Key Developments: Starwood Hotels & Resorts Worldwide Inc (HOT)
68.45USD
24 May 2013
$-0.01 (-0.01%)
$68.46
$67.86
$68.75
$67.44
1,853,916
1,905,834
$69.48
$47.41
Latest Key Developments (Source: Significant Developments)
Starwood Hotels & Resorts Worldwide Inc Issues Q2 2013 Guidance; EBITDA Guidance In Line With Analysts' Estimates; Raises FY 2013 Guidance
Starwood Hotels & Resorts Worldwide Inc announced that for second quarter of 2013, it expects including Bal Harbour, which is expected to contribute approximately $20 million of EBITDA, adjusted EBITDA is expected to be approximately $305-$315 million. Excluding Bal Harbour, adjusted EBITDA is expected to be approximately $285-$295 million. Including Bal Harbour, EPS is expected to be approximately $0.70-$0.73. For fiscal 2013, including Bal Harbour, which is expected to contribute approximately $90 million of EBITDA, adjusted EBITDA is expected to be approximately $1.210 -$1.235 billion. Excluding Bal Harbour, adjusted EBITDA is expected to be approximately $1.120-$1.145 billion. Including Bal Harbour, EPS before special items is expected to be approximately $2.75-$2.83. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $311 million for second quarter of 2013; EBITDA of $1.17 billion for fiscal 2013. Full Article
Chesapeake Lodging Trust Acquires W New Orleans From Starwood Hotels & Resorts Worldwide Inc
Chesapeake Lodging Trust announced that it has purchased the 410-room W New Orleans from Starwood Hotels & Resorts Worldwide Inc for $65.0 million. The Trust will renovate the property and continue to work with Starwood on a long-term basis. Full Article
Starwood Hotels & Resorts Worldwide Inc Completes Sale Of W New Orleans – French Quarter To Chesapeake Lodging Trust
Starwood Hotels & Resorts Worldwide Inc announced that it has completed the sale of W New Orleans - French Quarter to Chesapeake Lodging Trust for $25.5 million. As part of the agreement, the hotel will continue to fly the W brand flag under a long-term management contract with Starwood Hotels. Full Article
Starwood Hotels & Resorts Worldwide Inc Increases Share Repurchase Authorization By $500 Million
Starwood Hotels & Resorts Worldwide Inc announced that the Company`s share repurchase authorization has increased by an additional $500 million. As of February 13, 2013, the total amount available under the authorization is approximately $680 million. Full Article
Delta Air Lines Inc And Starwood Hotels & Resorts Worldwide Inc Introduce Joint Loyalty Partnership
Delta Air Lines Inc and Starwood Hotels & Resorts Worldwide Inc announced a comprehensive new partnership that offers exclusive new benefits to Delta SkyMiles Medallion members and Starwood Preferred Guest (SPG) elite members. The program, called Crossover Rewards, begins March 1 and provides elite members of both loyalty programs reciprocal benefits. Full Article
Starwood Hotels & Resorts Worldwide Inc Issues Q1 2013 Earnings Guidance Above Analysts' Estimates; Issues FY 2013 Earnings Guidance In Line With Analysts' Estimates
Starwood Hotels & Resorts Worldwide Inc announced that for first quarter of 2013, it expects including Bal Harbour, which is expected to contribute approximately $20 million of EBITDA, adjusted EBITDA is expected to be approximately $250-$260 million. Excluding Bal Harbour, adjusted EBITDA is expected to be approximately $230-$240 million. Including Bal Harbour, EPS is expected to be approximately $0.51-$0.54. For fiscal 2013, Including Bal Harbour, which is expected to contribute approximately $50 million of EBITDA, adjusted EBITDA is expected to be approximately $1.165-$1.190 billion. Excluding Bal Harbour, adjusted EBITDA is expected to be approximately $1.115-$1.140 billion. Including Bal Harbour, EPS before special items is expected to be approximately $2.59-$2.68. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $244 million and EPS of $0.48 for first quarter of 2013; EBITDA of $1.169 billion and EPS of $2.64 for fiscal 2013. Full Article
Starwood Hotels & Resorts Worldwide Inc Completes Sale Of Aloft And Element Lexington
Starwood Hotels & Resorts Worldwide Inc announced that it has completed the sale of Aloft and Element Lexington to Rockwood Capital for $36 million. As part of the agreement, the dual-hotel development in Lexington, Massachusetts will be managed under long-term license agreements by Paramount Hotel Group and continue to fly the Aloft and Element flags. Full Article
Starwood Hotels & Resorts Worldwide Inc Announces Opening of Second Westin in Panama
Starwood Hotels & Resorts Worldwide Inc announced the opening of its second Westin hotel in Panama. Ideally located in Costa del Este, Panama City's newest, upscale corporate and financial center, The Westin Panama is the third Starwood property developed and operated by Bern Hotels & Resorts, Panama's hotel developer and operator. With the opening of The Westin Panama, Starwood Hotels now has seven hotels in Panama. Full Article
Starwood Hotels & Resorts Worldwide Inc Prices $350 Million Of 3.125% Senior Notes Due 2023
Starwood Hotels & Resorts Worldwide Inc announced that it has priced an offering of $350 million aggregate principal amount of 3.125% senior notes due 2023 (the "Notes") through an underwritten public offering. The Notes will mature on February 15, 2023. Starwood intends to use the net proceeds of the offering, together with cash on hand, to purchase up to $515 million aggregate principal amount (subject to increase by Starwood) of its outstanding 7.875% Senior Notes due 2014, 7.375% Senior Notes due 2015, 6.75% Senior Notes due 2018 and 7.15% Senior Notes due 2019 pursuant to a cash tender offer announced by Starwood on November 26, 2012. If the tender offer is not completed, or there are any remaining net proceeds that are not so applied, then the remaining proceeds from the offering will be used for general corporate purposes. The joint book-running managers for the offering are BofA Merrill Lynch, Citigroup and J.P. Morgan. Full Article
Starwood Hotels & Resorts Worldwide Inc Lowers High End Of Prior FY 2012 EBITDA Guidance; Comments On FY, Q4 2012 REVPAR Guidance; Issues Q4 2102 EBITDA Guidance Below Analysts' Estimates
Starwood Hotels & Resorts Worldwide Inc announced that for fiscal 2012, including Bal Harbour, which is expected to contribute approximately $135 million of EBITDA, adjusted EBITDA is expected to be approximately $1.190 billion to $1.195 billion, Excluding Bal Harbour, adjusted EBITDA is expected to be approximately $1.055 billion to $1.060 billion. REVPAR increases at Same-Store Company-Operated Hotels Worldwide of 5% to 6% in constant dollars and REVPAR increases at Same-Store Owned Hotels Worldwide of 3% to 4% in constant dollars for fiscal 2012. Fiscal earnings are negatively impacted by approximately $10 million due to recent asset sales. For the fourth quarter of 2012, including Bal Harbour, which is expected to contribute approximately $10 million of EBITDA, adjusted EBITDA is expected to be approximately $295 million to $300 million and excluding Bal Harbour, adjusted EBITDA is expected to be approximately $285 million to $290 million. REVPAR increases at Same-Store Company-Operated Hotels Worldwide of 4% to 6% in constant dollars and REVPAR increases at Same-Store Company Owned Hotels Worldwide of 3% to 4% in constant dollars. According to I/B/E/S Estimates, analysts are expecting the Company to report EBITDA of $1.185 billion for fiscal 2012; EBITDA of $312 million for the fourth quarter of 2012. Full Article
Fitch Affirms Starwood's IDR at 'BBB'; Outlook Remains Stable
(The following statement was released by the rating agency) NEW YORK, May 24 (Fitch) Fitch Ratings has affirmed Starwood Hotels & Resorts Worldwide Inc.'s (Starwood) Issuer Default Rating (IDR) at 'BBB'. The Rating Outlook remains Stable. A full list of ratings actions follows at the end of this release. The affirmation primarily reflects positive industry fundamentals, the company's strong market position and brand awareness, its public commitment to manage leverage between 2.0 times (x) a
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