|
158
|
|
|
$
|
206
|
|
|
(23.3
|
)
|
|
Continuing
operations |
|
$
|
502
|
|
|
|
$
|
310
|
|
|
|
61.9
|
|
|
9
|
|
|
|
133
|
|
|
(93.2
|
)
|
|
Discontinued
operations |
|
|
(13
|
)
|
|
|
|
167
|
|
|
|
n/m
|
|
$
|
167
|
|
|
$
|
339
|
|
|
(50.7
|
)
|
|
Net
income (loss) |
|
$
|
489
|
|
|
|
$
|
477
|
|
|
|
2.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190
|
|
|
|
185
|
|
|
|
|
|
Weighted
average number of shares |
|
|
189
|
|
|
|
|
183
|
|
|
|
|
|
|
196
|
|
|
|
192
|
|
|
|
|
|
Weighted
average number of shares assuming dilution |
|
|
195
|
|
|
|
|
190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, |
|
|
2011 |
|
2010 |
|
|
(unaudited)
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash
equivalents |
|
$
|
454
|
|
|
$
|
753
|
|
Restricted cash |
|
|
232
|
|
|
|
53
|
|
Accounts
receivable, net of allowance for doubtful accounts of $46 and $45 |
|
|
569
|
|
|
|
513
|
|
Inventories |
|
|
812
|
|
|
|
802
|
|
Securitized vacation ownership
notes receivable, net of allowance for doubtful
accounts of $10 and $10
|
|
|
64
|
|
|
|
59
|
|
Prepaid
expenses and other |
|
|
125
|
|
|
|
126
|
|
Total current
assets |
|
|
2,256
|
|
|
|
2,306
|
|
Investments |
|
|
259
|
|
|
|
312
|
|
Plant, property
and equipment, net |
|
|
3,270
|
|
|
|
3,323
|
|
Goodwill and
intangible assets, net |
|
|
2,057
|
|
|
|
2,067
|
|
Deferred tax
assets |
|
|
921
|
|
|
|
979
|
|
Other assets (a)
|
|
|
355
|
|
|
|
381
|
|
Securitized
vacation ownership notes receivable |
|
|
446
|
|
|
|
408
|
|
|
|
$
|
9,564
|
|
|
$
|
9,776
|
|
Liabilities
and Stockholders’ Equity |
|
|
|
|
Current
liabilities: |
|
|
|
|
Short-term
borrowings and current maturities of long-term debt (b) |
|
$
|
3
|
|
|
$
|
9
|
|
Accounts payable |
|
|
144
|
|
|
|
138
|
|
Current
maturities of long-term securitized vacation ownership debt |
|
|
130
|
|
|
|
127
|
|
Accrued expenses |
|
|
1,177
|
|
|
|
1,104
|
|
Accrued salaries,
wages and benefits |
|
|
375
|
|
|
|
410
|
|
Accrued
taxes and other |
|
|
166
|
|
|
|
373
|
|
Total current
liabilities |
|
|
1,995
|
|
|
|
2,161
|
|
Long-term debt (b)
|
|
|
2,194
|
|
|
|
2,848
|
|
Long-term
securitized vacation ownership debt |
|
|
402
|
|
|
|
367
|
|
Deferred income
taxes |
|
|
47
|
|
|
|
28
|
|
Other
liabilities |
|
|
1,971
|
|
|
|
1,886
|
|
|
|
|
6,609
|
|
|
|
7,290
|
|
Commitments and
contingencies |
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Common stock; $0.01 par value;
authorized 1,000,000,000 shares;
outstanding 195,913,400 and 192,970,437 shares at December 31, 2011 and
December 31, 2010, respectively
|
|
|
2
|
|
|
|
2
|
|
Additional
paid-in capital |
|
|
963
|
|
|
|
805
|
|
Accumulated other
comprehensive loss |
|
|
(348
|
)
|
|
|
(283
|
)
|
Retained
earnings |
|
|
2,337
|
|
|
|
1,947
|
|
Total Starwood
stockholders’ equity |
|
|
2,954
|
|
|
|
2,471
|
|
Noncontrolling
interest |
|
|
1
|
|
|
|
15
|
|
Total
equity |
|
|
2,955
|
|
|
|
2,486
|
|
|
|
$
|
9,564
|
|
|
$
|
9,776
|
|
|
|
|
|
|
|
|
|
|
(a) Includes restricted cash of $2 million and $10 million at
December 31, 2011 and December 31, 2010, respectively.
(b) Excludes Starwood’s share of unconsolidated joint venture
debt aggregating approximately $432 million and $434 million at
December 31, 2011 and December 31, 2010, respectively.
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliations – Historical Data |
(In
millions) |
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
|
|
Year
Ended |
December 31, |
|
|
|
|
December 31, |
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
% |
2011 |
|
|
2010 |
|
|
Variance |
|
|
|
2011 |
|
|
|
2010 |
|
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation
of Net Income (Loss) to EBITDA and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
$
|
167
|
|
|
$
|
339
|
|
|
(50.7
|
)
|
|
Net income (loss)
|
|
$
|
489
|
|
|
|
$
|
477
|
|
|
|
2.5
|
|
|
69
|
|
|
|
61
|
|
|
13.1
|
|
|
Interest expense (a)
|
|
|
239
|
|
|
|
|
255
|
|
|
|
(6.3
|
)
|
|
(70
|
)
|
|
|
(138
|
)
|
|
49.3
|
|
|
Income tax
(benefit) expense (b) |
|
|
(81
|
)
|
|
|
|
(139
|
)
|
|
|
41.7
|
|
|
65
|
|
|
|
66
|
|
|
(1.5
|
)
|
|
Depreciation (c)
|
|
|
265
|
|
|
|
|
288
|
|
|
|
(8.0
|
)
|
|
8
|
|
|
|
10
|
|
|
(20.0
|
)
|
|
Amortization
(d) |
|
|
34
|
|
|
|
|
36
|
|
|
|
(5.6
|
)
|
|
239
|
|
|
|
338
|
|
|
(29.3
|
)
|
|
EBITDA |
|
|
946
|
|
|
|
|
917
|
|
|
|
3.2
|
|
|
14
|
|
|
|
4
|
|
|
n/m
|
|
|
(Gain)
loss on asset dispositions and impairments, net |
|
― |
|
|
|
|
39
|
|
|
|
(100.0
|
)
|
― |
|
|
― |
|
|
― |
|
|
Discontinued operations (gain)
loss on dispositions
|
|
|
18
|
|
|
|
|
(2
|
)
|
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring,
goodwill impairment and other special |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68
|
|
|
|
(73
|
)
|
|
n/m
|
|
|
charges
(credits), net |
|
|
68
|
|
|
|
|
(75
|
)
|
|
|
n/m
|
|
$
|
321
|
|
|
$
|
269
|
|
|
19.3
|
|
|
Adjusted
EBITDA |
|
$
|
1,032
|
|
|
|
$
|
879
|
|
|
|
17.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes $3 million and $4 million of Starwood’s share of
interest expense of unconsolidated joint ventures for the three months
ended December 31, 2011 and 2010, respectively, and $20 million and $17
million for the year ended December 31, 2011 and 2010, respectively.
(b) Includes $(9) million and $(132) million of tax expense
(benefit) recorded in discontinued operations net gain (loss) on
dispositions for the three months ended December 31, 2011 and 2010,
respectively, and $(5) million and $(166) million for the year ended
December 31, 2011 and 2010, respectively. Also includes $0 million and
$(1) million of tax (benefit) expense recorded in discontinued
operations for the three months ended December 31, 2011 and 2010,
respectively, and $0 million for the year ended December 31, 2011 and
2010.
(c) Includes $7 million and $10 million of Starwood’s share of
depreciation expense of unconsolidated joint ventures for the three
months ended December 31, 2011 and 2010, respectively, and $30 million
and $36 million for the year ended December 31, 2011 and 2010,
respectively.
(d) Includes $1 million of Starwood’s share of amortization
expense of unconsolidated joint ventures for the three months ended
December 31, 2011 and 2010, and $4 million and $3 million for the year
ended December 31, 2011 and 2010, respectively.
|
|
|
Non-GAAP to GAAP
Reconciliations – Branded Same-Store Owned Hotels Worldwide
|
(In
millions) |
|
|
|
|
|
Three
Months Ended |
|
|
December 31, 2011 |
|
|
$ Change
|
|
% Variance
|
Revenue |
|
|
|
|
Revenue increase
(GAAP) |
|
$
|
16
|
|
|
4.5
|
%
|
Impact
of changes in foreign exchange rates |
|
|
(3
|
)
|
|
(0.7
|
)%
|
Revenue
increase in constant dollars |
|
$
|
13
|
|
|
3.8
|
%
|
|
|
|
|
|
Expense |
|
|
|
|
Expense increase
(GAAP) |
|
$
|
4
|
|
|
1.5
|
%
|
Impact of
changes in foreign exchange rates |
|
|
(2
|
)
|
|
(0.8
|
)%
|
Expense
increase in constant dollars |
|
$
|
2
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
to GAAP Reconciliation – Earnings from Vacation Ownership and
Residential Business |
(In
millions) |
|
|
|
|
|
|
|
Three
Months Ended |
|
Year
Ended |
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
$ |
|
|
2011 |
|
2010 |
|
Variance |
|
2011 |
|
|
2010 |
|
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
$
|
73
|
|
|
$
|
33
|
|
|
$
|
40
|
|
$
|
182
|
|
|
|
$
|
133
|
|
|
|
$
|
49
|
Depreciation
expense |
|
|
(5
|
)
|
|
|
(7
|
)
|
|
|
2
|
|
|
(22
|
)
|
|
|
|
(28
|
)
|
|
|
|
6
|
Operating
income from vacation ownership and residential |
|
$
|
68
|
|
|
$
|
26
|
|
|
$
|
42
|
|
$
|
160
|
|
|
|
$
|
105
|
|
|
|
$
|
55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
Non-GAAP to GAAP
Reconciliations – Future Performance
(In millions, except per share
data)
|
|
|
Low Case
|
|
|
Three Months Ended
|
|
|
|
Year
Ended |
March 31, 2012 |
|
|
|
December 31, 2012 |
|
|
|
|
|
$
|
97
|
|
Net income |
|
$
|
|
|
|
440
|
|
54
|
|
Interest expense |
|
|
|
|
|
212
|
|
41
|
|
Income tax
expense |
|
|
|
|
|
188
|
|
73
|
|
Depreciation
and amortization |
|
|
|
|
|
300
|
|
265
|
|
EBITDA |
|
|
|
|
|
1,140
|
|
-
|
|
(Gain)
loss on asset dispositions and impairments, net |
|
|
|
|
|
-
|
|
-
|
|
Discontinued
operations (gain) loss on dispositions |
|
|
|
|
|
-
|
$
|
265
|
|
Adjusted
EBITDA |
|
$
|
|
|
|
1,140
|
Three Months Ended |
|
|
|
Year
Ended |
March 31, 2012 |
|
|
|
December 31, 2012 |
|
|
|
|
|
$
|
97
|
|
Income
from continuing operations before special items |
|
$
|
|
|
440
|
$
|
0.49
|
|
EPS
before special items be |
|
$
|
|
|
2.22
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
-
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
-
|
|
-
|
|
Total special
items – pre-tax |
|
|
|
|
-
|
|
-
|
|
Income tax benefit associated with
special items
|
|
|
|
|
-
|
|
-
|
|
Total
special items – after-tax |
|
|
|
|
-
|
|
|
|
|
|
$
|
97
|
|
Income
from continuing operations |
|
$
|
|
|
440
|
$
|
0.49
|
|
EPS
including special items |
|
$
|
|
|
2.22
|
|
|
|
|
|
|
|
High Case
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Year
Ended |
March 31, 2012 |
|
|
|
December 31, 2012 |
|
|
|
|
|
$
|
104
|
|
Net income |
|
$
|
|
|
461
|
|
54
|
|
Interest expense |
|
|
|
|
212
|
|
44
|
|
Income tax
expense |
|
|
|
|
197
|
|
73
|
|
Depreciation
and amortization |
|
|
|
|
300
|
|
275
|
|
EBITDA |
|
|
|
|
1,170
|
|
-
|
|
(Gain)
loss on asset dispositions and impairments, net |
|
|
|
|
-
|
|
-
|
|
Discontinued
operations (gain) loss on dispositions |
|
|
|
|
-
|
$
|
275
|
|
Adjusted
EBITDA |
|
$
|
|
|
1,170
|
Three Months Ended |
|
|
|
Year
Ended |
March 31, 2012 |
|
|
|
December 31, 2012 |
|
|
|
|
|
$
|
104
|
|
Income
from continuing operations before special items |
|
$
|
|
|
461
|
$
|
0.53
|
|
EPS
before special items be |
|
$
|
|
|
2.33
|
|
|
|
|
|
|
|
Special Items
|
|
|
|
-
|
|
Gain
(loss) on asset dispositions and impairments, net |
|
|
|
|
-
|
|
-
|
|
Total special
items – pre-tax |
|
|
|
|
-
|
|
-
|
|
Income
tax benefit associated with special items |
|
|
|
|
-
|
|
-
|
|
Total
special items – after-tax |
|
|
|
|
-
|
|
|
|
|
|
$
|
104
|
|
Income
from continuing operations |
|
$
|
|
|
461
|
$
|
0.53
|
|
EPS
including special items |
|
$
|
|
|
2.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Non-GAAP
to GAAP Reconciliations – |
Future
Earnings from Vacation Ownership and Residential Business |
(In
millions) |
|
|
Low
Case |
|
|
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
|
|
|
|
$ |
|
|
2012 |
|
2011 |
|
Variance |
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
$
|
|
|
|
42
|
|
$
|
|
|
42
|
|
$
|
―
|
Depreciation
expense |
|
|
|
|
|
(5)
|
|
|
|
|
(7)
|
|
|
2
|
Operating
income from vacation ownership and residential |
|
$
|
|
|
|
37
|
|
$
|
|
|
35
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
December 31, 2012 |
|
|
|
Earnings from
vacation ownership and residential |
|
$
|
|
|
|
|
150
|
|
Depreciation
expense |
|
|
|
|
|
|
(20
|
)
|
Operating
income from vacation ownership and residential |
|
$
|
|
|
|
|
130
|
|
High Case
|
|
|
|
Three
Months Ended |
|
|
March 31, |
|
|
|
|
|
|
$ |
|
|
2012 |
|
2011 |
|
Variance |
|
|
|
|
|
|
|
|
Earnings from
vacation ownership and residential |
|
$
|
|
|
42
|
|
$
|
|
|
42
|
|
$
|
―
|
Depreciation
expense |
|
|
|
|
(5)
|
|
|
|
|
(7)
|
|
|
2
|
Operating
income from vacation ownership and residential |
|
$
|
|
|
37
|
|
$
|
|
|
35
|
|
$
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended |
|
|
December 31, 2012 |
|
|
|
Earnings from
vacation ownership and residential |
|
$
|
155
|
|
Depreciation
expense |
|
|
(20
|
)
|
Operating
income from vacation ownership and residential |
|
$
|
135
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
% |
2011 |
|
2010 |
|
Variance |
|
Worldwide
|
|
2011 |
|
2010 |
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$
|
385
|
|
$
|
369
|
|
|
4.3
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
1,441
|
|
$
|
1,318
|
|
9.3
|
|
― |
|
|
37
|
|
|
(100.0
|
)
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
56
|
|
|
158
|
|
(64.6
|
)
|
|
46
|
|
|
47
|
|
|
(2.1
|
)
|
|
Hotels Without
Comparable Results |
|
|
242
|
|
|
214
|
|
13.1
|
|
|
8
|
|
|
6
|
|
|
33.3
|
|
|
Other
ancillary hotel operations |
|
|
29
|
|
|
14
|
|
n/m
|
|
$
|
439
|
|
$
|
459
|
|
|
(4.4
|
)
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$
|
1,768
|
|
$
|
1,704
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
$
|
294
|
|
$
|
290
|
|
|
(1.4
|
)
|
|
Same-Store Owned
Hotels (a) |
|
$
|
1,130
|
|
$
|
1,057
|
|
(6.9
|
)
|
― |
|
|
28
|
|
|
100.0
|
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
51
|
|
|
129
|
|
60.5
|
|
|
46
|
|
|
44
|
|
|
(4.5
|
)
|
|
Hotels Without
Comparable Results |
|
|
242
|
|
|
197
|
|
(22.8
|
)
|
|
6
|
|
|
5
|
|
|
(20.0
|
)
|
|
Other
ancillary hotel operations |
|
|
26
|
|
|
12
|
|
n/m
|
|
$
|
346
|
|
$
|
367
|
|
|
5.7
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
$
|
1,449
|
|
$
|
1,395
|
|
(3.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
|
Year
Ended |
December 31, |
|
|
|
December 31, |
|
|
|
|
% |
|
Same-Store
Owned Hotels |
|
|
|
|
|
% |
|
2011
|
|
|
2010
|
|
Variance |
|
North
America |
|
|
2011
|
|
|
2010
|
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$
|
220
|
|
$
|
211
|
|
|
4.3
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
819
|
|
$
|
774
|
|
5.8
|
|
― |
|
|
32
|
|
|
(100.0
|
)
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
42
|
|
|
142
|
|
(70.4
|
)
|
|
30
|
|
|
34
|
|
|
(11.8
|
)
|
|
Hotels Without
Comparable Results |
|
|
139
|
|
|
151
|
|
(7.9
|
)
|
|
1
|
|
― |
|
|
n/m
|
|
|
Other
ancillary hotel operations |
|
|
1
|
|
― |
|
n/m
|
|
$
|
251
|
|
$
|
277
|
|
|
(9.4
|
)
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$
|
1,001
|
|
$
|
1,067
|
|
(6.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
$
|
170
|
|
$
|
169
|
|
|
(0.6
|
)
|
|
Same-Store Owned
Hotels (a) |
|
$
|
664
|
|
$
|
642
|
|
(3.4
|
)
|
― |
|
|
23
|
|
|
100.0
|
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
38
|
|
|
113
|
|
66.4
|
|
|
30
|
|
|
32
|
|
|
6.3
|
|
|
Hotels Without
Comparable Results |
|
|
139
|
|
|
134
|
|
(3.7
|
)
|
― |
|
― |
|
― |
|
Other
ancillary hotel operations |
|
― |
|
― |
|
― |
$
|
200
|
|
$
|
224
|
|
|
10.7
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
$
|
841
|
|
$
|
889
|
|
5.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
|
Year
Ended |
December 31, |
|
|
|
December 31, |
|
|
|
|
% |
|
Same-Store
Owned Hotels |
|
|
|
|
|
% |
|
2011
|
|
|
2010
|
|
Variance |
|
International
|
|
|
2011
|
|
|
2010
|
|
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
$
|
165
|
|
$
|
158
|
|
|
4.4
|
|
|
Same-Store Owned
Hotels (a) |
|
$
|
622
|
|
$
|
544
|
|
14.3
|
|
― |
|
|
5
|
|
|
(100.0
|
)
|
|
Hotels Sold or Closed in 2011 and
2010
|
|
|
14
|
|
|
16
|
|
(12.5
|
)
|
|
16
|
|
|
13
|
|
|
23.1
|
|
|
Hotels Without
Comparable Results |
|
|
103
|
|
|
63
|
|
63.5
|
|
|
7
|
|
|
6
|
|
|
16.7
|
|
|
Other
ancillary hotel operations |
|
|
28
|
|
|
14
|
|
100.0
|
|
$
|
188
|
|
$
|
182
|
|
$
|
3.3
|
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Revenue |
|
$
|
767
|
|
$
|
637
|
|
20.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and
Expenses |
|
|
|
|
|
|
$
|
124
|
|
$
|
121
|
|
|
(2.5
|
)
|
|
Same-Store Owned
Hotels (a) |
|
$
|
466
|
|
$
|
415
|
|
(12.3
|
)
|
― |
|
|
5
|
|
|
100.0
|
|
|
Hotels Sold or
Closed in 2011 and 2010 |
|
|
13
|
|
|
16
|
|
18.8
|
|
|
16
|
|
|
12
|
|
|
(33.3
|
)
|
|
Hotels Without
Comparable Results |
|
|
103
|
|
|
63
|
|
(63.5
|
)
|
|
6
|
|
|
5
|
|
|
(20.0
|
)
|
|
Other
ancillary hotel operations |
|
|
26
|
|
|
12
|
|
n/m
|
|
$
|
146
|
|
$
|
143
|
|
$
|
(2.1
|
)
|
|
Total
Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses |
|
$
|
608
|
|
$
|
506
|
|
(20.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Same-Store Owned Hotel Results exclude four hotels sold
and 12 hotels without comparable results for the three months ended and
six hotels sold and 14 hotels without comparable results for the year
ended.
n/m = not meaningful
|
|
|
|
|
|
|
|
Starwood Hotels & Resorts Worldwide, Inc.
|
|
|
|
Systemwide(1)
Statistics - Same Store |
|
|
|
For
the Three Months Ended December 31, |
|
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
|
Systemwide - North America |
|
|
|
Systemwide - International |
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
113.14
|
|
|
|
106.83
|
|
|
|
5.9%
|
|
|
|
107.23
|
|
|
|
99.59
|
|
|
|
7.7%
|
|
|
|
121.72
|
|
|
|
117.38
|
|
|
|
3.7%
|
|
|
|
|
ADR ($) |
|
|
|
170.81
|
|
|
|
164.93
|
|
|
|
3.6%
|
|
|
|
160.70
|
|
|
|
154.64
|
|
|
|
3.9%
|
|
|
|
185.76
|
|
|
|
179.72
|
|
|
|
3.4%
|
|
|
|
|
Occupancy
(%) |
|
|
|
66.2%
|
|
|
|
64.8%
|
|
|
|
1.4
|
|
|
|
66.7%
|
|
|
|
64.4%
|
|
|
|
2.3
|
|
|
|
65.5%
|
|
|
|
65.3%
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
95.82
|
|
|
|
91.84
|
|
|
|
4.3%
|
|
|
|
89.06
|
|
|
|
83.98
|
|
|
|
6.0%
|
|
|
|
105.12
|
|
|
|
102.65
|
|
|
|
2.4%
|
|
|
|
|
ADR ($) |
|
|
|
147.94
|
|
|
|
143.23
|
|
|
|
3.3%
|
|
|
|
137.21
|
|
|
|
133.12
|
|
|
|
3.1%
|
|
|
|
162.79
|
|
|
|
156.62
|
|
|
|
3.9%
|
|
|
|
|
Occupancy (%) |
|
|
|
64.8%
|
|
|
|
64.1%
|
|
|
|
0.7
|
|
|
|
64.9%
|
|
|
|
63.1%
|
|
|
|
1.8
|
|
|
|
64.6%
|
|
|
|
65.5%
|
|
|
|
(0.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
124.62
|
|
|
|
115.18
|
|
|
|
8.2%
|
|
|
|
116.85
|
|
|
|
108.07
|
|
|
|
8.1%
|
|
|
|
146.73
|
|
|
|
135.31
|
|
|
|
8.4%
|
|
|
|
|
ADR ($) |
|
|
|
182.54
|
|
|
|
175.05
|
|
|
|
4.3%
|
|
|
|
171.39
|
|
|
|
163.63
|
|
|
|
4.7%
|
|
|
|
214.08
|
|
|
|
207.94
|
|
|
|
3.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
68.3%
|
|
|
|
65.8%
|
|
|
|
2.5
|
|
|
|
68.2%
|
|
|
|
66.0%
|
|
|
|
2.2
|
|
|
|
68.5%
|
|
|
|
65.1%
|
|
|
|
3.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
185.46
|
|
|
|
174.64
|
|
|
|
6.2%
|
|
|
|
220.45
|
|
|
|
192.65
|
|
|
|
14.4%
|
|
|
|
166.64
|
|
|
|
164.45
|
|
|
|
1.3%
|
|
|
|
|
ADR ($) |
|
|
|
298.35
|
|
|
|
287.38
|
|
|
|
3.8%
|
|
|
|
323.06
|
|
|
|
303.44
|
|
|
|
6.5%
|
|
|
|
282.94
|
|
|
|
277.64
|
|
|
|
1.9%
|
|
|
|
|
Occupancy (%) |
|
|
|
62.2%
|
|
|
|
60.8%
|
|
|
|
1.4
|
|
|
|
68.2%
|
|
|
|
63.5%
|
|
|
|
4.7
|
|
|
|
58.9%
|
|
|
|
59.2%
|
|
|
|
(0.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
132.20
|
|
|
|
130.62
|
|
|
|
1.2%
|
|
|
|
204.94
|
|
|
|
191.04
|
|
|
|
7.3%
|
|
|
|
122.95
|
|
|
|
122.93
|
|
|
|
0.0%
|
|
|
|
|
ADR ($) |
|
|
|
191.52
|
|
|
|
190.74
|
|
|
|
0.4%
|
|
|
|
250.39
|
|
|
|
242.81
|
|
|
|
3.1%
|
|
|
|
182.42
|
|
|
|
182.98
|
|
|
|
(0.3%)
|
|
|
|
|
Occupancy (%) |
|
|
|
69.0%
|
|
|
|
68.5%
|
|
|
|
0.5
|
|
|
|
81.8%
|
|
|
|
78.7%
|
|
|
|
3.1
|
|
|
|
67.4%
|
|
|
|
67.2%
|
|
|
|
0.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
212.60
|
|
|
|
197.13
|
|
|
|
7.8%
|
|
|
|
202.65
|
|
|
|
190.68
|
|
|
|
6.3%
|
|
|
|
247.85
|
|
|
|
220.04
|
|
|
|
12.6%
|
|
|
|
|
ADR ($) |
|
|
|
283.82
|
|
|
|
271.02
|
|
|
|
4.7%
|
|
|
|
271.21
|
|
|
|
263.06
|
|
|
|
3.1%
|
|
|
|
327.99
|
|
|
|
298.81
|
|
|
|
9.8%
|
|
|
|
|
Occupancy (%) |
|
|
|
74.9%
|
|
|
|
72.7%
|
|
|
|
2.2
|
|
|
|
74.7%
|
|
|
|
72.5%
|
|
|
|
2.2
|
|
|
|
75.6%
|
|
|
|
73.6%
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
75.72
|
|
|
|
70.06
|
|
|
|
8.1%
|
|
|
|
69.86
|
|
|
|
63.12
|
|
|
|
10.7%
|
|
|
|
86.54
|
|
|
|
82.81
|
|
|
|
4.5%
|
|
|
|
|
ADR ($) |
|
|
|
115.53
|
|
|
|
110.88
|
|
|
|
4.2%
|
|
|
|
107.70
|
|
|
|
103.19
|
|
|
|
4.4%
|
|
|
|
129.61
|
|
|
|
123.81
|
|
|
|
4.7%
|
|
|
|
|
Occupancy (%) |
|
|
|
65.5%
|
|
|
|
63.2%
|
|
|
|
2.3
|
|
|
|
64.9%
|
|
|
|
61.2%
|
|
|
|
3.7
|
|
|
|
66.8%
|
|
|
|
66.9%
|
|
|
|
(0.1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
65.02
|
|
|
|
57.80
|
|
|
|
12.5%
|
|
|
|
66.37
|
|
|
|
60.51
|
|
|
|
9.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
100.51
|
|
|
|
98.87
|
|
|
|
1.7%
|
|
|
|
103.03
|
|
|
|
100.20
|
|
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
64.7%
|
|
|
|
58.5%
|
|
|
|
6.2
|
|
|
|
64.4%
|
|
|
|
60.4%
|
|
|
|
4.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
113.14
|
|
|
|
106.83
|
|
|
|
5.9%
|
|
|
|
131.87
|
|
|
|
124.54
|
|
|
|
5.9%
|
|
|
|
|
ADR ($) |
|
|
|
170.81
|
|
|
|
164.93
|
|
|
|
3.6%
|
|
|
|
194.54
|
|
|
|
186.53
|
|
|
|
4.3%
|
|
|
|
|
Occupancy (%) |
|
|
|
66.2%
|
|
|
|
64.8%
|
|
|
|
1.4
|
|
|
|
67.8%
|
|
|
|
66.8%
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
107.23
|
|
|
|
99.59
|
|
|
|
7.7%
|
|
|
|
137.74
|
|
|
|
128.24
|
|
|
|
7.4%
|
|
|
|
|
ADR ($) |
|
|
|
160.70
|
|
|
|
154.64
|
|
|
|
3.9%
|
|
|
|
197.61
|
|
|
|
189.37
|
|
|
|
4.4%
|
|
|
|
|
Occupancy (%) |
|
|
|
66.7%
|
|
|
|
64.4%
|
|
|
|
2.3
|
|
|
|
69.7%
|
|
|
|
67.7%
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
131.77
|
|
|
|
131.47
|
|
|
|
0.2%
|
|
|
|
145.31
|
|
|
|
145.53
|
|
|
|
(0.2%)
|
|
|
|
|
ADR ($) |
|
|
|
210.28
|
|
|
|
210.18
|
|
|
|
0.0%
|
|
|
|
226.59
|
|
|
|
224.35
|
|
|
|
1.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
62.7%
|
|
|
|
62.5%
|
|
|
|
0.2
|
|
|
|
64.1%
|
|
|
|
64.9%
|
|
|
|
(0.8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA & MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
139.47
|
|
|
|
140.85
|
|
|
|
(1.0%)
|
|
|
|
140.58
|
|
|
|
142.25
|
|
|
|
(1.2%)
|
|
|
|
|
ADR ($) |
|
|
|
207.16
|
|
|
|
189.41
|
|
|
|
9.4%
|
|
|
|
209.04
|
|
|
|
190.95
|
|
|
|
9.5%
|
|
|
|
|
Occupancy (%) |
|
|
|
67.3%
|
|
|
|
74.4%
|
|
|
|
(7.1)
|
|
|
|
67.2%
|
|
|
|
74.5%
|
|
|
|
(7.3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
115.78
|
|
|
|
108.62
|
|
|
|
6.6%
|
|
|
|
115.92
|
|
|
|
106.01
|
|
|
|
9.3%
|
|
|
|
|
ADR ($) |
|
|
|
171.27
|
|
|
|
167.03
|
|
|
|
2.5%
|
|
|
|
172.15
|
|
|
|
165.07
|
|
|
|
4.3%
|
|
|
|
|
Occupancy (%) |
|
|
|
67.6%
|
|
|
|
65.0%
|
|
|
|
2.6
|
|
|
|
67.3%
|
|
|
|
64.2%
|
|
|
|
3.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
99.07
|
|
|
|
90.41
|
|
|
|
9.6%
|
|
|
|
108.82
|
|
|
|
97.26
|
|
|
|
11.9%
|
|
|
|
|
ADR ($) |
|
|
|
163.03
|
|
|
|
149.24
|
|
|
|
9.2%
|
|
|
|
170.99
|
|
|
|
160.01
|
|
|
|
6.9%
|
|
|
|
|
Occupancy (%) |
|
|
|
60.8%
|
|
|
|
60.6%
|
|
|
|
0.2
|
|
|
|
63.6%
|
|
|
|
60.8%
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
47 Hotels
|
|
|
|
23 Hotels
|
|
|
|
24 Hotels
|
|
|
|
|
REVPAR ($) |
|
|
|
160.41
|
|
|
|
151.85
|
|
|
|
5.6%
|
|
|
|
169.24
|
|
|
|
160.59
|
|
|
|
5.4%
|
|
|
|
149.34
|
|
|
|
140.92
|
|
|
|
6.0%
|
|
|
|
|
ADR ($) |
|
|
|
223.98
|
|
|
|
217.98
|
|
|
|
2.8%
|
|
|
|
227.66
|
|
|
|
220.95
|
|
|
|
3.0%
|
|
|
|
218.96
|
|
|
|
213.88
|
|
|
|
2.4%
|
|
|
|
|
Occupancy (%) |
|
|
|
71.6%
|
|
|
|
69.7%
|
|
|
|
1.9
|
|
|
|
74.3%
|
|
|
|
72.7%
|
|
|
|
1.6
|
|
|
|
68.2%
|
|
|
|
65.9%
|
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
385,249
|
|
|
|
368,650
|
|
|
|
4.5%
|
|
|
|
220,145
|
|
|
|
211,016
|
|
|
|
4.3%
|
|
|
|
165,104
|
|
|
|
157,634
|
|
|
|
4.7%
|
|
|
|
|
Total Expenses |
|
|
|
293,969
|
|
|
|
289,504
|
|
|
|
(1.5%)
|
|
|
|
170,040
|
|
|
|
168,329
|
|
|
|
(1.0%)
|
|
|
|
123,929
|
|
|
|
121,175
|
|
|
|
(2.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
|
|
42 Hotels
|
|
|
|
18 Hotels
|
|
|
|
24 Hotels
|
|
|
|
|
REVPAR ($) |
|
|
|
161.95
|
|
|
|
153.20
|
|
|
|
5.7%
|
|
|
|
173.86
|
|
|
|
164.81
|
|
|
|
5.5%
|
|
|
|
149.34
|
|
|
|
140.92
|
|
|
|
6.0%
|
|
|
|
|
ADR ($) |
|
|
|
224.42
|
|
|
|
217.09
|
|
|
|
3.4%
|
|
|
|
229.07
|
|
|
|
219.76
|
|
|
|
4.2%
|
|
|
|
218.96
|
|
|
|
213.88
|
|
|
|
2.4%
|
|
|
|
|
Occupancy (%) |
|
|
|
72.2%
|
|
|
|
70.6%
|
|
|
|
1.6
|
|
|
|
75.9%
|
|
|
|
75.0%
|
|
|
|
0.9
|
|
|
|
68.2%
|
|
|
|
65.9%
|
|
|
|
2.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
360,841
|
|
|
|
345,160
|
|
|
|
4.5%
|
|
|
|
195,737
|
|
|
|
187,526
|
|
|
|
4.4%
|
|
|
|
165,104
|
|
|
|
157,634
|
|
|
|
4.7%
|
|
|
|
|
Total Expenses |
|
|
|
274,829
|
|
|
|
270,834
|
|
|
|
(1.5%)
|
|
|
|
150,900
|
|
|
|
149,659
|
|
|
|
(0.8%)
|
|
|
|
123,929
|
|
|
|
121,175
|
|
|
|
(2.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Hotel Results exclude 4 hotels sold and 12 hotels without comparable
results during 2011 & 2010 |
|
*
Revenues & Expenses above are represented in '000's |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Three Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
|
2011 |
|
2010 |
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Fees |
|
|
|
|
|
|
|
82
|
|
|
|
|
|
|
|
74
|
|
8
|
|
|
10.8
|
%
|
|
Incentive
Fees |
|
51 |
|
54 |
|
(3
|
)
|
|
(5.6
|
%)
|
|
Total
Management Fees |
|
|
|
|
|
|
|
133
|
|
|
|
|
|
|
|
128
|
|
5
|
|
|
3.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
47 |
|
42 |
|
5
|
|
|
11.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
|
|
|
|
180
|
|
|
|
|
|
|
|
170
|
|
10
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
34 |
|
29 |
|
5
|
|
|
17.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
|
|
|
|
214
|
|
|
|
|
|
|
|
199
|
|
15
|
|
|
7.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
20 |
|
10 |
|
10
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
234 |
|
209 |
|
25
|
|
|
12.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other Management & Franchise Revenues includes the
amortization of deferred gains of approximately $23 and $21 in 2011 and
2010, respectively, resulting from the sales of hotels subject to
long-term management contracts and termination fees.
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Three Months Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Revenues (1) -- Vacation Ownership Sales |
|
86
|
|
|
81
|
|
|
5
|
|
|
6.2
|
%
|
|
Other Sales and
Services Revenues (2) |
|
59
|
|
|
64
|
|
|
(5
|
)
|
|
(7.8
|
%)
|
|
Deferred Revenues
-- Percentage of Completion |
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Deferred
Revenues -- Other (3) |
|
(8
|
)
|
|
(10
|
)
|
|
2
|
|
|
20.0
|
%
|
|
Vacation
Ownership Sales and Services Revenues |
|
137
|
|
|
135
|
|
|
2
|
|
|
1.5
|
%
|
|
Residential
Sales and Services Revenues (6) |
|
127
|
|
|
1
|
|
|
126
|
|
|
n/m
|
|
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
264
|
|
|
136
|
|
|
128
|
|
|
94.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Expenses (4) -- Vacation Ownership Sales |
|
56
|
|
|
48
|
|
|
(8
|
)
|
|
(16.7
|
%)
|
|
Other Expenses (5)
|
|
46
|
|
|
49
|
|
|
3
|
|
|
6.1
|
%
|
|
Deferred Expenses
-- Percentage of Completion |
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
Deferred
Expenses -- Other |
|
-
|
|
|
2
|
|
|
2
|
|
|
100.0
|
%
|
|
Vacation
Ownership Expenses |
|
102
|
|
|
99
|
|
|
(3
|
)
|
|
(3.0
|
%)
|
|
Residential
Expenses (6) |
|
89
|
|
|
4
|
|
|
(85
|
)
|
|
n/m
|
|
|
Total
Vacation Ownership & Residential Expenses |
|
191
|
|
|
103
|
|
|
(88
|
)
|
|
(85.4
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Timeshare sales revenue originated at each sales location before
deferrals of revenue for U.S. GAAP reporting purposes |
(2)
Includes resort income, interest income, 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 ASC 978-605-25 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 |
(6)
For 2011, includes $122 million of revenues and $89 million expenses
associated with the St. Regis Bal Harbour residential project |
|
|
|
|
|
|
|
|
|
|
Note:
Deferred revenue is calculated based on the Percentage of Completion
("POC") of the project. Deferred expenses, also based on POC, include
product costs and direct sales and marketing costs only. Indirect sales
and marketing costs are not deferred per ASC 978-720-25 and ASC
978-340-25. |
|
|
|
|
|
|
|
|
|
|
n/m
= not meaningful |
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Top
20 Worldwide Markets - Owned |
For
the Year Ended December 31, 2011 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
% of 2011 |
|
|
|
|
|
% of 2011 |
US
Markets |
|
Total
Earnings 1 |
|
|
|
International Markets |
Total
Earnings 1 |
New York, NY |
|
10%
|
|
|
|
Canada |
|
14%
|
Phoenix, AZ |
|
6%
|
|
|
|
Australia
|
11%
|
Chicago, IL |
|
5%
|
|
|
|
Italy |
|
8%
|
Hawaii |
|
5%
|
|
|
|
Argentina
|
6%
|
Los Angeles, CA |
|
3%
|
|
|
|
Mexico
|
6%
|
Atlanta, GA |
|
2%
|
|
|
|
United
Kingdom |
5%
|
New Orleans, LA |
|
2%
|
|
|
|
Spain
|
4%
|
San Francisco, CA
|
|
1%
|
|
|
|
Fiji |
|
4%
|
Philadelphia, PA |
|
1%
|
|
|
|
Brazil
|
4%
|
Boston,
MA |
|
1%
|
|
|
|
France |
2%
|
Total Top 10 US
Markets |
|
36%
|
|
|
|
Total
Top 10 International Markets |
64%
|
|
|
|
|
|
|
|
|
|
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, 2011 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Management
|
|
|
|
|
|
|
|
and |
|
|
|
Management
|
|
Franchise |
|
Franchise |
|
Geographical
Region |
|
Fees
|
|
Fees
|
|
Fees
|
|
|
|
|
|
|
|
|
|
United States |
|
34%
|
|
67%
|
|
43%
|
|
Europe |
|
16%
|
|
10%
|
|
14%
|
|
Asia Pacific |
|
28%
|
|
9%
|
|
23%
|
|
Middle East and
Africa |
|
14%
|
|
1%
|
|
10%
|
|
Americas
(Latin America & Canada) |
|
8%
|
|
13%
|
|
10%
|
|
Total
|
|
100%
|
|
100%
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
|
Systemwide(1)
Statistics - Same Store |
|
For
the Year Ended December 31, |
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide - Worldwide |
|
|
|
Systemwide - North America |
|
|
|
Systemwide - International |
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
HOTELS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
114.56
|
|
|
|
104.43
|
|
|
|
9.7%
|
|
|
|
108.57
|
|
|
|
99.47
|
|
|
|
9.1%
|
|
|
|
123.40
|
|
|
|
111.74
|
|
|
|
10.4%
|
|
|
|
|
ADR ($) |
|
|
|
168.37
|
|
|
|
158.57
|
|
|
|
6.2%
|
|
|
|
155.11
|
|
|
|
148.45
|
|
|
|
4.5%
|
|
|
|
189.36
|
|
|
|
174.17
|
|
|
|
8.7%
|
|
|
|
|
Occupancy (%) |
|
|
|
68.0%
|
|
|
|
65.9%
|
|
|
|
2.1
|
|
|
|
70.0%
|
|
|
|
67.0%
|
|
|
|
3.0
|
|
|
|
65.2%
|
|
|
|
64.2%
|
|
|
|
1.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHERATON
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
95.89
|
|
|
|
88.84
|
|
|
|
7.9%
|
|
|
|
90.79
|
|
|
|
84.22
|
|
|
|
7.8%
|
|
|
|
102.91
|
|
|
|
95.22
|
|
|
|
8.1%
|
|
|
|
|
ADR ($) |
|
|
|
144.74
|
|
|
|
136.90
|
|
|
|
5.7%
|
|
|
|
133.09
|
|
|
|
128.04
|
|
|
|
3.9%
|
|
|
|
161.98
|
|
|
|
149.52
|
|
|
|
8.3%
|
|
|
|
|
Occupancy (%) |
|
|
|
66.3%
|
|
|
|
64.9%
|
|
|
|
1.4
|
|
|
|
68.2%
|
|
|
|
65.8%
|
|
|
|
2.4
|
|
|
|
63.5%
|
|
|
|
63.7%
|
|
|
|
(0.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WESTIN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
127.83
|
|
|
|
116.03
|
|
|
|
10.2%
|
|
|
|
121.29
|
|
|
|
111.04
|
|
|
|
9.2%
|
|
|
|
148.15
|
|
|
|
131.49
|
|
|
|
12.7%
|
|
|
|
|
ADR ($) |
|
|
|
179.91
|
|
|
|
169.93
|
|
|
|
5.9%
|
|
|
|
168.81
|
|
|
|
161.37
|
|
|
|
4.6%
|
|
|
|
216.04
|
|
|
|
197.32
|
|
|
|
9.5%
|
|
|
|
|
Occupancy (%) |
|
|
|
71.1%
|
|
|
|
68.3%
|
|
|
|
2.8
|
|
|
|
71.8%
|
|
|
|
68.8%
|
|
|
|
3.0
|
|
|
|
68.6%
|
|
|
|
66.6%
|
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ST. REGIS/LUXURY COLLECTION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
200.96
|
|
|
|
177.77
|
|
|
|
13.0%
|
|
|
|
211.02
|
|
|
|
184.42
|
|
|
|
14.4%
|
|
|
|
195.60
|
|
|
|
174.17
|
|
|
|
12.3%
|
|
|
|
|
ADR ($) |
|
|
|
310.22
|
|
|
|
284.94
|
|
|
|
8.9%
|
|
|
|
297.10
|
|
|
|
278.50
|
|
|
|
6.7%
|
|
|
|
318.29
|
|
|
|
288.77
|
|
|
|
10.2%
|
|
|
|
|
Occupancy (%) |
|
|
|
64.8%
|
|
|
|
62.4%
|
|
|
|
2.4
|
|
|
|
71.0%
|
|
|
|
66.2%
|
|
|
|
4.8
|
|
|
|
61.5%
|
|
|
|
60.3%
|
|
|
|
1.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LE
MERIDIEN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
131.92
|
|
|
|
121.17
|
|
|
|
8.9%
|
|
|
|
198.02
|
|
|
|
179.38
|
|
|
|
10.4%
|
|
|
|
124.29
|
|
|
|
114.40
|
|
|
|
8.6%
|
|
|
|
|
ADR ($) |
|
|
|
192.36
|
|
|
|
183.01
|
|
|
|
5.1%
|
|
|
|
239.36
|
|
|
|
225.81
|
|
|
|
6.0%
|
|
|
|
185.66
|
|
|
|
176.89
|
|
|
|
5.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
68.6%
|
|
|
|
66.2%
|
|
|
|
2.4
|
|
|
|
82.7%
|
|
|
|
79.4%
|
|
|
|
3.3
|
|
|
|
66.9%
|
|
|
|
64.7%
|
|
|
|
2.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
202.78
|
|
|
|
179.12
|
|
|
|
13.2%
|
|
|
|
192.42
|
|
|
|
174.65
|
|
|
|
10.2%
|
|
|
|
238.79
|
|
|
|
194.71
|
|
|
|
22.6%
|
|
|
|
|
ADR ($) |
|
|
|
266.18
|
|
|
|
248.04
|
|
|
|
7.3%
|
|
|
|
251.11
|
|
|
|
238.61
|
|
|
|
5.2%
|
|
|
|
319.97
|
|
|
|
282.98
|
|
|
|
13.1%
|
|
|
|
|
Occupancy (%) |
|
|
|
76.2%
|
|
|
|
72.2%
|
|
|
|
4.0
|
|
|
|
76.6%
|
|
|
|
73.2%
|
|
|
|
3.4
|
|
|
|
74.6%
|
|
|
|
68.8%
|
|
|
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOUR
POINTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
77.29
|
|
|
|
69.88
|
|
|
|
10.6%
|
|
|
|
72.74
|
|
|
|
66.48
|
|
|
|
9.4%
|
|
|
|
86.02
|
|
|
|
76.37
|
|
|
|
12.6%
|
|
|
|
|
ADR ($) |
|
|
|
114.15
|
|
|
|
107.63
|
|
|
|
6.1%
|
|
|
|
106.70
|
|
|
|
102.20
|
|
|
|
4.4%
|
|
|
|
128.71
|
|
|
|
118.06
|
|
|
|
9.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
67.7%
|
|
|
|
64.9%
|
|
|
|
2.8
|
|
|
|
68.2%
|
|
|
|
65.0%
|
|
|
|
3.2
|
|
|
|
66.8%
|
|
|
|
64.7%
|
|
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALOFT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
69.64
|
|
|
|
60.10
|
|
|
|
15.9%
|
|
|
|
70.43
|
|
|
|
60.97
|
|
|
|
15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADR ($) |
|
|
|
102.24
|
|
|
|
97.91
|
|
|
|
4.4%
|
|
|
|
103.98
|
|
|
|
99.39
|
|
|
|
4.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy (%) |
|
|
|
68.1%
|
|
|
|
61.4%
|
|
|
|
6.7
|
|
|
|
67.7%
|
|
|
|
61.3%
|
|
|
|
6.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes same store owned, leased, managed, and franchised hotels |
|
|
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
|
|
|
Worldwide
Hotel Results - Same Store |
|
|
|
For
the Year Ended December 31, |
|
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide (1)
|
|
|
|
Company Operated (2)
|
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
WORLDWIDE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
114.56
|
|
|
|
104.43
|
|
|
|
9.7%
|
|
|
|
131.42
|
|
|
|
119.43
|
|
|
|
10.0%
|
|
|
|
|
ADR ($) |
|
|
|
168.37
|
|
|
|
158.57
|
|
|
|
6.2%
|
|
|
|
190.89
|
|
|
|
178.37
|
|
|
|
7.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
68.0%
|
|
|
|
65.9%
|
|
|
|
2.1
|
|
|
|
68.8%
|
|
|
|
67.0%
|
|
|
|
1.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
108.57
|
|
|
|
99.47
|
|
|
|
9.1%
|
|
|
|
135.41
|
|
|
|
124.16
|
|
|
|
9.1%
|
|
|
|
|
ADR ($) |
|
|
|
155.11
|
|
|
|
148.45
|
|
|
|
4.5%
|
|
|
|
186.53
|
|
|
|
177.90
|
|
|
|
4.9%
|
|
|
|
|
Occupancy (%) |
|
|
|
70.0%
|
|
|
|
67.0%
|
|
|
|
3.0
|
|
|
|
72.6%
|
|
|
|
69.8%
|
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EUROPE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
158.05
|
|
|
|
138.40
|
|
|
|
14.2%
|
|
|
|
175.63
|
|
|
|
153.73
|
|
|
|
14.2%
|
|
|
|
|
ADR ($) |
|
|
|
236.49
|
|
|
|
213.77
|
|
|
|
10.6%
|
|
|
|
254.54
|
|
|
|
228.09
|
|
|
|
11.6%
|
|
|
|
|
Occupancy (%) |
|
|
|
66.8%
|
|
|
|
64.7%
|
|
|
|
2.1
|
|
|
|
69.0%
|
|
|
|
67.4%
|
|
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AFRICA
& MIDDLE EAST |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
119.08
|
|
|
|
122.98
|
|
|
|
(3.2%)
|
|
|
|
119.96
|
|
|
|
123.97
|
|
|
|
(3.2%)
|
|
|
|
|
ADR ($) |
|
|
|
189.46
|
|
|
|
176.65
|
|
|
|
7.3%
|
|
|
|
191.27
|
|
|
|
178.07
|
|
|
|
7.4%
|
|
|
|
|
Occupancy (%) |
|
|
|
62.9%
|
|
|
|
69.6%
|
|
|
|
(6.7)
|
|
|
|
62.7%
|
|
|
|
69.6%
|
|
|
|
(6.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASIA
PACIFIC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
111.90
|
|
|
|
99.57
|
|
|
|
12.4%
|
|
|
|
111.94
|
|
|
|
97.49
|
|
|
|
14.8%
|
|
|
|
|
ADR ($) |
|
|
|
169.17
|
|
|
|
157.03
|
|
|
|
7.7%
|
|
|
|
169.01
|
|
|
|
155.73
|
|
|
|
8.5%
|
|
|
|
|
Occupancy (%) |
|
|
|
66.1%
|
|
|
|
63.4%
|
|
|
|
2.7
|
|
|
|
66.2%
|
|
|
|
62.6%
|
|
|
|
3.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LATIN
AMERICA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REVPAR ($) |
|
|
|
94.90
|
|
|
|
82.58
|
|
|
|
14.9%
|
|
|
|
100.48
|
|
|
|
85.61
|
|
|
|
17.4%
|
|
|
|
|
ADR ($) |
|
|
|
156.45
|
|
|
|
142.21
|
|
|
|
10.0%
|
|
|
|
163.43
|
|
|
|
151.02
|
|
|
|
8.2%
|
|
|
|
|
Occupancy (%) |
|
|
|
60.7%
|
|
|
|
58.1%
|
|
|
|
2.6
|
|
|
|
61.5%
|
|
|
|
56.7%
|
|
|
|
4.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes same store owned, leased, managed, and franchised hotels |
|
(2)
Includes same store owned, leased, and managed hotels |
|
|
|
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
|
Owned
Hotel Results - Same Store (1) |
|
For
the Year Ended December 31, |
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WORLDWIDE |
|
|
|
NORTH AMERICA |
|
|
|
INTERNATIONAL |
|
|
|
|
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
2011
|
|
|
|
2010
|
|
|
|
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOTELS |
|
|
|
45 Hotels
|
|
|
|
22 Hotels
|
|
|
|
23 Hotels
|
|
|
|
|
REVPAR ($) |
|
|
|
159.12
|
|
|
|
142.76
|
|
|
|
11.5%
|
|
|
|
164.78
|
|
|
|
153.63
|
|
|
|
7.3%
|
|
|
|
152.01
|
|
|
|
129.11
|
|
|
|
17.7%
|
|
|
|
|
ADR ($) |
|
|
|
218.65
|
|
|
|
205.49
|
|
|
|
6.4%
|
|
|
|
215.60
|
|
|
|
207.44
|
|
|
|
3.9%
|
|
|
|
222.95
|
|
|
|
202.64
|
|
|
|
10.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
72.8%
|
|
|
|
69.5%
|
|
|
|
3.3
|
|
|
|
76.4%
|
|
|
|
74.1%
|
|
|
|
2.3
|
|
|
|
68.2%
|
|
|
|
63.7%
|
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
1,441,343
|
|
|
|
1,317,755
|
|
|
|
9.4%
|
|
|
|
818,949
|
|
|
|
773,562
|
|
|
|
5.9%
|
|
|
|
622,394
|
|
|
|
544,193
|
|
|
|
14.4%
|
|
|
|
|
Total Expenses |
|
|
|
1,130,249
|
|
|
|
1,057,427
|
|
|
|
(6.9%)
|
|
|
|
664,273
|
|
|
|
642,412
|
|
|
|
(3.4%)
|
|
|
|
465,976
|
|
|
|
415,015
|
|
|
|
(12.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BRANDED HOTELS |
|
|
|
40 Hotels
|
|
|
|
17 Hotels
|
|
|
|
23 Hotels
|
|
|
|
|
REVPAR ($) |
|
|
|
161.94
|
|
|
|
144.11
|
|
|
|
12.4%
|
|
|
|
171.35
|
|
|
|
158.30
|
|
|
|
8.2%
|
|
|
|
152.01
|
|
|
|
129.11
|
|
|
|
17.7%
|
|
|
|
|
ADR ($) |
|
|
|
220.03
|
|
|
|
204.88
|
|
|
|
7.4%
|
|
|
|
217.63
|
|
|
|
206.63
|
|
|
|
5.3%
|
|
|
|
222.95
|
|
|
|
202.64
|
|
|
|
10.0%
|
|
|
|
|
Occupancy (%) |
|
|
|
73.6%
|
|
|
|
70.3%
|
|
|
|
3.3
|
|
|
|
78.7%
|
|
|
|
76.6%
|
|
|
|
2.1
|
|
|
|
68.2%
|
|
|
|
63.7%
|
|
|
|
4.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenue |
|
|
|
1,351,505
|
|
|
|
1,228,104
|
|
|
|
10.0%
|
|
|
|
729,111
|
|
|
|
683,911
|
|
|
|
6.6%
|
|
|
|
622,394
|
|
|
|
544,193
|
|
|
|
14.4%
|
|
|
|
|
Total Expenses |
|
|
|
1,053,308
|
|
|
|
979,704
|
|
|
|
(7.5%)
|
|
|
|
587,332
|
|
|
|
564,689
|
|
|
|
(4.0%)
|
|
|
|
465,976
|
|
|
|
415,015
|
|
|
|
(12.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Hotel Results exclude 6 hotels sold and 14 hotels without comparable
results during 2011 & 2010 |
|
*
Revenues & Expenses above are represented in '000's |
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Management
Fees, Franchise Fees and Other Income |
For
the Year Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Worldwide |
|
|
2011 |
|
2010 |
|
$
Variance |
|
%
Variance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management Fees: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Base Fees |
|
|
|
|
|
|
309
|
|
|
|
|
|
|
270
|
|
39
|
|
14.4%
|
Incentive
Fees |
|
|
|
|
|
|
146
|
|
139 |
|
7
|
|
5.0%
|
Total
Management Fees |
|
|
|
|
|
|
455
|
|
|
|
|
|
|
409
|
|
46
|
|
11.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchise
Fees |
|
|
|
|
|
|
187
|
|
161 |
|
26
|
|
16.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Fees |
|
|
|
|
|
|
642
|
|
|
|
|
|
|
570
|
|
72
|
|
12.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Management & Franchise Revenues (1) |
|
|
|
|
|
|
130
|
|
119 |
|
11
|
|
9.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Management & Franchise Revenues |
|
|
|
|
|
|
772
|
|
|
|
|
|
|
689
|
|
83
|
|
12.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
42
|
|
23 |
|
19
|
|
82.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management
Fees, Franchise Fees & Other Income |
|
|
|
|
|
|
814
|
|
712 |
|
102
|
|
14.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Other Management & Franchise Revenues includes the
amortization of deferred gains of approximately $87 and $81 in 2011 and
2010, respectively, resulting from the sales of hotels subject to
long-term management contracts and termination fees.
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership & Residential Revenues and Expenses |
For
the Year Ended December 31, |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
2010 |
|
$ Variance |
|
% Variance |
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Revenues (1) -- Vacation Ownership Sales |
|
330
|
|
|
311
|
|
|
19
|
|
|
6.1
|
%
|
|
Other Sales and
Services Revenues (2) |
|
258
|
|
|
246
|
|
|
12
|
|
|
4.9
|
%
|
|
Deferred Revenues
-- Percentage of Completion |
|
(3
|
)
|
|
-
|
|
|
(3
|
)
|
|
n/m
|
|
|
Deferred
Revenues -- Other (3) |
|
(19
|
)
|
|
(31
|
)
|
|
12
|
|
|
38.7
|
%
|
|
Vacation
Ownership Sales and Services Revenues |
|
566
|
|
|
526
|
|
|
40
|
|
|
7.6
|
%
|
|
Residential
Sales and Services Revenues (6) |
|
137
|
|
|
12
|
|
|
125
|
|
|
n/m
|
|
|
Total
Vacation Ownership & Residential Sales and Services Revenues |
|
703
|
|
|
538
|
|
|
165
|
|
|
30.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Originated Sales
Expenses (4) -- Vacation Ownership Sales |
|
225
|
|
|
197
|
|
|
(28
|
)
|
|
(14.2
|
%)
|
|
Other Expenses (5)
|
|
194
|
|
|
188
|
|
|
(6
|
)
|
|
(3.2
|
%)
|
|
Deferred Expenses
-- Percentage of Completion |
|
(2
|
)
|
|
-
|
|
|
2
|
|
|
n/m
|
|
|
Deferred
Expenses -- Other |
|
9
|
|
|
14
|
|
|
5
|
|
|
35.7
|
%
|
|
Vacation
Ownership Expenses |
|
426
|
|
|
399
|
|
|
(27
|
)
|
|
(6.8
|
%)
|
|
Residential
Expenses (6) |
|
95
|
|
|
6
|
|
|
(89
|
)
|
|
n/m
|
|
|
Total
Vacation Ownership & Residential Expenses |
|
521
|
|
|
405
|
|
|
(116
|
)
|
|
(28.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 ASC 978-605-25 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 |
(6)
For 2011, includes $122 million of revenues and $95 million expenses
associated with the St. Regis Bal Harbour residential project |
|
|
|
|
|
|
|
|
|
|
Note:
Deferred revenue is calculated based on the Percentage of Completion
("POC") of the project. Deferred expenses, also based on POC, include
product costs and direct sales and marketing costs only. Indirect sales
and marketing costs are not deferred per ASC 978-720-25 and ASC
978-340-25. |
|
|
|
|
|
|
|
|
|
|
n/m
= not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Hotels
Without Comparable Results & Other Selected Items |
For
the Year Ended December 31, 2011 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties
without comparable results in 2011 and 2010: |
|
Revenues and Expenses Associated with Assets Sold or
Closed in 2011 and 2010: (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
|
|
Location
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton Steamboat Resort &
Conference Center
|
|
Steamboat
Springs, CO |
|
|
|
Q1 |
|
Q2 |
|
Q3 |
|
Q4 |
|
Full Year |
The Westin
Peachtree Plaza |
|
Atlanta, GA |
|
Hotels
Sold or Closed in 2010: |
|
|
|
|
|
|
|
|
W New Orleans -
French Quarter |
|
New Orleans, LA |
|
2010
|
|
|
|
|
|
|
|
|
|
|
The Westin St.
John Resort |
|
St.
John, US Virgin Islands |
|
Revenues |
|
$
|
8
|
|
$
|
3
|
|
$
|
7
|
|
$
|
-
|
|
$
|
18
|
St. Regis Osaka |
|
Osaka, Japan |
|
Expenses
(excluding depreciation) |
|
$
|
6
|
|
$
|
4
|
|
$
|
5
|
|
$
|
-
|
|
$
|
15
|
W London |
|
London, England |
|
|
|
|
|
|
|
|
|
|
|
|
Grand Hotel -
Florence |
|
Florence, Italy |
|
Hotels
Sold or Closed in 2011: |
|
|
|
|
|
|
|
|
Sheraton Kauai |
|
Koloa, HI |
|
2011
|
|
|
|
|
|
|
|
|
|
|
Atlanta Perimeter
|
|
Atlanta, GA |
|
Revenues |
|
$
|
28
|
|
$
|
23
|
|
$
|
5
|
|
$
|
-
|
|
$
|
56
|
Hotel Alfonso |
|
Seville, Spain |
|
Expenses
(excluding depreciation) |
|
$
|
28
|
|
$
|
19
|
|
$
|
4
|
|
$
|
-
|
|
$
|
51
|
Four Points
Philadelphia Airport |
|
Philadelphia, PA |
|
|
|
|
|
|
|
|
|
|
|
|
The Clarion Hotel
|
|
Millbrae, CA |
|
2010
|
|
|
|
|
|
|
|
|
|
|
Hotel Gritti
Palace |
|
Venice, Italy |
|
Revenues |
|
$
|
26
|
|
$
|
40
|
|
$
|
37
|
|
$
|
37
|
|
$
|
140
|
Hotel Maria
Cristina |
|
San Sebastian,
Spain |
|
Expenses
(excluding depreciation) |
|
$
|
27
|
|
$
|
29
|
|
$
|
30
|
|
$
|
28
|
|
$
|
114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Results consist of 4 hotels
sold in 2011 and 1 hotel sold in 2010. These amounts are included in
the revenues and expenses from owned, leased and consolidated joint
venture hotels in the statements of income for 2011 and 2010. These
amounts do not include revenues and expense from the W New York - Court
& Tuscany which were reclassified to discontinued operations.
|
Properties
sold or closed in 2011 and 2010: |
|
|
|
|
|
|
|
|
|
Property
|
|
Location
|
|
|
W New York - The
Court & Tuscany |
|
New York, NY |
|
|
|
|
|
|
|
|
|
|
St. Regis Aspen |
|
Aspen, CO |
|
|
|
|
|
|
|
|
|
|
|
|
The Westin
Gaslamp Quarter |
|
San Diego, CA |
|
|
|
|
|
|
|
|
|
|
|
|
W City Center |
|
Chicago, IL |
|
|
|
|
|
|
|
|
|
|
|
|
Boston Park Plaza
|
|
Boston, MA |
|
|
|
|
|
|
|
|
|
|
|
|
Hotel Bristol |
|
Vienna, Austria |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Capital
Expenditures |
For
the Three Months and Year Ended December 31, 2011 |
UNAUDITED
($ millions) |
|
|
|
|
|
|
|
Q4 |
|
YTD |
Maintenance
Capital Expenditures: (1) |
|
|
|
|
Owned, Leased and
Consolidated Joint Venture Hotels |
|
47
|
|
|
129
|
|
Corporate/IT
|
|
36
|
|
|
124
|
|
Subtotal |
|
83
|
|
|
253
|
|
|
|
|
|
|
Vacation
Ownership Capital Expenditures: (2) |
|
|
|
|
Net
capital expenditures for inventory (excluding St.Regis Bal Harbour) |
|
(10
|
)
|
|
(43
|
)
|
Net
capital expenditures for inventory - St.Regis Bal Harbour |
|
(52
|
)
|
|
58
|
|
Subtotal |
|
(62
|
)
|
|
15
|
|
|
|
|
|
|
Development
Capital |
|
67
|
|
|
209
|
|
|
|
|
|
|
Total
Capital Expenditures |
|
88
|
|
|
477
|
|
|
|
|
|
|
(1)
Maintenance capital expenditures include improvements that extend the
useful life of the asset. |
(2)
Represents gross inventory capital expenditures of $33 and $165 in the
three months and year ended December 31, 2011, respectively, less cost
of sales of $95 and $150 in the three months and year ended December
31, 2011, respectively. |
|
|
Starwood
Hotels & Resorts Worldwide, Inc. |
2011
Divisional Hotel Inventory Summary by Ownership by Brand* |
|
As
of December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAD |
|
Europe
|
|
AME |
|
LAD |
|
ASIA |
|
Total |
|
|
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Hotels |
|
Rooms |
|
Owned |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
6
|
|
3,528
|
|
4
|
|
705
|
|
-
|
|
-
|
|
5
|
|
2,699
|
|
2
|
|
821
|
|
17
|
|
7,753
|
|
Westin |
|
4
|
|
2,399
|
|
3
|
|
650
|
|
-
|
|
-
|
|
3
|
|
902
|
|
1
|
|
273
|
|
11
|
|
4,224
|
|
Four Points |
|
2
|
|
327
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
327
|
|
W |
|
5
|
|
1,795
|
|
2
|
|
665
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7
|
|
2,460
|
|
Luxury Collection
|
|
1
|
|
643
|
|
5
|
|
580
|
|
-
|
|
-
|
|
1
|
|
181
|
|
-
|
|
-
|
|
7
|
|
1,404
|
|
St. Regis |
|
2
|
|
489
|
|
2
|
|
261
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
160
|
|
5
|
|
910
|
|
Aloft |
|
2
|
|
272
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
272
|
|
Element |
|
1
|
|
123
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
123
|
|
Other
|
|
7
|
|
1,929
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7
|
|
1,929
|
|
Total
Owned |
|
30
|
|
11,505
|
|
16
|
|
2,861
|
|
-
|
|
-
|
|
9
|
|
3,782
|
|
4
|
|
1,254
|
|
59
|
|
19,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed
& UJV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
38
|
|
26,526
|
|
41
|
|
11,927
|
|
32
|
|
8,907
|
|
15
|
|
2,942
|
|
71
|
|
25,275
|
|
197
|
|
75,577
|
|
Westin |
|
54
|
|
28,359
|
|
12
|
|
4,110
|
|
4
|
|
1,086
|
|
3
|
|
886
|
|
27
|
|
9,396
|
|
100
|
|
43,837
|
|
Four Points |
|
1
|
|
171
|
|
6
|
|
1,013
|
|
7
|
|
1,329
|
|
4
|
|
517
|
|
13
|
|
4,362
|
|
31
|
|
7,392
|
|
W |
|
23
|
|
6,903
|
|
2
|
|
273
|
|
1
|
|
441
|
|
2
|
|
433
|
|
6
|
|
1,436
|
|
34
|
|
9,486
|
|
Luxury Collection
|
|
4
|
|
1,648
|
|
19
|
|
3,002
|
|
5
|
|
1,384
|
|
7
|
|
290
|
|
5
|
|
1,112
|
|
40
|
|
7,436
|
|
St. Regis |
|
9
|
|
1,811
|
|
2
|
|
226
|
|
1
|
|
377
|
|
2
|
|
309
|
|
9
|
|
2,367
|
|
23
|
|
5,090
|
|
Le Meridien |
|
4
|
|
607
|
|
21
|
|
6,003
|
|
31
|
|
7,282
|
|
-
|
|
-
|
|
26
|
|
7,237
|
|
82
|
|
21,129
|
|
Aloft |
|
-
|
|
-
|
|
2
|
|
399
|
|
1
|
|
408
|
|
1
|
|
142
|
|
5
|
|
1,044
|
|
9
|
|
1,993
|
|
Other
|
|
1
|
|
773
|
|
1
|
|
165
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2
|
|
938
|
|
Total
Managed & UJV |
|
134
|
|
66,798
|
|
106
|
|
27,118
|
|
82
|
|
21,214
|
|
34
|
|
5,519
|
|
162
|
|
52,229
|
|
518
|
|
172,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Franchised
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
161
|
|
48,219
|
|
15
|
|
4,108
|
|
2
|
|
393
|
|
9
|
|
2,332
|
|
14
|
|
6,266
|
|
201
|
|
61,318
|
|
Westin |
|
59
|
|
18,980
|
|
3
|
|
1,176
|
|
-
|
|
-
|
|
4
|
|
1,309
|
|
8
|
|
2,231
|
|
74
|
|
23,696
|
|
Four Points |
|
105
|
|
16,590
|
|
5
|
|
835
|
|
-
|
|
-
|
|
8
|
|
1,276
|
|
8
|
|
1,441
|
|
126
|
|
20,142
|
|
Luxury Collection
|
|
8
|
|
1,629
|
|
11
|
|
1,528
|
|
-
|
|
-
|
|
2
|
|
248
|
|
8
|
|
2,260
|
|
29
|
|
5,665
|
|
St. Regis |
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Le Meridien |
|
7
|
|
2,007
|
|
5
|
|
1,455
|
|
-
|
|
-
|
|
2
|
|
324
|
|
3
|
|
714
|
|
17
|
|
4,500
|
|
Aloft |
|
41
|
|
5,965
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3
|
|
471
|
|
44
|
|
6,436
|
|
Element
|
|
8
|
|
1,309
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
1,309
|
|
Total
Franchised |
|
389
|
|
94,699
|
|
39
|
|
9,102
|
|
2
|
|
393
|
|
25
|
|
5,489
|
|
44
|
|
13,383
|
|
499
|
|
123,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Systemwide
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
205
|
|
78,273
|
|
60
|
|
16,740
|
|
34
|
|
9,300
|
|
29
|
|
7,973
|
|
87
|
|
32,362
|
|
415
|
|
144,648
|
|
Westin |
|
117
|
|
49,738
|
|
18
|
|
5,936
|
|
4
|
|
1,086
|
|
10
|
|
3,097
|
|
36
|
|
11,900
|
|
185
|
|
71,757
|
|
Four Points |
|
108
|
|
17,088
|
|
11
|
|
1,848
|
|
7
|
|
1,329
|
|
12
|
|
1,793
|
|
21
|
|
5,803
|
|
159
|
|
27,861
|
|
W |
|
28
|
|
8,698
|
|
4
|
|
938
|
|
1
|
|
441
|
|
2
|
|
433
|
|
6
|
|
1,436
|
|
41
|
|
11,946
|
|
Luxury Collection
|
|
13
|
|
3,920
|
|
35
|
|
5,110
|
|
5
|
|
1,384
|
|
10
|
|
719
|
|
13
|
|
3,372
|
|
76
|
|
14,505
|
|
St. Regis |
|
11
|
|
2,300
|
|
4
|
|
487
|
|
1
|
|
377
|
|
2
|
|
309
|
|
10
|
|
2,527
|
|
28
|
|
6,000
|
|
Le Meridien |
|
11
|
|
2,614
|
|
26
|
|
7,458
|
|
31
|
|
7,282
|
|
2
|
|
324
|
|
29
|
|
7,951
|
|
99
|
|
25,629
|
|
Aloft |
|
43
|
|
6,237
|
|
2
|
|
399
|
|
1
|
|
408
|
|
1
|
|
142
|
|
8
|
|
1,515
|
|
55
|
|
8,701
|
|
Element |
|
9
|
|
1,432
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
1,432
|
|
Other |
|
8
|
|
2,702
|
|
1
|
|
165
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
2,867
|
|
Vacation
Ownership |
|
13
|
|
6,618
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1
|
|
382
|
|
-
|
|
-
|
|
14
|
|
7,000
|
|
Total
Systemwide |
|
566
|
|
179,620
|
|
161
|
|
39,081
|
|
84
|
|
21,607
|
|
69
|
|
15,172
|
|
210
|
|
66,866
|
|
1,090
|
|
322,346
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes Vacation Ownership
properties
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STARWOOD
HOTELS & RESORTS WORLDWIDE, INC. |
Vacation
Ownership Inventory Pipeline |
As
of December 31, 2011 |
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# Resorts |
|
|
|
# of Units (1) |
|
|
|
|
In |
|
In Active |
|
|
|
|
|
Pre-sales/
|
|
Future |
|
Total at |
Brand
|
|
Total(2)
|
|
Operations
|
|
Sales
|
|
|
|
Completed(3)
|
|
Development(4)
|
|
Capacity(5),(6)
|
|
Buildout
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sheraton |
|
7
|
|
7
|
|
6
|
|
|
|
3,079
|
|
-
|
|
712
|
|
3,791
|
Westin |
|
9
|
|
9
|
|
9
|
|
|
|
1,562
|
|
22
|
|
21
|
|
1,605
|
St. Regis |
|
2
|
|
2
|
|
-
|
|
|
|
63
|
|
-
|
|
-
|
|
63
|
The Luxury
Collection |
|
1
|
|
1
|
|
-
|
|
|
|
6
|
|
-
|
|
-
|
|
6
|
Unbranded
|
|
2
|
|
2
|
|
1
|
|
|
|
99
|
|
-
|
|
1
|
|
100
|
Total
SVO, Inc. |
|
21
|
|
21
|
|
16
|
|
|
|
4,809
|
|
22
|
|
734
|
|
5,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unconsolidated
Joint Ventures (UJV's) |
|
1
|
|
1
|
|
1
|
|
|
|
198
|
|
-
|
|
-
|
|
198
|
Total
including UJV's |
|
22
|
|
22
|
|
17
|
|
|
|
5,007
|
|
22
|
|
734
|
|
5,763
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Intervals Including UJV's (7) |
|
|
|
|
|
|
|
|
|
260,364
|
|
1,144
|
|
38,168
|
|
299,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
Lockoff units are considered as one unit for this analysis. |
(2)
Includes resorts in operation, active sales or future development. |
(3)
Completed units include those units that have a certificate of
occupancy. |
(4)
Units in Pre-sales/Development are in various stages of development
(including the permitting stage), most of which are currently being
offered for sale to customers. |
(5)
Based on owned land and average density in existing marketplaces |
(6) Future units indicated above
include planned timeshare units on land owned by the Company or
applicable UJV that have received all major governmental land use
approvals for the development of timeshare. There can be no assurance
that such units will in fact be developed and, if developed, the time
period of such development (which may be more than several years in the
future). Some of the projects may require additional third-party
approvals or permits for development and build out and may also be
subject to legal challenges as well as a commitment of capital by the
Company. The actual number of units to be constructed may be
significantly lower than the number of future units indicated.
|
(7)
Assumes 52 intervals per unit. |
|