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This Annual Report is filed by Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation (the
“Corporation”). Unless the context otherwise requires, all references to “we”, “us”, “our”, “Starwood”, or the
“Company” refer to the Corporation and include those entities owned or controlled by the Corporation.
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. Forward-looking statements are any statements other than
statements of historical fact, including 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. In some cases, forward-
looking statements can be identified by the use of words such as “may,” “will,” “expects,” “should,” “believes,”
“plans,” “anticipates,” “estimates,” “predicts,” “potential,” “continue,” or other words of similar meaning. Such
forward-looking statements appear in several places in this Annual Report, including, without limitation, Item 1.
Business and Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
All forward-looking statements involve risks and uncertainties that could cause actual results to differ materially
from those discussed in, or implied by, the forward-looking statements including, without limitation, the risks
and uncertainties disclosed under Item 1A. Risk Factors. We caution readers that any such statements are based
on currently available operational, financial and competitive information, and they should not place undue
reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which
they were made. Except as required by law, 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) is 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) is where iconic design and cutting-edge
lifestyle set the stage for exclusive and extraordinary experiences. Each hotel and retreat is uniquely inspired by
its destination, where innovative design is inspired by local influences and creates energizing spaces to play or
work by day or mix and mingle out by night. Guests are invited into extraordinary environments that combine
entertainment, vibrant lounges, modern guestrooms, and innovative cocktail culture and cuisine. The beats per
minute increase as the day transitions to night, amplifying the scene in every W Living Room for guests to
socialize and see and be seen. W Hotels Worldwide, a global design powerhouse brought to life through W
Happenings, exclusive partnerships and the signature Whatever/Whenever®promises to grant its guests and local
community alike access to What’s New/Next.
Westin®(luxury and upscale full-service hotels, resorts and residences) provides innovative programs and
instinctive services which transform every aspect of a guest’s stay into a revitalizing experience. Indulge in a
deliciously wholesome menu including exclusive SuperFoodsRx®dishes. Energize in the fitness studio with the
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