STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (a)
For the Three Months Ended September 30, 2000
UNAUDITED ($ thousands)
WORLDWIDE NORTH AMERICA
2000 1999 Var. 2000 1999 Var.
OWNED HOTELS 161 Hotels 113 Hotels
TOTAL REVENUE 900,031 830,560 8.4% 660,642 585,550 12.8%
TOTAL EBITDA 301,590 263,308 14.5% 213,779 173,320 23.3%
MARGIN % 33.5% 31.7% 1.8 32.4% 29.6% 2.8
SHERATON 67 41
REVENUE 361,440 350,236 3.2% 248,067 224,059 10.7%
EBITDA 124,980 117,747 6.1% 86,756 72,563 19.6%
MARGIN % 34.6% 33.6% 1.0 35.0% 32.4% 2.6
WESTIN 35 23
REVENUE 234,941 217,389 8.1% 172,179 154,120 11.7%
EBITDA 72,933 62,919 15.9% 50,562 41,146 22.9%
MARGIN % 31.0% 28.9% 2.1 29.4% 26.7% 2.7
LUXURY COLLECTION 15 5
REVENUE 127,620 112,832 13.1% 64,366 57,268 12.4%
EBITDA 41,395 32,914 25.8% 14,179 9,883 43.5%
MARGIN % 32.4% 29.2% 3.2 22.0% 17.3% 4.7
W 8 8
REVENUE 59,407 42,167 40.9% 59,407 42,167 40.9%
EBITDA 18,627 10,641 75.0% 18,627 10,641 75.0%
MARGIN % 31.4% 25.2% 6.2 31.4% 25.2% 6.2
OTHER 36 36
REVENUE 116,623 107,936 8.0% 116,623 107,936 8.0%
EBITDA 43,655 39,087 11.7% 43,655 39,087 11.7%
MARGIN % 37.4% 36.2% 1.2 37.4% 36.2% 1.2
INTERNATIONAL (b)
2000 1999 Var.
48 Hotels
OWNED HOTELS
TOTAL REVENUE 239,389 245,010 -2.3%
TOTAL EBITDA 87,811 89,988 -2.4%
MARGIN % 36.7% 36.7% --
SHERATON 26
REVENUE 113,373 126,177 -10.1%
EBITDA 38,224 45,184 -15.4%
MARGIN % 33.7% 35.8% -2.1
WESTIN 12
REVENUE 62,762 63,269 -0.8%
EBITDA 22,371 21,773 2.7%
MARGIN % 35.6% 34.4% 1.2
LUXURY COLLECTION 10
REVENUE 63,254 55,564 13.8%
EBITDA 27,216 23,031 18.2%
MARGIN % 43.0% 41.4% 1.6
(a) Hotel Results exclude 3 hotels without prior year results and hotels
sold during 1999 and 2000.
(b) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (a)
For the Three Months Ended September 30, 2000
UNAUDITED ($ thousands)
EUROPE LATIN AMERICA
2000 1999 Var. 2000 1999 Var.
OWNED HOTELS 30 Hotels 15 Hotels
TOTAL REVENUE 168,774 160,413 5.2% 57,646 64,781 -11.0%
TOTAL EBITDA 62,971 57,216 10.1% 20,658 25,376 -18.6%
MARGIN % 37.3% 35.7% 1.6 35.8% 39.2% -3.4
SHERATON 12 11
REVENUE 56,026 55,801 0.4% 44,378 50,560 -12.2%
EBITDA 15,924 16,187 -1.6% 18,118 21,601 -16.1%
MARGIN % 28.4% 29.0% -0.6 40.8% 42.7% -1.9
WESTIN 9 3
REVENUE 53,101 52,586 1.0% 9,661 10,683 -9.6%
EBITDA 20,343 18,559 9.6% 2,028 3,214 -36.9%
MARGIN % 38.3% 35.3% 3.0 21.0% 30.1% -9.1
LUXURY COLLECTION 9 1
REVENUE 59,647 52,026 14.6% 3,607 3,538 2.0%
EBITDA 26,704 22,470 18.8% 512 561 -8.7%
MARGIN % 44.8% 43.2% 1.6 14.2% 15.9% -1.7
ASIA PACIFIC
2000 1999 Var.
OWNED HOTELS 3 Hotels
TOTAL REVENUE 12,969 19,816 -34.6%
TOTAL EBITDA 4,182 7,396 -43.5%
MARGIN % 32.2% 37.3% -5.1
SHERATON 3
REVENUE 12,969 19,816 -34.6%
EBITDA 4,182 7,396 -43.5%
MARGIN % 32.2% 37.3% -5.1
(a) Hotel Results exclude 3 hotels without prior year results and hotels
sold during 1999 and 2000.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (a)
For the Nine Months Ended September 30, 2000
WORLDWIDE NORTH AMERICA
2000 1999 Var. 2000 1999 Var.
OWNED HOTELS 127 Hotels 85 Hotels
REVPAR ($) 116.01 106.67 8.8% 113.46 100.69 12.7%
ADR ($) 159.13 151.60 5.0% 151.63 141.76 7.0%
OCCUPANCY (%) 72.9% 70.4% 2.5 74.8% 71.0% 3.8
SHERATON 48 26
REVPAR ($) 102.08 94.61 7.9% 108.10 95.35 13.4%
ADR ($) 142.43 136.58 4.3% 143.33 135.10 6.1%
OCCUPANCY (%) 71.7% 69.3% 2.4 75.4% 70.6% 4.8
WESTIN 30 19
REVPAR ($) 122.38 116.24 5.3% 112.70 104.27 8.1%
ADR ($) 160.07 157.12 1.9% 145.66 141.11 3.2%
OCCUPANCY (%) 76.5% 74.0% 2.5 77.4% 73.9% 3.5
LUXURY COLLECTION 13 4
REVPAR ($) 231.10 210.50 9.8% 269.87 228.63 18.0%
ADR ($) 341.76 335.91 1.7% 388.90 387.41 0.4%
OCCUPANCY (%) 67.6% 62.7% 4.9 69.4% 59.0% 10.4
W 5 5
REVPAR ($) 184.73 123.24 49.9% 184.73 123.24 49.9%
ADR ($) 235.20 189.05 24.4% 235.20 189.05 24.4%
OCCUPANCY (%) 78.5% 65.2% 13.3 78.5% 65.2% 13.3
OTHER 31 31
REVPAR ($) 86.41 82.33 5.0% 86.41 82.33 5.0%
ADR ($) 121.62 115.71 5.1% 121.62 115.71 5.1%
OCCUPANCY (%) 71.0% 71.2% -0.2 71.0% 71.2% -0.2
INTERNATIONAL (b)
2000 1999 Var.
OWNED HOTELS 42 Hotels
REVPAR ($) 122.56 122.05 0.4%
ADR ($) 180.30 177.76 1.4%
OCCUPANCY (%) 68.0% 68.7% -0.7
SHERATON 22
REVPAR ($) 93.48 93.54 -0.1%
ADR ($) 140.96 138.80 1.6%
OCCUPANCY (%) 66.3% 67.4% -1.1
WESTIN 11
REVPAR ($) 154.45 156.17 -1.1%
ADR ($) 210.35 210.22 0.1%
OCCUPANCY (%) 73.4% 74.3% -0.9
LUXURY COLLECTION 9
REVPAR ($) 205.73 198.67 3.6%
ADR ($) 309.56 305.40 1.4%
OCCUPANCY (%) 66.5% 65.1% 1.4
(a) Hotel Results exclude 33 hotels under significant renovation or
without comparable results, 4 hotels without prior year results and
hotels sold during 1999 and 2000.
(b) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Same Store (a)
For the Nine Months Ended September 30, 2000
EUROPE LATIN AMERICA
2000 1999 Var. 2000 1999 Var.
OWNED HOTELS 27 Hotels 14 Hotels
REVPAR ($) 157.62 155.79 1.2% 85.45 86.36 -1.1%
ADR ($) 219.31 217.70 0.7% 136.30 134.36 1.4%
OCCUPANCY (%) 71.9% 71.6% 0.3 62.7% 64.3% -1.6
SHERATON 11 10
REVPAR ($) 110.86 109.61 1.1% 79.53 80.19 -0.8%
ADR ($) 155.66 153.88 1.2% 129.04 126.90 1.7%
OCCUPANCY (%) 71.2% 71.2% 0.0 61.6% 63.2% -1.6
WESTIN 8 3
REVPAR ($) 178.36 180.24 -1.0% 106.07 108.07 -1.9%
ADR ($) 239.04 242.14 -1.3% 149.36 146.04 2.3%
OCCUPANCY (%) 74.6% 74.4% 0.2 71.0% 74.0% -3.0
LUXURY COLLECTION 8 1
REVPAR ($) 223.73 215.06 4.0% 111.42 112.71 -1.1%
ADR ($) 322.23 314.76 2.4% 218.95 235.34 -7.0%
OCCUPANCY (%) 69.4% 68.3% 1.1 50.9% 47.9% 3.0
ASIA PACIFIC
2000 1999 Var.
OWNED HOTELS 1 Hotel
REVPAR ($) 115.18 117.67 -2.1%
ADR ($) 147.79 146.11 1.1%
OCCUPANCY (%) 77.9% 80.5% -2.6
SHERATON 1
REVPAR ($) 115.18 117.67 -2.1%
ADR ($) 147.79 146.11 1.1%
OCCUPANCY (%) 77.9% 80.5% -2.6
(a) Hotel Results exclude 33 hotels under significant renovation or
without comparable results, 4 hotels without prior year results and
hotels sold during 1999 and 2000.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (a)
For the Nine Months Ended September 30, 2000
UNAUDITED ($ thousands)
WORLDWIDE NORTH AMERICA
2000 1999 Var. 2000 1999 Var.
OWNED HOTELS 160 Hotels 112 Hotels
TOTAL REVENUE 2,643,586 2,445,720 8.1% 1,964,992 1,753,883 12.0%
TOTAL EBITDA 875,357 785,619 11.4% 641,518 546,703 17.3%
MARGIN % 33.1% 32.1% 1.0 32.6% 31.2% 1.4
SHERATON 67 41
REVENUE 1,070,708 1,010,615 5.9% 727,125 641,429 13.4%
EBITDA 360,114 330,333 9.0% 245,145 202,341 21.2%
MARGIN % 33.6% 32.7% 0.9 33.7% 31.5% 2.2
WESTIN 35 23
REVENUE 735,913 697,673 5.5% 544,322 504,415 7.9%
EBITDA 240,610 224,434 7.2% 171,815 155,579 10.4%
MARGIN % 32.7% 32.2% 0.5 31.6% 30.8% 0.8
LUXURY COLLECTION 15 5
REVENUE 387,953 346,803 11.9% 244,533 217,410 12.5%
EBITDA 128,684 107,548 19.7% 78,609 65,479 20.1%
MARGIN % 33.2% 31.0% 2.2 32.1% 30.1% 2.0
W 7 7
REVENUE 134,539 93,344 44.1% 134,539 93,344 44.1%
EBITDA 40,923 24,097 69.8% 40,923 24,097 69.8%
MARGIN % 30.4% 25.8% 4.6 30.4% 25.8% 4.6
OTHER 36 36
REVENUE 314,473 297,285 5.8% 314,473 297,285 5.8%
EBITDA 105,026 99,207 5.9% 105,026 99,207 5.9%
MARGIN % 33.4% 33.4% -- 33.4% 33.4% --
INTERNATIONAL (b)
2000 1999 Var.
OWNED HOTELS 48 Hotels
TOTAL REVENUE 678,594 691,837 -1.9%
TOTAL EBITDA 233,839 238,916 -2.1%
MARGIN % 34.5% 34.5% --
SHERATON 26
REVENUE 343,583 369,186 -6.9%
EBITDA 114,969 127,992 -10.2%
MARGIN 33.5% 34.7% -1.2
WESTIN 12
REVENUE 191,591 193,258 -0.9%
EBITDA 68,795 68,855 -0.1%
MARGIN 35.9% 35.6% 0.3
LUXURY COLLECTION 10
REVENUE 143,420 129,393 10.8%
EBITDA 50,075 42,069 19.0%
MARGIN 34.9% 32.5% 2.4
(a) Hotel Results exclude 4 hotels without prior year results and hotels
sold during 1999 and 2000.
(b) See next page for breakdown by division.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotel Results - Comparable (a)
For the Nine Months Ended September 30, 2000
UNAUDITED ($ thousands)
EUROPE LATIN AMERICA
2000 1999 Var. 2000 1999 Var.
OWNED HOTELS 30 Hotels 15 Hotels
TOTAL REVENUE 432,439 425,291 1.7% 201,570 212,351 -5.1%
TOTAL EBITDA 139,339 132,295 5.3% 80,950 87,802 -7.8%
MARGIN % 32.2% 31.1% 1.1 40.2% 41.3% -1.1
SHERATON 12 11
REVENUE 153,980 159,067 -3.2% 145,018 155,924 -7.0%
EBITDA 40,897 43,620 -6.2% 60,522 65,553 -7.7%
MARGIN % 26.6% 27.4% -0.8 41.7% 42.0% -0.3
WESTIN 9 3
REVENUE 145,981 147,682 -1.2% 45,610 45,576 0.1%
EBITDA 49,733 48,086 3.4% 19,062 20,769 -8.2%
MARGIN % 34.1% 32.6% 1.5 41.8% 45.6% -3.8
LUXURY COLLECTION 9 1
REVENUE 132,478 118,542 11.8% 10,942 10,851 0.8%
EBITDA 48,709 40,589 20.0% 1,366 1,480 -7.7%
MARGIN % 36.8% 34.2% 2.6 12.5% 13.6% -1.1
ASIA PACIFIC
2000 1999 Var.
OWNED HOTELS 3 Hotels
TOTAL REVENUE 44,585 54,195 -17.7%
TOTAL EBITDA 13,550 18,819 -28.0%
MARGIN % 30.4% 34.7% -4.3
SHERATON 3
REVENUE 44,585 54,195 -17.7%
EBITDA 13,550 18,819 -28.0%
MARGIN % 30.4% 34.7% -4.3
(a) Hotel Results exclude 4 hotels without prior year results and hotels
sold during 1999 and 2000.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Debt Portfolio Summary
As of September 30, 2000
UNAUDITED (in millions)
Avg.
Interest Balance % of Interest Maturity
Debt Terms Portfolio Rate (in years)
Floating Rate Debt:
Revolving credit
facility LIBOR +62.5 $40 1% 7.24% 2.4
Term Loan LIBOR +62.5 950 17% 7.24% 2.4
Credit Facilities 990 18% 7.24% 2.4
Increasing rate
Tranche II loans LIBOR +275 1,000 18% 9.37% 2.4
Mortgages and other Various 600 11% 7.04% 2.7
Long-term interest
rate swaps (1,000) -18% 7.24%
Total Floating 1,590 29% 8.50% 2.5
Fixed Rate Debt:
ITT public debt 1,996 36% 6.79% 6.9
Mortgages and other 931 17% 7.31% 11.7
Long-term interest
rate swaps 1,000 18% 6.64%
Total Fixed 3,927 71% 6.87% 8.4
Total Debt 5,517 100% 7.34% 5.6
Debt Instruments
Bank credit facilities $ 990
Other bank facilities
(includes capital leases) 234
Increasing rate notes 1,000
Bond Debt 1,996
Secured debt 1,297
Total $ 5,517
Maturity
< 1 Year $ 1,270
1-3 Years 1,880
4-5 Years 323
> 5 Years 2,044
Total $ 5,517
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotels under Renovation and/or without Comparable Results
For the Three Months Ended September 30, 2000
Properties under Significant Renovation during the 3rd Quarter 2000
Property Location
Sheraton Bal Harbour Beach Resort Bal Harbour, FL
The Phoenician Scottsdale, AZ
Additional Properties under Renovation during the 3rd Quarter 2000
Property Location
Boston Park Plaza Hotel Boston, MA
Sheraton Arlington Park Hotel Arlington Heights, IL
Sheraton Denver Tech Center Hotel Englewood, CO
Sheraton New York Hotel & Towers New York, NY
Sheraton San Diego Hotel & Marina San Diego, CA
Westin Los Angeles Airport Los Angeles, CA
Westin Maui Lahaina, HI
Other Properties without Comparable Results
Property Location
Four Points Sydney Hotel Sydney, Australia
Sheraton Macuto Resort La Guaira, Venezuela
Sheraton Fiji Resort Nadi, Fiji
Sheraton Hamilton Hotel Hamilton, Canada
Sheraton Royal Denarau Resort Nadi, Fiji
St. Regis Grand Rome Rome, Italy
W Seattle Seattle, WA
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Other Company Information
As of and for the Three Months Ended September 30, 2000
UNAUDITED (in millions except share and per share amounts)
Selected Balance Sheet and Cash Flow Items:
Cash and cash equivalents $242
Third quarter dividend per share $0.1725
Capital expenditures $104
Debt level $5,517
Shares Repurchased (avg. price $ 30.86/sh (a)) $664,000
(a) Excludes commissions paid.
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Summary of Portfolio by Properties & Rooms
As of September 30, 2000
PROPERTIES
Lux. Col./ Four
Sheraton Westin St. Regis Points W Other Total
Owned, leased &
consolidated JVs 66 35 17 8 9 29 164
Unconsolidated
joint ventures 30 9 4 5 -- 1 49
Equity interest
properties 96 44 21 13 9 30 213
Managed (third-
party owned) 126 43 15 19 3 6 212
Franchised,
represented &
referral 163 30 8 104 -- 1 306
Total 385 117 44 136 12 37 731
ROOMS
Lux. Col./ Four
Sheraton Westin St. Regis Points W Other Total
Owned, leased &
consolidated JVs 25,650 13,753 3,758 2,145 2,935 7,389 55,630
Unconsolidated
joint ventures 12,474 3,740 638 1,075 -- 132 18,059
Equity interest
properties 38,124 17,493 4,396 3,220 2,935 7,521 73,689
Managed (third-
party owned) 43,483 21,095 4,446 3,521 326 1,617 74,488
Franchised,
represented &
referral 46,305 10,025 1,271 19,278 -- 491 77,370
Total 127,912 48,613 10,113 26,019 3,261 9,629 225,547
SOURCE Starwood Hotels & Resorts Worldwide, Inc.
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