Starwood’s 2Q Results Show RevPAR, EPS Increase

WHITE PLAINS, NY—Starwood Hotels & Resorts Worldwide, Inc. reported its second quarter 2010 financial results this week with gains in RevPAR and earnings per share among the highlights.

The results indicated EPS from continuing operations of $0.35, excluding special items; adjusted EBITDA of $226 million; and income from continuing operations was $67 million, excluding special items. In addition, worldwide system-wide REVPAR increased 13.1 percent compared to the second quarter of 2009; management and franchise revenues increased 14.0 percent compared to 2009; and during the quarter, the company signed 25 hotel management and franchise contracts representing approximately 6,400 rooms, and opened 18 hotels and resorts with approximately 4,100 rooms.

The new hotels included the Le Meridien Philadelphia (Pennsylvania, 192 rooms), Sheraton Brooklyn New York Hotel (New York, 321 rooms), Sheraton Hsinchu (Taiwan, 359 rooms) and The Romanos, a Luxury Collection Resort, Costa Navarino (Greece, 321 rooms). Six properties (representing approximately 1,600 rooms) were removed from the system during the quarter.