Fourth Quarter 2009 Highlights
Excluding special items, EPS from continuing operations was $0.51. Including
special items, EPS from continuing operations was a loss of $1.03.
Adjusted EBITDA was $247 million.
Excluding special items, income from continuing operations was $95 million.
Including special items, the loss from continuing operations was $186 million.
Special items totaled a pre-tax charge of $431 million ($281 million net of tax or
$1.54 per share), including a pre-tax non-cash impairment charge of $362 million
related to inventory, fixed assets and goodwill at Starwood Vacation Ownership.
Worldwide System-wide REVPAR for Same-Store Hotels decreased 7.2% (9.6% in
constant dollars) compared to the fourth quarter of 2008. System-wide REVPAR for
Same-Store Hotels in North America decreased 10.1% (10.7% in constant dollars).
Management and franchise revenues increased 0.6% compared to 2008.
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
7.9% (10.9% in constant dollars) compared to the fourth quarter of 2008. REVPAR
for Starwood branded Same-Store Owned Hotels in North America decreased 9.6%
(10.7% in constant dollars).
Operating income from vacation ownership and residential declined $5 million
compared to 2008.
In the quarter, the Company signed 20 hotel management and franchise contracts
representing approximately 4,200 rooms and opened 24 hotels with approximately
5,000 rooms.
The Company completed a series of dispositions and financing transactions during
the fourth quarter that resulted in cash proceeds of approximately $650 million.
These cash proceeds were primarily used to prepay debt maturing in 2010 to 2013,
reducing net debt at December 31, 2009 to $2.819 billion.
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