Starwood Hotels Reports Strong Third Quarter Results

Starwood Hotels & Resorts Worldwide, Inc. reported strong third quarter 2007 financial results. The company reported EPS from continuing operations for the third quarter of 2007 of $0.61, compared to $0.71 in the third quarter of 2006.

Excluding special items, EPS from continuing operations was $0.68 for the third quarter of 2007, unchanged from the third quarter of 2006. Income from continuing operations was $129 million in the third quarter of 2007, compared to $155 million in 2006.

Excluding special items, which net to a $14 million charge in 2007 and a $7 million credit in 2006, income from continuing operations was $143 million for the third quarter of 2007 compared to $148 million in 2006.

Net income was $129 million and EPS was $0.61 in the third quarter of 2007, compared to net income of $155 million and EPS of $0.71 in the third quarter of 2006.

Worldwide system-wide RevPAR for Same-Store Hotels increased 9.5 percent compared to the third quarter of 2006, including 15.9 percent in Latin America, 14.6 percent in Asia Pacific, 13.5 percent in Europe, 13.3 percent in Africa and the Middle East and 6.1 percent in North America.

REVPAR increases for same-store hotels by brand were: Le Méridien 16 percent, St. Regis/Luxury Collection 12.6 percent, Four Points by Sheraton 10.6 percent, Sheraton 9.2 percent, W Hotels 8.6 percent and Westin 5.9 percent.

During the third quarter of 2007, the company signed 38 hotel management and franchise contracts representing approximately 9,000 rooms, of which 36 were new builds and two were conversions from other brands.