Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) (“Starwood” or the “Company”) today reported results for the second quarter of 2001.
Second Quarter Financial Highlights:
* Total Company EBITDA reached $401 million benefiting from strong cost containment initiatives.
* Total Company EBITDA margin for the second quarter declined approximately 50 basis points to 36.1%. Excluding the investment spending for Six Sigma, total Company EBITDA margins increased approximately 20 basis points to 36.8%.
* REVPAR for Same-Store Owned Hotels in Europe increased 7.6% excluding the unfavorable effect of foreign currency translation. Further, excluding United Kingdom hotels where reports of foot-and-mouth disease have negatively impacted travel, REVPAR increased 10.4% and EBITDA at Comparable Owned Hotels increased 17.3%.
* Starwood branded hotel marketshare in North America increased 190 basis points versus the competitive set through May 2001.
* REVPAR for Worldwide Same-Store Owned Westin Hotels decreased 1.3% as ADR increased 1.2% while occupancy declined 190 basis points to 75.1%.
* REVPAR for Worldwide Same-Store Owned St. Regis/Luxury Collection Hotels, excluding the unfavorable effect of foreign currency translation and the New York St. Regis, increased 8.2% as ADR increased 11.4%.