duke
TUG Member
Vacation Ownership and Residential
Vacation ownership and residential revenue, which excludes gains on sales of notes receivable, decreased $5 million, or 2.5% to $192 million when compared to 2004. This decrease was primarily due to a larger portion of vacation ownership sales coming from pre-sales at new phases under construction at the Westin Ka'anapali Ocean Resort Villas in Maui, Hawaii and the Westin Kierland Villas in Scottsdale, Arizona which are recognized based on percentage of completion in accordance with US GAAP. Contract sales, excluding fractional sales at the St. Regis Aspen and residential sales at the St. Regis in San Francisco, were up 17.8% when compared to 2004. The average price per timeshare unit sold increased approximately 11.8% to $22,868, and the number of contracts signed increased approximately 5.3% when compared to 2004.
Residential sales continued in the fourth quarter at the St. Regis Museum Tower in San Francisco. The Company recognized revenues of approximately $42 million, an increase of $27 million compared to 2004. The St. Regis Museum Tower hotel and condominiums opened in November 2005.
In addition to its robust pipeline of existing vacation ownership inventory, the Company continues to evaluate its existing owned real estate for potential conversion to vacation ownership, fractional, or residential projects. For example, the Company is converting four floors of the St. Regis hotel in New York into fractional units and residences and has partially demolished the Sheraton in Cancun, Mexico, where it will build a timeshare development that is expected to have up to 73 units upon completion of the first phase. The Company is also working with its business partners to develop similar conversion opportunities at managed hotels.
Currently, the Company is working on new phases at the Westin Ka'anapali Ocean Resort Villas in Maui, Hawaii, the Westin Kierland Villas in Scottsdale, Arizona, the Sheraton Broadway Plantation in Myrtle Beach, South Carolina, and the Sheraton Vistana Villages in Orlando, Florida.
In addition to the expansion at the existing properties above, Starwood Vacation Ownership is in the predevelopment phase of several new vacation ownership resorts including one in Princeville on the island of Kauai, Hawaii. The Company is also working on a third St. Regis-branded fractional resort in Punta Mita, Mexico.
During the fourth quarter of 2005, the Company sold approximately $221 million of vacation ownership notes receivable and recognized gains of $25 million as compared to gains of $3 million in the same period of 2004.
Vacation ownership and residential revenue, which excludes gains on sales of notes receivable, decreased $5 million, or 2.5% to $192 million when compared to 2004. This decrease was primarily due to a larger portion of vacation ownership sales coming from pre-sales at new phases under construction at the Westin Ka'anapali Ocean Resort Villas in Maui, Hawaii and the Westin Kierland Villas in Scottsdale, Arizona which are recognized based on percentage of completion in accordance with US GAAP. Contract sales, excluding fractional sales at the St. Regis Aspen and residential sales at the St. Regis in San Francisco, were up 17.8% when compared to 2004. The average price per timeshare unit sold increased approximately 11.8% to $22,868, and the number of contracts signed increased approximately 5.3% when compared to 2004.
Residential sales continued in the fourth quarter at the St. Regis Museum Tower in San Francisco. The Company recognized revenues of approximately $42 million, an increase of $27 million compared to 2004. The St. Regis Museum Tower hotel and condominiums opened in November 2005.
In addition to its robust pipeline of existing vacation ownership inventory, the Company continues to evaluate its existing owned real estate for potential conversion to vacation ownership, fractional, or residential projects. For example, the Company is converting four floors of the St. Regis hotel in New York into fractional units and residences and has partially demolished the Sheraton in Cancun, Mexico, where it will build a timeshare development that is expected to have up to 73 units upon completion of the first phase. The Company is also working with its business partners to develop similar conversion opportunities at managed hotels.
Currently, the Company is working on new phases at the Westin Ka'anapali Ocean Resort Villas in Maui, Hawaii, the Westin Kierland Villas in Scottsdale, Arizona, the Sheraton Broadway Plantation in Myrtle Beach, South Carolina, and the Sheraton Vistana Villages in Orlando, Florida.
In addition to the expansion at the existing properties above, Starwood Vacation Ownership is in the predevelopment phase of several new vacation ownership resorts including one in Princeville on the island of Kauai, Hawaii. The Company is also working on a third St. Regis-branded fractional resort in Punta Mita, Mexico.
During the fourth quarter of 2005, the Company sold approximately $221 million of vacation ownership notes receivable and recognized gains of $25 million as compared to gains of $3 million in the same period of 2004.
