Starwood 2011 Annual Report Download - page 105

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Discontinued Operations, Net of Tax
During the year ended December 31, 2010, we recorded a tax benefit of $134 million related to the final
settlement with the IRS regarding the disposition of World Directories, Inc. and a pre-tax gain of approximately
$3 million ($36 million after tax) related to the sale of one wholly-owned hotel. The tax benefit was related to the
realization of a high tax basis in this hotel that was generated through a previous transaction.
During the year ended December 31, 2009, we sold our Bliss spa business and other non-core assets for cash
proceeds of $227 million. Revenues and expenses from the Bliss spa business, together with revenues and
expenses from one hotel that was sold in 2010, were reported in discontinued operations resulting in a loss of $2
million, net of tax. In addition, the net gain on the assets sold in 2009 and the one hotel held for sale at
December 31, 2009 has been recorded in discontinued operations resulting in income of $76 million, net of tax.
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