Starwood Hotels & Resorts Worldwide, Inc. today reported first quarter 2012 financial results.
First Quarter 2012 Highlights
- Excluding special items, EPS from continuing operations was $0.63, including income from the St. Regis Bal Harbour residential project. Including special items, EPS from continuing operations was $0.65.
- Adjusted EBITDA was $297 million, which included $78 million of EBITDA from the St. Regis Bal Harbour residential project, up 42.8% compared to 2011.
- Excluding special items, income from continuing operations was $124 million, including income from the St. Regis Bal Harbour residential project. Including special items, income from continuing operations was $129 million.
- Worldwide System-wide REVPAR for Same-Store Hotels increased 5.8% (6.4% in constant dollars) compared to 2011. System-wide REVPAR for Same-Store Hotels in North America increased 7.1% (7.2% in constant dollars).
- Management fees, franchise fees and other income increased 13.6% compared to 2011. Worldwide Same-Store Company-Operated gross operating profit margins increased approximately 160 basis points compared to 2011.
- Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 4.5% (4.9% in constant dollars) compared to 2011. Margins at Starwood branded Same-Store Owned Hotels Worldwide increased approximately 160 basis points compared to 2011.
- Earnings from our vacation ownership and residential business increased approximately $79 million compared to 2011, including $78 million of earnings from the St. Regis Bal Harbour residential project.
- During the quarter, the Company signed 32 hotel management and franchise contracts, representing approximately 9,000 rooms, and opened 18 hotels and resorts with approximately 4,500 rooms.
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