Starwood 2008 Annual Report Download - page 90

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the Westin Nanea Ocean Resort Villas in Maui, HI, the Westin Desert Willow Villas in Palm Desert, CA, and the
Westin Lagunamar Ocean Resort in Cancun, as well as construction costs at the St. Regis Bal Harbour Resort in
Miami Beach, FL.
As a result of the current economic crisis and its impact on the timeshare industry, we evaluated all of our
existing vacation ownership projects as well as our plans for projects not yet under development. As a result of that
comprehensive review, we decided to abandon several projects where we had not yet begun full scale development.
We recorded an impairment charge of $72 million in 2008, primarily related to the impairment of two vacation
ownership projects, one in Mexico and the other in the Caribbean.
Item 3. Legal Proceedings.
Incorporated by reference to the description of legal proceedings in Note 23. Commitments and Contingencies,
in the consolidated financial statements set forth in Part II, Item 8. Financial Statements and Supplementary Data.
Item 4. Submission of Matters to a Vote of Security Holders.
Not applicable.
Executive Officers of the Registrants
See Part III, Item 10. of this Annual Report for information regarding the executive officers of the Registrants,
which information is incorporated herein by reference.
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