Aloft, Element and Four Points by Sheraton on Track to Sign all-time High Record Number of New Deals in 2016
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has closed on the sale of Hotel Goldener Hirsch, A Luxury Collection Hotel in Salzburg, Austria to companies of the WILD Group for €20M (approximately $22 million USD). Starwood will continue to operate the hotel under the Luxury Collection brand flag under a new long-term management agreement.
Including special items which total a pre-tax loss of $130 million primarily from asset dispositions, EPS from continuing operations was a loss of $0.20. Worldwide Systemwide REVPAR for Same-Store Hotels increased 1.4% in constant dollars (increased 0.7% in actual dollars) compared to 2015. Systemwide REVPAR for Same-Store Hotels in North America increased 3.4% in constant dollars (increased 3.1% in actual dollars).
With these authorizations, the only remaining country in which Marriott and Starwood require pre-merger authorization is China. Marriott and Starwood continue to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly upon receiving authorization from China.
Starwood is also expanding SPG Keyless to enable multiple guests sharing the same room to take advantage of keyless entry. All they need is an SPG account and the SPG app. In this upcoming product update, SPG is also expanding mobile check-in capabilities on the SPG app, rolling out over the next few months.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced that it has closed on the sale of The St. Regis Florence and The Westin Excelsior Florence to Nozul Hotels & Resorts, the owner of The Gritti Palace, Venice and W Doha Hotel, and a wholly owned subsidiary of 'Jaidah Holdings' for €190 million (approximately $213 million USD).
From the 38th Annual NYU International Hospitality Industry Investment Conference, Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced a more than 50 percent increase in North America signings year to date over the same period in 2015. North America remains the company’s largest market, accounting for nearly half of its operating portfolio and a third of Starwood’s pipeline of new hotels.
As consideration for the acquisition, Starwood shareholders receive approximately 72.4 million of ILG shares valued at $14.24 per share based on the closing price of ILG shares on May 11, 2016, or approximately 0.4309 shares of ILG stock for every Starwood share owned, and ILG paid approximately $123 million in cash to Starwood, subject to post-closing adjustment.
Excluding special items, income from continuing operations was $118 million. Including special items, income from continuing operations was $90 million - Worldwide Systemwide REVPAR for Same-Store Hotels increased 1.0% in constant dollars (decreased 1.3% in actual dollars) compared to 2015. Systemwide REVPAR for Same-Store Hotels in North America increased 2.0% in constant dollars (increased 1.3% in actual dollars).
Interval Leisure Group, Inc. (Nasdaq:IILG)and Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) on Friday announced a brief delay in the planned closing of ILG’s acquisition of Starwood’s vacation ownership business, Vistana Signature Experiences, while both companies work to avoid unnecessary tax withholding under the Foreign Investment in Real Property Tax Act.