Starwood Asia Pacific Investor Presentation. June 2010
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1 Starwood Asia Pacific Investor Presentation June
2 forward-looking statements These presentations contain forward-looking statements within the meaning of federal securities regulations. These forwardlooking statements generally can be identified by phrases such as Starwood or its management believes, expects, anticipates, foresees, forecasts, estimates or other words or phrases of similar import. Similarly, statements in this release that describe the Company s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Future results, performance and achievements may be affected by general economic conditions including the severity and duration of any downturn in the US or global economy, the impact of war and terrorist activity, business and financing conditions, including the availability of mortgage financing, foreign exchange fluctuations, cyclicality of the real estate, including the sale of residential units, and the hotel and vacation ownership businesses, operating risks associated with the sale of residential units, hotel and vacation ownership businesses, relationships with associates, customers and property owners, the impact of the internet reservation channels, our reliance on technology, domestic and international political and geopolitical conditions, competition, governmental and regulatory actions (including the impact of changes in U.S. and foreign tax laws and their interpretation), travelers fears of exposure to contagious diseases, risk associated with the level of our indebtedness, risk associated with potential acquisitions and dispositions, and other circumstances and uncertainties. There can also be no assurance that agreements will be entered into for the hotels in the Company s pipeline and, if entered into, the timing of any agreement and the opening of the related hotel. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Please note that these presentations include non-gaap financial measures. For definitions of certain terms used herein and a presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and a reconciliation of the differences between the non-gaap financial measure disclosed and the most comparable financial measure calculated and presented in accordance with GAAP, please refer to the Company s web site at 2
3 Agenda Market Trends in Asia Pacific Starwood Asia Pacific Where we are today Our growth strategy Special Focus Starwood in Greater Summary 3
4 Agenda Market Trends in Asia Pacific Starwood Asia Pacific Where we are today Our growth strategy Special Focus Starwood in Greater Summary 4
5 Looking back 2009 Defined by 2 viruses Financial crisis Unprecedented and global in scale H1N1 Impact on hospitality industry Demand contraction Cost savings mode Distressed assets Downturn is less severe in Asia Less leverage Domestic market is more resilient 5
6 Today Signs of recovery Rebound in occupancy Asia, powered by, is expected to lead Asia out of the downturn Changing business trends More Asian guests Shift from Baby Boomers/Gen X to Gen Y Personal and customized services 6
7 Asia Pacific - Market Performance Recovery from 3Q 09 driven by occupancy Asia Pacific Market - RevPAR Growth (STR) % Growth vs STLY 40.0% ADR % OCC% RevPAR % Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 Source: Smith Travel Research (STR); Data is for all hotel chains that report into STR 7
8 Agenda Market Trends in Asia Pacific Starwood Asia Pacific Where we are today Our growth strategy Special Focus Starwood in Greater Summary 8
9 Starwood Global Asia Pacific is the fastest growing division in Starwood with 59% of the 85,000 total room pipeline Managed and Franchised Fees 85,000 Room Pipeline Breakdown AP 18% US 13% 7% Americas Europe 16% US 43% AP 59% AME 12% AME 15% 9% Americas 9% Europe Americas include Canada and Latin America 9
10 Starwood AP - Our Current Footprint We are the largest global luxury/upper upscale hotel company in Asia Pacific Greater India, Maldives, Bangladesh Japan, Korea, Guam 58 Operating 76 Pipeline 30 Operating 18 Pipeline 19 Operating 4 Pipeline 160 Operating Hotels with over 52,000 rooms 120 Pipeline (Executed) Indo, Singapore 19 Operating 16 Pipeline South East Asia 19 Operating 4 Pipeline Pacific Region 15 Operating 2 Pipeline * Source: Starwood internal data as of May Starwood's Asia Pacific total pipeline consists of roughly 170 hotels representing almost 50,000 rooms. 10
11 Our Pipeline 120 hotels in the pipeline; Majority in Greater and managed deals Sheraton continue to lead as the dominant brand in Asia Pacific Region Brand Contract Pacific 1% India 9% JKG 2% Indo 11% SEA 2% Greater 75% W 8% LM 5% LC 3% aloft SR 5% 6% FP 15% Westin 15% Sheraton 43% UJV 1% O/L 0% F 6% M 93% Source: Starwood internal data as of May Based on no. of rooms. Starwood's Asia Pacific total pipeline consists of roughly 170 hotels representing almost 50,000 rooms. 11
12 Our Portfolio Today & Tomorrow Continue to maintain an asset - light portfolio in Asia Pacific Region Brand Contract W 1% SR 2% aloft 0% Today Operating Hotels JKG 15% Pacific 8% Indo 12% SEA 10% India 12% Greater 43% FP 8% LM 14% LC 7% Westin 18% Sheraton 50% UJV 6% F 21% O/L 2% M 71% Tomorrow Operating + Today s Pipeline JKG 10% Pacific 5% Indo 11% India 11% SEA 7% Greater 56% W 4% SR 4% LM 10% FP 11% LC 5% Westin 16% aloft 3% Sheraton 47% O/L 1% F 15% UJV 4% M 80% Source: Starwood internal data as of May Based on no. of rooms 12
13 Our Footprint vs Marriott, Hilton, Hyatt We have the largest footprint and strongest pipeline compared to key international competitors in AP AP Footprint All Segments as of April 2010 (STR) No. of Properties Operating + Pipeline Starwood Marriott Hilton Hyatt Source: Smith Travel Research (STR) of April 10 Operating Pipeline 13
14 Our Footprint vs Marriott, Hilton, Hyatt Our pipeline is the most robust compared to our key international competitors in AP AP Pipeline All Segments as of April 2010 (STR) 140 No. of Properties Pipeline (77%) (55%) Starwood Marriott Hilton Hyatt (38%) (23%) Source: Smith Travel Research (STR) of April 10 Under Construction Planning Deferred 14
15 2010 Anticipated Openings Source: Starwood internal data as of May 2010 Le Meridien Xiamen The Westin Shenzhen The Westin Mumbai The Westin Tianjin Sheraton Qiandao Lake Sheraton Nha Trang Four Points Lianyungang Sheraton Hsinchu Sheraton Hohhot Four Points Taicang aloft Bengaluru aloft Chennai Sheraton Jiangyin The Westin Siray Bay The Westin Gurgaon Sheraton Zhongshan The Astor Hotel Sheraton Tianjin Binhai The Westin Sendai W Koh Samui Sheraton Wuxi Binhu Sheraton Guangzhou Sheraton Huadu Sheraton Wenzhou Le Meridien Taipei St. Regis Osaka Four Points Taian W Bali Four Points Phuket Makham Bay Sheraton HongKou The Westin Hefei Baohe The Westin Fuzhou Minjiang W Taipei Sheraton Bangalore Country India Vietnam Taiwan India India Thailand India Japan Thailand Taiwan Japan Indonesia Thailand Taiwan India Brand Le Meridien Westin Westin Westin Sheraton Sheraton Four Points Sheraton Sheraton Four Points Aloft Aloft Sheraton Westin Westin Sheraton Luxury Collection Sheraton Westin W Sheraton Sheraton Sheraton Sheraton Le Meridien St Regis Four Points W Four Points Sheraton Westin Westin W Sheraton Rooms Forecast Jan 10 Jan 10 Feb 10 Feb 10 Mar 10 Mar 10 Apr 10 Apr 10 May 10 Jun 10 Jun 10 Jun 10 Jul 10 Aug 10 Jul 10 Jul 10 Aug 10 Aug 10 Aug 10 Aug 10 Aug 10 Sept 10 Sept 10 Oct 10 Oct 10 Oct 10 Oct 10 Nov 10 Nov 10 Nov 10 Dec 10 Dec 10 Dec 10 Dec 10 Opened 15
16 2010 Openings Le Meridien Xiamen, 16
17 2010 Openings The Westin Mumbai Garden City, India 17
18 2010 Openings Sheraton Qiandao Lake Resort, Starwood s 1000 th hotel 18
19 Our Hotels in Asia Pacific Sheraton on the Park, Australia 19
20 Our Hotels in Asia Pacific Sheraton Fiji Resort, Fiji 20
21 Our Hotels in Asia Pacific W Retreat & Spa, Maldives 21
22 Our Hotels in Asia Pacific The St Regis Bali Resort, Indonesia 22
23 Our Hotels in Asia Pacific The St Regis Singapore 23
24 Our Pipeline W Singapore, Sentosa Cove 24
25 Our Pipeline St Regis Osaka, Japan 25
26 Our Pipeline W Retreat & Spa Bali Seminyak Indonesia W Retreat Koh Samui Thailand 26
27 Our Growth Strategy in Asia Pacific Deliver Global Growth Build Great Brands Our Growth Strategy Drive Outstanding Results Win With Talent Execute Brilliantly 27
28 Agenda Market Trends in Asia Pacific Starwood Asia Pacific Where we are today Our growth strategy Special Focus Starwood in Greater Summary 28
29 Emerging Giant. Unmatched growth potential in US Population 1.3 billion 0.3 billion Cities with over 1m population GDP Growth (2008) 9.0% 0.4% Tourism contribution to GDP (2009) 9.8% N/A Inbound travel (2008) Outbound travel (2008) 53 million World s largest inbound market (WTTC, 2015) 39 million World s 4 th largest outbound market (WTTC, 2015) 58 million 40 million Domestic travel (2008) 1,712 million N/A Source: IMF, CIA Fact book, JLL, HVS 29
30 Our Journey in Greater Robust growth with 1 st mover advantage in Greater Opening of Sheraton Hong Kong Opening of 25 th hotel in - Four Points by Sheraton Shenzhen Opening of 50 th hotel in - Sheraton Jinan Hotel, Shandong Best Global Hotel Chain Operating in Greater 2010 Travel Trade Gazette Travel Awards Guangzhou CCC Grand Opening 1 st international chain to open a branded hotel in - The Great Wall Sheraton Hotel Beijing Signed 100 th hotel in Greater Sheraton Beijing Dongcheng Hotel Opening of Largest Customer Contact Center in Guangzhou 30
31 Geographic Source of Guests 50.8% of guests in Starwood hotels in are Chinese Other 36.9% 16.2% USA 18.7% Japan, 3.9% Taiwan, 2.7% Pacific, 1.8% HK, 5.6% Other, 11.4%, 50.8% Pacific 0.8% Europe 11.6% Europe, 11.5% USA, 12.3% Japan 8.0% Taiwan 4.3% HK 3.5% Source: Starwood internal database 31
32 Our Leadership Team - Greater Local talents with average 17 years of service with Starwood Senior Leadership Miguel Ko Chairman & President, AP 23 Years of Service Qian Jin SVP Operations, 24 Years of Serv. Stephen Ho SVP Development 29 Years of Serv. Alice Wong SVP Finance 13 Years of Serv. Liu Wei Li VP Design &TS 4 Years of Serv. Regional Leadership Harris Chan VP Operations, 32 Years of Serv. Stephen Ford AMD Southern 10 Years of Serv. Josef Dolp AMD Taiwan 14 Years of Serv. Charlie Dang AMD Northern 17 Years of Serv. Ananda Arawwawela AMD HK & Macau 32 Years of Serv. Regional Excom Michael Pross Snr Dir. HR 25 Years of Serv. Ashley Cai Dir. Finance 26 Years of Serv. Wendy Huang Snr Dir. S&M 5 Years of Serv. Helen Hao Dir. Revenue 6 Years of Serv. Robert Zhang Snr Dir. Development 20 Years of Serv. Kevin Lien Snr Dir. Design 6 Years of Serv. 32
33 Our Current Footprint in Greater We are the largest luxury/upper upscale international hotel company in Greater 58 operating and 76 pipeline Brand Operating Pipeline Total Sheraton Westin Four Points Hotels 50 operating 68 pipeline St. Regis W aloft Le Meridien HK, Macau 7 Hotels 4 operating 3 pipeline LC Total Taiwan 9 Hotels 4 operating 5 pipeline Source: Starwood internal data as of May
34 Our Portfolio Operating Properties 29 SHERATON 10 FOUR POINTS Urumqi 8 WESTIN Hohhot Beijing Shenyang Tianjin 7 LE MERIDIEN Xi an Jinan Qingdao Lianyungang Nanjing Changshu 2 ST.REGIS 1 W Lhasa Jiuzhaigou Chengdu Chongqing Guiyang Guilin Guangzhou Shunde Macau Hangzhou Qiandao Lake Changsha Shanghai Zhoushan Ningbo Xiamen Taipei Huizhou Chung Ho Dongguan Hsinchu Shenzhen Hong Kong 1 aloft Source: Starwood internal data as of May 2010 Haikou Shimei Bay Sanya 34
35 Our Portfolio Pipeline 30 SHERATON Ulaanbaatar 13 FOUR POINTS 12 WESTIN 6 ST.REGIS 3 LE MERIDIEN 4 W 4 aloft 4 Luxury Collections Source: Starwood internal data as of May 2010 Lhasa Dalian Beijing Tangshan Tianjin Tai an Yantai Taiyuan Qingdao Weifang Zhengzhou Luohe Kaifeng Xi an Jiangyin Nanjing Wuxi Huzhou Taicang Shanghai Chengdu Hefei Nine Dragon Hill Chongqing Hangzhou Ningbo Yuhuan Wenzhou Nanchang Fuzhou Xiamen Taipei Huadu Yilan Guangzhou Qingyuan Nanhai Huizhou Penghu Zhongshan Zhanjiang Macau Sanya Shenzhou Peninsula Tufu Bay Haitang Bay 35
36 Our Portfolio Today & Tomorrow More than 90% managed properties and majority new builds Region Brand Contract Today Operating Hotels Macau 1% HK 6% Taiwa n 7% 86% W 2% FP 14% LM 11% Westin 13% SR 3% aloft 1% Sheraton 56% UJV 5% F 9% M 86% Tomorrow Operating + Today s Pipeline HK 3% Taiwa Macau n 10% 5% 82% W 5% FP 13% SR 5% LM 7% LC 2% aloft 2% Sheraton 53% F 5% UJV 3% M 92% Westin 13% Source: Starwood internal data as of May Based on no. of rooms 36
37 Our Footprint vs Marriott, Hilton, Hyatt We have a dominant leadership position in Greater 150 Greater Footprint All Segments as of April 2010 (STR) No. of Properties Operating + Pipeline Starwood Marriott Hilton Hyatt Source: Smith Travel Research (STR) of April 10 Operating Pipeline 37
38 Our Footprint vs Marriott, Hilton, Hyatt Our pipeline is the most robust compared to our key international competitors in Greater Greater Pipeline All Segments as of April 2010 (STR) No. of Properties Pipeline (83%) (60%) (44%) Starwood Marriott Hilton Hyatt 4 (19%) Source: Smith Travel Research (STR) of April 10 Under Construction Planning Deferred 38
39 Our Award-Winning Portfolio in Greater Our hotels in Greater have world-class facilities and cutting edge design WESTIN SHANGHAI LE MERIDIEN SHESHAN WESTIN GUANGZHOU ST REGIS BEIJING GOLD LIST 2008 Owner s Choice of INTERNATIONAL Hotels Group BEST BUSINESS HOTEL BEST MID RANGE HOTEL BRAND in GREATER CHINA TOP BUSINESS HOTELS IN BEIJING W HONG KONG WESTIN SHANGHAI ST REGIS SHANGHAI St REGIS BEIJING 500 WORLD's BEST HOTELS 2009 Best New Business Hotel in Asia Pacific 2009 by Business Traveller 45 BEST NEW HOTELS
40 Our Hotels in Greater St Regis Beijing 40
41 Our Hotels in Greater Sheraton Hong Kong 41
42 Our Hotels in Greater Sheraton Dameisha Resort 42
43 Our Hotels in Greater Sheraton Shunde 43
44 Our Hotels in Greater Le Royal Meridien Shanghai 44
45 Our Hotels in Greater W Hong Kong 45
46 Our Hotels in Greater The Westin Bund Center, Shanghai 46
47 Our Hotels in Greater The Westin Guangzhou 47
48 Our Hotels in Greater aloft Beijing Haidian, 48
49 Our Hotels in Greater Four Points By Sheraton Guangzhou 49
50 Our Pipeline SHERATON HUZHOU SOUTH TAI LAKE W GUANGZHOU Sheraton Shanghai W SHANGHAI THE BUND 50
51 Our Pipeline ALOFT FOSHAN NANHAI FOUR POINTS KAIFENG FOUR POINTS QINGDAO, JIAONAN 51
52 Our Pipeline THE ASTOR HOTEL A LUXURY COLLECTION TIANJIN ST REGIS SANYA YALONG BAY 52
53 Agenda Market Trends in Asia Pacific Starwood Asia Pacific Where we are today Our growth strategy Special Focus Starwood in Greater Summary 53
54 Summary Starwood is the region s largest global luxury/upper upscale hotel company in Asia Pacific. With the Asian consumers growing increasingly affluent, they travel more domestically and internationally and are becoming increasingly brand loyal to Starwood s great brands. Over the years, we have developed a high performing culture with loyal, motivated and local smart people. We expect our strong pipeline and loyal developer network to further cement our leadership position and footprint expansion. Localization and expanding customer/consumer loyalty will be critical to our long term success in key markets (esp, India) as well as globally. Industry leading fee growth potential in Asia Pacific 54
55 Thank You 55
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