-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OIYrunOqAasYZeL84o3Js6UezQaGTGWdUEsT9Deh0Q2/XIlPvxifJHVIycrWFsFM KMyLpt6wPmYlivSv/hAZXw== 0000950123-10-061162.txt : 20100625 0000950123-10-061162.hdr.sgml : 20100625 20100625160439 ACCESSION NUMBER: 0000950123-10-061162 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100625 DATE AS OF CHANGE: 20100625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARWOOD HOTEL & RESORTS WORLDWIDE INC CENTRAL INDEX KEY: 0000316206 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 521193298 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07959 FILM NUMBER: 10917701 BUSINESS ADDRESS: STREET 1: 1111 WESTCHESTER AVENUE CITY: WHITE PLAINS STATE: NY ZIP: 10604 BUSINESS PHONE: 9146408100 MAIL ADDRESS: STREET 1: 2231 E CAMELBACK RD. 4TH FL STREET 2: SUITE 4O0 CITY: PHOENIX STATE: AZ ZIP: 85016 FORMER COMPANY: FORMER CONFORMED NAME: STARWOOD LODGING CORP DATE OF NAME CHANGE: 19950215 FORMER COMPANY: FORMER CONFORMED NAME: HOTEL INVESTORS CORP DATE OF NAME CHANGE: 19920703 11-K 1 p17871e11vk.htm FORM 11-K e11vk
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
     
þ   Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 (Fee Required)
For the Fiscal Year Ended December 31, 2009
OR
     
o   Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934 (No Fee Required)
For the Transition Period from                      to                     
Commission File Number: 1-7959
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
(Full title of the plan)
Starwood Hotels & Resorts Worldwide, Inc.
1111 Westchester Avenue
White Plains, NY 10604
(Name of issuer of the securities held pursuant to the plan
and the address of its principal executive offices)
 
 

 


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SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN

 
 
  By:   /s/ Alan Schnaid    
    Alan Schnaid   
    Starwood Hotels & Resorts Worldwide, Inc. Benefits
Committee Member 
 
 
Date: June 25, 2010

 


 

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
FINANCIAL STATEMENTS AND
SUPPLEMENTAL SCHEDULE
December 31, 2009 and 2008
INDEX
     
    Pages
  2
 
   
FINANCIAL STATEMENTS
   
 
   
  3
 
   
  4
 
   
  5 - 11
 
   
SUPPLEMENTAL SCHEDULE
   
 
   
  12
 
   
  13
 EX-23.1

 


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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To: STARWOOD HOTELS & RESORTS WORLDWIDE, INC. SAVINGS AND RETIREMENT PLAN
We have audited the accompanying statements of net assets available for benefits of Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan (the “Plan”) as of December 31, 2009 and 2008, and the related statement of changes in net assets available for benefits for the year ended December 31, 2009. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2009 and 2008, and the changes in net assets available for benefits for the year ended December 31, 2009 in conformity with U.S. generally accepted accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule listed in the accompanying index is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. This supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.
/s/ Mayer Hoffman McCann P.C.
Phoenix, Arizona
June 25, 2010

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2009 and 2008
                 
    2009     2008  
Assets:
               
Investments
  $ 679,743,487     $ 531,608,563  
 
               
Receivables:
               
Participant contributions
    1,143,253       208,973  
Employer contributions
    1,927,901       2,534,773  
Other receivables
    158,564        
Accrued investment income
    321,444       1,441,840  
 
           
Total receivables
    3,551,162       4,185,586  
 
           
Total assets
    683,294,649       535,794,149  
 
           
Liabilities:
               
Accrued expenses
    57,148       47,643  
 
           
Total liabilities
    57,148       47,643  
 
           
 
               
Net assets available for benefits at fair value
    683,237,501       535,746,506  
 
           
 
               
Adjustment from fair value to contract value for fully benefit-responsive investment contract
          453,097  
 
           
 
               
Net assets available for benefits
  $ 683,237,501     $ 536,199,603  
 
           
See Notes to Financial Statements

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 2009
         
Additions to net assets attributed to:
       
Net appreciation in fair value of investments
  $ 111,524,043  
Dividends and interest
    10,567,558  
 
     
Total investment income
    122,091,601  
 
     
 
       
Contributions:
       
Participants
    65,233,895  
Participant rollovers
    1,770,736  
Employer
    30,401,907  
 
     
Total contributions
    97,406,538  
 
     
 
       
Total additions
    219,498,139  
 
     
 
       
Deductions from net assets attributed to:
       
Benefits paid to participants
    69,858,314  
Investment and administrative expenses
    3,193,382  
 
     
Total deductions
    73,051,696  
 
     
 
       
Net increase in net assets before plan asset transfers
    146,446,443  
Assets transferred from other plans, net
    591,455  
 
     
 
       
Increase in net assets
    147,037,898  
 
       
Net assets available for benefits, beginning of year
    536,199,603  
 
     
 
       
Net assets available for benefits, end of year
  $ 683,237,501  
 
     
See Notes to Financial Statements

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(1)   Description of the Plan
 
    The following description of the Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions.
 
    Starwood Hotels & Resorts Worldwide, Inc. (“Starwood” or the “Company”) sponsors the Plan administered by the Starwood Benefits Committee (the “Plan Administrator”). The Plan was originally established effective April 1, 1997.
 
    General
 
    The Plan is a defined contribution plan, subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan provides for employee pretax and matching employer contributions in accordance with Section 401(k) and 401(m) of the Internal Revenue Code (“IRC”). The Plan’s assets are held in trust (“Trust”) pursuant to a trust agreement with the Company and State Street Bank and Trust Company (“State Street”).
 
    Eligibility
 
    Company employees become eligible to participate in the Plan when they are 21 years of age and have completed a three-month period of service. The Company does not begin to match contributions until the participant has completed one year of service as defined by the Plan.
 
    Contributions
 
    Plan participants may elect to make pretax contributions as a percentage of compensation up to 50% of compensation, subject to Internal Revenue Service limitations. The Company makes a matching contribution in an amount equal to 100% of the initial pretax contributions up to 1% of eligible compensation and 50% of the pretax contributions between 2% and 7% of the participant’s eligible compensation. Participants direct the investment of their contributions and the Company’s matching contribution into various investment options offered by the Plan.
 
    Participants who are age 50 or older by the end of the applicable Plan year and have contributed the maximum pretax contributions allowable by the Plan during the Plan year may make an additional pretax catch-up contribution. The catch-up contribution was limited to $5,500 for the year ended December 31, 2009.
 
    Vesting
 
    Participants are immediately vested in their voluntary contributions and earnings thereon. Participants become 100% vested in the Company’s contributions and earnings thereon after two years of service.
 
    Rollover contributions and distributions
 
    Participants entering the Plan may roll over contributions from a trust, individual retirement account (“IRA”) or individual retirement annuity qualified under the IRC no later than the 60th day following the day on which the individual receives the distribution. Participants leaving the Plan may request rollover distributions to the qualified plan of another employer, an IRA account or to an insurance company IRA annuity.

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(1)   Description of the Plan (continued)
 
    Participants’ accounts
 
    Separate accounts are maintained with respect to Plan participants’ pretax contributions, employer matching contributions, and rollover contributions. Each participant’s account is credited with the appropriate contributions and allowance of investment earnings and losses and charged with Plan investment expenses. Allocations of Plan earnings/losses and expenses are based on the proportion of each participant’s account balance to the total of all account balances for each investment type.
 
    Participant loans
 
    Participants may borrow from the vested portion of their accounts. The minimum loan amount is $1,000, restricted to 50% of the participant’s vested account balance. The maximum amount a participant may borrow is equal to the lesser of $50,000 or 50% of their vested account balance, reduced by any outstanding loan balance. A participant may have no more than two loans outstanding at one time. The repayment period may not exceed five years from the date of the loan, unless the loan proceeds are used to acquire the participant’s principal residence. The loans are collateralized by the balance in the participant’s account and bear interest at a fixed rate equal to the prime interest rate as of the first business day of the month when the loan was issued, plus 1%. For 2009 and 2008, the loan interest rate averaged 4.3% and 6.2%, respectively. Loans outstanding at December 31, 2009 and 2008, totaled $32,545,450 and $30,374,007, respectively.
 
    Payment of benefits
 
    Participants are eligible for distribution of vested benefits upon retirement, death, disability or termination of employment. Participants may elect to receive a lump-sum amount or, subject to certain conditions, equal monthly or annual installments over a period not greater than 20 years. Participants may also elect to defer distributions subject to certain conditions.
 
    Withdrawals of a participant’s vested benefits are also permitted upon attainment of age 59-1/2 or, subject to Plan provisions, as a hardship distribution.
 
    Forfeitures
 
    Forfeitures of nonvested Company contributions are applied to reduce future Company contributions. Unallocated forfeited nonvested accounts totaled $210,207 and $120,747 at December 31, 2009 and 2008, respectively. During 2009, forfeited nonvested accounts reduced Company contributions by $446,615.
 
    Administrative expenses
 
    Administrative expenses, including investment management and recordkeeping fees, are paid from Plan assets, except to the extent the Company pays such expenses. For the year ended December 31, 2009, substantially all administrative expenses were paid by the Plan. Loan processing fees are deducted from the accounts of participants who have requested loans.
 
    Termination of the Plan
 
    Although it has not expressed any intent to do so, the Company has the right under the Plan agreement to suspend, reduce, or partially or completely discontinue its contributions at any time and to terminate the Plan, the trust agreement, and the trust thereunder, subject to the provisions of ERISA. In the event of Plan termination, partial termination or complete discontinuance of contributions, participants become fully vested in the Company contributions. Additionally, any forfeitures that have not been used to reduce Company contributions to the Plan as of the termination will be credited pro rata to the accounts of all participants in accordance with Plan provisions.

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(2)   Summary of Significant Accounting Policies
 
    Basis of presentation
 
    The Financial Accounting Standards Board (“FASB”) sets U.S. generally accepted accounting principles (“GAAP”) to ensure consistent reporting. References to GAAP issued by the FASB in the accompanying footnotes are to the FASB Accounting Standards Codification (“FASB ASC”).
 
    The accompanying financial statements have been prepared on the accrual basis of accounting. Accordingly, income is recognized when earned and expenses are recorded when incurred.
 
    Investment contracts held by a defined contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan. The Plan invests in fully benefit-responsive investment contracts through a collective trust. The statements of net assets available for benefits present the fair value of the investment in the collective trust as well as the adjustment to the investment in the collective trust from fair value to contract value relating to the fully benefit-responsive investment contract. The statement of changes in net assets available for benefits is prepared on a contract value basis. Beginning in 2008 the Plan began the process of divesting from the investment contract and the process was completed in 2009.
 
    Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
 
    Use of estimates
 
    The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the Plan Administrator to make estimates and assumptions that affect the reported amount of assets, liabilities and net assets and the reported amount of additions to and deductions from net assets. Actual results could differ from those estimates.
 
    Concentration of credit risk and market risk
 
    The Plan provides for various investment fund options which in turn invest in any combination of stocks, bonds and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risks. The Plan’s risk of credit loss is limited to the carrying value of the investments. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.
 
    Subsequent events
 
    Plan management has evaluated subsequent events through the date the Plan financial statements were available to be issued.

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(2)   Summary of Significant Accounting Policies (continued)
 
    Fair value measurements
 
    FASB ASC 820, Fair Value Measurements and Disclosures, establishes a common definition for fair value to be applied to U.S. generally accepted accounting principles requiring the use of fair value, establishes a framework for measuring fair value, and expands disclosures about such fair value measurements. It also establishes a hierarchy for ranking the quality and reliability of the information used to determine fair values by requiring that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
     Level 1 — Quoted prices in active markets for identical assets or liabilities.
 
     Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
     Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
    The asset’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
 
    Following is a description of the valuation methodologies used for assets measured at fair value.
 
    Money Market Fund: Valued at cost, which approximates fair value.
 
    Collective Trusts: Valued by the trustee based on the fair value of the underlying securities within the fund.
 
    Mutual Funds: Valued using quoted market prices in active markets.
 
    Starwood Common Stock: Valued using quoted market prices in active markets.
 
    Participant Loans: Valued at cost plus accrued interest, which approximates fair value.
 
    The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair value. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in different fair value measurement at the reporting date.
 
    Benefits paid to participants
 
    Benefits paid to participants are recorded in the period in which they are paid.
 
    Assets transferred from other plans, net
 
    Assets transferred from or to other plans represent transfers of participant account balances whenever a participant changes employment between the Company and a nonaffiliate of Starwood who has elected to adopt the Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan as a mirror plan.

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(3)   Fair Value Measurements
 
    The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2009:
                                 
    Level 1     Level 2     Level 3     Total  
Money Market Fund
  $     $ 798,516     $     $ 798,516  
Collective Trusts
          115,062,123             115,062,123  
Mutual Funds
                               
Short-term
    172,321,717                   172,321,717  
Bond
    59,319,211                   59,319,211  
Large-Cap Stocks
    71,641,119                   71,641,119  
Large and Mid-Cap Stocks
    67,185,980                   67,185,980  
Mid-Cap Stocks
    20,022,088                   20,022,088  
Mid and Small-Cap Stocks
    3,576,679                   3,576,679  
Foreign Stocks
    78,629,936                   78,629,936  
 
                       
Total Mutual Funds
    472,696,730                   472,696,730  
 
                       
Starwood Common Stock
    58,640,668                   58,640,668  
Participant Loans
                32,545,450       32,545,450  
 
                       
Total Assets at Fair Value
  $ 531,337,398     $ 115,860,639     $ 32,545,450     $ 679,743,487  
 
                       
 
    The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2008:
                                 
    Level 1     Level 2     Level 3     Total  
Money Market Fund
  $     $ 608,680     $     $ 608,680  
Collective Trusts
          127,717,636             127,717,636  
Mutual Funds
    344,383,617                   344,383,617  
Starwood Common Stock
    28,524,623                   28,524,623  
Participant Loans
                30,374,007       30,374,007  
 
                       
Total Assets at Fair Value
  $ 372,908,240     $ 128,326,316     $ 30,374,007     $ 531,608,563  
 
                       
 
    The following table presents a reconciliation of the Plan’s participant loans measured at fair value for the year ended December 31, 2009:
         
Balance at January 1, 2009
  $ 30,374,007  
Purchases, sales, issuances and settlements, net
    2,171,443  
 
     
Balance at December 31, 2009
  $ 32,545,450  
 
     

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(4)   Investments
 
    The following investments, along with their respective percentage of net assets available for benefits, represent 5% or more of the Plan’s net assets available for benefits at December 31:
                                 
    2009     2008  
Vanguard Prime Money Market Fund
  $ 172,321,717       25 %   $ 132,671,083       25 %
 
Fidelity Diversified International Fund
    78,629,936       12       54,044,646       10  
 
Vanguard Institutional Index Fund
    71,641,119       10       48,287,054       9  
 
PIMCO Total Return Admin. Fund
    59,319,211       9       44,484,210       8  
 
Starwood Common Stock
    58,640,668       9       28,524,623       5  
 
Wells Fargo Advantage Capital Growth Fund
    55,373,703       8       41,961,488       8  
 
BlackRock LifePath 2030
    35,334,804       5       *       *  
 
Participant Loans
    *       *       30,374,007       6  
 
State Street Bank and Trust Company Principal Accumulation Return Fund
                49,996,394       9  
 
*   Investment balance is less than 5% of the Plan’s net assets.
    The Plan’s investments (including gains and losses on investments purchased and sold, as well as held during the year) appreciated in value as follows for the year ended December 31, 2009:
         
Collective Trusts
  $ 22,379,424  
Mutual Funds
    57,378,538  
Starwood Common Stock
    31,766,081  
 
     
 
  $ 111,524,043  
 
     
(5)   Tax Status
 
    The Plan received a favorable determination letter from the IRS dated October 8, 2003. The determination letter was applicable for amendments adopted by the Plan through January 8, 2002. Subsequent to this determination by the IRS, the Plan was further amended. Effective January 1, 2006, the Plan was restated to adopt all prior amendments to the Plan. Subsequent to the Plan restatement, the Plan was further amended. Although the Plan has been amended and restated since receiving the determination letter, the Plan Administrator believes that the Plan is designed and operated in compliance with the applicable requirements of the IRC and that the Plan was qualified and the related trust was tax-exempt as of December 31, 2009.

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
NOTES TO FINANCIAL STATEMENTS
December 31, 2009 and 2008
(6)   Party-in-Interest Transactions
 
    Certain Plan investments are held in funds managed by State Street; therefore, these transactions qualify as party-in-interest transactions. In addition, certain Plan investments are in Starwood common stock, qualifying these transactions as party-in-interest transactions. Fees incurred by the Plan for the investment management services amounted to $299,350 for the year ended December 31, 2009. In addition, fees paid to the Plan’s recordkeeper amounted to $2,841,261 for the year ended December 31, 2009.
 
    The Company also charges the Trust for an allocation of certain administrative costs. The Company is the Trust sponsor; therefore, these transactions qualify as party-in-interest transactions. Total costs charged to the Trust were $52,771 for the year ended December 31, 2009.
 
(7)   Reconciliation of Financial Statements to Form 5500
 
    The following is a reconciliation of the net assets available for benefits from the financial statements to the Form 5500:
                 
    December 31,     December 31,  
    2009     2008  
Net assets available for benefits per financial statements
  $ 683,237,501     $ 536,199,603  
Amounts allocated to withdrawing participants
    (600,840 )     (49,424 )
Adjustments from fair value to contract value for fully benefit-responsive investment contract
          (453,097 )
 
           
Net assets available for benefits per Form 5500
  $ 682,636,661     $ 535,697,082  
 
           
    The following is a reconciliation of total investment income as reported in the financial statements for the year ended December 31, 2009 to Form 5500:
         
Total investment income, net per the financial statements
  $ 122,091,601  
2008 adjustment from fair value to contract value for fully benefit-responsive investment contract
    453,097  
 
     
Total investment income per Form 5500
  $ 122,544,698  
 
     
    The following is a reconciliation of benefits paid to participants as reported in the financial statements for the year ended December 31, 2009 to Form 5500:
         
Benefits paid to participants per the financial statements
  $ 69,858,314  
Amounts allocated to withdrawing participants at December 31, 2008
    (49,424 )
Amounts allocated to withdrawing participants at December 31, 2009
    600,840  
 
     
Benefits paid to participants per the Form 5500
  $ 70,409,730  
 
     

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
SAVINGS AND RETIREMENT PLAN
EIN #52-1193298
Plan #001
Schedule H, Line 4(i) — Schedule of Assets (Held at End of Year)
December 31, 2009
             
    Description of investment      
    including maturity date,      
Identity of issuer, borrower,   rate of interest, collateral,      
lessor or similar party   par or maturity value   Current value  
Money Market Fund
           
*    State Street Short Term Investment Fund
  798,516 units   $ 798,516  
 
         
 
           
Collective Trusts
           
 
BlackRock LifePath Retirement
  1,501,774 units     16,568,818  
 
BlackRock LifePath 2020
  2,926,561 units     30,108,341  
 
BlackRock LifePath 2030
  3,558,640 units     35,334,804  
 
BlackRock LifePath 2040
  3,390,948 units     32,963,452  
 
BlackRock LifePath 2050
  8,442 units     86,708  
 
         
Total Collective Trusts
        115,062,123  
 
         
 
Mutual Funds
           
 
Vanguard Prime Money Market Fund
  13,074,000 units     172,321,717  
 
Vanguard Institutional Index Fund
  1,760,535 units     71,641,119  
 
PIMCO Total Return Admin. Fund
  2,295,719 units     59,319,211  
 
Dreyfus Premiere Structured Mid-Cap Fund
  2,674,621 units     20,022,088  
 
Veracity Small Cap Value Fund
  436,462 units     3,576,679  
 
John Hancock Classic Value Fund
  2,013,120 units     11,812,277  
 
Wells Fargo Advantage Capital Growth Fund
  6,826,629 units     55,373,703  
 
Fidelity Diversified International Fund
  824,468 units     78,629,936  
 
         
Total Mutual Funds
        472,696,730  
 
         
 
           
*    Starwood Common Stock
  1,606,968 shares     58,640,668  
 
         
 
Participant Loans
  Secured by vested benefits;
 maturity dates through May
 2022; interest rates 4.25% - 9.25% 
    32,545,450  
 
         
 
Total Assets (held at end of year)
      $ 679,743,487  
 
         
 
*   Represents a party-in-interest
Note: Cost information has been excluded as all investments are participant-directed investments

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Table of Contents

EXHIBIT INDEX
The following exhibits are filed as part of this Annual Report on Form 11-K:
     
Exhibit    
Number   Description of Exhibit
 
23.1
  Consent of Mayer Hoffman McCann P.C., Independent Registered Public Accounting Firm

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EX-23.1 2 p17871exv23w1.htm EX-23.1 exv23w1
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
As independent registered public accountants, we hereby consent to the incorporation by reference included in Registration Statement on Form S-8 (Nos. 333-73461 and 333-75859) of our report dated June 25, 2010, with respect to the financial statements and supplemental schedule of Starwood Hotels and Resorts Worldwide, Inc. Savings and Retirement Plan as of December 31, 2009 and 2008 and for the year ended December 31, 2009, included in this Form 11-K. It should be noted that we have not audited any financial statements of the Plan subsequent to December 31, 2009 or performed any audit procedures subsequent to the date of our report.
         
     
  /s/ Mayer Hoffman McCann P.C.    
     
Phoenix, Arizona     
June 25, 2010     
 

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