Starwood Reports Fourth Quarter 2011 Results
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Starwood Reports Fourth Quarter 2011 Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2012-02-03
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today reported fourth quarter 2011 financial results.
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.
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