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Starwood Reports First Quarter 2012 Results

4/26/2012

STAMFORD, Conn.—Starwood Hotels & Resorts Worldwide Inc.reported first quarter 2012 financial results.

“Our momentum picked up in the first quarter. Worldwide REVPAR grew 6.4 percent, adjusting for exchange rates, and fees were up a healthy 13.6 percent. We are proud to report that our brand portfolio again outperformed the market, posting our 11th straight quarterly gain in REVPAR index,” Frits van Paasschen, CEO, said in a release of the results.

First quarter 2012 highlights include:

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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