Starwood Reports Strong First Quarter 2008 Results

First Quarter 2008 Highlights

• Excluding special items, EPS from continuing operations was $0.44. Including special items, EPS from continuing operations was $0.42.
  
  
• Excluding special items, income from continuing operations was $83 million. Income from continuing operations, including special items, was $79 million.
  
  
• Total Company Adjusted EBITDA was $255 million.
  
  
• Worldwide System-wide REVPAR for Same-Store Hotels increased 8.4% compared to the first quarter of 2007. System-wide REVPAR for Same-Store Hotels in North America increased 2.9%.
  
  
• Management and franchise revenues increased 17.7% when compared to 2007.
  
  
• Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 9.7% compared to the first quarter of 2007. REVPAR for Starwood branded Same- Store Owned Hotels in North America increased 8.2%.
  
  
• Margins at Starwood branded Same-Store Owned Hotels Worldwide and in North America were flat when compared to the first quarter of 2007.
  
  
• Reported revenues from vacation ownership and residential sales decreased 16.8% when compared to 2007.
  
  
• The Company signed 43 hotel management and franchise contracts in the quarter representing approximately 13,000 rooms.
  
  
• During the first quarter, the Company repurchased approximately 6.1 million shares at a cost of $277 million.

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