Starwood 2012 Annual Report Download - page 142

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EAME
Segment revenues increased $63 million in the year ended December 31, 2011, compared to the
corresponding period in 2010. The increase in revenues was primarily related to a $55 million increase in our
owned, leased and consolidated joint venture hotels and the favorable impact of foreign currency translation.
The increase in revenues from our owned, leased and consolidated joint venture hotels was primarily due to
an increase in Same-Store Owned Hotel REVPAR of 16.1% to $255.48 for the year ended December 31, 2011,
when compared to the corresponding period in 2010. REVPAR increased 8.7% in local currency for the year
ended December 31, 2011, when compared to the corresponding period in 2010. Revenues from owned, leased
and consolidated joint venture hotels also benefited from a $21 million increase in revenues from five owned
hotels without comparable results in 2011 and 2010.
Revenues from management fees and franchise fees remained substantially consistent, despite the net exit of
three managed or franchised hotels in 2011.
Segment earnings increased $13 million in the year ended December 31, 2011, compared to the
corresponding period in 2010, primarily due to a $10 million increase in earnings from our owned, leased and
consolidated joint venture hotels.
Asia Pacific
Segment revenues increased $68 million in the year ended December 31, 2011, compared to the
corresponding period in 2010. The increase in revenues was primarily related to a $45 million increase in our
owned, leased and consolidated joint venture hotels and a $23 million increase in our revenues from management
fees and franchise fees.
The increase in revenues from our owned, leased and consolidated joint venture hotels was primarily due to
a $19 million increase in revenue from one owned, leased and consolidated hotel without comparable results in
2011 and 2010. The increase in management fees and franchise fees was due to the net addition of 29 managed
and franchised hotels in 2011, a 12.4% increase in Same-Store Systemwide Hotel REVPAR for the year ended
December 31, 2011, when compared to the corresponding period in 2010, and the favorable impact of foreign
currency translation.
Segment earnings increased $21 million in the year ended December 31, 2011, compared to the
corresponding period in 2010, primarily due to a $27 million increase in earnings from management fees,
franchise fees and other income and an increase of $14 million in earnings from our owned, leased and
consolidated joint venture hotels, partially offset by an increase of $17 million in general overhead expenses,
commensurate with the growth in this region.
Vacation ownership and residential
Total vacation ownership and residential services segment revenue increased $162 million to $688 million
for the year ended December 31, 2011, when compared to the corresponding period in 2010, primarily due to the
recognition of residential sales at the St. Regis Bal Harbour. Segment earnings increased $47 million in the year
ended December 31, 2011, compared to the corresponding period in 2010, also driven by residential sales at the
St. Regis Bal Harbour.
43