Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that President & CEO Frits van Paasschen, Vice Chairman & CFO Vasant Prabhu and other senior members of the Company's leadership are presenting Starwood's business strategy, key initiatives and three-year financial outlook during its Investor & Analyst Day held today in Dubai.
Frits van Paasschen, President & CEO, said, “Starwood's transformation over the last decade has delivered superior value to shareholders. Over the past five years, we have sustained innovation leadership while delivering excellent financial results. We have held the line on SG&A costs while significantly growing our global footprint. We have one of the fastest growing luxury hotel portfolios, the largest global upper-upscale (5 star) hotel platform and a sizable, high quality hotel pipeline. We have delivered substantial cash from continuing to execute our asset-light strategy, repositioning our vacation ownership business and from Bal Harbour unit sales. As a result, we have today our strongest balance sheet ever and have returned $1.7 billion to shareholders since 2008.”
“We are in a period of unprecedented growth in global travel, driven by the secular trends around the world of rising wealth, rapid urbanization and infrastructure development. As the leading global hotel company in high growth markets, and with a portfolio of coveted, high-end lifestyle brands, Starwood is well positioned to benefit disproportionately from these growth trends. Our brand-led approach, backed by the collective strength of our global platform, gives us an advantage that sets us apart from the competition and allows us to deliver unmatched value to our guests, corporate customers and hotel owners. With the growth from our high-quality global pipeline, the ability to drive rate in the low supply environments of North America and Europe, cash from vacation ownership and continued sales of owned hotels, we expect to generate strong free cash flow and continue to deliver market-leading returns to shareholders.”
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