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FINANCIALS| Starwood International

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today reported strong first quarter 2008 financial results.

First Quarter 2008 Highlights

>Excluding special items, EPS from continuing operations was $0.44. Including
special items, EPS from continuing operations was $0.42.
> Excluding special items, income from continuing operations was $83 million.
Income from continuing operations, including special items, was $79 million.
> Total Company Adjusted EBITDA was $255 million.
> Worldwide System-wide REVPAR for Same-Store Hotels increased 8.4% compared
to the first quarter of 2007. System-wide REVPAR for Same-Store Hotels in North
America increased 2.9%.
>Management and franchise revenues increased 17.7% when compared to 2007.
> Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased
9.7% compared to the first quarter of 2007. REVPAR for Starwood branded Same-
Store Owned Hotels in North America increased 8.2%.
> Margins at Starwood branded Same-Store Owned Hotels Worldwide and in North
America were flat when compared to the first quarter of 2007.
> Reported revenues from vacation ownership and residential sales decreased 16.8%
when compared to 2007.
> The Company signed 43 hotel management and franchise contracts in the quarter
representing approximately 13,000 rooms.
> During the first quarter, the Company repurchased approximately 6.1 million shares
at a cost of $277 million.

Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported EPS from continuing operations for the first quarter of 2008 of $0.42 compared to $0.56 in the first quarter of 2007. Excluding special items, EPS from continuing operations was $0.44 for the first quarter of 2008 compared to $0.48 in the first quarter of 2007.

Excluding special items, the effective income tax rate in the first quarter of 2008 was 28.7% compared to 35.7% in the same period of 2007 primarily due to various tax planning initiatives.

Income from continuing operations was $79 million in the first quarter of 2008 compared to $123 million in 2007. Excluding special items, which net to a $4 million charge in 2008 and a $19 million benefit in 2007, income from continuing operations was $83 million for the first quarter of 2008 compared to $104 million in 2007.
Net income was $32 million and EPS was $0.17 in the first quarter of 2008, compared to net income of $122 million and EPS of $0.56 in the first quarter of 2007. The 2008 results were adversely affected by a $47 million tax charge to discontinued operations as a result of a 2008 administrative tax ruling for an unrelated taxpayer that impacts the tax liability associated with the 1998 disposition of a business.
Frits van Paasschen, CEO, said, “Starwood has again beaten expectations due to our
strong global presence and leading upper upscale and luxury platform. While domestic
REVPAR growth slowed in the quarter, our international divisions continued to experience robust demand and delivered REVPAR growth of 15.5%. With 55% of our 120,000 room pipeline to be built outside of the US, we continue to expand our lead in international markets with strong new unit growth expected over the coming years. Our global portfolio of branded owned hotels also performed well, delivering world-wide REVPAR growth of 9.7%. Finally, we continue to reduce our share count, buying back 6.1 million shares in the quarter.”

To see the full results goto: http://media.corporate-ir.net/media_files/irol/78/78669/news/1Q08_Earnings_release.pdf

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NEWS| Carlson Hotels Expands Luxury Regent Brand To Kuala Lumpur

CarlsonCarlson Hotels Worldwide –Asia Pacific, one of the world’s largest privately-owned hotel companies, will continue the expansion of its luxury Regent brand into key gateway cities across the region with the opening of The Regent Kuala Lumpur in the third quarter of 2011.

The Regent Kuala Lumpur will be developed by City Properties and joins a growing portfolio of Regent hotels and resorts worldwide, which includes The Regent Beijing and The Regent Shanghai. The 250-room hotel will also feature an additional 102 exclusive luxury apartments which will be branded as ‘The Regent Residences, Kuala Lumpur’.
The Regent Kuala Lumpur, together with the The Regent Residences, Kuala Lumpur, will occupy a prime city-centre location in the heart of the city’s ‘Golden Triangle’, with breathtaking views of the iconic Petronas Twin Towers and KLCC Park, just 200 metres walking distance away.

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Update| NEWS| Radisson Resort and Spa launched in Alibaug

Last week we carried this NEWS| Radisson Resort and Spa launched in Alibaug.

I spoke to somebody there and this is a soft opening.
They expect the resort to open fully in the middle of may.
I couldn't make it to see the property, but will see it in May when I am in Mumbai again.

p.s. If you would like to know anything more about the property or can share info on new openings around you, please do write to me at bedi.hospitality@gmail.com

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KNOW| Palm Holdings | Palm Hospitality

Palm Hospitality is the hospitality management arm of Palm Holdings.

They are in the process of developing 16 Hampton Properties for Hilton in India. see NEWS| Hilton launches Hampton business hotel brand in India

I thought you would like to know more about them. So..

Palm Holdings is embarking on its most exciting project yet! India is one of the worlds most booming marketplaces. In the hospitality industry the supply of hotels can not keep up with the demand. India’s marketplace today has the same number of rooms as the metropolis of Orlando. Already owning a substantial land bank in India, Palm Holdings has been carefully monitoring the hospitality and commercial office industry and is going in with full force!

With a recently developed partnership with Trikona Capital, Trikona and Palm Holdings has allocated 200 million dollars to build and manage a minimum of 15 newly built hotels or 2000 rooms spread all over India. With the recent opening of a new office in Pune, India we see this project taking Palm Holdings to the next level of Asset Management.

Trikona Capital (http://trikonacapital.com) has a diversified portfolio of investments in the residential, commercial, hospitality and industrial sectors dedicated to India. They manage Trinity Capital PLC, a 250 million pound fund, listed on the London Stock Exchange which is dedicated to investing in real estate in India. Trikona Capital also has partners in value added fields such as a large India wide land bank portfolio. Trikona’s mission is “to be a premier institutional platform to invest in Indian real estate and infrastructure”

Apart from developing our asset division India is also a new beginning for Palm Hospitality our management division. As we have developed our relationships with key brands we have become one of Indias preferred managers in the 4 star segment for Starwood and Hilton Hotels. This enhanced partnership with the worlds best brands will help Palm Hospitality gain more management contracts on top of the 20 hotels being built by Marigold Hospitality. In fact, Palm Holdings has recently signed a contract with Hilton India to build and manage 16 Hampton Inn by Hilton Hotels by 2013.

Palm Holdings is currently on an aggressive look out for what we do best. We are currently looking for further Joint Ventures, land purchase opportunities, and opportunities to gain further management contracts.



Current cities in Contract Stage
Talegaon, Pune
Kharadi, Pune
Sahar Airport, Mumbai city
Ahura center MIDC, Mumbai city
Nagpur
Ludhiana
Bangalore
Thane, Mumbai
Manisur
Greater Noida

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NEWS| Hilton launches Hampton business hotel brand in India

Hilton Hotels Corporation has agreed to franchise its Hampton by Hilton business hotel brand to Marigold Hospitality, a Pune-based hospitality group. Marigold Hospitality will come up with 16 hotels under the brand, which will be managed by Palm Hospitality, a Palm Holdings subsidiary.

The hotels will see an investment of 200-250 million USD. "Through multi-unit deals like this, we are positioned to cater to the growing demand for focussed service hotels in India," says Koos Klein, President, Hilton Hotels, Asia Pacific. Marigold Hospitality will acquire the land for the projects and develop the hotels, while Hilton Hotels will bring to the table its superior skills in site selection and technical, marketing, brand and technology support. The first hotel under the Hampton brand will come up within two years.

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NEWS| Ten Indian chefs get WACS certification

Ten Chefs from India have been honoured with the title of 'WACS Certified Chef' from World Association of Cooks' Societies (WACS).

The chefs are...

Manjit Singh Gill, Corporate Executive Chef , ITC Green Centre – Gurgaon; Soundararajan.P, Corporate Executive Chef, Mahindra Holidays and Resorts - Chennai; Natarajan K. Corporate Executive Chef, Taj Leisure Hotels - Chennai; V. Vijayabhaskaran, Executive Chef , Le Meridien - Bangalore; Davinder Kumar, vice president, Hotel Le Meridien - New Delhi; Gev Desai, Executive Chef, Grand Maratha Sheraton, Sahar - Mumbai; Sheetharam Prasaad, Executive Chef GRT Grand Hotels - Chennai; Elango R, Executive Chef, Radisson GRT - Chennai; Debraj Bhaumik, Executive Chef, Club Mahindra - Goa and Rajesh Radhakrishnan, Executive Chef, The Park - Chennai have been given the title. The certificate is valid for five years from March 1, 2008 to March 1, 2013.

More Awards>


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