
Starwood Hotels & Resorts Worldwide results for the second quarter 2012 ended June 30 show net income fell to $122 million compared to $131 million in the second quarter of 2011.
The Q2 results published show income per share in the second quarter of 2012 is also down to $0.62 compared to $0.68 in the second quarter of 2011.However EBITDA was up by 23.3% to $323 million, which included $35 million of EBITDA from the St. Regis Bal Harbour residential project. Worldwide Systemwide REVPAR for Same-Store Hotels increased 6.9% in constant dollars (4.2% in actual dollars). Systemwide REVPAR for Same-Store Hotels in North America increased 7.3% in constant dollars (6.8% in actual dollars).“We kept up our momentum in the second quarter, despite a choppy global economy. Our REVPAR grew 6.9%, with occupancy over a healthy 71%. Despite the uncertain global environment, we expect the trends we saw in our business for the past quarter to continue through the second half of the year,” said Frits van Paasschen, Starwood Hotels & Resorts Worldwide CEO.During the second quarter of 2012, the Company signed 34 hotel management and franchise contracts; at June 30, 2012, the Company had approximately 365 hotels in the active pipeline. 14 new hotels and resorts entered the system and five properties were removed.