Net income was $420 million and $2.14 per share in the nine months ended September 30, 2012 compared to $322 million and $1.66 per share in the same period in 2011.
Adjusted EBITDA was $895 million in the nine months ended September 30, 2012, which includes $125 million of EBITDA from the St. Regis Bal Harbour Resort residential project (“Bal Harbour”), compared to $711 million in the same period in 2011.
Third Quarter 2012 Operating Results
Management and Franchise RevenuesWorldwide Systemwide REVPAR for Same-Store Hotels increased 4.7% in constant dollars (1.3% in actual dollars) compared to the third quarter of 2011. International Systemwide REVPAR for Same-Store Hotels increased 3.9% in constant dollars (decreased 3.0% in actual dollars). Changes in REVPAR for Worldwide Systemwide Same-Store Hotels by region:
|Africa and the Middle East||7.0||%||3.2||%|
|St. Regis/Luxury Collection||5.7||%||(1.9||)%|
|Four Points by Sheraton||5.4||%||3.3||%|