Starwood 2004 Annual Report Download - page 117

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
AND STARWOOD HOTELS & RESORTS
NOTES TO FINANCIAL STATEMENTS Ì (Continued)
resolution of certain pre-spin-oÅ matters under these agreements. Based on available information, manage-
ment does not believe that these matters would have a material impact on the consolidated results of
operations, Ñnancial position or cash Öows.
Note 21. Business Segment and Geographical Information
The Company has two operating segments: hotels and vacation ownership and residential. The hotel
segment generally represents a worldwide network of owned, leased and consolidated joint venture hotels and
resorts operated primarily under the Company's proprietary brand names including St. Regis», The Luxury
Collection», Sheraton», Westin», W» and Four Points» by Sheraton as well as hotels and resorts which are
managed or franchised under these brand names in exchange for fees. The vacation ownership and residential
segment includes the development, ownership and operation of vacation ownership resorts, marketing and
selling VOIs, providing Ñnancing to customers who purchase such interests and the sale of residential units.
The performance of the hotels and vacation ownership and residential segments is evaluated primarily on
operating proÑt before corporate selling, general and administrative expense, interest, gains on the sale of real
estate, investments, restructuring and other special charges, and income taxes. The Company does not allocate
these items to its segments.
F-51