Starwood Reports Third Quarter 2015 Results (United States)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today reported third quarter 2015 financial results. |
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Starwood Reports Third Quarter 2015 Results (United States)
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today reported third quarter 2015 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 2015-10-29
Third Quarter 2015 Highlights - Excluding special items, EPS from continuing operations was $0.74. Including special items, EPS from continuing operations was $0.53.
- Adjusted EBITDA was $294 million.
- Excluding special items, income from continuing operations was $125 million. Including special items, income from continuing operations was $88 million.
- Worldwide Systemwide REVPAR for Same-Store Hotels increased 5.4% in constant dollars (decreased 0.3% in actual dollars) compared to 2014. Systemwide REVPAR for Same-Store Hotels in North America increased 5.3% in constant dollars (increased 3.6% in actual dollars).
- Management fees, franchise fees and other income increased 3.1% compared to 2014. Core fees increased 1.9% compared to 2014.
- Earnings from Starwood’s vacation ownership and residential business increased approximately $8 million compared to 2014.
- During the quarter, the Company signed 44 hotel management and franchise contracts, representing approximately 8,600 rooms and opened 27 hotels and resorts with approximately 4,800 rooms.
- During the quarter, the Company paid a quarterly dividend of $0.375 per share and repurchased 1.3 million shares at a total cost of $100 million and a weighted average price of $76.64 per share.
- During the quarter, the Company completed the sale of The Westin Excelsior Rome for gross cash proceeds of $251 million subject to a long-term management agreement.
- Today, the Company announced that it had entered into definitive agreements with Interval Leisure Group, Inc. (“Interval”) pursuant to which the Company’s vacation ownership business will be distributed on a pro rata basis to stockholders and immediately after will merge with a wholly-owned subsidiary of Interval. The transaction has a total value to Starwood of approximately $1.5 billion.
Third Quarter 2015 Earnings Summary Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported EPS from continuing operations for the third quarter of 2015 of $0.53 compared to $0.59 in the third quarter of 2014. Excluding special items, EPS from continuing operations was $0.74 for the third quarter of 2015 compared to $0.66 in the third quarter of 2014.
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