Starwood 2003 Annual Report Download - page 25
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Seasonality and DiversiÑcation
The hotel industry is seasonal in nature; however, the periods during which the Company's properties
experience higher revenue activities vary from property to property and depend principally upon location.
Other than 2001, which was dramatically impacted by the September 11, 2001 terrorist attacks in New York,
Washington, D.C. and Pennsylvania (the ""September 11 Attacks'') and their aftermath, the Company's
revenues and operating income historically have been lower in the Ñrst quarter than in the second, third or
fourth quarters.
Comparability of Owned Hotel Results
Starwood continually updates and renovates its owned, leased and consolidated joint venture hotels.
While undergoing renovation, these hotels are generally not operating at full capacity and, as such, these
renovations can negatively impact Starwood's revenues and operating income.
Employees
At December 31, 2003, Starwood employed approximately 110,000 employees at its corporate oÇces,
owned and managed hotels and vacation ownership resorts, of whom approximately 54% were employed in the
United States. At December 31, 2003, approximately 32% of the U.S.-based employees were covered by
various collective bargaining agreements providing, generally, for basic pay rates, working hours, other
conditions of employment and orderly settlement of labor disputes. Generally, labor relations have been
maintained in a normal and satisfactory manner, and management believes that the Company's employee
relations are good.
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