Says Europe remained at a "stalemate" during 2012, not expecting much different in 2013. Says remains resolutely bullish on the long-term outlook for global high-end lodging. Says business momentum in January so far "is good," supports scenario that RevPAR growth will accelerate. Sees RevPAR growth in Europe at or below low end of 5%-7% outlook, sees China RevPAR growth to ramp up from middle of 5%-7% range to the high end as the year progresses. Sees FY EBITDA reduced by $25M from hotels sold over the past 12 months. Says expects to continue to return cash to shareholders. Comments made on the Q4 earnings conference call.