Starwood Reports Strong Third Quarter 2007 Results

Third Quarter 2007 Highlights

• Excluding special items, EPS from continuing operations was $0.68, unchanged from the third quarter of 2006. Including special items, EPS from continuing operations was $0.61 compared to $0.71 in the third quarter of 2006.



• Excluding special items, income from continuing operations was $143 million compared to $148 million in the same period of 2006. Net income, including special items, was $129 million compared to $155 million in the third quarter of 2006.
• Total Company Adjusted EBITDA was $348 million compared to $328 million in 2006.



• During the third quarter, the Company repurchased 9.2 million shares at a cost of $544 million.



• Worldwide System-wide REVPAR for Same-Store Hotels increased 9.5% compared to the third quarter of 2006. System-wide REVPAR for Same-Store Hotels in North America increased 6.1%.



• Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 8.7%. REVPAR for Starwood branded Same-Store Owned Hotels in North America increased 6.4%.



• Margins at Starwood branded Same-Store Owned Hotels Worldwide improved 72 basis points as compared to the third quarter of 2006. Margins at Starwood branded Same-Store Owned Hotels in North America declined 65 basis points as compared to third quarter of 2006 due to the negative impact of renovations occurring at several of these hotels.



• Management and franchise revenues increased 16.7% when compared to 2006. Reported revenues from vacation ownership and residential sales were flat when compared to 2006.



• The Company signed 38 hotel management and franchise contracts in the quarter representing approximately 9,000 rooms.

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