Starwood Reports Second Quarter 2012 Results

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today reported second quarter 2012 financial results.

Second Quarter 2012 Highlights

• Excluding special items, EPS from continuing operations was $0.70, including income from the St. Regis Bal Harbour residential project. Including special items, EPS from continuing operations was $0.66.
• Adjusted EBITDA was $323 million, which included $35 million of EBITDA from the St. Regis Bal Harbour residential project, up 23.3% compared to 2011.
• Excluding special items, income from continuing operations was $138 million, including income from the St. Regis Bal Harbour residential project. Including special items, income from continuing operations was $129 million.
• Worldwide Systemwide REVPAR for Same-Store Hotels increased 6.9% in constant dollars (4.2% in actual dollars) compared to 2011. Systemwide REVPAR for Same-Store Hotels in North America increased 7.3% in constant dollars (6.8% in actual dollars).
• Management fees, franchise fees and other income increased 10.4% compared to 2011.
• Worldwide Same-Store Company-Operated gross operating profit margins increased approximately 150 basis points compared to 2011.
• Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 3.1% in constant dollars (decreased 0.4% in actual dollars) compared to 2011.
• Margins at Starwood branded Same-Store Owned Hotels Worldwide increased approximately 140 basis points compared to 2011.
• Earnings from Starwood’s vacation ownership and residential business increased approximately $41 million compared to 2011, including $35 million of earnings from the St. Regis Bal Harbour residential project.
• During the quarter, the Company signed 34 hotel management and franchise contracts, representing approximately 8,300 rooms, and opened 14 hotels and resorts with approximately 2,700 rooms.

Second Quarter 2012 Earnings Summary

Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported EPS from continuing operations for the second quarter of 2012 of $0.66 compared to $0.77 in the second quarter of 2011. Excluding special items, EPS from continuing operations was $0.70 for the second quarter of 2012, including income from The St. Regis Bal Harbour Resort residential project (“Bal Harbour”), compared to $0.50 in the second quarter of 2011. Special items in the second quarter of 2012, which totaled a charge of $9 million (after-tax), primarily related to costs associated with the early extinguishment of debt. Special items in the second quarter of 2011, which totaled a benefit of $53 million (after-tax), primarily related to a tax benefit associated with the sale of two wholly-owned hotels. Excluding special items, the effective income tax rate in the second quarter of 2012 was 31.5%, including the tax effects associated with income from Bal Harbour, compared to 25.4% in the second quarter of 2011.

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