Starwood Hotel & Resorts Worldwide 8-K Starwood Reports First Quarter 2011 Results

Exhibit 99.1

CONTACT: Jason Koval
(914) 640-4429

FOR IMMEDIATE RELEASE
April 28, 2011

STARWOOD REPORTS FIRST QUARTER 2011 RESULTS

WHITE PLAINS, NY, April 28, 2011— Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today reported first quarter 2011 financial results.

First Quarter 2011 Highlights

• Excluding special items, EPS from continuing operations was $0.30. Including special items, EPS from continuing operations was $0.15.

• Adjusted EBITDA was $208 million.

• Excluding special items, income from continuing operations was $58 million. Including special items, income from continuing operations was $29 million.

• Worldwide System-wide REVPAR for Same-Store Hotels increased 10.4% (9.1% in constant dollars) compared to 2010. System-wide REVPAR for Same-Store Hotels in North America increased 11.1% (10.4% in constant dollars).

• Management fees, franchise fees and other income increased 15.7% compared to 2010.

• Worldwide Same-Store company-operated gross operating profit margins increased approximately 90 basis points compared to 2010. Gross operating profits were negatively impacted by events in the Middle East, North Africa and Japan.

• Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 11.9% (10.2% in constant dollars) compared to 2010. REVPAR for Starwood branded Same-Store Owned Hotels in North America increased 9.6% (7.9% in constant dollars).

• Margins at Starwood branded Same-Store Owned Hotels Worldwide increased approximately 90 basis points compared to 2010. Excluding Latin America, which was impacted by the increasing gap between inflation and currency devaluation, margins increased over 210 basis points.

• Earnings from our vacation ownership and residential business increased $10 million compared to 2010.

• During the quarter, the Company signed 29 hotel management and franchise contracts representing approximately 8,700 rooms and opened 21 hotels and resorts with approximately 5,200 rooms.

-1-

First Quarter 2011 Earnings Summary

Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) today reported EPS from continuing operations for the first quarter of 2011 of $0.15 per share compared to $0.16 in the first quarter of 2010. Excluding special items, EPS from continuing operations was $0.30 for the first quarter of 2011 compared to $0.13 in the first quarter of 2010. Special items in the first quarter of 2011, which totaled $33 million (pre-tax), primarily relate to a charge associated with the Company’s minority investment in a hotel in Tokyo, Japan following the earthquake in March 2011. Excluding special items, the effective income tax rate in the first quarter of 2011 was 21.0%, compared to 14.5% in the first quarter of 2010.

Income from continuing operations was $29 million in the first quarter of 2011 compared to $30 million in the first quarter of 2010. Excluding special items, income from continuing operations was $58 million in the first quarter of 2011 compared to $24 million in the first quarter of 2010.

Net income was $28 million and $0.14 per share in the first quarter of 2011 compared to $30 million and $0.16 per share in the first quarter of 2010.

Frits van Paasschen, CEO said, “We were able to exceed expectations despite turmoil in North Africa and the Middle East and the devastating earthquake in Japan. This is thanks to our laser-focus on growing faster than the market and flowing this outperformance down to the bottom-line.”

“The outlook for the rest of the year looks promising as we view the events of the past few months as not having derailed the overall global economic recovery. For example, our group and transient bookings remain robust. As such, we remain cautiously confident for 2011 and are bullish about our long-term prospects.”

First Quarter 2011 Operating Results

Management and Franchise Revenues

Worldwide System-wide REVPAR for Same-Store Hotels increased 10.4% (9.1% in constant dollars) compared to the first quarter of 2010. International System-wide REVPAR for Same-Store Hotels increased 9.5% (7.5% in constant dollars).

Worldwide System-wide REVPAR for Same-Store changes by region:

	REVPAR
Region	Reported			Constant dollars
North America		11.1	%		10.4	%
Europe		7.0	%		7.8	%
Asia Pacific		17.7	%		11.3	%
Africa and the Middle East		(4.2	)%		(3.1	)%
Latin America		16.7	%		16.7	%

-2-

Increases in REVPAR for Worldwide System-wide Same-Store hotels by brand:

	REVPAR
Brand	Reported			Constant dollars
St. Regis/Luxury Collection		13.5	%		12.6	%
W Hotels		16.7	%		16.7	%
Westin		10.8	%		9.3	%
Sheraton		8.5	%		7.1	%
Le Méridien		8.0	%		7.2	%
Four Points by Sheraton		12.3	%		9.7	%
Aloft		24.9	%		24.6	%

Worldwide Same-Store company-operated gross operating profit margins increased approximately 90 basis points in the first quarter. International gross operating profit margins for Same-Store company-operated properties were flat, negatively impacted by the political unrest in the Middle East and North Africa, as well as the earthquake in Japan. North American Same-Store company-operated gross operating profit margins increased approximately 200 basis points, driven by REVPAR increases and cost controls.

Management fees, franchise fees and other income were $177 million, up $24 million, or 15.7% from the first quarter of 2010. Management fees increased 11.5% to $97 million and franchise fees increased 22.9% to $43 million.

During the first quarter of 2011, the Company signed 29 hotel management and franchise contracts, representing approximately 8,700 rooms, of which 19 are new builds and 10 are conversions from other brands. At March 31, 2011, the Company had approximately 350 hotels in the active pipeline representing approximately 85,000 rooms.

During the first quarter of 2011, 21 new hotels and resorts (representing approximately 5,200 rooms) entered the system, including the W London Leicester Square (England, 192 rooms), Sheraton Shanghai Hotel, Hongkou (China, 471 rooms), W Bali (Indonesia, 237 rooms), The Westin Phoenix Downtown (Arizona, 242 rooms), and The Liberty Hotel, a Luxury Collection Hotel (Boston, Massachusetts, 298 rooms). Eleven properties (representing approximately 3,400 rooms) were removed from the system during the quarter.

Owned, Leased and Consolidated Joint Venture Hotels

Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased 11.9% (10.2% in constant dollars) in the first quarter of 2011 when compared to 2010. REVPAR at Starwood branded Same-Store Owned Hotels in North America increased 9.6% (7.9% in constant dollars). Internationally, Starwood branded Same-Store Owned Hotel REVPAR increased 14.9% (13.3% in constant dollars).

Revenues at Starwood branded Same-Store Owned Hotels in North America increased 6.5% while costs and expenses increased 4.6% when compared to 2010. Margins at these hotels increased approximately 150 basis points.

-3-

Revenues at Starwood branded Same-Store Owned Hotels Worldwide increased 8.5% (6.9% in constant dollars) while costs and expenses increased 7.4% (6.3% in constant dollars) when compared to 2010. Margins at these hotels increased approximately 90 basis points and were negatively impacted by approximately 120 basis points due to continued increase in the gap between inflation and currency devaluation at the Company’s Latin America hotels.

Revenues at owned, leased and consolidated joint venture hotels were $410 million, compared to $381 million in 2010. Expenses at owned, leased and consolidated joint venture hotels were $361 million compared to $329 million in 2010. First quarter results were negatively impacted by pre-opening costs at the new leased W London Leicester Square, the effect of the earthquake at the new leased St. Regis Osaka, one renovation and one asset sale.

Vacation Ownership

Total vacation ownership revenues increased 12.2% to $147 million compared to 2010. Originated contract sales of vacation ownership intervals increased 6.5% primarily due to improved sales performance on existing owner channels and increased tour flow from new buyer preview packages. The number of contracts signed increased 7.8% when compared to 2010 and the average price per vacation ownership unit sold decreased 1.4% to approximately $16,500, driven by inventory mix.

Selling, General, Administrative and Other

Selling, general, administrative and other expenses increased 5.3% to $80 million compared to $76 million in 2010.

Capital

Gross capital spending during the quarter included approximately $40 million of maintenance capital and $33 million of development capital. Net investment spending on vacation ownership interest (“VOI”) and residential inventory was $16 million, primarily related to the St. Regis Bal Harbour project.

Balance Sheet

At March 31, 2011, the Company had gross debt of $2.853 billion, excluding $459 million of debt associated with securitized vacation ownership notes receivable. Additionally, the Company had cash and cash equivalents of $732 million (including $57 million of restricted cash), and net debt of $2.121 billion, compared to net debt of $2.060 billion as of December 31, 2010. Net debt at March 31, 2011 including debt and restricted cash ($21 million) associated with securitized vacation ownership notes receivables was $2.559 billion.

At March 31, 2011, debt was approximately 78% fixed rate and 22% floating rate and its weighted average maturity was 4.0 years with a weighted average interest rate of 6.80% excluding the securitized debt. The Company had cash (including current restricted cash) and availability under the domestic and international revolving credit facility of approximately $2.091 billion.

-4-

On April 6, 2011, the Company completed the sale of one wholly-owned hotel for cash proceeds of approximately $110 million. This hotel was sold subject to a long-term management contract.

Outlook

For the three months ended June 30, 2011:

• Adjusted EBITDA is expected to be approximately $245 million to $255 million, assuming:

• REVPAR increases at Same-Store Company Operated Hotels Worldwide of 7% to 9% in constant dollars (approximately 200 basis points higher in dollars at current exchange rates).

• REVPAR increases at Branded Same-Store Owned Hotels Worldwide of 8% to 10% in constant dollars (approximately 400 basis points higher in dollars at current exchange rates).

• Management fees, franchise fees and other income increase approximately 10% to 12%, negatively impacted by approximately 200 basis points by Japan and North Africa.

• Earnings from our vacation ownership and residential business are flat.

• Depreciation and amortization is expected to be approximately $79 million.

• Interest expense is expected to be approximately $58 million.

• Income from continuing operations is expected to be approximately $82 million to $90 million, reflecting an effective tax rate of approximately 24%.

• Assuming all of the above, EPS is expected to be approximately $0.42 to $0.46.

For the Full Year 2011:

Macro-economic and geo-political environments remain uncertain. We believe that several scenarios are possible. With low supply growth in developed markets and high demand growth in emerging markets, rate improvement will be the key driver of 2011 results. Based on trends to date, our outlook assumes a normal lodging recovery in 2011, negatively impacted by Japan, North Africa and Mexico:

• Adjusted EBITDA is expected to be approximately $975 million to $1 billion, assuming:

• REVPAR increases at Same-Store Company Operated Hotels Worldwide of 7% to 9% in constant dollars (approximately 100 basis points higher in dollars at current exchange rates).

-5-

• REVPAR increases at Branded Same-Store Owned Hotels Worldwide of 8% to 10% in constant dollars (approximately 200 basis points higher in dollars at current exchange rates).

• Margin increases at Branded Same-Store Owned Hotels Worldwide of 150 to 200 basis points.

• Management fees, franchise fees and other income increase approximately 10% to 12%, negatively impacted by approximately 200 basis points by Japan and North Africa.

• Earnings from our vacation ownership and residential business of approximately $130 million to $140 million.

• Selling, general and administrative expenses increase 4% to 5%.

• Depreciation and amortization is expected to be approximately $320 million.

• Interest expense is expected to be approximately $240 million and cash taxes will be approximately $80 million.

• Full year effective tax rate is expected to be approximately 25%.

• Assuming all of the above, EPS is expected to be approximately $1.60 to $1.70.

• Full year capital expenditure (excluding vacation ownership and residential inventory) is expected to be approximately $300 million for maintenance, renovation and technology. In addition, in-flight investment projects and prior commitments for joint ventures and other investments are expected to total approximately $150 million. Vacation ownership (excluding Bal Harbour) is expected to generate approximately $165 million in positive cash flow.

• The Company currently expects closings on Bal Harbour residential units to commence in late Q4 2011. The Company’s current outlook does not include any revenue recognition or cash flows associated with these potential closings. The Company does, however, expect there to be revenue recognition and cash flows from closings in Q4 2011 and the Company will provide updates as the year progresses. Bal Harbour capital expenditure for 2011 is expected to be approximately $150 million.

-6-

Special Items

The Company’s special items netted to a charge of $33 million ($29 million after-tax) in the first quarter of 2011 compared to a benefit of $1 million ($6 million after-tax) in the same period of 2010.

The following represents a reconciliation of income from continuing operations before special items to income from continuing operations including special items (in millions, except per share data):

	Three Months Ended
	March 31,
	2011			2010
Income from continuing operations before special items	$	58		$	24
EPS before special items	$	0.30		$	0.13
Special Items
(Loss) gain on asset dispositions and impairments, net(a)		(33	)		1
Total special items — pre-tax		(33	)		1
Income tax benefit for special items(b)		—			5
Income tax benefit associated with dispositions(c)		4			—
Total special items — after-tax		(29	)		6
Income from continuing operations	$	29		$	30
EPS including special items	$	0.15		$	0.16

(a)	During the three months ended March 31, 2011, the net loss primarily relates to an impairment of a minority investment in a joint venture hotel located in Japan.
	During the three months ended March 31, 2010, the net gain relates to sales of two non-core assets partially offset by losses on the termination of two management contracts.
(b)	During three months ended March 31, 2010, the benefit primarily relates to the adjustment of deferred tax assets associated with prior year impairment charges, due to a change in a foreign tax rate.
(c)	During the three months ended March 31, 2011, the benefit relates to the reversal of income tax reserves associated with dispositions in prior years.

The Company has included the above supplemental information concerning special items to assist investors in analyzing Starwood’s financial position and results of operations. The Company has chosen to provide this information to investors to enable them to perform meaningful comparisons of past, present and future operating results and as a means to emphasize the results of core on-going operations.

-7-

Starwood will be conducting a conference call to discuss the first quarter financial results at 10:30 a.m. (EDT) today at (706) 758-8744. The conference call will be available through a simultaneous web cast in the Investor Relations/Press Releases section of the Company’s website at http://www.starwoodhotels.com. A replay of the conference call will also be available from 1:30 p.m. (EDT) today through May 5, 2011 at 12:00 midnight (EDT) on both the Company’s website and via telephone replay at (706) 645-9291 (pass code #23166357).

Definitions

All references to EPS, unless otherwise noted, reflect earnings per diluted share from continuing operations attributable to Starwood’s common shareholders. All references to continuing operations, discontinued operations and net income reflect amounts attributable to Starwood’s common shareholders (i.e. excluding amounts attributable to noncontrolling interests). All references to “net capital expenditures” mean gross capital expenditures for timeshare and fractional inventory net of cost of sales. EBITDA represents net income before interest expense, taxes, depreciation and amortization. The Company believes that EBITDA is a useful measure of the Company’s operating performance due to the significance of the Company’s long-lived assets and level of indebtedness. EBITDA is a commonly used measure of performance in its industry which, when considered with GAAP measures, the Company believes gives a more complete understanding of the Company’s operating performance. It also facilitates comparisons between the Company and its competitors. The Company’s management has historically adjusted EBITDA (i.e., “Adjusted EBITDA”) when evaluating operating performance for the total Company, as well as for individual properties or groups of properties, because the Company believes that the inclusion or exclusion of certain recurring and non-recurring items, such as restructuring, goodwill impairment and other special charges and gains and losses on asset dispositions and impairments, is necessary to provide the most accurate measure of core operating results and as a means to evaluate comparative results. The Company’s management also uses Adjusted EBITDA as a measure in determining the value of acquisitions and dispositions and it is used in the annual budget process. The Company has historically reported this measure to its investors and believes that the continued inclusion of Adjusted EBITDA provides consistency in its financial reporting and enables investors to perform more meaningful comparisons of past, present and future operating results and provides a means to evaluate the results of its core on-going operations. EBITDA and Adjusted EBITDA are not intended to represent cash flow from operations as defined by GAAP and such metrics should not be considered as an alternative to net income, cash flow from operations or any other performance measure prescribed by GAAP. The Company’s calculation of EBITDA and Adjusted EBITDA may be different from the calculations used by other companies and, therefore, comparability may be limited.

All references to Same-Store Owned Hotels reflect the Company’s owned, leased and consolidated joint venture hotels, excluding condo hotels, hotels sold to date and hotels undergoing significant repositionings or for which comparable results are not available (i.e., hotels not owned during the entire periods presented or closed due to seasonality or natural disasters). References to Company Operated Hotel metrics (e.g. REVPAR) reflect metrics for the Company’s owned and managed hotels. References to System-Wide metrics (e.g. REVPAR) reflect metrics for the Company’s owned, managed and franchised hotels. REVPAR is defined as revenue per available room. ADR is defined as average daily rate.

-8-

All references to revenues in constant dollars represent revenues, excluding the impact of the movement of foreign exchange rates. The Company calculates revenues in constant dollars by calculating revenues for the current year using the prior year’s exchange rates. The Company uses this revenue measure to better understand the underlying results and trends of the business, excluding the impact of movements in foreign exchange rates.

All references to contract sales or originated sales reflect vacation ownership sales before revenue adjustments for percentage of completion accounting methodology. All references to earnings from vacation ownership and residential represents operating income before depreciation expense.

All references to management and franchise revenues represent base and incentive fees, franchise fees, amortization of deferred gains resulting from the sales of hotels subject to long-term management contracts and termination fees.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,051 properties in nearly 100 countries and 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis^®, The Luxury Collection^®, W^®, Westin^®, Le Méridien^®, Sheraton^®, Four Points^® by Sheraton, aloft(SM), and element(SM). Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, including reconciliations of non-GAAP financial measures to GAAP financial measures, please visit www.starwoodhotels.com or contact Investor Relations at (914) 640-8165.

** Please contact Starwood’s new, toll-freemedia hotline at(866) 4-STAR-PR
(866-478-2777) for photography or additional information.**

Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are made. Further results, performance and achievements may be affected by general economic conditions including the impact of war and terrorist activity, natural disasters, business and financing conditions, foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses, relationships with associates and labor unions, customers and property owners, the impact of the internet reservation channels, our reliance on technology, domestic and international political and geopolitical conditions, competition, governmental and regulatory actions (including the impact of changes in U.S. and foreign tax laws and their interpretation), travelers’ fears of exposure to contagious diseases, risk associated with the level of our indebtedness, risk associated with potential acquisitions and dispositions and the introduction of new brand concepts and other risks and uncertainties. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Future vacation ownership units indicated in this press release include planned units on land owned by the Company or by joint ventures in which the Company has an interest that have received all major governmental land use approvals for the development of vacation ownership resorts. There can also be no assurance that such units will in fact be developed and, if developed, the time period of such development (which may be more than several years in the future). Some of the projects may require additional third-party approvals or permits for development and build out and may also be subject to legal challenges as well as a commitment of capital by the Company. The actual number of units to be constructed may be significantly lower than the number of future units indicated. There can also be no assurance that agreements will be entered into for the hotels in the Company’s pipeline and, if entered into, the timing of any agreement and the opening of the related hotel. Although we believe the expectations reflected in forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

-9-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)

	Three Months Ended
	March 31,
							%
	2011			2010			Variance
Revenues
Owned, leased and consolidated joint venture hotels	$	410		$	381			7.6
Vacation ownership and residential sales and services		153			133			15.0
Management fees, franchise fees and other income		177			153			15.7
Other revenues from managed and franchised properties(a)		555			520			6.7
		1,295			1,187			9.1
Costs and Expenses
Owned, leased and consolidated joint venture hotels		361			329			(9.7	)
Vacation ownership and residential		111			101			(9.9	)
Selling, general, administrative and other		80			76			(5.3	)
Depreciation		60			66			9.1
Amortization		8			10			20.0
Other expenses from managed and franchised properties(a)		555			520			(6.7	)
		1,175			1,102			(6.6	)
Operating income		120			85			41.2
Equity earnings and gains and (losses) from unconsolidated ventures, net		4			3			33.3
Interest expense, net of interest income of $1 and $1		(54	)		(62	)		12.9
(Loss) gain on asset dispositions and impairments, net		(33	)		1			n/m
Income from continuing operations before taxes		37			27			37.0
Income tax (expense) benefit		(10	)		1			n/m
Income from continuing operations		27			28			(3.6	)
Discontinued Operations:
Net loss on dispositions, net of tax		(1	)		—			n/m
Net income		26			28			(7.1	)
Net loss attributable to noncontrolling interests		2			2			—
Net income attributable to Starwood	$	28		$	30			(6.7	)
Earnings (Loss) Per Share — Basic
Continuing operations	$	0.16		$	0.16			—
Discontinued operations		(0.01	)		—			n/m
Net income	$	0.15		$	0.16			(6.3	)
Earnings (Loss) Per Share — Diluted
Continuing operations	$	0.15		$	0.16			(6.3	)
Discontinued operations		(0.01	)		—			n/m
Net income	$	0.14		$	0.16			(12.5	)
Amounts attributable to Starwood’s Common Shareholders
Continuing operations	$	29		$	30			(3.3	)
Discontinued operations		(1	)		—			n/m
Net income	$	28		$	30			(6.7	)
Weighted average number of shares		187			181
Weighted average number of shares assuming dilution		194			187

(a)	The Company includes in revenues the reimbursement of costs incurred on behalf of managed hotel property owners and franchisees with no added margin and includes in costs and expenses these reimbursed costs. These costs relate primarily to payroll costs at managed properties where the Company is the employer.
n/m	= not meaningful

-10-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

CONSOLIDATED BALANCE SHEETS
(In millions, except share data)

	March 31,			December 31,
	2011			2010
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	675		$	753
Restricted cash		73			53
Accounts receivable, net of allowance for doubtful accounts of $41 and $45		558			513
Securitized vacation ownership notes receivable, net of allowance for doubtful accounts of $9 and $10		58			59
Inventories		819			802
Prepaid expenses and other		176			126
Total current assets		2,359			2,306
Investments		291			312
Plant, property and equipment, net		3,273			3,323
Assets held for sale		100			—
Goodwill and intangible assets, net		2,068			2,067
Deferred tax assets		988			979
Other assets(a)		399			381
Securitized vacation ownership notes receivable		381			408
	$	9,859		$	9,776
Liabilities and Stockholders’ Equity
Current liabilities:
Short-term borrowings and current maturities of long-term debt(b)	$	8		$	9
Current maturities of long-term securitized vacation ownership debt		126			127
Accounts payable		140			138
Accrued expenses		1,185			1,104
Accrued salaries, wages and benefits		314			410
Accrued taxes and other		354			373
Total current liabilities		2,127			2,161
Long-term debt(b)		2,845			2,848
Long-term securitized vacation ownership debt		333			367
Deferred income taxes		29			28
Other liabilities		1,905			1,886
		7,239			7,290
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value; authorized 1,000,000,000 shares; outstanding 195,091,721 and 192,970,437 shares at March 31, 2011 and December 31, 2010, respectively		2			2
Additional paid-in capital		861			805
Accumulated other comprehensive loss		(232	)		(283	)
Retained earnings		1,975			1,947
Total Starwood stockholders’ equity		2,606			2,471
Noncontrolling interest		14			15
Total equity		2,620			2,486
	$	9,859		$	9,776

(a)	Includes restricted cash of $5 million and $10 million at March 31, 2011 and December 31, 2010, respectively.
(b)	Excludes Starwood’s share of unconsolidated joint venture debt aggregating approximately $430 million and $434 million at March 31, 2011 and December 31, 2010, respectively.

-11-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Non-GAAP to GAAP Reconciliations — Historical Data
(In millions)

	Three Months Ended
	March 31,
						%
	2011		2010			Variance
Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income	$	28	$	30			(6.7	)
Interest expense(a)		59		66			(10.6	)
Income tax (benefit) expense(b)		11		(1	)		n/m
Depreciation(c)		68		74			(8.1	)
Amortization(d)		9		11			(18.2	)
EBITDA		175		180			(2.8	)
Loss (gain) on asset dispositions and impairments, net		33		(1	)		n/m
Adjusted EBITDA	$	208	$	179			16.2

(a)	Includes $4 million and $3 million of Starwood’s share of interest expense of unconsolidated joint ventures for the three months ended March 31, 2011 and 2010, respectively.
(b)	Includes $1 million and $0 million of tax expense recorded in discontinued operations for the three months ended March 31, 2011 and 2010, respectively.
(c)	Includes $8 million of Starwood’s share of depreciation expense of unconsolidated joint ventures for the three months ended March 31, 2011 and 2010.
(d)	Includes $1 million of Starwood’s share of amortization expense of unconsolidated joint ventures for the three months ended March 31, 2011 and 2010.

Non-GAAP to GAAP Reconciliations — Branded Same-Store Owned Hotels Worldwide
(In millions)

	Three Months Ended
	March 31, 2011
	$ Change			% Variance
Revenue
Revenue increase (GAAP)	$	25			8.5	%
Impact of changes in foreign exchange rates		(5	)		(1.6	)%
Revenue increase in constant dollars	$	20			6.9	%
Expense
Expense increase (GAAP)	$	19			7.4	%
Impact of changes in foreign exchange rates		(3	)		(1.1	)%
Expense increase in constant dollars	$	16			6.3	%

Non-GAAP to GAAP Reconciliation — Earnings from Vacation Ownership and Residential Business
(In millions)

	Three Months Ended
	March 31,
							$
	2011			2010			Variance
Earnings from vacation ownership and residential	$	42		$	32		$	10
Depreciation expense		(7	)		(8	)		1
Operating income from vacation ownership and residential	$	35		$	24		$	11

-12-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Non-GAAP to GAAP Reconciliations — Future Performance
(In millions, except per share data)

Low Case

Three Months Ended			Year Ended
June 30, 2011			December 31, 2011
$	82	Net income	$	282
	58	Interest expense		240
	26	Income tax expense		100
	79	Depreciation and amortization		320
	245	EBITDA		942
	—	Loss (gain) on asset dispositions and impairments, net		33
$	245	Adjusted EBITDA	$	975

Three Months Ended			Year Ended
June 30, 2011			December 31, 2011
$	82	Income from continuing operations before special items	$	312
$	0.42	EPS before special items	$	1.60
		Special Items
	—	(Loss) gain on asset dispositions and impairments, net		(33	)
	—	Total special items — pre-tax		(33	)
	—	Income tax benefit associated with dispositions		4
	—	Total special items — after-tax		(29	)
$	82	Income from continuing operations	$	283
$	0.42	EPS including special items	$	1.45

High Case

Three Months Ended			Year Ended
June 30, 2011			December 31, 2011
$	90	Net income	$	301
	58	Interest expense		240
	28	Income tax expense		106
	79	Depreciation and amortization		320
	255	EBITDA		967
	—	Loss (gain) on asset dispositions and impairments, net		33
$	255	Adjusted EBITDA	$	1,000

Three Months Ended			Year Ended
June 30, 2011			December 31, 2011
$	90	Income from continuing operations before special items	$	331
$	0.46	EPS before special items	$	1.70
		Special Items
	—	(Loss) gain on asset dispositions and impairments, net		(33	)
	—	Total special items — pre-tax		(33	)
	—	Income tax benefit associated with dispositions		4
	—	Total special items — after-tax		(29	)
$	90	Income from continuing operations	$	302
$	0.46	EPS including special items	$	1.55

-13-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Non-GAAP to GAAP Reconciliations — Future Earnings from Vacation Ownership and Residential Business
(In millions)

	Three Months Ended
	June 30,
							$
	2011			2010			Variance
Earnings from vacation ownership and residential	$	34		$	34		$	—
Depreciation expense		(6	)		(7	)		1
Operating income from vacation ownership and residential	$	28		$	27		$	1

Non-GAAP to GAAP Reconciliations — Future Earnings from Vacation Ownership and Residential Business
(In millions)

Low Case

Three Months Ended				Year Ended
June 30, 2011				December 31, 2011
$	34		Earnings from vacation ownership and residential	$	130
	(6	)	Depreciation expense		(24	)
$	28		Operating income from vacation ownership and residential	$	106

High Case

Three Months Ended				Year Ended
June 30, 2011				December 31, 2011
$	34		Earnings from vacation ownership and residential	$	140
	(6	)	Depreciation expense		(24	)
$	28		Operating income from vacation ownership and residential	$	116

-14-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

Non-GAAP to GAAP Reconciliations — Same Store Owned Hotel Revenue and Expenses
(In millions)

	Three Months Ended
	March 31,
Same-Store Owned Hotels					%
Worldwide	2011		2010		Variance
Revenue
Same-Store Owned Hotels(a)	$	351	$	326		7.7
Hotels Sold or Closed in 2011 and 2010		—		8		(100.0	)
Hotels Without Comparable Results		53		47		12.8
Other ancillary hotel operations		6		—		n/m
Total Owned, Leased and Consolidated Joint Venture Hotels Revenue	$	410	$	381		7.6
Costs and Expenses
Same-Store Owned Hotels(a)	$	306	$	287		(6.6	)
Hotels Sold or Closed in 2011 and 2010		—		6		100.0
Hotels Without Comparable Results		49		36		(36.1	)
Other ancillary hotel operations		6		—		n/m
Total Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses	$	361	$	329		(9.7	)

	Three Months Ended
	March 31,
Same-Store Owned Hotels					%
North America	2011		2010		Variance
Revenue
Same-Store Owned Hotels(a)	$	210	$	199		5.5
Hotels Sold or Closed in 2011 and 2010		—		8		(100.0	)
Hotels Without Comparable Results		44		45		(2.2	)
Other ancillary hotel operations		6		—		n/m
Total Owned, Leased and Consolidated Joint Venture Hotels Revenue	$	260	$	252		3.2
Costs and Expenses
Same-Store Owned Hotels(a)	$	186	$	179		(3.9	)
Hotels Sold or Closed in 2011 and 2010		—		6		100.0
Hotels Without Comparable Results		35		34		(2.9	)
Other ancillary hotel operations		6		—		n/m
Total Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses	$	227	$	219		(3.7	)

	Three Months Ended
	March 31,
Same-Store Owned Hotels					%
International	2011		2010		Variance
Revenue
Same-Store Owned Hotels(a)	$	141	$	127		11.0
Hotels Sold or Closed in 2011 and 2010		—		—		—
Hotels Without Comparable Results		9		2		n/m
Other ancillary hotel operations		—		—		—
Total Owned, Leased and Consolidated Joint Venture Hotels Revenue	$	150	$	129		16.3
Costs and Expenses
Same-Store Owned Hotels(a)	$	120	$	108		(11.1	)
Hotels Sold or Closed in 2011 and 2010		—		—		—
Hotels Without Comparable Results		14		2		n/m
Other ancillary hotel operations		—		—		—
Total Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses	$	134	$	110		(21.8	)

(a)	Same-Store Owned Hotel Results exclude two hotels sold and nine hotels without comparable results.
n/m	= not meaningful

-15-

Starwood Hotels & Resorts Worldwide, Inc.
Systemwide⁽¹⁾ Statistics — Same Store
For the Three Months Ended March 31,
UNAUDITED

	Systemwide - Worldwide									Systemwide - North America									Systemwide - International
	2011			2010			Variance			2011			2010			Variance			2011			2010			Variance
TOTAL HOTELS
REVPAR ($)		105.28			95.35			10.4	%		99.73			89.75			11.1	%		113.08			103.24			9.5	%
ADR ($)		165.22			156.56			5.5	%		153.31			146.58			4.6	%		182.87			170.77			7.1	%
Occupancy (%)		63.7	%		60.9	%		2.8			65.1	%		61.2	%		3.9			61.8	%		60.5	%		1.3
SHERATON
REVPAR ($)		89.93			82.90			8.5	%		83.26			75.65			10.1	%		98.70			92.43			6.8	%
ADR ($)		145.31			137.48			5.7	%		132.08			126.42			4.5	%		163.47			151.76			7.7	%
Occupancy (%)		61.9	%		60.3	%		1.6			63.0	%		59.8	%		3.2			60.4	%		60.9	%		(0.5	)
WESTIN
REVPAR ($)		120.23			108.53			10.8	%		116.75			105.98			10.2	%		130.66			116.16			12.5	%
ADR ($)		179.64			170.42			5.4	%		171.89			164.46			4.5	%		204.24			189.09			8.0	%
Occupancy (%)		66.9	%		63.7	%		3.2			67.9	%		64.4	%		3.5			64.0	%		61.4	%		2.6
ST. REGIS/LUXURY COLLECTION
REVPAR ($)		172.38			151.90			13.5	%		194.70			168.46			15.6	%		161.82			144.03			12.4	%
ADR ($)		277.23			259.84			6.7	%		289.62			273.01			6.1	%		270.65			253.06			7.0	%
Occupancy (%)		62.2	%		58.5	%		3.7			67.2	%		61.7	%		5.5			59.8	%		56.9	%		2.9
LE MERIDIEN
REVPAR ($)		119.01			110.15			8.0	%		162.32			142.16			14.2	%		114.43			106.76			7.2	%
ADR ($)		183.95			177.87			3.4	%		213.12			194.48			9.6	%		180.25			175.76			2.6	%
Occupancy (%)		64.7	%		61.9	%		2.8			76.2	%		73.1	%		3.1			63.5	%		60.7	%		2.8
W
REVPAR ($)		180.15			154.31			16.7	%		170.77			148.96			14.6	%		213.95			173.66			23.2	%
ADR ($)		251.53			236.18			6.5	%		236.81			223.32			6.0	%		306.30			287.47			6.6	%
Occupancy (%)		71.6	%		65.3	%		6.3			72.1	%		66.7	%		5.4			69.9	%		60.4	%		9.5
FOUR POINTS
REVPAR ($)		69.49			61.89			12.3	%		62.78			57.18			9.8	%		82.13			70.72			16.1	%
ADR ($)		110.47			105.40			4.8	%		100.53			98.83			1.7	%		128.77			117.20			9.9	%
Occupancy (%)		62.9	%		58.7	%		4.2			62.4	%		57.9	%		4.5			63.8	%		60.3	%		3.5
ALOFT
REVPAR ($)		67.41			53.99			24.9	%		65.92			52.03			26.7	%
ADR ($)		109.01			102.43			6.4	%		107.14			97.81			9.5	%
Occupancy (%)		61.8	%		52.7	%		9.1			61.5	%		53.2	%		8.3

(1) Includes same store owned, leased, managed, and franchised hotels

-16-

Starwood Hotels & Resorts Worldwide, Inc.
Worldwide Hotel Results — Same Store
For the Three Months Ended March 31,
UNAUDITED

	Systemwide(1)									Company Operated(2)
	2011			2010			Variance			2011			2010			Variance
TOTAL WORLDWIDE
REVPAR ($)		105.28			95.35			10.4	%		119.69			108.19			10.6	%
ADR ($)		165.22			156.56			5.5	%		184.08			173.95			5.8	%
Occupancy (%)		63.7	%		60.9	%		2.8			65.0	%		62.2	%		2.8
NORTH AMERICA
REVPAR ($)		99.73			89.75			11.1	%		123.11			110.09			11.8	%
ADR ($)		153.31			146.58			4.6	%		180.36			171.61			5.1	%
Occupancy (%)		65.1	%		61.2	%		3.9			68.3	%		64.2	%		4.1
EUROPE
REVPAR ($)		113.44			106.02			7.0	%		125.04			117.77			6.2	%
ADR ($)		199.04			190.97			4.2	%		212.91			207.63			2.5	%
Occupancy (%)		57.0	%		55.5	%		1.5			58.7	%		56.7	%		2.0
AFRICA & MIDDLE EAST
REVPAR ($)		127.95			133.62			(4.2	%)		128.84			134.69			(4.3	%)
ADR ($)		199.77			190.09			5.1	%		202.10			191.94			5.3	%
Occupancy (%)		64.0	%		70.3	%		(6.3	)		63.8	%		70.2	%		(6.4	)
ASIA PACIFIC
REVPAR ($)		111.23			94.53			17.7	%		109.75			91.33			20.2	%
ADR ($)		173.09			155.49			11.3	%		172.63			154.11			12.0	%
Occupancy (%)		64.3	%		60.8	%		3.5			63.6	%		59.3	%		4.3
LATIN AMERICA
REVPAR ($)		95.75			82.05			16.7	%		101.08			85.43			18.3	%
ADR ($)		154.16			143.40			7.5	%		161.89			154.57			4.7	%
Occupancy (%)		62.1	%		57.2	%		4.9			62.4	%		55.3	%		7.1

(1)	Includes same store owned, leased, managed, and franchised hotels
(2)	Includes same store owned, leased, and managed hotels

-17-

Starwood Hotels & Resorts Worldwide, Inc.
Owned Hotel Results — Same Store⁽¹⁾
For the Three Months Ended March 31,
UNAUDITED

	WORLDWIDE									NORTH AMERICA									INTERNATIONAL
	2011			2010			Variance			2011			2010			Variance			2011			2010			Variance
TOTAL HOTELS	54 Hotels									27 Hotels									27 Hotels
REVPAR ($)		132.37			119.37			10.9	%		134.14			123.81			8.3	%		129.82			112.98			14.9	%
ADR ($)		197.33			191.11			3.3	%		192.81			186.55			3.4	%		204.46			198.77			2.9	%
Occupancy (%)		67.1	%		62.5	%		4.6			69.6	%		66.4	%		3.2			63.5	%		56.8	%		6.7
Total Revenue		351,275			326,078			7.7	%		210,074			198,986			5.6	%		141,201			127,092			11.1	%
Total Expenses		305,803			287,229			(6.5	%)		186,150			179,470			(3.7	%)		119,653			107,759			(11.0	%)
BRANDED HOTELS	47 Hotels									20 Hotels									27 Hotels
REVPAR ($)		140.61			125.68			11.9	%		150.49			137.28			9.6	%		129.82			112.98			14.9	%
ADR ($)		203.70			195.49			4.2	%		203.10			193.10			5.2	%		204.46			198.77			2.9	%
Occupancy (%)		69.0	%		64.3	%		4.7			74.1	%		71.1	%		3.0			63.5	%		56.8	%		6.7
Total Revenue		320,535			295,526			8.5	%		179,333			168,434			6.5	%		141,201			127,092			11.1	%
Total Expenses		271,765			253,151			(7.4	%)		152,112			145,392			(4.6	%)		119,653			107,759			(11.0	%)

(1)	Hotel Results exclude 2 hotels sold and 9 hotels without comparable results during 2011 & 2010
*	Revenues & Expenses above are represented in ‘000’s

-18-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Management Fees, Franchise Fees and Other Income
For the Three Months Ended March 31,
UNAUDITED ($ millions)

	Worldwide
	2011		2010		$ Variance		% Variance
Management Fees:
Base Fees		67		60		7		11.7	%
Incentive Fees		30		27		3		11.1	%
Total Management Fees		97		87		10		11.5	%
Franchise Fees		43		35		8		22.9	%
Total Management & Franchise Fees		140		122		18		14.8	%
Other Management & Franchise Revenues(1)		32		29		3		10.3	%
Total Management & Franchise Revenues		172		151		21		13.9	%
Other		5		2		3		n/m
Management Fees, Franchise Fees & Other Income		177		153		24		15.7	%

(1) Other Management and Franchise Revenues includes the amortization of deferred gains of approximately $21 million in 2011 and $20 million in 2010 resulting from the sales of hotels subject to long-term management contracts and termination fees.

n/m = not meaningful

-19-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Vacation Ownership & Residential Revenues and Expenses
For the Three Months Ended March 31,
UNAUDITED ($ millions)

	2011			2010			$ Variance			% Variance
Originated Sales Revenues (1) — Vacation Ownership Sales		82			77			5			6.5	%
Other Sales and Services Revenues(2)		66			62			4			6.5	%
Deferred Revenues — Percentage of Completion		—			—			—			0.0	%
Deferred Revenues — Other(3)		(1	)		(8	)		7			87.5	%
Vacation Ownership Sales and Services Revenues		147			131			16			12.2	%
Residential Sales and Services Revenues		6			2			4			n/m
Total Vacation Ownership & Residential Sales and Services Revenues		153			133			20			15.0	%
Originated Sales Expenses (4) — Vacation Ownership Sales		58			49			(9	)		(18.4	%)
Other Expenses(5)		48			45			(3	)		(6.7	%)
Deferred Expenses — Percentage of Completion		—			—			—			0.0	%
Deferred Expenses — Other		3			6			3			50.0	%
Vacation Ownership Expenses		109			100			(9	)		(9.0	%)
Residential Expenses		2			1			(1	)		(100.0	%)
Total Vacation Ownership & Residential Expenses		111			101			(10	)		(9.9	%)

(1)	Timeshare sales revenue originated at each sales location before deferrals of revenue for U.S. GAAP reporting purposes
(2)	Includes resort income, interest income, gain on sale of notes receivable, and miscellaneous other revenues
(3)	Includes deferral of revenue for contracts still in rescission period, contracts that do not yet meet the requirements of ASC 978-605-25 and provision for loan loss
(4)	Timeshare cost of sales and sales & marketing expenses before deferrals of sales expenses for U.S. GAAP reporting purposes
(5)	Includes resort, general and administrative, and other miscellaneous expenses

Note: Deferred revenue is calculated based on the Percentage of Completion (“POC”) of the project. Deferred expenses, also based on POC, include product costs and direct sales and marketing costs only. Indirect sales and marketing costs are not deferred per ASC 978-720-25 and ASC 978-340-25.

n/m = not meaningful

-20-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Hotels Without Comparable Results & Other Selected Items
As of March 31, 2011
UNAUDITED ($ millions)

Properties without comparable results in 2011 and 2010:

Property	Location
Sheraton Steamboat Resort	Steamboat Springs, CO
Westin Peachtree Plaza	Atlanta, GA
W New Orleans — French Quarter	New Orleans, LA
The Westin St. John Resort	St. John, Virgin Islands
St. Regis Osaka	Osaka, Japan
W London Leicester Square	London, England
Grand Hotel, Florence	Florence, Italy
Sheraton Kauai	Koloa, HI
The Westin Gaslamp Quarter	San Diego, CA

Properties sold in 2011 and 2010:

Property	Location
W New York — The Court & Tuscany	New York, NY
St. Regis Aspen	Aspen, CO

Revenues and Expenses Associated with Assets Sold in 2011 and 2010:⁽¹⁾

	Q1		Q2		Q3		Q4		Full Year
Hotels Sold in 2010:
2010
Revenues	$	8	$	3	$	7	$	—	$	18
Expenses (excluding depreciation)	$	6	$	4	$	5	$	—	$	15
Hotels Sold in 2011:
2011
Revenues	$	—	$	—	$	—	$	—	$	—
Expenses (excluding depreciation)	$	—	$	—	$	—	$	—	$	—
2010
Revenues	$	—	$	—	$	—	$	—	$	—
Expenses (excluding depreciation)	$	—	$	—	$	—	$	—	$	—

(1) Results consist of 1 hotel sold in 2010. These amounts are included in the revenues and expenses from owned, leased and consolidated joint venture hotels in 2010. These amounts do not include revenues and expenses from the W New York — The Court & Tuscany, which were reclassified to discontinued operations.

-21-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Capital Expenditures
For the Three Months Ended March 31, 2011
UNAUDITED ($ millions)

Maintenance Capital Expenditures:(1)
Owned, Leased and Consolidated Joint Venture Hotels	22
Corporate/IT	18
Subtotal	40
Vacation Ownership Capital Expenditures:(2)
Net capital expenditures for inventory (excluding St.Regis Bal Harbour)	(16	)
Net capital expenditures for inventory — St.Regis Bal Harbour	32
Subtotal	16
Development Capital	33
Total Capital Expenditures	89

(1)	Maintenance capital expenditures include improvements, renewals and extraordinary repairs that extend the useful life of the asset.
(2)	Represents gross inventory capital expenditures of $37 in the three months ended March 31, 2011, less cost of sales of $21 in the three months ended March 31, 2011.

-22-

Starwood Hotels & Resorts Worldwide, Inc.
2011 Divisional Hotel Inventory Summary by Ownership by Brand*
As of March 31, 2011

	NAD				EAME				LAD				ASIA				Total
	Hotels		Rooms		Hotels		Rooms		Hotels		Rooms		Hotels		Rooms		Hotels		Rooms
Owned
Sheraton		6		3,528		4		705		5		2,713		2		821		17		7,767
Westin		5		2,849		3		650		3		902		1		273		12		4,674
Four Points		2		327		—		—		—		—		—		—		2		327
W		7		2,427		2		665		—		—		—		—		9		3,092
Luxury Collection		1		643		7		828		1		180		—		—		9		1,651
St. Regis		2		489		1		161		—		—		1		160		4		810
Aloft		2		272		—		—		—		—		—		—		2		272
Element		1		123		—		—		—		—		—		—		1		123
Other		7		2,594		—		—		—		—		—		—		7		2,594
Total Owned		33		13,252		17		3,009		9		3,795		4		1,254		63		21,310
Managed & UJV
Sheraton		39		26,743		62		18,875		15		2,942		59		21,335		175		69,895
Westin		54		28,259		12		3,569		1		259		26		8,860		93		40,947
Four Points		1		171		10		1,971		4		517		13		4,274		28		6,933
W		22		6,537		2		577		2		433		6		1,438		32		8,985
Luxury Collection		4		1,648		20		3,924		7		290		5		1,464		36		7,326
St. Regis		9		1,811		1		93		2		309		5		1,171		17		3,384
Le Meridien		4		607		53		13,604		—		—		24		6,846		81		21,057
Aloft		—		—		2		555		—		—		2		431		4		986
Other		1		773		1		—		—		—		—		—		2		773
Total Managed & UJV		134		66,549		163		43,168		31		4,750		140		45,819		468		160,286
Franchised
Sheraton		151		45,243		29		6,814		8		2,040		15		6,421		203		60,518
Westin		58		18,628		6		2,657		2		396		8		2,231		74		23,912
Four Points		103		16,355		11		1,542		8		1,276		7		1,227		129		20,400
Luxury Collection		7		1,553		15		2,029		2		248		8		2,260		32		6,090
St. Regis		—		—		1		133		—		—		—		—		1		133
Le Meridien		7		2,007		5		1,455		2		324		3		714		17		4,500
Aloft		40		5,644		—		—		—		—		2		301		42		5,945
Element		8		1,309		—		—		—		—		—		—		8		1,309
Total Franchised		374		90,739		67		14,630		22		4,284		43		13,154		506		122,807
Systemwide
Sheraton		196		75,514		95		26,394		28		7,695		76		28,577		395		138,180
Westin		117		49,736		21		6,876		6		1,557		35		11,364		179		69,533
Four Points		106		16,853		21		3,513		12		1,793		20		5,501		159		27,660
W		29		8,964		4		1,242		2		433		6		1,438		41		12,077
Luxury Collection		12		3,844		42		6,781		10		718		13		3,724		77		15,067
St. Regis		11		2,300		3		387		2		309		6		1,331		22		4,327
Le Meridien		11		2,614		58		15,059		2		324		27		7,560		98		25,557
Aloft		42		5,916		2		555		—		—		4		732		48		7,203
Element		9		1,432		—		—		—		—		—		—		9		1,432
Other		8		3,367		1		—		—		—		—		—		9		3,367
Vacation Ownership		13		6,618		—		—		1		382		—		—		14		7,000
Total Systemwide		554		177,158		247		60,807		63		13,211		187		60,227		1,051		311,403

* Includes Vacation Ownership properties

-23-

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Vacation Ownership Inventory Pipeline
As of March 31, 2011
UNAUDITED

	# Resorts						# of Units(1)
			In		In Active				Pre-sales/		Future		Total at
Brand	Total (2)		Operations		Sales		Completed(3)		Development(4)		Capacity(5),(6)		Buildout
Sheraton		7		7		6		3,079		—		712		3,791
Westin		9		9		9		1,463		99		43		1,605
St. Regis		2		2		—		63		—		—		63
The Luxury Collection		1		1		—		6		—		—		6
Unbranded		3		3		1		124		—		1		125
Total SVO, Inc.		22		22		16		4,735		99		756		5,590
Unconsolidated Joint Ventures (UJV’s)		1		1		1		198		—		—		198
Total including UJV’s		23		23		17		4,933		99		756		5,788
Total Intervals Including UJV’s(7)								256,516		5,148		39,312		300,976

(1)	Lockoff units are considered as one unit for this analysis.
(2)	Includes resorts in operation, active sales or future development.
(3)	Completed units include those units that have a certificate of occupancy.
(4)	Units in Pre-sales/Development are in various stages of development (including the permitting stage), most of which are currently being offered for sale to customers.
(5)	Based on owned land and average density in existing marketplaces
(6)	Future units indicated above include planned timeshare units on land owned by the Company or applicable UJV that have received all major governmental land use approvals for the development of timeshare. There can be no assurance that such units will in fact be developed and, if developed, the time period of such development (which may be more than several years in the future). Some of the projects may require additional third-party approvals or permits for development and build out and may also be subject to legal challenges as well as a commitment of capital by the Company. The actual number of units to be constructed may be significantly lower than the number of future units indicated.
(7)	Assumes 52 intervals per unit.

-24-