Revenues at Starwood branded Same-Store Owned Hotels in North America decreased 1.5% in constant dollars (2.5% in actual dollars) while costs and expenses decreased 0.2% in constant dollars (1.1% in actual dollars) when compared to 2011. Margins at these hotels decreased approximately 130 basis points.

Internationally, revenues at Starwood branded Same-Store Owned Hotels increased 4.1% in constant dollars (decreased 3.1% in actual dollars) while costs and expenses increased 2.3% in constant dollars (decreased 5.0% in actual dollars) when compared to 2011. Margins at these hotels increased approximately 140 basis points.

Revenues at owned, leased and consolidated joint venture hotels were $425 million, compared to $441 million in 2011. Expenses at owned, leased and consolidated joint venture hotels were $348 million compared to $361 million in 2011. Third quarter results were negatively impacted by four asset sales that took place since the third quarter of 2011.

Vacation Ownership

Total vacation ownership revenues increased 2.2% to $141 million in the third quarter of 2012 when compared to 2011, primarily due to the increased revenues from resort operations. Originated contract sales of vacation ownership intervals and numbers of contracts signed decreased 1.2% and 3.8%, respectively, primarily due to lower tour flow partially offset by a slight increase in the average price of vacation ownership units sold. The average price per vacation ownership unit sold increased 1.8% to approximately $14,300, driven by inventory mix.

Residential

The Company’s residential revenues were $67 million compared to $2 million in 2011. The Company realized residential revenues from Bal Harbour during the third quarter of 2012 of $62 million and generated EBITDA of $12 million. During the third quarter of 2012, the Company closed sales of 14 units at Bal Harbour and realized incremental cash proceeds of $59 million associated with these units. From project inception through September 30, 2012, the Company has closed contracts on approximately 64% of the total residential units available at Bal Harbour.

If you liked this article you might like

Trump's Anti-Obama Cuba Policy May Prove Setback for U.S. Businesses

Acquisitive Anbang's Chief Detained as China Cracks Down on Risky Finance

Marriott Looks to Quicken Rate of Starwood Brand Expansion

Earnings to Watch Out for Next Week

First Test of Trump the Politician Comes In Talks With Japan's Shinzo Abe