Leading hospitality company Starwood Hotels & Resorts Worldwide Inc. recently joined forces with The Urban Land Institute (ULI) Greenprint Center for Building Performance. The collaboration intends to boost the creation of environmentally sustainable properties globally. The move is in line with the company’s commitment towards incorporating top-class environmental practices and improves the sustainability of its hotels and consequently the real estate sector across the globe.
The Urban Land Institute acquired The Greenprint Foundation in January, 2012 to create The ULI Greenprint Center for Building Performance. Its mission is to guide the global real estate sector towards improved environmental performance through focus on energy efficiency and reduced carbon emissions.
Apart from Starwood, many real estate industry giants are already a part of the environment friendly organization. These include Avalonbay Communities Inc. (AVB - Analyst Report) , Jones Lang LaSalle Incorporated (JLL - Analyst Report) , Prologis, Inc. (PLD - Analyst Report) and UDR, Inc. (UDR - Analyst Report) .
Starwood has actively supported economic growth for a sustainable society through various environmental practices. The company aims to address six primary environmental issues -- water, energy, waste, emissions, supply chain and Indoor Environmental Quality (IEQ). Accordingly, Starwood collaborated with Conservation International (CI) in 2009 towards this goal. Starwood expects to reduce its energy and water consumption by 30% and 20% respectively, by 2020.
As a matter of fact, in the past five years, the company has also reported carbon footprint levels for its all properties and corporate office operations through the Carbon Disclosure Project Survey (CDP). Moreover, since last year, Starwood has reported water consumption-related information through CDP to further boost the initiative.
Starwood reported third-quarter 2012 adjusted earnings from continuing operations of 58 cents. The results breezed past the Zacks Consensus Estimate of 53 cents, but fell shy of the year-ago earnings of 60 cents.
Starwood Hotels & Resorts mainly focuses on property ownership, management, and hotels franchise. The company operates luxury and upscale hotels in major urban markets through six brands – St. Regis, The Luxury Collection, Sheraton, Westin, W, and Four Points. As of September 30, 2012, Starwood’s portfolio consisted of around 1,128 properties across 100 countries globally.
We currently have long-term Neutral recommendation on Starwood. Also, it carries a short-term Zacks #3 Rank (Hold).