Starwood 2003 Annual Report Download - page 27

Company has an agreement with a third party to operate the Westin Trillium House, a luxury condominium
hotel in Ontario, Canada, that is scheduled to open in the summer of 2005.
W Hotels (stylish boutique full-service urban hotels and resorts) was inaugurated in December 1998 with
the opening of the W New York. W hotels provide a unique hotel alternative to business travelers, combining
the personality, style and distinctive Öavor of an intimate hotel with the functionality, reliability and attentive
service of a major business and leisure hotel. W hotels feature modern, sophisticated design with custom-made
furnishings and accessories, fully wired rooms with the most advanced technology in the industry, and unique,
high-quality signature restaurants and bars. The Company is in the process of developing several condomin-
ium residences as part of the W hotels, including the W Dallas Victory Hotel and Residences which is
expected to open in late 2005 and the W Ft. Lauderdale Hotel and Residences, which is scheduled to open in
December 2006.
Four Points by Sheraton (moderately priced full-service hotels) deliver extensive amenities and services
such as room service, dry cleaning, Ñtness centers, meeting facilities and business centers to frequent business
travelers at reasonable prices. These hotels provide a comfortable, well-appointed room, which typically
includes a two-line telephone, a large desk for working or in-room dining, comfortable seating and full-service
restaurants.
Hotel Business
Owned, Leased and Consolidated Joint Venture Hotels. The following table summarizes revenue per
available room (""REVPAR'')(1), average daily rates (""ADR'') and average occupancy rates on a year-to-year
basis for the Company's 140 owned, leased and consolidated joint venture hotels (excluding 25 hotels sold or
closed during 2002 and 2003) (""Same-Store Owned Hotels'') for the years ended December 31, 2003 and
2002:
Year Ended
December 31,
2003 2002 Variance
Worldwide (140 hotels with approximately 50,000 rooms)
REVPAR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 98.34 $ 97.10 1.3%
ADR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $152.12 $151.69 0.3%
Occupancy ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 64.6% 64.0% 0.6
North America (95 hotels with approximately 37,000 rooms)
REVPAR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 98.62 $ 98.81 (0.2)%
ADR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $148.03 $150.84 (1.9)%
Occupancy ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 66.6% 65.5% 1.1
International (45 hotels with approximately 13,000 rooms)
REVPAR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 97.52 $ 92.15 5.8%
ADR ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $165.37 $154.37 7.1%
Occupancy ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 59.0% 59.7% (0.7)
(1) REVPAR is calculated by dividing room revenue which is derived from rooms and suites rented or leased, by total room nights
available for a given period. REVPAR may not be comparable to similarly titled measures such as revenues.
During the years ended December 31, 2003 and 2002, the Company invested approximately $259 million
and $262 million, respectively, for capital improvements at owned hotels and capital expenditures on
technology development. During 2003 and 2002, these capital expenditures included continued development
of the St. Regis Museum Tower in San Francisco, California and renovations of the Phoenician in Scottsdale,
Arizona, the Westin Excelsior in Rome, Italy, the Westin Galleria and Oaks in Houston, Texas and the
Sheraton New York Hotel and Towers in New York, New York.
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