Starwood Reports Third Quarter 2012 Results And Declares Annual Dividend Of $1.25 Per Share

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 Revenues

Worldwide 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:

							REVPAR
Region							Constant     Dollars					Actual     Dollars
North America							5.3	%				4.8	%
Europe							3.1	%				(9.1	)%
Asia Pacific							4.3	%				0.7	%
Africa and the Middle East							7.0	%				3.2	%
Latin America							3.0	%				3.0	%

Changes in REVPAR for Worldwide Systemwide Same-Store Hotels by brand:

							REVPAR
Brand							Constant     Dollars					Actual     Dollars
St. Regis/Luxury Collection							5.7	%				(1.9	)%
W Hotels							6.7	%				4.6	%
Westin							6.2	%				3.4	%
Sheraton							2.8	%				0.6	%
Le Méridien							3.8	%				(4.0	)%
Four Points by Sheraton							5.4	%				3.3	%
Aloft							8.7	%				7.8	%

Worldwide Same-Store Company-Operated gross operating profit margins increased approximately 100 basis points compared to 2011. International gross operating profit margins for Same-Store Company-Operated properties increased 80 basis points. North American Same-Store Company-Operated gross operating profit margins increased approximately 140 basis points, driven by REVPAR increases and cost controls.

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