Starwood Reports Second Quarter 2015 Results
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today reported second quarter 2015 financial results. |
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Starwood Reports Second Quarter 2015 Results
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today reported second quarter 2015 financial results. |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2015-07-31
Second Quarter 2015 Highlights- Excluding special items, EPS from continuing operations was $0.84. Including special items, EPS from continuing operations was $0.79.
- Adjusted EBITDA was $311 million.
- Excluding special items, income from continuing operations was $143 million. Including special items, income from continuing operations was $136 million.
- Worldwide Systemwide REVPAR for Same-Store Hotels increased 4.1% in constant dollars (decreased 0.7% in actual dollars) compared to 2014. Systemwide REVPAR for Same-Store Hotels in North America increased 5.3% in constant dollars (4.1% in actual dollars).
- Management fees, franchise fees and other income, which were negatively impacted by foreign exchange rates, decreased 1.5% compared to 2014. Core fees decreased 1.0% compared to 2014.
- Earnings from Starwood’s vacation ownership and residential business decreased approximately $2 million compared to 2014.
- During the quarter, the Company signed 64 hotel management and franchise contracts, representing approximately 14,400 rooms, a 69% increase in signed rooms compared to 2014. The Company also opened 21 hotels and resorts with approximately 4,000 rooms in the second quarter of 2015.
- During the quarter, the Company paid a quarterly dividend of $0.375 per share and repurchased 1.2 million shares at a total cost of $105 million and a weighted average price of $84.24 per share.
- During the quarter, the Company sold three hotels for gross cash proceeds of approximately $533 million, subject to long-term management or franchise contracts.
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