Starwood Reports First Quarter 2013 Results (United States)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today reported first quarter 2013 financial results. |
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Starwood Reports First Quarter 2013 Results (United States)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today reported first quarter 2013 financial results. |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2013-05-02
First Quarter 2013 HighlightsExcluding special items, EPS from continuing operations was $0.76. Including special items, EPS from continuing operations was $0.73.
Adjusted EBITDA was $315 million, which included $58 million of EBITDA from the St. Regis Bal Harbour residential project.
Excluding special items, income from continuing operations was $148 million. Including special items, income from continuing operations was $143 million.
Worldwide Systemwide REVPAR for Same-Store Hotels increased 5.0% in constant dollars (4.6% in actual dollars) compared to 2012. Systemwide REVPAR for Same-Store Hotels in North America increased 6.2% in constant dollars (6.2% in actual dollars).
Management fees, franchise fees and other income increased 8.0% compared to 2012.
Worldwide Same-Store Company-Operated gross operating profit margins increased approximately 52 basis points compared to 2012.
Worldwide REVPAR for Starwood Same-Store Owned Hotels increased 3.4% in constant dollars (3.1% in actual dollars) compared to 2012.
Margins at Starwood Same-Store Owned Hotels Worldwide remained flat compared to 2012.
Earnings from Starwood’s vacation ownership and residential business decreased approximately $11 million compared to 2012, due to lower revenues at the St. Regis Bal Harbour residential project that is nearing completion.
During the quarter, the Company signed 26 hotel management and franchise contracts, representing approximately 6,200 rooms, and opened 18 hotels and resorts with approximately 4,000 rooms.
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