Starwood Q4 results in full

Fourth Quarter 2009 Highlights

􀂃 Excluding special items, EPS from continuing operations was $0.51. Including
special items, EPS from continuing operations was a loss of $1.03.
􀂃 Adjusted EBITDA was $247 million.
􀂃 Excluding special items, income from continuing operations was $95 million.
Including special items, the loss from continuing operations was $186 million.
􀂃 Special items totaled a pre-tax charge of $431 million ($281 million net of tax or
$1.54 per share), including a pre-tax non-cash impairment charge of $362 million
related to inventory, fixed assets and goodwill at Starwood Vacation Ownership.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 7.2% (9.6% in
constant dollars) compared to the fourth quarter of 2008. System-wide REVPAR for
Same-Store Hotels in North America decreased 10.1% (10.7% in constant dollars).
􀂃 Management and franchise revenues increased 0.6% compared to 2008.
􀂃 Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
7.9% (10.9% in constant dollars) compared to the fourth quarter of 2008. REVPAR
for Starwood branded Same-Store Owned Hotels in North America decreased 9.6%
(10.7% in constant dollars).
􀂃 Operating income from vacation ownership and residential declined $5 million
compared to 2008.
􀂃 In the quarter, the Company signed 20 hotel management and franchise contracts
representing approximately 4,200 rooms and opened 24 hotels with approximately
5,000 rooms.
􀂃 The Company completed a series of dispositions and financing transactions during
the fourth quarter that resulted in cash proceeds of approximately $650 million.
These cash proceeds were primarily used to prepay debt maturing in 2010 to 2013,
reducing net debt at December 31, 2009 to $2.819 billion.

Fourth Quarter 2009 Earnings Summary

Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported
a loss from continuing operations for the fourth quarter of 2009 of $1.03 per share
compared to $0.25 in the fourth quarter of 2008. Excluding special items, which net to a
charge of $281 million in 2009 and $133 million in 2008, EPS from continuing operations
was $0.51 for the fourth quarter of 2009 compared to $0.49 in the fourth quarter of 2008.
Excluding special items, the effective income tax rate in the fourth quarter of 2009 was
4.1% compared to 27.5% in the same period of 2008 primarily due to a lower overall
effective tax rate on foreign earnings.
Special items in the fourth quarter of 2009 totaled a pretax charge of $431 million ($281
million after tax or $1.54 per share) and were related to the following primarily non-cash
charges:
􀂃 $362 million of impairment charges related to the Company’s decision to no longer
pursue development of certain vacation ownership projects, charges related to price
reductions at certain vacation ownership projects and impairment of goodwill
associated with the vacation ownership business.
􀂃 $42 million of impairment charges primarily related to five owned hotels.
􀂃 $17 million charge associated with tender premiums and other costs related to the
prepayment of approximately $600 million of the Company’s long-term debt.
􀂃 $10 million of severance and other costs associated with the Company’s ongoing
initiative of rationalizing its cost structure.
The loss from continuing operations was $186 million in the fourth quarter of 2009
compared to $45 million in 2008. Excluding special items, income from continuing
operations was $95 million in the fourth quarter of 2009 compared to $88 million in 2008.
The net loss was $107 million and $0.59 per share in the fourth quarter of 2009 compared
to net income of $79 million and EPS of $0.44 in the fourth quarter of 2008.
Frits van Paasschen, CEO said, “We ended 2009 with the best REVPAR results we have
seen since the third quarter of 2008, and our continued focus on costs allowed us to beat
expectations again in the quarter. Lodging demand continued to improve in the fourth
quarter, with group and business transient posting positive bookings. After being buffeted
by headwinds throughout 2009, our portfolio is set to begin a rebound in 2010 from a deep
drop-off.”
“We believe that our competitive position in the global marketplace as an operator of
lifestyle hospitality brands continues to build. Importantly, the forces of globalization,
capital flows, emerging middle class and demand for hotel infrastructure are alive and well,
and we intend to capture more than our fair share of this growth.”

Fourth Quarter 2009 Operating Results

Management and Franchise Revenues
Worldwide System-wide REVPAR for Same-Store Hotels decreased 7.2% (9.6% in
constant dollars) compared to the fourth quarter of 2008. International System-wide
REVPAR for Same-Store Hotels decreased 3.9% (8.4% in constant dollars).
Worldwide System-wide REVPAR for Same-Store changes by region:

4Q09 REVPAR
Region Reported Constant dollars
North America -10.1% -10.7%
Europe -1.8% -9.1%
Asia Pacific +1.1% -5.4%
Africa and the Middle East -11.9% -10.6%
Latin America -11.7% -11.7%
Worldwide System-wide REVPAR for Same-Store changes by brand:

4Q09 REVPAR
Brand Reported Constant dollars
St. Regis/Luxury Collection -4.4% -8.5%
W Hotels -2.3% -2.9%
Westin -7.2% -10.0%
Sheraton -7.6% -9.3%
Le Méridien -8.9% -12.7%
Four Points by Sheraton -8.8% -11.9%

Worldwide Same-Store company-operated gross operating profit margins declined
approximately 240 basis points in the fourth quarter driven by REVPAR declines, partially
offset by continued cost-cutting efforts at the property level. International gross operating
profit margins for Same-Store company-operated properties declined approximately 160
basis points, and North American Same-Store company-operated gross operating profit
margins declined approximately 380 basis points.
Management fees, franchise fees and other income were $185 million, down $6 million, or
3.1%, from the fourth quarter of 2008. Management fees decreased 11.9% to $104 million
and franchise fees decreased 2.8% to $35 million. Other income excludes revenues from
the Company’s former Bliss spa business which have been reclassified to discontinued
operations for both 2009 and 2008 as a result of the sale of Bliss at the end of 2009.
During the fourth quarter of 2009, the Company signed 20 hotel management and
franchise contracts, representing approximately 4,200 rooms, of which 16 are new builds
and four are conversions from other brands. At December 31, 2009, the Company had
approximately 350 hotels in the active pipeline representing approximately 85,000 rooms.

During the fourth quarter of 2009, 24 new hotels and resorts (representing approximately
5,000 rooms) entered the system, including the W Barcelona (Spain, 473 rooms), the
Westin Hyderabad Mindspace (India, 252 rooms), the Le Méridien Chongqing (China, 319
rooms), the Sheraton Puerto Rico Convention Center Hotel & Casino (San Juan, 503
rooms), the W Boston (Massachusetts, 235 rooms) and seven Aloft hotels. Fourteen
properties (representing approximately 4,000 rooms) were removed from the system
during the quarter.

Owned, Leased and Consolidated Joint Venture Hotels
Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased 7.9%
(10.9% in constant dollars). REVPAR at Starwood branded Same-Store Owned Hotels in
North America decreased 9.6% (10.7% in constant dollars). Internationally, Starwood
branded Same-Store Owned Hotel REVPAR decreased 4.6% (11.3% in constant dollars).
The Company’s continued rigorous cost cutting programs helped mitigate the impact of
sharp revenue declines during the quarter.
Revenues at Starwood branded Same-Store Owned Hotels in North America decreased
11.0% (12.2% in constant dollars) while costs and expenses decreased 5.7% when
compared to 2008.
Revenues at Starwood branded Same-Store Owned Hotels Worldwide decreased 8.8%
(11.9% in constant dollars) while costs and expenses decreased 6.3% when compared to
2008.
Revenues at owned, leased and consolidated joint venture hotels were $430 million when
compared to $493 million in 2008.

Vacation Ownership
Total vacation ownership revenues of $134 million were flat when compared to 2008.
Originated contract sales of vacation ownership intervals decreased 10.9% primarily due to
an overall decline in demand due to the current economic climate. The average price per
vacation ownership unit sold decreased 7.1% to approximately $15,000, driven by a higher
sales mix of lower-priced inventory, including a higher percentage of biennial inventory.
The number of contracts signed decreased 5.5% when compared to 2008. During the
fourth quarter of 2009, the Company sold vacation ownership notes receivable and
recognized gains of $23 million.
As previously announced, during the fourth quarter of 2009, the Company completed a
comprehensive review of its vacation ownership projects. No new projects are being
initiated and the Company has decided not to develop certain vacation ownership sites and
future phases of certain existing projects. As a result, inventories, fixed assets and land
values at certain projects were determined to be impaired and were written down to their
fair value, resulting in a non-cash pre-tax impairment charge of $255 million. Additionally,
in connection with this review of the business, the Company made a decision to reduce the
pricing of certain inventory at existing projects, resulting in a pre-tax charge of $17 million,
recorded in the vacation ownership and residential costs and expenses line.

Finally, as a result of these decisions and the Company’s future plans for the vacation
ownership business, the Company recorded a $90 million non-cash charge for the
impairment of goodwill associated with the vacation ownership business.
The Company believes it has a best-in-class team at SVO, with some of the best brands
and resorts in the industry. These decisions reflect Starwood’s new strategy for the
vacation ownership business, including reducing its capital requirements and positioning
SVO to generate cash for the Company.

Selling, General, Administrative and Other
Selling, general, administrative and other expenses increased 8.2% to $79 million
compared to the fourth quarter of 2008. Costs and expenses related to the Company’s
former Bliss spa business have been reclassified to discontinued operations for both 2009
and 2008 as a result of the sale of Bliss at the end of 2009.
Restructuring Charges, Goodwill Impairment and Other Special Charges, Net
During the fourth quarter of 2009, the Company recorded a pre-tax charge of $355 million,
including $255 million of impairment charges related to vacation ownership projects and a
$90 million charge related to the impairment of vacation ownership goodwill, as discussed
above, and $10 million of severance and other costs associated with its ongoing initiative
of rationalizing its cost structure in light of the current economic climate.
Loss on Asset Dispositions and Impairments, Net
During the fourth quarter of 2009, the Company recorded impairment charges of $42
million primarily related to five owned hotels where their carrying value exceeded their
estimated fair values as a result of the significant decline in the business at those hotels.
Discontinued Operations
During the fourth quarter of 2009, the Company sold its Bliss spa business, its Fifth
Avenue retail shops at the St. Regis New York, and other non-core assets for cash
proceeds of $227 million. Revenues and expenses from these entities, together with
revenues and expenses from two hotels which are in the process of being sold, have been
reclassified to discontinued operations resulting in a loss of $1 million, net of tax. In
addition, the net gain on these sales has been recorded in discontinued operations
resulting in income of $80 million, net of tax. Prior period results have been adjusted to
reflect these reclassifications.

Capital
Gross capital spending during the quarter included approximately $40 million of
maintenance capital and $28 million of development capital. Investment spending on net
vacation ownership interest (“VOI”) and residential inventory was $4 million, primarily in Bal
Harbour. The run rate of spending on development and investment capital declined
throughout the year as in-flight projects were completed.

Dividend
In October 2009, the Company’s Board of Directors declared its annual dividend of $0.20
per share. The dividend was paid by the Company on January 14, 2010 to holders of
record on December 31, 2009.

Balance Sheet
At December 31, 2009, the Company had total debt of $2.960 billion and cash and cash
equivalents of $141 million (including $54 million of restricted cash), or net debt of $2.819
billion, compared to net debt of $3.207 billion and $3.517 billion as of September 30, 2009
and December 31, 2008, respectively.
At December 31, 2009, debt was approximately 78% fixed rate and 22% floating rate and
its weighted average maturity was 5.1 years with a weighted average interest rate of
6.73%. The Company had cash (including current restricted cash) and availability under
the domestic and international revolving credit facility of approximately $1.735 billion.
During the fourth quarter of 2009, the Company completed a series of dispositions and
financing transactions that resulted in cash proceeds of approximately $650 million as
outlined below:
􀂃 The Company sold non-core assets for cash proceeds of approximately $227
million.
􀂃 The Company sold approximately $200 million of vacation ownership notes
receivable realizing cash proceeds of $166 million. The Company recorded a gain
on the sale of these receivables of approximately $19 million. In addition, the terms
of the Company’s June 2009 securitization were amended, resulting in additional
cash proceeds of approximately $9 million and a gain of $4 million.
􀂃 The Company completed a public offering of $250 million of 7.150% Senior Notes
due 2019 and used the proceeds to complete a $300 million tender offer to
purchase $195 million of its 7.875% Senior Notes due 2012 and $105 million of its
6.250% Senior Notes due 2013.
IRS Tax Settlement
In January 2009, the Company and the IRS reached an agreement in principle to settle the
litigation pertaining to the tax treatment of the Company’s 1998 disposition of World
Directories, Inc. Under the proposed settlement, the Company expects to receive a refund
in 2010 of over $200 million as a result of tax payments previously made.
Results for the Twelve Months Ended December 31, 2009
The loss from continuing operations was $1 million or $0.00 per share in 2009, compared
to income from continuing operations of $249 million, or $1.34 per share in 2008.
Excluding special items, income from continuing operations was $188 million, or $1.02 per
share in 2009, compared to $400 million, or $2.16 per share in 2008. Net income was $73

million and EPS was $0.41 in 2009, compared to $329 million and $1.77, respectively, in
2008. Total Company Adjusted EBITDA, which was impacted by the sale or closure of 15
hotels since the beginning of 2008, was $793 million in 2009, compared to $1.157 billion in
2008.

Outlook
For the Full Year 2010:
It is very difficult at this time to provide any definitive point of view on 2010. While business
conditions continue to improve from depressed levels, it is very hard to forecast the pace of
recovery, especially rate. While group bookings have picked up, booking pace for 2010
has continued to lag behind 2009. Booking windows for both transient and group business
have remained short. As such, late breaking business is a larger component of what will
drive our performance in 2010 making forward looking predictions four quarters out
particularly challenging. What we can provide are broad guidelines that we are using for
internal planning purposes:
Based on our fourth quarter results and our expectations for the first quarter, full year 2010
REVPAR at Same-Store Company Operated Hotels Worldwide could be flat to +5% in
local currency and approximately 100 bps higher in dollars at current exchange rates.
REVPAR at Branded Same-Store Owned Hotels Worldwide could be -2% to +2% in local
currency and approximately 100 bps higher in dollars at current exchange rates.
At the midpoint of these REVPAR ranges, adjusted EBITDA would be approximately $750
million (+/– one point of REVPAR drives +/- $15 million of EBITDA).
􀂃 EPS before special items would be approximately $0.63.
􀂃 Management and franchise revenues will increase approximately 0% to 5%.
􀂃 Selling, General and Administrative expenses will increase 3% to 5%.
􀂃 Operating income from our vacation ownership and residential business will be
approximately $115 million to $125 million, including the impact of adopting SFAS
167, Amendments to FASB Interpretation No. 46(R).
􀂃 Full year depreciation and amortization will be approximately $335 million.
􀂃 Full year interest expense will be approximately $262 million (including $20 million
to $23 million from the impact of adopting SFAS 167) and cash taxes will be
approximately $75 million.
􀂃 Full year effective tax rate will be approximately 22%.
􀂃 Full year capital expenditures (excluding vacation ownership and residential
inventory) would be approximately $150 million for maintenance, renovation and
technology. In addition, in-flight investment projects and prior commitments for joint
ventures and other investments will total approximately $100 million. Vacation
ownership is expected to generate approximately $150 million in positive cash flow,

including proceeds from a planned securitization in late 2010. Bal Harbour capital
will be approximately $140 million.
For the three months ended March 31, 2010:
􀂃 Adjusted EBITDA is expected to be approximately $135 million to $145 million
assuming:
􀂃 REVPAR change at Same-Store Company Operated Hotels Worldwide of
-2% to flat in local currency (+1% to +3% in dollars at current exchange
rates).
􀂃 REVPAR change at Branded Same-Store Owned Hotels Worldwide of -3% to
-5% in local currency (-1% to +1% in dollars at current exchange rates).
􀂃 Management and franchise revenues will be up approximately 1% to 3%.
􀂃 Operating income from our vacation ownership and residential businesses
will be flat to down $5 million.
􀂃 Income from continuing operations, before special items, is expected to be
approximately $(8) million to flat, reflecting an effective tax rate of approximately
22%.
􀂃 Interest expense is expected to be $63 million.
􀂃 Depreciation and amortization is expected to be $83 million.
􀂃 EPS before special items is expected to be approximately ($0.04) to flat.
Impact of SFAS 167
The Company adopted SFAS 167 on January 1, 2010. This new accounting rule impacts
the accounting for securitized vacation ownership loans. As a result of the adoption of this
rule, the Company expects its reported assets (accounts receivable and other assets) to
increase by approximately $400 million and its reported liabilities (short-term and long-term
debt) to increase by $445 million, prior to any tax effects. Also as a result of the
accounting change, vacation ownership pretax earnings for 2010 are expected to increase
by approximately $20 million to $23 million and EBITDA is expected to increase by
approximately $40 million to $45 million. The new accounting rule is not expected to have
any impact on the Company’s cash flow.

Special Items
The Company’s special items netted to a pre-tax charge of $431 million ($281 million aftertax)
in the fourth quarter of 2009 compared to $195 million ($133 million after-tax) in the
same period of 2008.
The following represents a reconciliation of income from continuing operations before
special items to income from continuing operations including special items (in millions,
except per share data):
Three Months Ended
December 31,
Year Ended
December 31,
2009 2008 2009 2008
$ 95 $ 88 Income from continuing operations before special items ............. $ 188 $ 400
$ 0.51 $ 0.49 EPS before special items (a) ......................................................... $ 1.02 $ 2.16
Special Items
(355) (109) Restructuring, goodwill impairment and other special charges, net (b) (379) (141)
(42) (86) Loss on asset dispositions and impairments, net (c)……………… (91) (98)
(17) ― Debt extinguishment (d) ................................................................ (17) ―
(17) ― Cost of sales adjustments (e) ...................................................... (17) ―
(431) (195) Total special items – pre-tax ........................................................ (504) (239)
113 62 Income tax benefit for special items (f) ......................................... 158 88
37 ― Foreign tax credits (g) .................................................................... 37 ―
― ― Italian income tax incentive (h) ...................................................... 120 ―
(281) (133) Total special items – after-tax....................................................... (189) (151)
$ (186) $ (45) Income (loss) from continuing operations .................................... $ (1) $ 249
$ (1.03) $ (0.25) EPS (loss per share) including special items ............................... $ 0.00 $ 1.34
(a) Fully diluted shares for the three months ended December 31, 2009 and 2008 are 187 million and 181 million,
respectively. Fully diluted shares for the twelve months ended December 31, 2009 are 184 million.
(b) During the three months ended December 31, 2009 and 2008, the Company recorded restructuring charges of $10
million and $30 million, respectively, consisting primarily of severance and consulting charges related to its ongoing
initiative to streamline operations and eliminate costs.
The three months ended December 31, 2009, also includes impairment charges of $255 million, following an in depth
review of the vacation ownership business which resulted in a decision not to develop certain vacation ownership sites
and future phases of certain existing projects. Additionally, the three months ended December 31, 2009 includes a
$90 million charge related to the impairment of goodwill associated with the vacation ownership business.
The three months ended December 31, 2008, also includes other special charges of $79 million primarily related to
impairment charges associated with two vacation ownership projects that the Company no longer plans to develop as
a result of the current economic crisis and its expected long-term impact on this business.
The years ended December 31, 2009 and 2008 include additional restructuring costs associated with its ongoing
initiative to streamline operations.
(c) During the three months ended December 31, 2009, the Company recorded impairment charges of $42 million
primarily related to five owned and leased hotels, where their carrying amounts exceeded their estimated fair values,
as a result of the significant decline in the business at those hotels.
The year ended December 31, 2009 also includes impairment charges of $49 million primarily related to the
Company’s retained interests in securitized vacation ownership notes receivable, certain fixed assets and an owned
hotel. The full year excludes approximately $16 million of losses recorded in the first three quarters of the year, which
were reclassified to discontinued operations to conform to the fourth quarter presentation.
During the three months ended December 31, 2008, the Company recorded impairment charges of $64 million on five
owned hotels where their carrying values exceeded their estimated fair values and a $22 million impairment charge to
write down its retained interests in securitized vacation ownership notes receivable.
The net loss for the year ended December 31, 2008, also includes an impairment charge of $11 million associated with
the Company’s equity interest in a joint venture that owns land that it no longer intends to develop.

(d) The three months and year ended December 31, 2009 include $17 million of charges associated with tender premiums
and other costs related to the early extinguishment of approximately $600 million of the Company’s long term debt.
These charges were recorded in the interest expense line item.
(e) The three months and year ended December 31, 2009 include $17 million of charges in connection with the
Company’s in-depth review of the vacation ownership business and the resulting decision to reduce pricing of certain
inventory at existing projects. These charges were recorded in the vacation ownership and residential costs and
expenses line item.
(f) The three months and year ended December 31, 2009 reflect tax benefits at the statutory rate for the special items and
a tax benefit for hotel sales with higher tax basis, partially offset by permanent tax charges associated with the loss on
certain asset dispositions. The three months and year ended December 31, 2008 relate to the favorable impacts of
capital loss utilization and tax benefits at the statutory rate for the special items.
(g) During the three months ended December 31, 2009, the Company took steps including the completion of certain
internal transactions that enabled the Company to change its election for several prior tax years to claim a foreign tax
credit as opposed to foreign tax deduction.
(h) During the year ended December 31, 2009, benefit relates to an Italian tax incentive program through which the tax
basis of Italian owned hotels were stepped up in exchange for paying a relatively minor tax.
The Company has included the above supplemental information concerning special items
to assist investors in analyzing Starwood’s financial position and results of operations. The
Company has chosen to provide this information to investors to enable them to perform
meaningful comparisons of past, present and future operating results and as a means to
emphasize the results of core on-going operations.

Starwood will be conducting a conference call to discuss the fourth quarter financial results
at 10:30 a.m. (EST) today at (706) 758-8744. The conference call will be available through
a simultaneous web cast in the Investor Relations/Press Releases section of the
Company’s website at http://www.starwoodhotels.com. A replay of the conference call will
also be available from 1:30 p.m. (EST) today through February 11, 2010 at 12:00 midnight
(EST) on both the Company’s website and via telephone replay at (706) 645-9291 (pass
code #46323963).
Definitions
All references to EPS, unless otherwise noted, reflect earnings per diluted share from
continuing operations attributable to Starwood’s common shareholders. All references to
continuing operations, discontinued operations and net income reflect amounts attributable
to Starwood’s common shareholders (i.e. excluding amounts attributable to noncontrolling
interests). All references to “net capital expenditures” mean gross capital expenditures for
timeshare and fractional inventory net of cost of sales. EBITDA represents net income
before interest expense, taxes, depreciation and amortization. The Company believes that
EBITDA is a useful measure of the Company’s operating performance due to the
significance of the Company’s long-lived assets and level of indebtedness. EBITDA is a
commonly used measure of performance in its industry which, when considered with
GAAP measures, the Company believes gives a more complete understanding of the
Company’s operating performance. It also facilitates comparisons between the Company
and its competitors. The Company’s management has historically adjusted EBITDA (i.e.,
“Adjusted EBITDA”) when evaluating operating performance for the total Company as well
as for individual properties or groups of properties because the Company believes that the
inclusion or exclusion of certain recurring and non-recurring items, such as restructuring,
goodwill impairment and other special charges and gains and losses on asset dispositions
and impairments, is necessary to provide the most accurate measure of core operating
results and as a means to evaluate comparative results. The Company’s management
also uses Adjusted EBITDA as a measure in determining the value of acquisitions and
dispositions and it is used in the annual budget process. The Company has historically
reported this measure to its investors and believes that the continued inclusion of Adjusted
EBITDA provides consistency in its financial reporting and enables investors to perform
more meaningful comparisons of past, present and future operating results and provides a
means to evaluate the results of its core on-going operations. EBITDA and Adjusted
EBITDA are not intended to represent cash flow from operations as defined by GAAP and
such metrics should not be considered as an alternative to net income, cash flow from
operations or any other performance measure prescribed by GAAP. The Company’s
calculation of EBITDA and Adjusted EBITDA may be different from the calculations used
by other companies and, therefore, comparability may be limited.

All references to Same-Store Owned Hotels reflect the Company’s owned, leased and
consolidated joint venture hotels, excluding condo hotels, hotels sold to date and hotels
undergoing significant repositionings or for which comparable results are not available (i.e.,
hotels not owned during the entire periods presented or closed due to seasonality or
natural disasters). References to Company Operated Hotel metrics (e.g. REVPAR) reflect
metrics for the Company’s owned and managed hotels. References to System-Wide
metrics (e.g. REVPAR) reflect metrics for the Company’s owned, managed and franchised
hotels. REVPAR is defined as revenue per available room. ADR is defined as average
daily rate.
All references to contract sales or originated sales reflect vacation ownership sales before
revenue adjustments for percentage of completion accounting methodology.
All references to management and franchise revenues represent base and incentive fees,
franchise fees, amortization of deferred gains resulting from the sales of hotels subject to
long-term management contracts and termination fees offset by payments by Starwood
under performance and other guarantees.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure
companies in the world with 992 properties in almost 100 countries and 145,000
employees at its owned and managed properties. Starwood® Hotels is a fully integrated
owner, operator and franchisor of hotels and resorts with the following internationally
renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®,
Sheraton®, Four Points® by Sheraton, aloft(SM), and element(SM). Starwood Hotels also
owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of
high quality vacation interval ownership resorts.