Starwood 2004 Annual Report Download - page 9

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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 ""we'', ""us'', ""our'',
""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'').
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 file annual, quarterly and special reports, proxy statements and other information with the SEC. Our
SEC filings are available to the public over the Internet at the SEC's web site at http://www.sec.gov. Our SEC
filings are also available on our website at http://www.starwoodhotels.com/corporate/investor relations.html
as soon as reasonably practicable after they are filed with or furnished to the SEC. You may also read and copy
any document we file with the SEC at its public reference rooms in Washington, D.C. Please call the SEC at
(800) SEC-0330 for further information on the public reference rooms. Our filings with the SEC are also
available at the New York Stock Exchange. For more information on obtaining copies of our public filings at the
New York Stock Exchange, you should call (212) 656-5060. You may also obtain a copy of our filings free of
charge by calling Alisa Rosenberg, Vice President, Investor Relations at (914) 640-5214.
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 the apparent recovery
in the United States from the recent economic downturn and the prospects for improved performance
in other parts of the world;
¬impact of war and terrorist activity (including threatened terrorist activity) and heightened travel
security measures instituted in response thereto;
¬domestic and international political and geopolitical conditions;
¬travelers' fears of exposures to contagious diseases or the occurrence of natural disasters;
1