Starwood Hotels & Resorts Worldwide, Inc. reported fourth quarter 2014 financial results. Excluding special items, EPS from continuing operations was $0.97.
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Including special items, EPS from continuing operations was $1.40.
Adjusted EBITDA was $335 million. Excluding special items, income from continuing operations was $171 million. Including special items,
income from continuing operations was $245 million.
Worldwide Systemwide REVPAR for Same-Store Hotels increased 4.4% in constant dollars (2.3% in actual dollars) compared to 2013. Systemwide REVPAR for Same-Store Hotels in North America increased 5.8% in constant dollars (5.1% in actual dollars).
Management fees, franchise fees and other income increased 10.9% compared to 2013. Core fees (total management and franchise fees) increased 3.7% compared to 2013. Earnings from Starwood’s vacation ownership and residential business remained flat compared to 2013, including a $12 million decrease in earnings from the St. Regis Bal Harbour residential project , which is sold out.
During the quarter, the Company signed 63 hotel management and franchise contracts, representing approximately 12,900 rooms, and opened 27 hotels and resorts with approximately 5,800 rooms. During the quarter, the Company paid a regular quarterly dividend of $0.35 per share and a special dividend of $0.65 per share, and repurchased 7.8 million shares at a total cost of $609 million and a weighted average price of $78.12 per share.
During the quarter, the Company completed the sale of six wholly-owned hotels and one unconsolidated joint venture hotel for gross cash proceeds of approximately $585 million. On February 10, 2015, the Company announced its plans to spin-off its vacation ownership business to
shareholders as a separate publicly traded company. ■
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