The following was released today by Starwood Hotels & Resorts and Starwood Hotels & Resorts Worldwide, Inc.:
First Quarter Financial Highlights:
* 17% increase to $0.70 in combined pro forma funds from operations
(FFO) per paired share.
* 12.3% increase in same store REVPAR for 106 owned hotels in North
* 11.2% increase in same store REVPAR for 151 owned hotels worldwide.
* EBITDA margin for 151 owned hotels worldwide increased from 26.0%
* 30 new management or franchise agreements executed.
* 15% increase in EBITDA at Caesars Atlantic City.
* Share repurchase program increased to $135 million.
* Management team reorganized and integration plan proceeding
Pro Forma Results:
For the first quarter of 1998, combined pro forma FFO was approximately $150 million or $0.70 per diluted paired share on combined pro forma revenues of $2.1 billion compared to combined FFO of approximately $33.1 million or $0.60 per paired share on combined revenues of approximately $173 million for the corresponding period in 1997 as reported on an actual basis by Starwood. The pro forma results for the first quarter of 1998 reflect the February 23, 1998 merger (the ``ITT Merger``) of the Company with ITT Corporation (``ITT``) as if the ITT Merger had occurred on January 1, 1998 and assumes the sale of a number of previously announced non-core businesses with total gross proceeds of approximately $3.4 billion, of which approximately $2.3 billion has been realized. In addition, on May 1, 1998 the company sold a portfolio of 8 hotels for gross proceeds of $245 million.