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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