Management fees, franchise fees and other income were $246 million, up $12 million, or 5.1% compared to the fourth quarter of 2011. Management and franchise revenues increased 11.2% to $238 million. Management fees increased 9.8% to $146 million and franchise fees increased 6.4% to $50 million.
For the full year 2012, Worldwide Systemwide REVPAR for Same-Store Hotels increased 5.0% in constant dollars (3.2% in actual dollars) compared to the full year 2011. Worldwide Same-Store Company-Operated gross operating profit margins increased 90 basis points. Management fees, franchise fees and other income were $888 million, up $74 million, or 9.1% compared to the full year 2011. Management and franchise revenues increased 11.5% to $861 million. Management fees increased 11.9% to $509 million and franchise fees increased 7.0% to $200 million.
During the fourth quarter of 2012, the Company signed 40 hotel management and franchise contracts, representing approximately 8,400 rooms, of which 30 are new builds and 10 are conversions from other brands. At December 31, 2012, the Company had approximately 400 hotels in the active pipeline representing approximately 100,000 rooms.During the fourth quarter of 2012, 17 new hotels and resorts (representing approximately 3,900 rooms) entered the system, including St. Regis Mauritius Resort (Mauritius, 172 rooms), Metropol Palace, A Luxury Collection Hotel (Serbia, 130 rooms), W Bangkok (Thailand, 234 rooms), Le Meridien Mexico City (Mexico City, 160 rooms), Sheraton Shanghai Waigaoqiao (Shanghai, 451 rooms), and Westin Snowmass Resort (Colorado, 254 rooms). During the quarter, 11 properties (representing approximately 2,600 rooms) were removed from the system. For the full year 2012, the Company signed 131 hotel management and franchise contracts (representing approximately 30,500 rooms). For the full year 2012, 69 new hotels and resorts (representing approximately 17,600 rooms) entered the system and 25 properties (representing approximately 5,500 rooms) left the system.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV