STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
喜达屋国际酒店集团
Business Strategy
经营策略
The Company's primary business objective is to maximize earnings and cash flow by increasing the profitability of the Company's existing portfolio; selectively acquiring interests in additional assets; increasing the number of the Company's hotel management contracts and franchise agreements; acquiring, developing and selling VOIs; and maximizing the value of its owned real estate properties, including selectively disposing of 1non-core hotels and "trophy" assets that may be sold at significant premiums. The Company plans to meet these objectives by leveraging its global assets, broad customer base and other resources and by taking advantage of the Company's scale to reduce costs. The weakness in the North American and European economies, combined with current political and economic environments in South America, the Middle East and other parts of the world and their consequent impact on travel in their respective regions and the rest of the world, make financial planning and implementation of our strategy more challenging.
喜达屋集团最终经营目的在于利润和现金流量的最大化。为了达到这个目的，集团采取的措施是：增加集团现有资产组合的盈利；有选择性的通过购入新资产获得利润；增加饭店经营合同和特许经营协议的数目；购入、开发，销售
VOI
；使自己拥有的房地产实现价值最大化，包括有选择性的出售一些有可能获得高额利润的非支柱饭店和纪念性质的资产。为了增加收入，喜达屋集团计划通过它对全球资产进行平衡有效配置，扩大客源市场和其它资源，并利用规模经济来节省开支。北美、欧洲经济的萎靡不振，加上南美、中东和世界其它地区政治经济环境的不利因素，以及这些因素对这些地区和世界其它地区旅游市场的影响，使我们的财政政策的制定以及经营策略的执行更具有挑战性。
Growth Opportunities
.
发展良机
Management has identified several growth opportunities with a goal of enhancing the Company's operating performance and profitability, including:
为了增强集团的运作能力和增加利润，领导层已经从错综复杂的现实环境中找到多次的发展机会，这其中包括：
Continuing to expand the Company's role as a third-party manager of hotels and resorts. This allows Starwood to expand the presence of its lodging brands and gain additional cash flow generally with modest capital commitment;
继续强化集团作为饭店和度假村的第三方管理者的职能，这样可以扩展喜达屋膳宿品牌的影响力和市场力度，并且可以较少的投入获取较少的现金量。
Franchising the Sheraton, Westin, Four Points by Sheraton and Luxury Collection brands to selected third-party operators, thereby expanding the Company's market presence, enhancing the exposure of its hotel brands and providing additional income through franchise fees;
将喜来登、寰鼎、福朋和至尊精选等品牌特许给经过挑选的第三方经营者来经营，从而扩大集团饭店的市场份额，提高其饭店品牌的知名渡，而且特许经营费也使集团获得更多的收入。
Expanding the Company's internet presence and sales capabilities to increase revenue and improve customer service;
进一步扩展集团品牌在互联网上的知名度和销售能力，以次来增加收入，提高服务质量。
Continuing to grow the Company's frequent guest program, thereby increasing occupancy rates while providing the Company's customers with benefits based upon loyalty to the Company's hotels and vacation ownership resorts;
继续开发集团的长客计划，在给予集团饭店和度假村的长客以实惠的同时，提高饭店的客房出租率。
Enhancing the Company's marketing efforts by integrating the Company's proprietary customer databases, so as to sell additional products and services to existing customers, improve occupancy rates and create additional marketing opportunities;
通过综合整理集团所有客人的资料库，加强营销力度，向现有的顾客推销更多的产品和服务，提高客房出租率，并且创造出新的市场营销机会。
Optimizing the Company's use of its real estate assets to improve ancillary revenue, such as condominium sales and restaurant, beverage and parking revenue from the Company's hotels and resorts;
使集团对其房地产所有权的使用最优化，从而增加副收入，如集团饭店、度假村里私人公寓的销售，餐馆、酒吧和停车场的经营所得。
Continuing to build the "W" hotel brand to appeal to upscale business travelers and other customers seeking full-service hotels in major markets, and expanding the brand to resorts in non-urban areas;
继续推进喜达屋饭店的品牌建设，以满足主要资源市场中高级商务客户和其它客户对提供全方位服务的酒店的需求，将集团品牌的影响力扩展到非城区的度假村。
Innovations such as the Heavenly® Bed and Bath, the Sheraton Sweet Sleeper® Bed and the Sheraton Service Promise®;
对“天堂床”、“天堂浴”、“喜来登甜蜜梦香人床”以及“喜来登服务承诺”活动进行改革。
Renovating, upgrading and expanding the Company's branded hotels to further its strategy of strengthening brand identity. By re-branding certain owned hotels to one of Starwood's proprietary brands, Starwood will seek to further solidify its brand reputation and market presence, leading to enhanced revenue per available room ("REVPAR"), which we consider to be a meaningful indicator of our performance, as it measures the period-over-period growth in rooms revenue for comparable properties;
对集团的品牌饭店进行翻新、升级和扩展，从而进一步推进集团的增强品牌竞争力的战略。我们认为，单位房间的营业额是一个非常有意义的指标，它可以为类似的产业测量客房收入在每一阶段的增长量。为了达到增大这一指标的目的，喜达屋集团将其拥有的饭店统一到一个喜达屋独有的品牌下，并努力稳固其品牌的名誉及市场影响力。
Developing additional vacation ownership resorts and leveraging our hotel real estate assets where possible through VOI construction and residential or condominium sales; and Increasing operating efficiencies through increased use of technology.
开发更多的度假村通过
VOI
的建设以及和私人公寓的销售来平衡我们的饭店房地产，通过增加科技含量来提高经营效率。
Starwood intends to explore opportunities to expand and diversify the Company's hotel portfolio through minority investments and selective acquisitions of properties domestically and internationally that meet some or all of the following criteria:
喜达屋饭店不断的在寻求机会，以向外扩展和使集团的饭店资产组合更加多样化。其主要途径是对美国国内外的符合集团所有或部分的要求标准的房产进行小额的投资或有选择的收购。喜达屋饭店设有的标准如下：
Luxury and upscale hotels and resorts in major metropolitan areas and business centers;
位于主要的大都市或商业中心的豪华高档的饭店和度假村
Major tourist hotels, destination resorts or conference centers that have favorable demographic trends and are located in markets with significant barriers to entry or with major room demand generators such as office or retail complexes, airports, tourist attractions or universities;
主要的旅游饭店，度假村或会议中心，他们还必须满足下列条件：客源市场发展状况良好，所在的市场具有重大的行业壁垒，或是位于对客房与强大需求的地区，如办公写字楼或零售上场集合点、机场、旅游景点或大学区。
Undervalued hotels whose performance can be increased by re-branding to one of the Company's hotel brands, the introduction of better and more efficient management techniques and practices and/or the injection of capital for renovating, expanding or repositioning the property;
潜力未被发掘的饭店，他们能够以下途径得以充分发展：更换品牌，收归集团自有的品牌下，引入更专业化效率更高的管理技巧和方法；或投入资金。对饭店进行革新、扩张或再定位。
Hotels or brands which would enable the Company to provide a wider range of amenities and services to customers; and
能够让集团因为顾客提供更多的娱乐和服务的饭店品牌
Portfolios of hotels or hotel companies that exhibit some or all of the criteria listed above, where the purchase of several hotels in one transaction enables Starwood to obtain favorable pricing or obtain attractive assets that would otherwise not be available.
符合一定行部分所有标准的饭店群或饭店集团。前提是一次性购买几家饭店能让喜达屋获得较优惠的价格，或取得其它途径的布道的有诱惑的房产
Starwood may also selectively choose to develop and construct desirable hotels and resorts to help the Company meet its strategic goals, such as the ongoing development of the St. Regis Museum Tower Hotel in San Francisco, California which is expected to have approximately 269 rooms and 102 condominiums.
喜达屋集团也会通过有选择性的开发和建设顾客急需
的反对和度假村来迎合集团的战略目标。坐落于加利弗尼亚旧金山的圣瑞吉斯博物塔饭店，预计它将拥有
269
间客房和
102
所私人公寓。
Furthermore, the Company has developed plans for flexible new-build Sheraton and Westin prototypes, with the intent of expanding these brands into tertiary markets.
另外，集团已经制定计划，使新建的喜达屋和寰鼎饭店的经营更具有灵活心性使其能够将这两个品牌扩展到三级市场中去。
"
Competition
竞争
The hotel industry is highly competitive. Competition is generally based on quality and consistency of room, restaurant and meeting facilities and services, attractiveness of locations, availability of a global distribution system, price and other factors. Management believes that Starwood competes favorably in these areas. Starwood's properties compete with other hotels and resorts, including facilities owned by local interests and facilities owned by national and international chains, in their geographic markets. The principal competitors of Starwood include other hotel operating companies, ownership companies (including hotel REITs) and national and international hotel brands.
饭店产业竞争激烈。这些竞争大都是基于质量、房间的一贯性、餐馆和会议听的设施和服务、所处地段的吸引力，全球分配系统的可操作性，价格以及其它因素基础上的竞争。集团领导认为喜达屋能够从容的应对这些竞争。喜达屋的资产，在其所处的地区性市场内，同其它的饭店和度假村进行竞争，这些饭店和度假村有的是由地方利益集团掌握的有的则是由国际连锁集团掌握的喜达屋集团的主要竞争对手包括其它的饭店经营集团，所有权公司和美国内外的饭店品牌。
Starwood encounters strong competition as a hotel, resort and vacation ownership operator and developer. While some of the Company's competitors are private management firms, several are large national and international chains that own and operate their own hotels, as well as manage hotels for third-party owners and develop and sell VOIs, under a variety of brands that compete directly with the Company's brands. In addition, hotel management contracts are typically long-term arrangements, but most allow the hotel owner to replace the management firm if certain financial or performance criteria are not met.
喜达屋集团作为一个饭店，度假村和假期所有权的经营者和开发者，遇到了强有力的竞争。集团的竞者有些是私人的管理公司，而有些是国内国际的大连锁集团。他们以不同的品牌的名誉掌握和经营自己的饭店，为第三方产权所有人代理管理饭店，以及开发销售
VOI
这些都会同喜达屋的品牌形式直接竞争。另外，饭店管理合同虽然一般是长期合同，但是大都允许产权所有人在不能达到他的资金和经营标准的情况下更换代理公司。
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