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Business Description
Starwood Hotels & Resorts Worldwide, Inc. is a hotel and leisure company. The Company conducts its hotel and leisure business both directly and through its subsidiaries. Starwood's brand names include St. Regis, The Luxury Collection, Sheraton, Westin, W and Four Points by Sheraton. Through these brands, the Company is well represented in most major markets around the world. Its operations are grouped into two business segments, hotels and vacation ownership operations. The Company's hotel business emphasizes the global operation of hotels and resorts, primarily in the luxury and upscale segment of the lodging industry. Starwood seeks to acquire interests in, or management or franchise rights with respect to, properties in this segment. At December 31, 2003, the Company's hotel portfolio included owned, leased, managed and franchised hotels totaling 738 hotels with approximately 229,000 rooms in 82 countries.

Financial Information
For the nine months ended 9/30/04, revenues rose 14% to $3.93 billion. Net income from continuing operations totaled $258 million, up from $17 million. Revenues reflect an increase in sales from other hotel and leisure business. Net income also reflects lower interest expense and loss on asset dispositions and impairments.