Press Release: Starwood Hotels & Resorts Worldwide, Inc.
February 1, 2002
WHITE PLAINS, NY -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT; ``Starwood'' or the ``Company'')
yesterday reported results for the fourth quarter and full year 2001.
Fourth Quarter and Full Year Financial Results
As expected, the terrorist attacks on September 11, 2001 continued to have a significant impact on the Company's
results as lodging demand declined to unprecedented levels across the United States and internationally.
Fourth Quarter Ended December 31, 2001
Excluding net charges for special items of $80 million in 2001 and a net credit of $1 million in 2000, loss per
share was $0.01 in the fourth quarter of 2001 compared to EPS of $0.64 in the corresponding period of 2000, reflecting
the dramatic reduction in travel following the events of September 11. Historically, the fourth quarter is the
strongest quarter of the year. Including these special items, loss per share in the fourth quarter of 2001 was
$0.28 compared to EPS of $0.64 in 2000. Total revenues were down 20.5% to $878 million compared to the same period
of 2000, resulting from the softening United States economy and the unprecedented decline in industry-wide demand
following the September 11 attacks. Operating income, excluding special items, was $56 million in the fourth quarter
of 2001 compared to $290 million in the same period of 2000 and the loss from continuing operations, excluding
special items, was $2 million in the fourth quarter of 2001 compared to income of $130 million in the same period
of 2000 due to the significant decline in hotel operating results and increased depreciation expense resulting
from the continued renovation program and the repositioning of certain hotels, offset in part by cost constraint
measures, and reduced interest expense resulting from a reduction in interest rates and the completion of financing
transactions in the past year (see Financing section of this release).
While most North America properties reported REVPAR declines, assets in Houston, Indianapolis, New Orleans and
Montreal were negatively impacted to a lesser degree. New York, the Company's largest EBITDA contributing city,
saw steady month to month recovery as the quarter progressed.
Year Ended December 31, 2001
For the year ended December 31, 2001, total revenues were $3.967 billion compared to $4.345 billion in the same
period of 2000. Excluding net charges for special items of $83 million in 2001 and a net credit of $2 million in
2000, EPS was $1.00 for the year ended December 31, 2001 compared to EPS of $1.95 in the corresponding period of
2000. Including these special items, EPS was $0.73 in 2001 compared to $1.96 in 2000. Income from continuing operations,
excluding special items, was $205 million in the year ended December 31, 2001 compared to $400 million in the same
period of 2000.
Comments from the CEO
Barry S. Sternlicht, Chairman and CEO said, ``After the tragic events of September 11th, we directed our team to
focus on improving our core processes and streamlining our organization. In the face of the combined one-two punch
of a global recession and a war, fourth quarter results were much as we predicted. On the positive side we produced
healthy EBITDA in all of our divisions, easily covering our interest expense by almost 3x, even in these extreme
conditions. I am also relatively pleased that at a time when business conditions are unlikely to ever be worse,
EBITDA margins at our core Comparable Owned Westin and Sheraton hotels in North America were 26% in the fourth
quarter of 2001.
As we begin the new year, we are optimistic that the global economies will firm and a rebound will occur in the
second half of 2002. We are poised, with our investments in technology, Six Sigma, and revenue management, to have
very powerful positive operating leverage. Despite the harsh business environment and our necessary cost-cutting
efforts, our guest satisfaction scores continue to rise across all our brands. At the same time, our market share
as measured by REVPAR index increased at our proprietary Same-Store Owned hotel portfolio in North America. Our
industry-leading innovations for Westin such as the Heavenly Bed and Heavenly Bath, the emergence of W hotels,
the increasing success of our Starwood Preferred Guest program and database CRM initiatives, our internet initiatives,
the very successful launch of our two new Westin interval ownership projects in Hawaii and Palm Springs, and the
completion of our brand prototype projects, all bode well for future growth rates that we expect can lead the industry.``
Concluding, Mr. Sternlicht said, ``Whether a rebound in the North America and other world economies and therefore
travel occurs in the second half of 2002 or not, with the tremendous decline in the number of new hotels being
built in the next two to three years, our extremely well located assets should produce substantial increases in
EBITDA and cash flow. We are poised for the rebound and excited about our prospects.''
Operating Results
At the Company's Comparable Owned Hotels worldwide, revenues for the fourth quarter of 2001 decreased approximately
$198 million to $718 million from $916 million in 2000 and EBITDA decreased approximately $150 million to $170
million from $320 million in 2000. EBITDA at the Company's Comparable Owned Hotels in North America decreased 45.2%
to $133 million in the fourth quarter of 2001 when compared to the same period of 2000. The decline in operating
results at Comparable Owned Hotels in North America in the fourth quarter of 2001 when compared to 2000 reflects
the impact of lower revenue per available room (``REVPAR'') primarily attributable to the September 11 attacks.
EBITDA at the Company's Comparable Owned Hotels internationally decreased 51.9% to approximately $37 million in
the fourth quarter of 2001 when compared to the same period of 2000 (a 52.5% decrease excluding the favorable effects
of foreign exchange).
For the fourth quarter of 2001, REVPAR at Same-Store Owned Hotels worldwide decreased 24.3% when compared to the
same period of 2000 as a result of a decline in occupancy rates of 910 basis points to 58.6% and a decline in average
daily rate (``ADR'') of 12.6% from the prior year. REVPAR at Same-Store Owned Hotels in North America decreased
23.8% to $85.18 when compared to the same period of 2000 as a result of a decrease in occupancy rates to 59.6%
from 67.6% in the prior year, while ADR decreased 13.5% to $142.92. The decrease in ADR was primarily attributable
to the mix of customers rather than discounted room rates. The Company's results in North America were negatively
impacted by the significant drop in industry-wide lodging demand, resulting primarily from the September 11 attacks,
particularly impacting New York, where the Company has seven owned hotels with approximately 3,900 rooms. Internationally,
Same-Store Owned Hotel REVPAR decreased 26.2%.
EBITDA margins at Comparable Owned Hotels worldwide decreased to 23.7% in the fourth quarter of 2001 when compared
to 34.9% in the same period of 2000. In North America, EBITDA margins at Comparable Owned Hotels decreased to 24.2%
in the fourth quarter of 2001 when compared to 34.6% in the same period of 2000. Internationally, EBITDA margins
at Comparable Owned Hotels decreased to 22.1% in the fourth quarter of 2001 when compared to 35.9% in the same
period of 2000.
During the fourth quarter of 2001, the Company added six management and franchise contracts with approximately
800 rooms. During the year ended December 31, 2001, the Company added 48 new management and franchise contracts
with approximately 9,100 rooms.
Starwood Vacation Ownership, Inc. (``SVO'') currently has fifteen interval ownership resorts in its portfolio.
SVO is selling vacation ownership interest (``VOI'') inventory at eight resorts and engaged in pre-opening sales
at two others currently under construction (Westin Mission Hills Resort Villas in Rancho Mirage, California and
Westin Ka`anapali Ocean Resort Villas in Maui, Hawaii). During the fourth quarter, the Company welcomed its first
guests to Sheraton's Mountain Vista in Avon, Colorado, which opened in November, and began presales for its Maui
property. SVO will begin construction of its fourth Westin-branded interval ownership resort later this year featuring
158 villas located adjacent to the Westin Kierland Resort & Spa in Scottsdale, Arizona which is scheduled to
open in late 2002.
Dispositions
The Company continues to review its portfolio for disposition candidates. Earlier this month, the Company announced
that it has initiated for the first time the formal sale process for the CIGA portfolio of 25 luxury hotels, land,
golf courses and marinas. The Company expects to begin reviewing preliminary indications of interest later in the
first quarter. Deutsche Bank, Jones Lang LaSalle Hotels and J.P. Morgan are advising the Company on the disposition
of this portfolio and have now begun actively marketing these assets.
Capital
During the fourth quarter of 2001, the Company invested approximately $160 million for capital, primarily at owned
hotel assets and VOI construction. Most of this investment spend included the completion of the conversion of the
Days Inn Chicago to the W Chicago-Lakeshore (556 rooms), which opened in late October, development of the W New
York-Times Square (509 rooms, which opened in late December) as well as the ongoing development of The St. Regis
Museum Tower in San Francisco (269 rooms and 102 condominiums). Additionally, design and construction continued
at the W-Mexico City (228 rooms) joint venture.
Financing
During the fourth quarter of 2001, the Company successfully amended certain terms of its Senior Credit Facility.
The amendment gives the Company greater financial flexibility by modifying various financial covenants until the
expiration of the facility in early 2003. The amended provisions include adjustments to the Company's combined
leverage ratio and interest coverage ratio as well as modifications to near-term amortization payments.
On December 31, 2001, the Company had total debt of $5.559 billion and cash and cash equivalents of $157 million.
At the end of the fourth quarter of 2001, the Company's debt was approximately 56% fixed rate and 44% floating
rate and its weighted average maturity was 4.5 years. As of December 31, 2001, the Company had cash and availability
under its domestic and international revolving credit facilities of approximately $644 million and the Company's
debt had a weighted average interest rate of 5.10%. In December 2001, the Company entered into an 18-month 450
million Euro loan with an interest rate of Euribor plus 195 basis points. The proceeds of the Euro loan were drawn
down in two tranches; the first 270 million Euros was drawn down in December and used to repay the previously outstanding
270 million Euro facility and the remaining 180 million Euros was drawn down in January 2002 and the proceeds were
used to pay down the Company's domestic revolving credit facility.
The Company continues to monitor the credit markets and, in light of the possibility of zero coupon convertible
senior notes being put back to the Company at a price of approximately $200 million in May 2002 as well as the
2003 maturities of certain existing facilities, expects to access the markets this year as well as enter into a
new senior bank facility.
The Company has provided loan guarantees related to a very limited number of managed hotels. As of December 31,
2001, the Company had approximately $160 million of such guarantees primarily related to the 400-room St. Regis
Monarch Beach which opened in July 2001, the 700-room Westin Charlotte which is under construction and anticipated
to open in November 2003 and a joint and several guarantee on the 750-room Westin Kierland with other third parties
including the project developer and a pension fund. All three projects are well capitalized.
Share Repurchase
For the year ended December 31, 2001, the Company repurchased 3,245,800 shares at a total cost of approximately
$96 million. No additional shares were repurchased in the fourth quarter. At December 31, 2001, Starwood had approximately
201 million shares outstanding (including partnership units and exchangeable preferred shares).
Dividend
In January 2002, Starwood Hotels & Resorts paid a fourth quarter dividend of $0.20 per share, representing
a 16% increase over the prior year quarterly dividend. In 2002, the Company intends to shift from a quarterly dividend
to an annual dividend. The final determination of the amount of the dividend will be subject to economic and financial
considerations and Board approval in the fourth quarter of 2002.
Special Items
The Company recorded net charges of $80 million (pretax) for special items in the fourth quarter of 2001 when compared
to a net credit of $1 million in the same period of 2000.
As discussed in the Company's third quarter 2001 earnings release and Form 10-Q, immediately following the events
of September 11 and the resulting decline in industry-wide demand, the Company began analyzing and implementing
a cost reduction plan and began reviewing the carrying value of certain assets for potential impairment. As a result,
in the fourth quarter of 2001, the Company recorded a net $57 million loss on asset dispositions and restructuring
and other special charges aggregating approximately $47 million, primarily resulting from the events of September
11. These special items consisted primarily of impairments of certain investments and other assets (approximately
$62 million); bad debts expense associated with receivables no longer deemed collectible (approximately $17 million);
and severance and retention costs (approximately $25 million). Approximately $14 million of these special items
represent cash charges, with the remaining amount being non-cash. In addition, during the fourth quarter of 2001,
the Company recorded a non-cash foreign exchange gain of approximately $24 million (pretax), which reduced selling,
general, administrative and other costs, resulting from the devaluation of the Argentine Peso. The gain represents
the mark-to-market, in accordance with Statement of Financial Accounting Standards No. 52, of a U.S. dollar intercompany
receivable in Argentina that resulted from a cash repatriation strategy.
For the year ended December 31, 2001, net charges for special items aggregated $83 million compared to a net credit
of $2 million in the same period of 2000.
The following represents a reconciliation of income (loss) from continuing operations before special items to income
(loss) from continuing operations after special items:
Fourth Quarter Ended Year Ended
December 31, December 31,
-------------------------------------------
2001 2000 2001 2000
-------------------------------------------
Income (loss) from
continuing operations
before special items $(2) $130 $205 $400
-------------------------------------------
Special items:
Impairment of assets(a) (79) 1 (80) 2
Severance and retention
costs(b) (25) -- (27) --
Foreign exchange gain
from Argentina(c) 24 -- 24 --
-------------------------------------------
Total special
items - pretax (80) 1 (83) 2
Income tax benefit
(expense) - 35%
incremental tax rate 28 -- 29 (1)
-------------------------------------------
Total special items -
after-tax (52) 1 (54) 1
Income (loss) from continuing
operations $(54) $131 $151 $401
===========================================
EPS before special items $(0.01) $0.64 $1.00 $1.95
EPS $(0.28) $0.64 $0.73 $1.96
(a) For the fourth quarter, $57 million reflected in gain (loss) on
asset dispositions and $22 million reflected in restructuring and
other special charges.
(b) Reflected in restructuring and other special charges.
(c) Reflected in selling, general, administrative and other expenses.
Future Performance
All comments in the following paragraphs and certain comments in this release above are deemed to be forward-looking
statements. These statements reflect expectations of the Company's performance given its current base of assets
and its current understanding of external economic and political environments. Actual results may differ materially.
The continued economic weakness in North America and Europe both as a result of the September 11 attacks and the
generally slowing economic activity prior to and after September 11, combined with the current economic and political
environment in Argentina and other parts of the world and their consequent impact on travel in their respective
regions and on the rest of the world, make it difficult to predict results with any degree of precision.
Assuming an economic recovery in the second half of 2002 resulting in annual REVPAR flat with the 2001 level, the
Company expects EBITDA of approximately $1.250 billion and EPS of approximately $1.30, including approximately
$0.30 per share from the new accounting rules pertaining to goodwill and intangible assets. Based on these assumptions,
approximate quarterly EPS for 2002 is expected to be as follows:
2002
-----------
First quarter $0.05
Second quarter 0.40
Third quarter 0.42
Fourth quarter 0.43
---------
Full year $1.30
===========
Starwood conducted a conference call to discuss the fourth quarter financial results at 10:30 a.m. (ET) yesterday.
The conference call was available through simultaneous webcast in the Investor Relations/Press Releases section
of the Company's website at www.starwood.com. A replay of the conference
call will also be available from 1:30 p.m. (ET) through 8:00 p.m. (ET) Thursday, February 7, on both the Company's
website and via telephone replay at 719-457-0820 (access code: 751959).
All references to EPS, unless otherwise noted, reflect earnings per diluted share from continuing operations excluding
special items. All references to Comparable Owned Hotels reflect the Company's owned, leased and consolidated joint
venture hotels, excluding hotels sold during 2000 and 2001 and hotels without comparable prior year results. All
references to Same-Store Owned Hotels reflect the Company's owned, leased and consolidated joint venture hotels,
excluding hotels under significant renovation or for which comparable results are not available.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with
more than 740 properties in 80 countries and 110,000 employees at its owned and managed properties. With internationally
renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including:
St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton and W®
brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality
vacation interval ownership.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations.
Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other
factors that may cause actual results to differ materially from those anticipated at the time the forward-looking
statements are made. General economic conditions including the duration and severity of the current economic downturn
in the United States and the terrorist attacks on New York and Washington D.C. and their aftermath, business and
financing conditions, cyclicality of the real estate and the hotel and leisure business, domestic and international
political conditions, competition, governmental and regulatory actions and other circumstances and uncertainties
may affect future results, performance and achievements. These risks and uncertainties are presented in detail
in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations
will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events or otherwise.)
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per Share data)
Three Months Ended
December 31,
2001 2000 %
Variance
Revenues
Owned, leased and consolidated joint
venture hotels $746 $919 (19)%
Other hotel and leisure(a) 132 186 (29)
-----------------------------
878 1,105 (21)
Costs and Expenses
Owned, leased and consolidated
joint venture hotels 575 599 4
Selling, general, administrative
and other(b) 88 91 3
Restructuring and other
special charges, net 47 -- --
Depreciation 112 104 (8)
Amortization 23 21 (10)
----------------------------
845 815 (4)
Operating income 33 290 (89)
Interest expense, net of interest income (77) (103) 25
Gain (loss) on asset dispositions, net (57) 1 --
----------------------------
(101) 188 (154)
Income tax benefit (expense) 47 (56) 184
Minority equity in net income -- (1) --
Income (loss) from continuing operations (54) 131 (141)
Discontinued operations:
Gain on dispositions, net of tax -- -- --
Extraordinary item, net of tax -- -- --
Net income (loss) $(54) $131 (141)%
===========================
Earnings Per Share -- Basic
Continuing operations $(0.28) $0.65 (143)%
Discontinued operations -- -- --
Extraordinary item -- -- --
Net income (loss) $(0.28) $0.65 (143)%
============================
Earnings Per Share -- Diluted
Continuing operations $(0.28) $0.64 (144)%
Discontinued operations -- -- --
Extraordinary item -- -- --
Net income (loss) $(0.28) $0.64 (144)%
============================
Weighted average number of Shares 198 201
=== ===
Weighted average number of Shares assuming 198 205
dilution === ===
Reconciliation of Operating Income to EBITDA(c)
Operating income $33 $290 (89)%
Depreciation(d) 119 114 4
Amortization(d) 23 21 10
Interest expense of unconsolidated joint
ventures 6 2 200
Interest income 2 5 (60)
Restructuring and other special charges, net 47 -- --
Foreign exchange gain from Argentina (24) -- --
EBITDA $206 $432 (52)%
----------------------------------------------------------------------
Year Ended
December 31,
2001 2000 %
Variance
Revenues
Owned, leased and consolidated joint
venture hotels $3,343 $3,659 (9)%
Other hotel and leisure(a) 624 686 (9)
--------------------------
3,967 4,345 (9)
Costs and Expenses
Owned, leased and consolidated joint
venture hotels 2,365 2,433 3
Selling, general, administrative and
other(b) 411 403 (2)
Restructuring and other special
charges, net 50 -- --
Depreciation 433 391 (11)
Amortization 93 90 (3)
-------------------------
3,352 3,317 (1)
Operating income 615 1,028 (40)
Interest expense, net of interest income (358) (420) 15
Gain (loss) on asset dispositions, net (57) 2 --
-------------------------
200 610 (67)
Income tax benefit (expense) (46) (201) 77
Minority equity in net income (3) (8) 63
Income (loss) from continuing operations 151 401 (62)
Discontinued operations:
Gain on dispositions, net of tax -- 5 --
Extraordinary item, net of tax (6) (3) (100)
Net income (loss) $145 $403 (64)%
=========================
Earnings Per Share -- Basic
Continuing operations $0.75 $1.99 (62)%
Discontinued operations -- 0.02 --
Extraordinary item (0.03) (0.01) (200)
Net income (loss) $0.72 $2.00 (64)%
=========================
Earnings Per Share -- Diluted
Continuing operations $0.73 $1.96 (63)%
Discontinued operations -- 0.02 --
Extraordinary item (0.03) (0.01) (200)
Net income (loss) $0.70 $1.97 (64)%
========================
Weighted average number of Shares 201 202
=== ===
Weighted average number of Shares assuming
dilution 206 205
========== ========== === ===
Reconciliation of Operating Income to EBITDA(c)
Operating income $615 $1,028 (40)%
Depreciation(d) 460 418 10
Amortization(d) 93 90 3
Interest expense of unconsolidated joint ventures 25 18 39
Interest income 11 19 (42)
Restructuring and other special charges, net 50 -- --
Foreign exchange gain from Argentina (24) -- --
EBITDA $1,230 $1,573 (22)%
----------------------------------------------------------------------
(a) Other hotel and leisure revenues include management and franchise
fees earned from third party hotel owners, the Company's interest
in unconsolidated joint ventures and the sale and financing of
VOIs.
(b) Selling, general, administrative and other expenses includes the
cost of sales of VOIs and other costs of timeshare operations.
(c) EBITDA is defined as income before interest expense, income tax
expense and depreciation and amortization. Special items and
gains and losses from sales of real estate and investments are
also excluded from EBITDA as these items do not impact operating
results on a recurring basis. Management considers EBITDA to be
one measure of the cash flows from operations of the Company
before debt service that provides a relevant basis for
comparison, and EBITDA is presented to assist investors in
analyzing the performance of the Company. This information should
not be considered as an alternative to any measure of performance
as promulgated under accounting principles generally accepted in
the United States, nor should it be considered as an indicator of
the overall financial performance of the Company. The Company's
calculation of EBITDA may be different from the calculation used
by other companies and, therefore, comparability may be limited.
(d) Includes Starwood's share of depreciation and amortization
expense of unconsolidated joint ventures.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
UNAUDITED BALANCE SHEET INFORMATION
(In millions)
December 31,
2001
---------------
Total assets $12,461
Cash and cash equivalents $157
Total debt(a) $5,559
Shares outstanding(b) 201
(a) Excludes Starwood's share of unconsolidated joint venture debt
aggregating approximately $300 million.
(b) Shares outstanding include partnership units and exchangeable
preferred shares.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended December 31, 2001
WORLDWIDE NORTH AMERICA
2001 2000 Var. 2001 2000 Var
----------------------------------------------------
157 Hotels 111 Hotels
----------------------------------------------------
OWNED HOTELS
RevPAR($) 83.84 110.80 -24.3% 85.18 111.74 -23.8%
ADR ($) 143.02 163.68 -12.6% 142.92 165.20 -13.5%
OCCUPANCY (%) 58.6% 67.7% -9.1 59.6% 67.6% -8.0
----------------------------------------------------
67 43
----------------------------------------------------
SHERATON
RevPAR ($) 73.36 99.81 -26.5% 76.70 104.89 -26.9%
ADR ($) 127.75 148.59 -14.0% 130.57 154.56 -15.5%
OCCUPANCY (%) 57.4% 67.2% -9.8 58.7% 67.9% -9.2
----------------------------------------------------
35 23
----------------------------------------------------
WESTIN
RevPAR ($) 85.18 107.62 -20.9% 81.66 100.10 -18.4%
ADR ($) 141.17 155.55 -9.2% 132.23 145.41 -9.1%
OCCUPANCY (%) 60.3% 69.2% -8.9 61.8% 68.8% -7.0
----------------------------------------------------
14 5
----------------------------------------------------
LUXURY COLLECTION
RevPAR ($) 178.14 229.23 -22.3% 213.26 266.50 -20.0%
ADR ($) 304.24 332.01 -8.4% 360.97 399.52 -9.6%
OCCUPANCY (%) 58.6% 69.0% -10.4 59.1% 66.7% -7.6
-----------------------------------------------------
10 10
-----------------------------------------------------
W
RevPAR ($) 121.86 172.50 -29.4% 121.86 172.50 -29.4%
ADR ($) 189.76 245.83 -22.8% 189.76 245.83 -22.8%
OCCUPANCY (%) 64.2% 70.2% -6.0 64.2% 70.2% -6.0
------------------------------------------------------
31 30
------------------------------------------------------
OTHER
RevPAR ($) 63.13 80.55 -21.6% 64.48 82.15 -21.5%
ADR ($) 110.42 123.54 -10.6% 114.37 127.69 -10.4%
OCCUPANCY (%) 57.2% 65.2% -8.0 56.4% 64.3% -7.9
INTERNATIONAL(2)
2001 2000 Var.
------------------------------------
46 Hotels
------------------------------------
OWNED HOTELS
RevPAR ($) 79.65 107.86 -26.2%
ADR ($) 143.34 158.95 -9.8%
OCCUPANCY (%) 55.6% 67.9% -12.3
------------------------------------
24
------------------------------------
SHERATON
RevPAR ($) 66.30 89.15 -25.6%
ADR ($) 121.35 135.63 -10.5%
OCCUPANCY (%) 54.6% 65.7% -11.1
------------------------------------
12
------------------------------------
WESTIN
RevPAR ($) 99.21 137.20 -27.7%
ADR ($) 181.40 194.41 -6.7%
OCCUPANCY (%) 54.7% 70.6% -15.9
------------------------------------
9
------------------------------------
LUXURY COLLECTION
RevPAR ($) 135.32 183.29 -26.2%
ADR ($) 233.68 254.82 -8.3%
OCCUPANCY (%) 57.9% 71.9% -14.0
--------------------------------
1
--------------------------------
OTHER
RevPAR ($) 48.11 62.64 -23.2%
ADR ($) 72.80 83.74 -13.1%
OCCUPANCY (%) 66.1% 74.8% -8.7
(1) Hotel Results exclude 2 hotel under significant renovation or
without comparable results, 6 hotels without prior year results
and 5 hotels sold during 2000 and 2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Three Months Ended December 31, 2001
EUROPE LATIN AMERICA
2001 2000 Var. 2001 2000 Var.
---------------------------------------------------
30 Hotels 13 Hotels
---------------------------------------------------
OWNED HOTELS
RevPAR ($) 102.78 131.82 -22.0% 56.12 86.77 -35.3%
ADR ($) 179.05 186.59 -4.0% 110.16 139.15 -20.8%
OCCUPANCY (%) 57.4% 70.6% -13.2 50.9% 62.4% -11.5
---------------------------------------------------
12 10
---------------------------------------------------
SHERATON
RevPAR ($) 81.70 98.12 -16.7% 54.72 83.50 -34.5%
ADR ($) 139.07 139.80 -0.5% 108.86 137.60 -20.9%
OCCUPANCY (%) 58.7% 70.2% -11.5 50.3% 60.7% -10.4
---------------------------------------------------
9 3
---------------------------------------------------
WESTIN
RevPAR ($) 114.52 151.75 -24.5% 63.19 103.07 -38.7%
ADR ($) 208.84 215.19 -3.0% 116.25 145.80 -20.3%
OCCUPANCY (%) 54.8% 70.5% -15.7 54.4% 70.7% -16.3
---------------------------------------------------
9
---------------------------------------------------
LUXURY COLLECTION
RevPAR ($) 135.32 183.29 -26.2%
ADR ($) 233.68 254.82 -8.3%
OCCUPANCY (%) 57.9% 71.9% -14.0
ASIA PACIFIC
2001 2000 Var.
------------------------------------
3 Hotels
------------------------------------
OWNED HOTELS
RevPAR ($) 57.87 74.19 -22.0%
ADR ($) 91.82 100.14 -8.3%
OCCUPANCY (%) 63.0% 74.1% -11.1
------------------------------------
2
------------------------------------
SHERATON
RevPAR ($) 65.38 82.95 -21.2%
ADR ($) 107.76 112.80 -4.5%
OCCUPANCY (%) 60.7% 73.5% -12.8
------------------------------------
1
-----------------------------------
OTHER
RevPAR ($) 48.11 62.64 -23.2%
ADR ($) 72.80 83.74 -13.1%
OCCUPANCY (%) 66.1% 74.8% -8.7
(1) Hotel Results exclude 2 hotel under significant renovation or
without comparable results, 6 hotels without prior year results
and 5 hotels sold during 2000 and 2001.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (1)
For the Three Months Ended December 31, 2001
UNAUDITED ($ thousands)
WORLDWIDE NORTH AMERICA
2001 2000 Var. 2001 2000 Var.
--------------------------------------------------
159 Hotels 112 Hotels
--------------------------------------------------
OWNED HOTELS
TOTAL REVENUE 717,953 915,545 -21.6% 550,341 700,941 -21.5%
TOTAL EBITDA 170,058 319,647 -46.8% 133,014 242,644 -45.2%
MARGIN % 23.7% 34.9% -11.2 24.2% 34.6% -10.4
--------------------------------------------------
68 43
--------------------------------------------------
SHERATON
REVENUE 291,368 378,996 -23.1% 200,543 263,149 -23.8%
EBITDA 75,277 141,506 -46.8% 54,102 98,737 -45.2%
MARGIN % 25.8% 37.3% -11.5 27.0% 37.5% -10.5
--------------------------------------------------
35 23
--------------------------------------------------
WESTIN
REVENUE 191,003 237,884 -19.7% 145,904 178,937 -18.5%
EBITDA 45,358 77,446 -41.4% 35,106 56,050 -37.4%
MARGIN % 23.7% 32.6% -8.9 24.1% 31.3% -7.2
---------------------------------------------------
14 5
---------------------------------------------------
LUXURY COLLECTION
REVENUE 96,410 122,035 -21.0% 68,879 87,467 -21.3%
EBITDA 22,524 42,521 -47.0% 17,053 30,057 -43.3%
MARGIN % 23.4% 34.8% -11.4 24.8% 34.4% -9.6
--------------------------------------------------
11 11
--------------------------------------------------
W
REVENUE 62,013 83,614 -25.8% 62,013 83,614 -25.8%
EBITDA 11,180 30,507 -63.4% 11,180 30,507 -63.4%
MARGIN % 18.0% 36.5% -18.5 18.0% 36.5% -18.5
--------------------------------------------------
31 30
--------------------------------------------------
OTHER
REVENUE 77,159 93,016 -17.0% 73,002 87,774 -16.8%
EBITDA 15,719 27,667 -43.2% 15,573 27,293 -42.9%
MARGIN % 20.4% 29.7% -9.3 21.3% 31.1% -9.8
INTERNATIONAL(2)
2001 2000 Var.
-----------------------------------
47 Hotels
-----------------------------------
OWNED HOTELS
TOTAL REVENUE 167,612 214,604 -21.9%
TOTAL EBITDA 37,044 77,003 -51.9%
MARGIN % 22.1% 35.9% -13.8
----------------------------------
25
---------------------------------
SHERATON
REVENUE 90,825 115,847 -21.6%
EBITDA 21,175 42,769 -50.5%
MARGIN % 23.3% 36.9% -13.6
---------------------------------
12
---------------------------------
WESTIN
REVENUE 45,099 58,947 -23.5%
EBITDA 10,252 21,396 -52.1%
MARGIN % 22.7% 36.3% -13.6
---------------------------------
9
---------------------------------
LUXURY COLLECTION
REVENUE 27,531 34,568 -20.4%
EBITDA 5,471 12,464 -56.1%
MARGIN % 19.9% 36.1% -16.2
---------------------------------
1
---------------------------------
OTHER
REVENUE 4,157 5,242 -20.7%
EBITDA 146 374 -61.0%
MARGIN % 3.5% 7.1% -3.6
(1) Hotel Results exclude 6 hotels without prior year results and 5
hotels sold during 2000 and 2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (1)
For the Three Months Ended December 31, 2001
UNAUDITED ($ thousands)
EUROPE LATIN AMERICA
2001 2000 Var. 2001 2000 Var.
-----------------------------------------------
30 Hotels 13 Hotels
-----------------------------------------------
OWNED HOTELS
TOTAL REVENUE 104,772 128,579 -18.5% 47,732 68,791 -30.6%
TOTAL EBITDA 21,234 42,119 -49.6% 13,110 31,334 -58.2%
MARGIN % 20.3% 32.8% -12.5 27.5% 45.5% -18.0
------------------------------------------------
12 10
------------------------------------------------
SHERATON
REVENUE 41,766 49,863 -16.2% 38,108 53,992 -29.4%
EBITDA 8,420 14,957 -43.7% 10,201 24,636 -58.6%
MARGIN % 20.2% 30.0% -9.8 26.8% 45.6% -18.8
------------------------------------------------
9 3
------------------------------------------------
WESTIN
REVENUE 35,475 44,148 -19.6% 9,624 14,799 -35.0%
EBITDA 7,343 14,698 -50.0% 2,909 6,698 -56.6%
MARGIN % 20.7% 33.3% -12.6 30.2% 45.3% -15.1
---------------------------------
9
----------------------------------
LUXURY COLLECTION
REVENUE 27,531 34,568 -20.4%
EBITDA 5,471 12,464 -56.1%
MARGIN % 19.9% 36.1% -16.2
ASIA PACIFIC
2001 2000 Var.
---------------------------------
4 Hotels
---------------------------------
OWNED HOTELS
TOTAL REVENUE 15,108 17,234 -12.3%
TOTAL EBITDA 2,700 3,550 -23.9%
MARGIN % 17.9% 20.6% -2.7
---------------------------------
3
---------------------------------
SHERATON
REVENUE 10,951 11,992 -8.7%
EBITDA 2,554 3,176 -19.6%
MARGIN % 23.3% 26.5% -3.2
---------------------------------
1
---------------------------------
OTHER
REVENUE 4,157 5,242 -20.7%
EBITDA 146 374 -61.0%
MARGIN % 3.5% 7.1% -3.6
(1) Hotel Results exclude 6 hotels without prior year results and
5 hotels sold during 2000 and 2001.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Year Ended December 31, 2001
WORLDWIDE NORTH AMERICA
2001 2000 Var. 2001 2000 Var.
------------------------------------------------
155 Hotels 110 Hotels
------------------------------------------------
OWNED HOTELS
RevPAR ($) 101.98 115.01 -11.3% 100.27 113.81 -11.9%
ADR ($) 156.73 161.59 -3.0% 152.26 157.44 -3.3%
OCCUPANCY (%) 65.1% 71.2% -6.1 65.9% 72.3% -6.4
-------------------------------------------------
66 42
-------------------------------------------------
SHERATON
RevPAR ($) 86.65 101.05 -14.3% 90.51 105.37 -14.1%
ADR ($) 136.64 144.83 -5.7% 139.46 146.91 -5.1%
OCCUPANCY (%) 63.4% 69.8% -6.4 64.9% 71.7% -6.8
-------------------------------------------------
35 23
-------------------------------------------------
WESTIN
RevPAR ($) 108.42 116.14 -6.6% 100.65 107.64 -6.5%
ADR ($) 156.77 157.33 -0.4% 144.36 144.94 -0.4%
OCCUPANCY (%) 69.2% 73.8% -4.6 69.7% 74.3% -4.6
-------------------------------------------------
14 5
-------------------------------------------------
LUXURY COLLECTION
RevPAR ($) 223.73 239.73 -6.7% 234.00 261.73 -10.6%
ADR ($) 339.89 336.47 1.0% 358.18 359.69 -0.4%
OCCUPANCY (%) 65.8% 71.2% -5.4 65.3% 72.8% -7.5
------------------------------------------------
10 10
------------------------------------------------
W
RevPAR ($) 135.34 161.96 -16.4% 135.34 161.96 -16.4%
ADR ($) 204.65 219.60 -6.8% 204.65 219.60 -6.8%
OCCUPANCY (%) 66.1% 73.8% -7.7 66.1% 73.8% -7.7
-------------------------------------------------
30 30
-------------------------------------------------
OTHER
RevPAR ($) 75.52 86.51 -12.7% 75.52 86.51 -12.7%
ADR ($) 121.43 123.92 -2.0% 121.43 123.92 -2.0%
OCCUPANCY (%) 62.2% 69.8% -7.6 62.2% 69.8% -7.6
INTERNATIONAL(2)
2001 2000 Var.
------------------------------------
45 Hotels
------------------------------------
OWNED HOTELS
RevPAR ($) 107.47 118.86 -9.6%
ADR ($) 171.87 175.87 -2.3%
OCCUPANCY (%) 62.5% 67.6% -5.1
------------------------------------
24
------------------------------------
SHERATON
RevPAR ($) 78.65 92.16 -14.7%
ADR ($) 130.36 140.18 -7.0%
OCCUPANCY (%) 60.3% 65.7% -5.4
------------------------------------
12
------------------------------------
WESTIN
RevPAR ($) 138.61 149.66 -7.4%
ADR ($) 207.01 207.64 -0.3%
OCCUPANCY (%) 67.0% 72.1% -5.1
------------------------------------
9
------------------------------------
LUXURY COLLECTION
RevPAR ($) 211.82 213.98 -1.0%
ADR ($) 319.02 308.00 3.6%
OCCUPANCY (%) 66.4% 69.5% -3.1
(1) Hotel Results exclude 2 hotel under significant renovation or
without comparable results, 8 hotels without prior year results
and 10 hotels sold during 2000 and 2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (1)
For the Year Ended December 31, 2001
EUROPE LATIN AMERICA
2001 2000 Var. 2001 2000 Var.
---------------------------------------------
30 Hotels 13 Hotels
---------------------------------------------
OWNED HOTELS
RevPAR ($) 138.93 146.23 -5.0% 71.71 87.46 -18.0%
ADR ($) 210.11 206.16 1.9% 125.28 139.42 -10.1%
OCCUPANCY (%) 66.1% 70.9% -4.8 57.2% 62.7% -5.5
---------------------------------------------
12 10
---------------------------------------------
SHERATON
RevPAR ($) 95.95 102.75 -6.6% 66.86 83.75 -20.2%
ADR ($) 144.90 145.58 -0.5% 122.13 137.23 -11.0%
OCCUPANCY (%) 66.2% 70.6% -4.4 54.7% 61.0% -6.3
----------------------------------------------
9 3
----------------------------------------------
WESTIN
RevPAR ($) 156.16 169.63 -7.9% 96.19 105.34 -8.7%
ADR ($) 237.42 233.68 1.6% 137.75 148.50 -7.2%
OCCUPANCY (%) 65.8% 72.6% -6.8 69.8% 70.9% -1.1
------------------------
9
------------------------
LUXURY COLLECTION
RevPAR ($) 211.82 213.98 -1.0%
ADR ($) 319.02 308.00 3.6%
OCCUPANCY (%) 66.4% 69.5% -3.1
ASIA PACIFIC
2001 2000 Var.
-----------------------------------
2 Hotels
-----------------------------------
OWNED HOTELS
RevPAR ($) 70.61 92.91 -24.0%
ADR ($) 107.96 132.08 -18.3%
OCCUPANCY (%) 65.4% 70.3% -4.9
-----------------------------------
2
-----------------------------------
SHERATON
RevPAR ($) 70.61 92.91 -24.0%
ADR ($) 107.96 132.08 -18.3%
OCCUPANCY (%) 65.4% 70.3% -4.9
(1) Hotel Results exclude 2 hotel under significant renovation or
without comparable results, 8 hotels without prior year results
and 10 hotels sold during 2000 and 2001.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (1)
For the Year Ended December 31, 2001
UNAUDITED ($ thousands)
WORLDWIDE NORTH AMERICA
2001 2000 Var. 2001 2000 Var.
---------------------------------------------------------
157 Hotels 111 Hotels
---------------------------------------------------------
OWNED HOTELS
TOTAL
REVENUE 3,210,794 3,601,084 -10.8% 2,399,816 2,715,882 -11.6%
TOTAL EBITDA 958,184 1,213,656 -21.0% 696,416 905,106 -23.1%
MARGIN % 29.8% 33.7% -3.9 29.0% 33.3% -4.3
--------------------------------------------------------
67 42
--------------------------------------------------------
SHERATON
REVENUE 1,276,808 1,464,263 -12.8% 871,384 996,645 -12.6%
EBITDA 384,245 503,685 -23.7% 263,371 346,499 -24.0%
MARGIN % 30.1% 34.4% -4.3 30.2% 34.8% -4.6
--------------------------------------------------------
35 23
--------------------------------------------------------
WESTIN
REVENUE 907,839 973,796 -6.8% 669,181 723,258 -7.5%
EBITDA 275,215 318,056 -13.5% 194,700 227,865 -14.6%
MARGIN % 30.3% 32.7% -2.4 29.1% 31.5% -2.4
--------------------------------------------------------
14 5
--------------------------------------------------------
LUXURY COLLECTION
REVENUE 460,914 499,046 -7.6% 294,018 332,000 -11.4%
EBITDA 147,094 169,839 -13.4% 86,715 108,666 -20.2%
MARGIN % 31.9% 34.0% -2.1 29.5% 32.7% -3.2
--------------------------------------------------------
11 11
--------------------------------------------------------
W
REVENUE 250,408 313,491 -20.1% 250,408 313,491 -20.1%
EBITDA 63,666 108,651 -41.4% 63,666 108,651 -41.4%
MARGIN % 25.4% 34.7% -9.3 25.4% 34.7% -9.3
--------------------------------------------------------
30 30
--------------------------------------------------------
OTHER
REVENUE 314,825 350,488 -10.2% 314,825 350,488 -10.2%
EBITDA 87,964 113,425 -22.4% 87,964 113,425 -22.4%
MARGIN % 27.9% 32.4% -4.5 27.9% 32.4% -4.5
INTERNATIONAL(2)
2001 2000 Var.
--------------------------------
46 Hotels
--------------------------------
OWNED HOTELS
TOTAL REVENUE 810,978 885,202 -8.4%
TOTAL EBITDA 261,768 308,550 -15.2%
MARGIN % 32.3% 34.9% -2.6
--------------------------------
25
--------------------------------
SHERATON
REVENUE 405,424 467,618 -13.3%
EBITDA 120,874 157,186 -23.1%
MARGIN % 29.8% 33.6% -3.8
--------------------------------
12
--------------------------------
WESTIN
REVENUE 238,658 250,538 -4.7%
EBITDA 80,515 90,191 -10.7%
MARGIN % 33.7% 36.0% -2.3
--------------------------------
9
--------------------------------
LUXURY COLLECTION
REVENUE 166,896 167,046 -0.1%
EBITDA 60,379 61,173 -1.3%
MARGIN % 36.2% 36.6% -0.4
(1) Hotel Results exclude 8 hotels without prior year results and
10 hotels sold during 2000 and 2001.
(2) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (1)
For the Year Ended December 31, 2001
UNAUDITED ($ thousands)
EUROPE LATIN AMERICA
2001 2000 Var. 2001 2000 Var.
-----------------------------------------------------
30 Hotels 13 Hotels
-----------------------------------------------------
OWNED HOTELS
TOTAL REVENUE 541,594 561,018 -3.5% 226,528 267,607 -15.4%
TOTAL EBITDA 166,748 181,458 -8.1% 84,508 110,366 -23.4%
MARGIN % 30.8% 32.3% -1.5 37.3% 41.2% -3.9
-----------------------------------------------------
12 10
-----------------------------------------------------
SHERATON
REVENUE 190,848 203,843 -6.4% 171,720 207,198 -17.1%
EBITDA 48,549 55,854 -13.1% 61,813 84,606 -26.9%
MARGIN % 25.4% 27.4% -2.0 36.0% 40.8% -4.8
-----------------------------------------------------
9 3
-----------------------------------------------------
WESTIN
REVENUE 183,850 190,129 -3.3% 54,808 60,409 -9.3%
EBITDA 57,820 64,431 -10.3% 22,695 25,760 -11.9%
MARGIN % 31.4% 33.9% -2.5 41.4% 42.6% -1.2
-------------------------
9
--------------------------
LUXURY COLLECTION
REVENUE 166,896 167,046 -0.1%
EBITDA 60,379 61,173 -1.3%
MARGIN % 36.2% 36.6% -0.4
ASIA PACIFIC
------------
2001 2000 Var.
-----------------------------------
3 Hotels
-----------------------------------
OWNED HOTELS
TOTAL REVENUE 42,856 56,577 -24.3%
TOTAL EBITDA 10,512 16,726 -37.2%
MARGIN % 24.5% 29.6% -5.1
-----------------------------------
3
-----------------------------------
SHERATON
REVENUE 42,856 56,577 -24.3%
EBITDA 10,512 16,726 -37.2%
MARGIN % 24.5% 29.6% -5.1
(1) Hotel Results exclude 8 hotels without prior year results and
10 hotels sold during 2000 and 2001.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Debt Portfolio Summary
As of December 31, 2001
UNAUDITED (in millions)
Avg
Maturity
Debt Interest Balance % of Interest (in
Terms Portfolio Rate years)
------------- -------- ------- --------- -------- ---------
Floating Rate
Debt:
Five-year term
loan LIBOR + 72.5 $ 800 14% 2.60% 1.0
Term loan
add-on LIBOR + 125 423 8% 3.12% 1.1
Revolving
credit
facility LIBOR + 72.5 664 12% 2.60% 1.1
------- -----------
------- -----------
Senior credit
facility 1,887 34% 2.72% 1.1
Senior secured
notes
facility -
Tranche II
loans LIBOR + 275 500 9% 4.62% 1.1
Mortgages and
other Various 542 10% 5.08% 2.2
Interest rate
swaps (497) -9% 3.23%
------- -----------
------- -----------
Total Floating 2,432 44% 3.53% 1.3
------- -----------
------- -----------
Fixed Rate
Debt:
Sheraton
Holding
public debt 1,296 23% 7.08% 9.2
Convertible
debt - Series
A & B (1) 507 9% 2.36% 1.9
Mortgages and
other 827 15% 7.36% 10.0
Interest rate
swaps 497 9% 6.68%
------- -----------
------- -----------
Total Fixed 3,127 56% 6.32% 8.1
------- -----------
------- -----------
Total Debt $ 5,559 100% 5.10% 4.5
======= ===========
======= ===========
------------------------------
Maturity
------------------------------
------------------------------
(less than) 1 Year $ 332
2 - 3 Years 2,808
4 - 5 Years 548
(greater than) 5 Years 1,871
---------------
---------------
Total $ 5,559
===============
===============
------------------------------
(1) Maturity date reflects the earlier of the first put date or
the maturity date of the credit facility which would be used
to refinance the amount put to the company.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotels under Renovation and/or without Comparable Results & Other
Selected Items
For the Three Months Ended December 31, 2001
Properties under Significant Selected Balance Sheet and Cash
Renovation during the 4th Flow Items:
Quarter 2001
Property Location Cash and cash equivalents $ 157
-------- -------- Fourth quarter dividend
per share $ 0.20
Quarter to Date Capital expenditures $ 160
W Chicago - Lake Debt level $ 5,559
Shore Chicago, IL Shares Repurchased -
Other Properties without
Comparable or Prior Year
Results
Property Location
Sheraton Royal
Denarau Resort Nadi, Fiji
Sheraton Centre
Toronto Hotel Toronto, Canada
Hotel Goldener
Hirsch Salzburg, Austria
Hotel Bristol Vienna, Austria
Hotel Imperial Vienna, Austria
Westin Dublin
Hotel Dublin, Ireland
W New York -
Times Square New York, NY
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Summary of Portfolio by Properties & Rooms
As of December 31, 2001
PROPERTIES
Lux.
Sheraton Westin Col./ Four W Other Total
-------- ------- St. -- ------ -----
Regis Points
----- ------
Owned,
leased &
consol-
idated
JVs 67 37 18 7 12 24 165
Unconsol-
idated
joint
ventures 28 9 3 2 - 1 43
-----------------------------------------------------------
Equity
interest
proper-
ties 95 46 21 9 12 25 208
Managed
(third-
party
owned) 133 39 23 20 4 3 222
Franchised,
represen-
ted &
referral 153 27 13 119 - 1 313
-----------------------------------------------------------
Total 381 112 57 148 16 29 743
==== ==== === ==== === === ===
ROOMS
Lux.
Sheraton Westin Col./ Four W Other Total
-------- ------ St. -- ------ -----
Regis Points
----- ------
Owned,
leased &
consoli-
dated JVs 26,804 14,100 3,729 1,894 4,390 5,884 56,801
Unconsol-
idated
joint
ventures 11,285 3,763 671 328 - 132 16,179
-----------------------------------------------------------
Equity in-
terest
proper-
ties 38,089 17,863 4,400 2,222 4,390 6,016 72,980
Managed
(third-
party
owned) 44,589 18,425 5,258 3,734 596 971 73,573
Franchised,
represen-
ted & re-
ferral 45,256 8,677 1,815 21,675 - 491 77,914
-----------------------------------------------------------
Total 127,934 44,965 11,473 27,631 4,986 7,478 224,467
======== ======= ======= ======= ====== ====== =======
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Detail List of Hotels & Rooms
Owned, Leased, and Consolidated Joint Venture
As of December 31, 2001
Brand Hotel Name Location Rooms
------------- ------------------------ -------------------- -------
Sheraton
North America
Sheraton Tucson Hotel & Suites Tucson, AZ 216
Sheraton San Diego Hotel & Marina San Diego, CA 1,045
Sheraton Universal Hotel Universal City, CA 436
Sheraton Denver Tech Center Hotel Englewood, CO 263
Sheraton Danbury Hotel Danbury, CT 242
Sheraton Stamford Hotel Stamford, CT 445
Sheraton Bal Harbour Beach Resort Bal Harbour, FL 659
Sheraton Ft. Lauderdale Airport
Hotel Dania, FL 250
Sheraton Gainesville Hotel Gainesville, FL 197
Sheraton Suites Key West Key West, FL 180
Sheraton Suites Tampa Airport Tampa, FL 259
Sheraton Colony Square Atlanta, GA 467
Sheraton Buckhead Hotel Atlanta Atlanta, GA 369
Sheraton Chicago Northwest Arlington
Heights, IL 429
Sheraton Indianapolis Hotel &
Suites Indianapolis, IN 560
Sheraton Boston Hotel Boston, MA 1,215
Sheraton Hotel Braintree Braintree, MA 376
Sheraton Ferncroft Resort Danvers, MA 367
Sheraton Framingham Hotel Framingham, MA 370
Sheraton Hyannis Resort Hyannis, MA 224
Sheraton Inn Lexington Lexington, MA 119
Sheraton Colonial Hotel &
Golf Club Lynnfield, MA 280
Sheraton Needham Hotel Needham, MA 247
Sheraton Hotel Newton Newton, MA 272
Sheraton College Park Hotel Beltsville, MD 205
Sheraton South Portland Hotel South Portland, ME 219
Sheraton Chapel Hill Hotel Chapel Hill, NC 168
Sheraton Omaha Hotel Omaha, NE 145
Sheraton Nashua Hotel Nashua, NH 336
Sheraton Edison Hotel Raritan
Center Edison, NJ 274
Sheraton Hotel Parsippany Parsippany, NJ 370
Sheraton New York Hotel & Towers New York, NY 1,746
Sheraton Manhattan Hotel New York, NY 666
Sheraton Russell Hotel New York, NY 146
Sheraton Park Ridge Hotel &
Conference Center at Valley
Forge King of Prussia, PA 265
Sheraton Suites Philadelphia
Airport Philadelphia, PA 251
Sheraton Providence Airport Hotel Warwick, RI 206
Sheraton North Charleston Hotel Charleston, SC 296
Sheraton Norfolk Waterside Hotel Norfolk, VA 445
Sheraton Milwaukee Brookfield
Hotel Brookfield, WI 389
Sheraton Hamilton Hotel Hamilton, Canada 299
Le Centre Sheraton Hotel Montreal, Canada 825
Sheraton Gateway Hotel in Toronto
International Hotel Toronto, Canada 474
Sheraton Centre Toronto Hotel Toronto, Canada 1,377
-----
North America 18,589
------
International
Sheraton Buenos Aires Hotel &
Convention Center Buenos Aires,
Argentina 739
Sheraton On The Park Sydney, Australia 558
Sheraton Brussels Hotel & Towers Brussels, Belgium 529
Sheraton Rio Hotel & Towers Rio de Janeiro,
Brazil 559
Sheraton Mofarrej Sao Paulo, Brazil 244
Sheraton Santiago Hotel &
Convention Center Santiago, Chile 379
Park Lane Hotel London, England 305
Sheraton Fiji Resort Nadi, Fiji 281
Sheraton Royal Denarau Resort Nadi, Fiji 267
Sheraton Paris Airport Hotel
Charles de Gaulle Roissy Aerogare,
France 254
Hotel Villa Cipriani Asolo, Italy 31
Cervo Hotel & Conference Center Costa Smeralda,
Italy 108
Hotel Diana Majestic Milan, Italy 107
Sheraton Roma Hotel &
Conference Center Rome, Italy 647
Hotel Des Bains Venice Lido, Italy 191
Sheraton Cancun Resort & Towers Cancun, Mexico 471
Sheraton Maria Isabel Hotel &
Towers Mexico City, Mexico 755
Sheraton Ambassador Hotel Monterey, Mexico 239
Sheraton Skyline Hotel &
Conference Center Hayes, Middlesex,
England 351
Sheraton Lima Hotel & Casino Lima, Peru 431
Sheraton Warsaw Hotel & Towers Warsaw, Poland 350
Sheraton Lisboa Hotel & Towers Lisbon, Portugal 375
Hotel Santa Maria de El Paular Rascafria, Spain 44
--
International 8,215
-----
Sheraton Worldwide 26,804
------
Westin
North America
Westin South Coast Plaza Costa Mesa, CA 390
Westin Hotel Long Beach Long Beach, CA 460
Westin Los Angeles Airport Los Angeles, CA 740
Westin Mission Hills Resort Rancho Mirage, CA 512
Westin Horton Plaza San Diego San Diego, CA 450
Westin San Francisco Airport San Francisco, CA 393
Westin Tabor Center Denver, CO 430
Westin Stamford Hotel Stamford, CT 462
Westin Grand, D.C. Washington, DC 263
Westin Fairfax Washington, DC Washington, DC 206
Westin Fort Lauderdale Fort Lauderdale, FL 293
Westin Atlanta North at Perimeter Atlanta, GA 369
Westin Peachtree Plaza Atlanta, GA 1,068
Westin Maui Lahaina, HI 758
Westin Indianapolis Indianapolis, IN 573
Westin Waltham Boston Waltham, MA 346
Westin Southfield - Detroit Southfield, MI 384
Westin Cincinnati Cincinnati, OH 450
Westin Philadelphia Philadelphia, PA 290
Westin Galleria Houston Houston, TX 487
Westin Oaks Houston, TX 406
Westin Seattle Seattle, WA 891
Westin Resort St. John, US Virgin
Islands 282
---
North America 10,903
------
International
Hotel Bristol Vienna, Austria 140
Westin Dublin Hotel Dublin, Ireland 163
Westin Excelsior Florence Florence, Italy 168
Westin Palace Milan Milan, Italy 244
Westin Excelsior Rome Rome, Italy 316
Westin Europa & Regina Venice, Italy 185
Westin Excelsior Venice Lido Venice Lido, Italy 196
Westin Regina Resort - Los Cabos Cabo San Lucas,
Mexico 243
Westin Regina Resort - Cancun Cancun, Mexico 293
Westin Regina Resort - Puerto
Vallarta Puerta Vallarta,
Mexico 280
Turnberry Hotel and Golf Resort, A
Westin Hotel Ayreshire, Scotland 221
Westin Palace Madrid Madrid, Spain 465
Hotel Maria Cristina, A Westin
Hotel San Sebastian, Spain 136
Hotel Alfonso XIII, A Westin Hotel Seville, Spain 147
---
International 3,197
-----
Westin Worldwide 14,100
------
Luxury Collection/St. Regis
North America
The Phoenician Scottsdale, AZ 654
St. Regis Aspen Aspen, CO 257
St. Regis Washington, DC Washington, DC 193
St. Regis New York New York, NY 315
St. Regis Houston Houston, TX 232
---
North America 1,651
-----
International
Park Tower Buenos Aires,
Argentina 181
Hotel Goldener Hirsch Salzburg, Austria 69
Hotel Imperial Vienna, Austria 138
San Cristobal Tower Santiago, Chile 139
Hotel Cala di Volpe Costa Smeralda, Italy 123
Hotel Pitrizza Costa Smeralda, Italy 52
Hotel Romazzino Costa Smeralda, Italy 94
Grand Hotel Florence, Italy 107
Hotel Principe di Savoia Milan, Italy 404
St. Regis Grand Rome Rome, Italy 161
Hotel Danieli Venice, Italy 233
Hotel Gritti Palace Venice, Italy 91
Hotel Mencey Santa Cruz De
Tenerife, Spain
Canary Islands 286
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International 2,078
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Luxury Collection/St. Regis Worldwide 3,729
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W
North America
W Los Angeles Westwood Los Angeles, CA 258
W San Francisco San Francisco, CA 423
W Atlanta Atlanta, GA 274
W Chicago - Lake Shore Chicago, IL 556
W Chicago - City Center Chicago, IL 390
W New Orleans - French Quarter New Orleans, LA 98
W New Orleans New Orleans, LA 423
W New York - The Tuscany New York, NY 122
W New York - The Court New York, NY 198
W New York New York, NY 713
W New York - Times Square New York, NY 509
W Seattle Seattle, WA 426
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W Worldwide 4,390
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Four Points
North America
Four Points by Sheraton Tucson
University Plaza Tucson, AZ 150
Four Points by Sheraton Rancho
Bernardo Rancho Bernardo, CA 209
Four Points by Sheraton Denver
Cherry Creek Denver, CO 320
Four Points by Sheraton
Minneapolis Minneapolis, MN 253
Four Points by Sheraton Portland
Downtown Portland, OR 140
Four Points by Sheraton
Philadelphia Airport Philadelphia, PA 177
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North America 1,249
-----
International
Four Points Sydney Hotel Sydney, Australia 645
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International 645
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Four Points Worldwide 1,894
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Other
North America
Clarion Hotel Millbrae, CA 440
San Diego Marriott Suites San Diego, CA 264
Sonoma County Hilton Santa Rosa, CA 246
Capitol Hill Suites Washington, DC 152
Deerfield Beach Hilton Deerfield Beach, FL 221
Atlanta - Lenox Inn Atlanta, GA 175
Tremont Hotel Chicago, IL 130
Raphael Chicago, IL 172
Boston Park Plaza Hotel Boston, MA 950
BWI Airport Marriott Baltimore, MD 310
Novi Hilton Novi, MI 239
Doubletree Hotel Minneapolis
Airport at the Mall Bloomington, MN 321
Wayfarer Inn Bedford, NH 194
Marriott Forrestal Village Hotel Princeton, NJ 294
Days Inn City Center Portland, OR 173
Clarion Hotel Allentown Allentown, PA 224
Caesars Cove Haven Lakeville, PA 282
Caesars Pocono Palace Marshalls Creek, PA 189
Caesars Paradise Stream Mount Pocono, PA 164
Caesars Brookdale Scotrun, PA 119
Courtyard by Marriott Crystal
City Arlington, VA 272
Residence Inn by Marriott Tyson's
Corner Vienna, VA 96
Days Inn Town Center Seattle, WA 91
Sixth Avenue Inn Seattle, WA 166
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Other Worldwide 5,884
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Total Company Worldwide 56,801
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Contact:
Starwood Hotels & Resorts Worldwide, Inc., White Plains
Dan Gibson
(914) 640-8175