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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.
Item 1. Business.
General
We are one of the world's largest hotel and leisure companies. We conduct our hotel and leisure business
both directly and through our subsidiaries. Our brand names include the following:
St. Regis Hotels & Resorts (luxury full-service hotels, resorts and residences) are for connoisseurs who
desire the Ñnest expressions of luxury. They provide Öawless and bespoke service to high-end leisure and
business travelers. St. Regis hotels are located in the ultimate locations within the world's most desired
destinations, important emerging markets and yet to be discovered paradises, and they typically have
individual design characteristics to capture the distinctive personality of each location.
The Luxury Collection (luxury full-service hotels and resorts) is a group of unique hotels and resorts
oÅering exceptional service to an elite clientele. From legendary palaces and remote retreats to timeless
modern classics, these remarkable hotels and resorts enable the most discerning traveler to collect a world of
unique, authentic and enriching experiences that capture the sense of both luxury and place. They are
distinguished by magniÑcent decor, spectacular settings and impeccable service.
W Hotels (luxury and upscale full service hotels, retreats and residences). W branded properties feature
world class design, world class restaurants and ""on trend'' bars and lounges and its signature
Whatever⶿Whenever service standard. It's a sensory multiplex that not only indulges the senses, it delivers an
emotional experience. Whether it's ""behind the scenes'' access at Whappenings, or our cutting edge music,
lighting and scent programs, W delivers an experience unmatched in the hotel segment.
Westin Hotels & Resorts (luxury and upscale full-service hotels and resorts) are destinations where
guests are understood and feel that this is a place where ""I can be at my best.'' When guests arrive, they feel
the Westin ambience and are welcomed by ""hosts'' who help them get the most out of their stay. Westin's
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