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Starwood Reports Third Quarter 2011 Results

2 min reading time

Published on 27/10/11 - Updated on 17/03/22

Starwood Hotels & Resorts Worldwide, Inc. today reported third quarter 2011 financial results.

Third Quarter 2011 Highlights

-* During the quarter, the Company signed 24 hotel management and franchise contracts representing approximately 6,300 rooms and opened 19 hotels and resorts with approximately 4,900 rooms.-* Excluding special items, EPS from continuing operations was $0.60, including a benefit of approximately $0.18 primarily from the favorable settlement of an IRS audit. Including special items, which primarily relate to a gain on an asset exchange transaction, EPS from continuing operations was $0.85.-* Adjusted EBITDA was $241 million, up approximately 18% compared to 2010.-* Excluding special items, income from continuing operations was $118 million, including a tax benefit of $35 million primarily from the favorable settlement of an IRS audit. Including special items, income from continuing operations was $165 million, including $47 million primarily related to a gain on an asset exchange transaction.-* Worldwide System-wide REVPAR for Same-Store Hotels increased 11.6% (7.4% in constant dollars) compared to 2010. System-wide REVPAR for Same-Store Hotels in North America increased 8.8% (7.8% in constant dollars).-* Management fees, franchise fees and other income increased 16.8% compared to 2010.-* Worldwide Same-Store company-operated gross operating profit margins increased approximately 140 basis points compared to 2010. Gross operating profits were negatively impacted by events in the Middle East, North Africa and Japan.-* Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 16.2% (9.2% in constant dollars) compared to 2010.-* Margins at Starwood branded Same-Store Owned Hotels Worldwide increased approximately 265 basis points compared to 2010.-* Earnings from our vacation ownership and residential business was approximately flat compared to 2010.-* During the quarter, the Company signed 24 hotel management and franchise contracts representing approximately 6,300 rooms and opened 19 hotels and resorts with approximately 4,900 rooms.

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