Starwood Hotels & Resorts Worldwide reported fourth quarter 2015 financial results. Excluding special items, EPS from continuing operations was $0.89.
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Including special items, EPS from continuing operations was $0.98. Adjusted EBITDA was $318 million. Excluding special items, income from continuing operations was $151 million.
Including special items, income from continuing operations was $166 million.
Worldwide Systemwide REVPAR for Same-Store Hotels increased 2.8% in constant dollars (decreased 1.1% in actual dollars) compared to 2014. Systemwide REVPAR for Same-Store Hotels in North America increased 4.7% in constant dollars (increased 3.3% in actual dollars).
Management fees, franchise fees and other income decreased 2.0% compared to 2014. Core fees were flat compared to 2014. Earnings from Starwood’s vacation ownership and residential business decreased approximately $14 million compared to 2014.
During the quarter, the company signed 79 hotel management and franchise contracts, representing approximately 16,800 rooms and opened 37 hotels and resorts with approximately 9,600 rooms.
During the quarter, the company paid a quarterly dividend of $0.375 per share and repurchased 0.6 million shares at a total cost of $43 million and a weighted average price of $70.44 per share.
Full year 2015 highlights
Excluding special items, EPS from continuing operations was $3.11. Including special items, EPS from continuingoperations was $2.88. Adjusted EBITDA was $1.197 billion.
Excluding special items, income from continuing operations was $529 million. Including special items, income from continuing operations was $489 million.
Worldwide Systemwide REVPAR for Same-Store Hotels increased 4.1% in constant dollars (decreased 0.4% in actual dollars) compared to 2014. Systemwide REVPAR for Same-Store Hotels in North America increased 5.4% in constant dollars (increased 4.1% in actual dollars).
Management fees, franchise fees and other income decreased 0.9% compared to 2014. Core fees increased 0.6% compared to 2014. Earnings from Starwood’s vacation ownership and residential business decreased approximately $4 million compared to 2014.
During the year, the company signed 220 hotel management and franchise contracts, representing approximately 45,800 rooms, and opened 105 hotels and resorts with approximately 21,500 rooms.
During the year, the company returned approximately $626 million to stockholders through share repurchases and dividends. During the year, the company received gross cash proceeds from asset sales of approximately $822 million. ■