Starwood 2003 Annual Report Download - page 11

This Joint Annual Report is Ñled by Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation
(the ""Corporation''), and its subsidiary, Starwood Hotels & Resorts, a Maryland real estate investment trust
(the ""Trust''). Unless the context otherwise requires, all references to the Corporation include those entities
owned or controlled by the Corporation, including SLC Operating Limited Partnership, a Delaware limited
partnership (the ""Operating Partnership''), but excluding the Trust; all references to the Trust include the
Trust and those entities owned or controlled by the Trust, including SLT Realty Limited Partnership, a
Delaware limited partnership (the ""Realty Partnership''); and all references to ""Starwood'' or the ""Company''
refer to the Corporation, the Trust and their respective subsidiaries, collectively. The shares of common stock,
par value $0.01 per share, of the Corporation (""Corporation Shares'') and the Class B shares of beneÑcial
interest, par value $0.01 per share, of the Trust (""Class B Shares'') are attached and trade together and may
be held or transferred only in units consisting of one Corporation Share and one Class B Share (a ""Share'').
Prior to the reorganization of Starwood (the ""Reorganization'') on January 6, 1999, the common shares of
beneÑcial interest, par value $0.01 per share, of the Trust were traded together with the Corporation Shares as
""Paired Shares,'' just as the Class B Shares and the Corporation Shares are currently traded as Shares. Unless
otherwise stated herein, all information with respect to Shares refers to Shares on and since January 6, 1999
and to Paired Shares for periods before January 6, 1999.
PART I
Forward-Looking Statements
This Joint Annual Report contains statements that constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such statements appear in several places in
this Joint Annual Report, including, without limitation, the section of Item 1. Business, captioned ""Business
Strategy'' and Item 7. Management's Discussion and Analysis of Financial Condition and Results of
Operations. Such forward-looking statements may include statements regarding the intent, belief or current
expectations of Starwood, its Directors or Trustees or its oÇcers with respect to the matters discussed in this
Joint Annual Report. All forward-looking statements involve risks and uncertainties that could cause actual
results to diÅer materially from those projected in the forward-looking statements including, without
limitation, the risks and uncertainties set forth below. The Company undertakes no obligation to publicly
update or revise any forward-looking statements to reÖect current or future events or circumstances.
Where you can Ñnd more information
We Ñle annual, quarterly and special reports, proxy statements and other information with the SEC. Our
SEC Ñlings are available to the public over the Internet at the SEC's web site at http://www.sec.gov. Our
SEC Ñlings are also available on our website at http://www.starwood.com/corporate/investor relations.html
as soon as reasonably practicable after they are Ñled with or furnished to the SEC. You may also read and
copy any document we Ñle with the SEC at its public reference rooms in Washington, D.C., New York, NY
and Chicago, IL. Please call the SEC at (800) SEC-0330 for further information on the public reference
rooms. Our Ñlings with the SEC are also available at the New York Stock Exchange. For more information on
obtaining copies of our public Ñlings at the New York Stock Exchange, you should call [phone]. You
may also obtain a copy of our Ñlings free of charge by calling Allison Reid, Vice President, Investor Relations
at [phone].
Risks Relating to Hotel, Resort and Vacation Ownership Operations
We Are Subject to All the Operating Risks Common to the Hotel and Vacation Ownership Industries.
Operating risks common to the hotel and vacation ownership industries include:
¬changes in general economic conditions, including the timing and robustness of a recovery from the
current global economic downturn;
¬impact of war and terrorist activity;
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