"Starwood Hotels & Resorts Worldwide today reported first quarter 2009 financial results.
First Quarter 2009 Highlights
- Excluding special items, EPS from continuing operations was $0.14. Including special items, EPS from continuing operations was $0.04.
- Adjusted EBITDA was $167 million.
- Excluding special items, income from continuing operations was $25 million.
Including special items, income from continuing operations was $7 million.
- Worldwide System-wide REVPAR for Same-Store Hotels decreased 23.5% (down 19.2% in constant dollars) compared to the first quarter of 2008. System-wide REVPAR for Same-Store Hotels in North America decreased 22.8% (down 21.0% in constant dollars).
- Management and franchise revenuesdecreased 15.4% compared to 2008.
- Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased 31.6% (down 26.4% in constant dollars) compared to the first quarter of 2008. REVPAR for Starwood branded Same-Store Owned Hotels in North America decreased 31.2% (down 28.3% in constant dollars).
- Revenues from vacation ownership and residential sales decreased 30.1% compared to 2008.
- The Company signed 18 hotel management and franchise contracts in the quarter representing approximately 4,900 rooms.
- On April 27, 2009, the Company entered into an amendment to its bank revolver and bank term loans, increasing the permitted leverage ratio from 4.5x to 5.5x (as defined in the agreements)" (Stralcio dal CS della Società).
