Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) (“Starwood” or the “Company”) today reported results for the third quarter of 2001.
The terrorist attacks on September 11, 2001 had a significant impact on the Company`s third quarter results as lodging demand declined to unprecedented levels, in the most important month of the quarter, across the United States and internationally.
* REVPAR for Same-Store Owned Hotels in North America decreased 19.4% and
8.2% internationally when compared to 2000.
* Total Company EBITDA was $288 million compared to $406 million in 2000.
* Total Company EBITDA margin was approximately 30%.
* EPS was $0.14 compared to $0.50 in 2000.
* Occupancy rates at Same-Store Owned Hotels in North America for the
period between September 15, 2001 and September 30, 2001 decreased
approximately 32 percentage points to 48% and REVPAR decreased
approximately 49% when compared to the same period in 2000. From
October 1, 2001 to October 21, 2001, occupancy rates at these hotels
rebounded to approximately 66%, down 13 percentage points from the same
period of 2000 resulting in a REVPAR decline of approximately 27%. The
most recent week`s occupancy level at these hotels was approximately