Starwood 2005 Annual Report Download - page 64

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors, Board of Trustees and Shareholders of
Starwood Hotels & Resorts Worldwide, Inc. and Starwood Hotels & Resorts
We have audited the accompanying consolidated balance sheets of Starwood Hotels & Resorts Worldwide,
Inc. (a Maryland corporation) (the ""Company'') and Starwood Hotels & Resorts (a Maryland real estate
investment trust) (the ""Trust'') as of December 31, 2005 and 2004, and the related consolidated statements of
income, comprehensive income, equity, and cash Öows of the Company for each of the three years in the
period ended December 31, 2005 and the consolidated statements of income and cash Öows of the Trust for
each of the three years in the period ended December 31, 2005. Our audits also included the Ñnancial
statement schedules listed in the Index to Financial Statements and Schedules. These Ñnancial statements
and schedules are the responsibility of the Company's and Trust's management. Our responsibility is to
express an opinion on these Ñnancial statements and schedules based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the Ñnancial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the Ñnancial statements. An
audit also includes assessing the accounting principles used and signiÑcant estimates made by management, as
well as evaluating the overall Ñnancial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the Ñnancial statements referred to above present fairly, in all material respects, the
consolidated Ñnancial position of the Company and the Trust at December 31, 2005 and 2004, and the
consolidated results of the Company's and the Trust's operations and cash Öows for each of the three years in
the period ended December 31, 2005, in conformity with U.S. generally accepted accounting principles. Also,
in our opinion, the related Ñnancial statement schedules, when considered in relation to the basic Ñnancial
statements taken as a whole, present fairly in all material respects the information set forth therein.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the eÅectiveness of the Company's and the Trust's internal control over Ñnancial reporting as
of December 31, 2005, based on criteria established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 2, 2006,
expressed an unqualiÑed opinion thereon.
ERNST & YOUNG LLP
New York, New York
March 2, 2006
F-2