Starwood Announces Record Fourth Quarter And Full Year 1999 Results

Fourth Quarter and Full Year Financial Highlights:
* Fourth quarter pro forma comparable diluted EPS from continuing operations increased to $0.51. Full year pro forma comparable diluted EPS increased 23% to $1.54.

* Total revenues for the fourth quarter increased 17% to $1.1 billion. For the full year, total revenues increased 8% to $3.9 billion.

* Fourth quarter REVPAR for 108 Same-Store Owned Hotels in North America increased 5.6%. Fourth quarter REVPAR for 155 Same-Store Owned Hotels increased 4.0% worldwide, while EBITDA for these hotels increased 7.3%.

* Full year REVPAR for 97 Same-Store Owned Hotels in North America increased 4.9%. Full year REVPAR for 144 Same-Store Owned Hotels increased 4.3% worldwide while EBITDA increased 8.9%.

* Fourth quarter total company operating profit margins (before D&A) increased approximately 90 basis points to 37.4% excluding certain one- time items and the mix effect associated with the timeshare business acquired during the quarter.


* 37 hotel management and franchise contracts with approximately 8,200 rooms were added during the quarter bringing total year additions to 112 hotels with approximately 25,000 rooms.