Starwood Hotels & Resorts
Industry: Hotels & Motels

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com.

Business Summary
Starwood Hotels & Resorts Worldwide, Inc. (Starwood) is a hotel and leisure company that conducts operations in 80 countries. The Company is represented worldwide through six brand names: St. Regis, The Luxury Collection, Sheraton, Westin, W and Four Points by Sheraton. Its operations are grouped into two business segments: hotels and vacation ownership operations. The Company's revenue and earnings are derived primarily from hotel operations, which include the operation of its owned hotels, management and other fees earned from hotels it manages, and the receipt of franchise and other fees. The hotel business included 733 owned, managed or franchised hotels with approximately 231,000 rooms as of December 31, 2004. Starwood develops, owns and operates 19 vacation ownership resorts. It also markets vacation ownership interests (VOIs) in the resorts and provides financing to customers who purchase such interests.

Financial Summary
Starwood Hotels & Resorts is a hotel and leisure company with upscale properties around the world. For the 6 months ended 6/30/05, revenues increased 14% to $2.97B. Net income from continuing operations increased 46% to $224M. Revenues reflect an increase in sales from other hotel and leisure business. Net income also reflects lower interest expenses, and increased equity earnings from unconsolidated joint venture.