Starwood 2007 Annual Report Download - page 65

This Annual Report is filed by Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation (the
“Corporation”). 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”), which prior to April 10, 2006 included Starwood Hotels & Resorts, a
Maryland real estate investment trust (the “Trust”), which was sold in the Host Transaction (defined below); 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 its respective subsidiaries, collectively
through April 7, 2006. Until April 7, 2006, the shares of common stock, par value $0.01 per share, of the
Corporation (“Corporation Shares”) and the Class B shares of beneficial interest, par value $0.01 per share, of the
Trust (“Class B Shares”) were attached and traded together and were held or transferred only in units consisting of
one Corporation Share and one Class B Share (a “Share”). On April 7, 2006, in connection with a transaction (the
“Host Transaction”) with Host Hotels & Resorts, Inc., its subsidiary Host Marriot L.P. and certain other subsidiaries
of Host Hotels & Resorts, Inc. (collectively, “Host”), the Shares were depaired and the Corporation Shares became
transferable separately from the Class B Shares. As a result of the depairing, the Corporation Shares trade alone
under the symbol “HOT” on the New York Stock Exchange (“NYSE”). As of April 10, 2006, neither Shares nor
Class B Shares are listed or traded on the NYSE.
PART I
Forward-Looking Statements
This 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 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
its officers with respect to the matters discussed in this Annual Report. All forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from those projected in the forward-looking
statements including, without limitation, the risks and uncertainties set forth below. Starwood undertakes no
obligation to publicly update or revise any forward-looking statements to reflect 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»(luxury full-service hotels, resorts and residences) are for connoisseurs who desire the finest
expressions of luxury. They provide flawless 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
offering 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 indigenous to each destination that capture the sense of both luxury and place.
They are distinguished by magnificent decor, spectacular settings and impeccable service.
W»(luxury and upscale full service hotels, retreats and residences) 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”
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