Starwood 2012 Annual Report Download - page 106

We have also entered into arrangements with several owners for mixed use hotel projects that will include a
residential component. We have entered into licensing agreements for the use of certain of our brands to allow
the owners to offer branded condominiums to prospective purchasers. In consideration, we typically receive a
licensing fee equal to a percentage of the gross sales revenue of the units sold. The licensing arrangement
generally terminates upon the earlier of sell-out of the units or a specified length of time.
At December 31, 2012, we had 22 owned vacation ownership resorts (including 13 stand-alone, eight
mixed-use and one unconsolidated joint venture) in the United States, Mexico and the Bahamas. In addition, we
had one wholly-owned residential development in Bal Harbour, FL. At December 31, 2012, we were actively
selling VOIs and residences at 18 sites in our portfolio.
In late 2011, we completed the development of a wholly-owned residential project at the St. Regis Bal
Harbour Resort in Bal Harbour, FL (“St. Regis Bal Harbour”) and are in the process of selling residential units.
During the year ended December 31, 2012, we closed sales of 188 units. From project inception through
December 31, 2012, we have closed contracts and recognized revenue on 224 units representing approximately
73% of the total residential units.
During 2012 and 2011, we invested approximately $85 million and $221 million, respectively, for vacation
ownership and residential capital expenditures, including construction at the St. Regis Bal Harbour, Westin
Desert Willow in Palm Desert, CA, Westin Lagunamar Ocean Resort in Cancun, as well as capital expenditures
at the Sheraton Vistana Resort in Orlando, FL.
Our Brands
Through our brands, we are well represented in most major markets around the world. The following table
reflects our hotel and vacation ownership properties, by brand, as of December 31, 2012:
Hotels,
VOI and Residential(a)
Properties Rooms
St. Regis ........................................................ 30 6,400
Luxury Collection ................................................ 85 16,400
W ............................................................. 44 12,400
Westin ......................................................... 192 74,600
Le Méridien ..................................................... 96 25,400
Sheraton ........................................................ 427 149,800
Four Points ...................................................... 171 30,900
Aloft ........................................................... 62 9,900
Element ........................................................ 10 1,600
Independent / Other ............................................... 17 8,000
Total ........................................................... 1,134 335,400
(a) Includes vacation ownership properties of which 13 are stand-alone, eight are mixed-use and one is an
unconsolidated joint venture totaling rooms of 7,400.
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
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