Financial Astrology of Starwood Hotels & Resorts Worldwide, Inc.

FINANCIAL ASTROLOGY

First Trade Date for Starwood Hotels & Resorts Worldwide, Inc.

Company Name	First Trade Date (yyyy-mm-dd)
Starwood Hotels & Resorts Worldwide, Inc.	1982-03-30

Company Name	Symbol
Starwood Hotels & Resorts Worldwide, Inc.	HOT
History and Business of Company (this information may include date of incorporation)
Starwood is one of the world's largest hotel and leisure companies. Starwood's status as one of the leading hotel and leisure companies resulted from the 1998 acquisitions of Westin Hotels & Resorts Worldwide, Inc. and certain of its affiliates ("Westin") (the "Westin Merger") and ITT Corporation (the "ITT Merger"), renamed Sheraton Holding Corporation ("Sheraton Holding") and the 1999 acquisition of Vistana Inc. (renamed Starwood Vacation Ownership, Inc. or "SVO"). The Company conducts its hotel and leisure business both directly and through its subsidiaries. The Company's brand names include St. Regis(r), The Luxury Collection(r), Sheraton(r), Westin(r), W(r) and Four Points(r) by Sheraton. Through these brands, Starwood is well represented in most major markets around the world. The Company's 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 the Company's owned hotels; management and other fees earned from hotels the Company manages pursuant to management contracts; and the receipt of franchise and other fees. 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, and is comprised of 140 hotels that Starwood owns or leases or in which Starwood has a majority equity interest, 286 hotels managed by Starwood on behalf of third-party owners (including entities in which Starwood has a minority equity interest) and 312 hotels for which Starwood receives franchise fees. The Company's revenues and earnings are also derived from the development, ownership and operation of vacation ownership resorts, marketing and selling VOIs in the resorts and providing financing to customers who purchase such interests. At December 31, 2003, the Company had 18 vacation ownership resorts in the United States and the Bahamas. The Trust was organized in 1969, and the Corporation was incorporated in 1980, both under the laws of Maryland. Sheraton Hotels & Resorts and Westin Hotels & Resorts, Starwood's largest brands, have been serving guests for more than 60 years. Starwood Vacation Ownership (and its predecessor, Vistana, Inc.) has been selling VOIs for more than 20 years. The Company's principal executive offices are located at 1111 Westchester Avenue, White Plains, New York 10604, and its telephone number is (914) 640-8100. For a discussion of the Company's revenues, profits, assets and geographical segments, see the notes to financial statements of this Joint Annual Report. For additional information concerning the Company's business, see Item 2. Properties, of this Joint Annual Report. This Joint Annual Report is filed by Starwood Hotels & Resorts Worldwide, Inc., a Maryland corporation (the "Corporation"), and its subsidiary, Starwood Hotels & Resorts, a Maryland real estate investment trust (the "Trust"). Unless the context otherwise requires, all references to the Corporation include those entities owned or controlled by the Corporation, including SLC Operating Limited Partnership, a Delaware limited partnership (the "Operating Partnership"), but excluding the Trust; all references to the Trust include the Trust and those entities owned or controlled by the Trust, including SLT Realty Limited Partnership, a Delaware limited partnership (the "Realty Partnership"); and all references to "Starwood" or the "Company" refer to the Corporation, the Trust and their respective subsidiaries, collectively. The shares of common stock, par value $0.01 per share, of the Corporation ("Corporation Shares") and the Class B shares of beneficial interest, par value $0.01 per share, of the Trust ("Class B Shares") are attached and trade together and may be held or transferred only in units consisting of one Corporation Share and one Class B Share (a "Share"). Prior to the reorganization of Starwood (the "Reorganization") on January 6, 1999, the common shares of beneficial interest, par value $0.01 per share, of the Trust were traded together with the Corporation Shares as "Paired Shares," just as the Class B Shares and the Corporation Shares are currently traded as Shares. Unless otherwise stated herein, all information with respect to Shares refers to Shares on and since January 6, 1999 and to Paired Shares for periods before January 6, 1999. We file annual, quarterly and special reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the Internet at the SEC's web site at http://www.sec.gov. Our SEC filings are also available on our website at http://www.starwood.com/corporate/investor relations.html as soon as reasonably practicable after they are filed with or furnished to the SEC. You may also read and copy any document we file with the SEC at its public reference rooms in Washington, D.C., New York, NY and Chicago, IL. Please call the SEC at (800) SEC-0330 for further information on the public reference rooms. Our filings with the SEC are also available at the New York Stock Exchange. For more information on obtaining copies of our public filings at the New York Stock Exchange, you should call (212) 656-5060. You may also obtain a copy of our filings free of charge by calling Allison Reid, Vice President, Investor Relations at (914) 640-8514.

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