-----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, T3D2VKoGqIy/QRx36Ythmno5ZWv6Bv88VYSwjWErw+emQDdD8FZZ0IfNiiwD2lJT ArdUL7y1CiFtrR9uZQzAyw== 0000950153-99-000670.txt : 19990518 0000950153-99-000670.hdr.sgml : 19990518 ACCESSION NUMBER: 0000950153-99-000670 CONFORMED SUBMISSION TYPE: 10-K405/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19981231 FILED AS OF DATE: 19990517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARWOOD HOTEL & RESORTS WORLDWIDE INC CENTRAL INDEX KEY: 0000316206 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 521193298 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 001-07959 FILM NUMBER: 99628023 BUSINESS ADDRESS: STREET 1: 777 WESTERCHESTER AVENUE STREET 2: SUITE 400 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: PHOENOX 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARWOOD HOTELS & RESORTS CENTRAL INDEX KEY: 0000048595 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 520901263 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K405/A SEC ACT: SEC FILE NUMBER: 333-73069 FILM NUMBER: 99628024 BUSINESS ADDRESS: STREET 1: 777 WESTCHESTER AVENUE STREET 2: STE 410 CITY: WHITE PLAINS STATE: NY ZIP: 10604 BUSINESS PHONE: 9146408100 MAIL ADDRESS: STREET 1: 2231 E CAMELBACK RD STREET 2: STE 410 CITY: PHOENIX STATE: AZ ZIP: 85016 FORMER COMPANY: FORMER CONFORMED NAME: STARWOOD LODGING TRUST DATE OF NAME CHANGE: 19950215 FORMER COMPANY: FORMER CONFORMED NAME: HOTEL INVESTORS TRUST /MD/ DATE OF NAME CHANGE: 19930506 FORMER COMPANY: FORMER CONFORMED NAME: HOTEL INVESTORS TRUST DATE OF NAME CHANGE: 19920703 10-K405/A 1 10-K405/A 1 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------------------ FORM 10-K/A [X] JOINT ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 1998 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ________ TO ________ COMMISSION FILE NUMBER: 1-6828 COMMISSION FILE NUMBER: 1-7959 STARWOOD HOTELS & RESORTS STARWOOD HOTELS & RESORTS WORLDWIDE, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) CHARTER) MARYLAND MARYLAND (STATE OR OTHER JURISDICTION (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION) OF INCORPORATION OR ORGANIZATION) 52-0901263 52-1193298 (I.R.S. EMPLOYER IDENTIFICATION NO.) (I.R.S. EMPLOYER IDENTIFICATION NO.) 777 WESTCHESTER AVENUE 777 WESTCHESTER AVENUE WHITE PLAINS, NY 10604 WHITE PLAINS, NY 10604 (ADDRESS OF PRINCIPAL EXECUTIVE (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE) OFFICES, INCLUDING ZIP CODE) (914) 640-8100 (914) 640-8100 (REGISTRANT'S TELEPHONE NUMBER, (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE) INCLUDING AREA CODE)
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
TITLE OF EACH CLASS NAME OF EACH EXCHANGE ON WHICH REGISTERED ------------------- ----------------------------------------- COMMON STOCK, PAR VALUE $0.01 PER SHARE NEW YORK STOCK EXCHANGE ("CORPORATION SHARE"), OF STARWOOD HOTELS & PACIFIC EXCHANGE RESORTS WORLDWIDE, INC. (THE "CORPORATION"), THE CLASS B SHARES OF BENEFICIAL INTEREST, PAR VALUE $0.01 PER SHARE ("CLASS B SHARES"), OF STARWOOD HOTELS & RESORTS (THE "TRUST"), AND PREFERRED STOCK PURCHASE RIGHTS OF THE CORPORATION, ALL OF WHICH ARE ATTACHED AND TRADE TOGETHER WITH AS A UNIT
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: NONE Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes [X] No [ ] Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of each Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes [X] As of March 29, 1999, the aggregate market value of the Registrants' voting and non-voting common equity held by non-affiliates (for purposes of this Joint Annual Report only, includes all shares other than those held by the Registrants' Directors, Trustees and executive officers) was $4,051,152,064.06. As of March 29, 1999, the Corporation had outstanding 176,864,503 Corporation Shares and the Trust had outstanding 176,864,503 Class B Shares and 100 Class A shares of beneficial interest, par value $0.01 per share ("Class A Shares"). For information concerning ownership of Units, see the Proxy Statement for the Corporation's Annual Meeting of Stockholders that is currently expected to be held on May 29, 1999 (the "Proxy Statement"), which is incorporated by reference under various Items of this Joint Annual Report. DOCUMENT INCORPORATED BY REFERENCE:
DOCUMENT WHERE INCORPORATED -------- ------------------ Proxy Statement Part III (Items 11, 12 and 13)
- -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2 The undersigned Registrants hereby amend the following Item of their Joint Annual Report on Form 10-K for the year ended December 31, 1998, as set forth below: PART IV ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K. Note 27 to the Financial Statements of the Registrants filed as part of the Joint Annual Report is amended and restated in its entirety as follows: NOTE 27. QUARTERLY RESULTS (UNAUDITED) The following unaudited quarterly results have been restated from amounts previously reported by the Company for the change in accounting policy related to non-owned managed hotel revenues (see Note 1).
THREE MONTHS ENDED ----------------------------------------------- MARCH 31 JUNE 30 SEPTEMBER 30 DECEMBER 31 YEAR -------- ------- ------------ ----------- ------ (IN MILLIONS, EXCEPT PER UNIT DATA) 1998 Revenues.................................. $ 884 $1,282 $1,277 $1,267 $4,710 Costs and expenses........................ $ 767 $1,069 $1,292 $ 981 $4,109 Income (loss) from continuing operations.............................. $ 28 $ 70 $ (101) $ 144 $ 141 Discontinued operations................... $ 940 $ 152 $ 24 $ (2) $1,114 Net income (loss)......................... $ 968 $ 222 $ (77) $ 142 $1,255 Earnings per Unit: Basic -- Income (loss) from continuing operations........................... $ 0.12 $ 0.35 $(0.56) $ 0.80 $ 0.68 Discontinued operations................. $ 5.13 $ 0.80 $ 0.13 $(0.01) $ 6.02 Net income (loss)....................... $ 5.25 $ 1.15 $(0.43) $ 0.79 $ 6.70 Diluted -- Income (loss) from continuing operations........................... $ 0.12 $ 0.35 $(0.56) $ 0.76 $ 0.67 Discontinued operations................. $ 5.05 $ 0.75 $ 0.13 $(0.01) $ 5.96 Net income (loss)....................... $ 5.17 $ 1.10 $(0.43) $ 0.75 $ 6.63 1997 Revenues.................................. $ 666 $ 768 $ 741 $ 799 $2,974 Costs and expenses........................ $ 667 $ 628 $ 608 $1,339 $3,242 Income (loss) from continuing operations.............................. $ 95 $ 183 $ 43 $ (591) $ (270) Discontinued operations................... $ (15) $ 14 $ 15 $ 11 $ 25 Extraordinary item........................ $ -- $ -- $ -- $ (42) $ (42) Cumulative effect of accounting change.... $ (11) $ -- $ -- $ -- $ (11) Net income (loss)......................... $ 69 $ 197 $ 58 $ (622) $ (298) Earnings per Unit: Basic -- Income (loss) from continuing operations........................... $ 0.76 $ 1.46 $ 0.34 $(4.69) $(2.14) Discontinued operations................. $(0.12) $ 0.11 $ 0.12 $ 0.08 $ 0.20 Extraordinary item...................... $ -- $ -- $ -- $(0.33) $(0.33) Cumulative effect of accounting change............................... $(0.09) $ -- $ -- $ -- $(0.09) Net income.............................. $ 0.55 $ 1.57 $ 0.46 $(4.94) $(2.36) Diluted -- Income (loss) from continuing operations........................... $ 0.75 $ 1.44 $ 0.34 $(4.69) $(2.14) Discontinued operations................. $(0.12) $ 0.11 $ 0.11 $ 0.08 $ 0.20 Extraordinary item...................... $ -- $ -- $ -- $(0.33) $(0.33) Cumulative effect of accounting change............................... $(0.09) $ -- $ -- $ -- $(0.09) Net income (loss)....................... $ 0.54 $ 1.55 $ 0.45 $(4.94) $(2.36)
1 3 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. STARWOOD HOTELS & RESORTS WORLDWIDE, INC. By: /s/ BARRY S. STERNLICHT ------------------------------------ Barry S. Sternlicht Chairman and Chief Executive Officer Date: May 17, 1999 Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.
SIGNATURE TITLE DATE --------- ----- ---- /s/ BARRY S. STERNLICHT Chairman, Chief Executive Officer May 17, 1999 - --------------------------------------------------- and Director (Principal Executive Barry S. Sternlicht Officer) /s/ RONALD C. BROWN Executive Vice President and Chief May 17, 1999 - --------------------------------------------------- Financial Officer (Principal Ronald C. Brown Financial and Accounting Officer) /s/ BRENDA C. BARNES Director May 17, 1999 - --------------------------------------------------- Brenda C. Barnes /s/ JUERGEN BARTELS Director May 17, 1999 - --------------------------------------------------- Juergen Bartels /s/ JEAN-MARC CHAPUS Director May 17, 1999 - --------------------------------------------------- Jean-Marc Chapus /s/ BRUCE W. DUNCAN Director May 17, 1999 - --------------------------------------------------- Bruce W. Duncan Director May , 1999 - --------------------------------------------------- Jonathan D. Eilian /s/ MADISON F. GROSE Director May 17, 1999 - --------------------------------------------------- Madison F. Grose
2 4
SIGNATURE TITLE DATE --------- ----- ---- /s/ ERIC HIPPEAU Director May 17, 1999 - --------------------------------------------------- Eric Hippeau /s/ EARLE F. JONES Director May 17, 1999 - --------------------------------------------------- Earle F. Jones /s/ L. DENNIS KOZLOWSKI Director May 17, 1999 - --------------------------------------------------- L. Dennis Kozlowski /s/ MICHAEL A. LEVEN Director May 17, 1999 - --------------------------------------------------- Michael A. Leven /s/ GEORGE J. MITCHELL Director May 17, 1999 - --------------------------------------------------- George J. Mitchell /s/ STEPHEN R. QUAZZO Director May 17, 1999 - --------------------------------------------------- Stephen R. Quazzo /s/ DANIEL H. STERN Director May 17, 1999 - --------------------------------------------------- Daniel H. Stern /s/ RAYMOND S. TROUBH Director May 17, 1999 - --------------------------------------------------- Raymond S. Troubh /s/ DANIEL W. YIH Director May 17, 1999 - --------------------------------------------------- Daniel W. Yih
3 5 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. STARWOOD HOTELS & RESORTS By: /s/ BARRY S. STERNLICHT ------------------------------------ Barry S. Sternlicht Chairman and Chief Executive Officer Date: May 17, 1999 Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.
SIGNATURE TITLE DATE --------- ----- ---- /s/ BARRY S. STERNLICHT Chairman, Chief Executive Officer May 17, 1999 - --------------------------------------------------- and Trustee (Principal Executive Barry S. Sternlicht Officer) /s/ RONALD C. BROWN Vice President, Chief Financial May 17, 1999 - --------------------------------------------------- Officer and Chief Accounting Ronald C. Brown Officer (Principal Financial and Accounting Officer) /s/ BRENDA C. BARNES Trustee May 17, 1999 - --------------------------------------------------- Brenda C. Barnes /s/ JUERGEN BARTELS Trustee May 17, 1999 - --------------------------------------------------- Juergen Bartels /s/ JEAN-MARC CHAPUS Trustee May 17, 1999 - --------------------------------------------------- Jean-Marc Chapus /s/ BRUCE W. DUNCAN Trustee May 17, 1999 - --------------------------------------------------- Bruce W. Duncan Trustee May , 1999 - --------------------------------------------------- Jonathan D. Eilian /s/ MADISON F. GROSE Trustee May 17, 1999 - --------------------------------------------------- Madison F. Grose
4 6
SIGNATURE TITLE DATE --------- ----- ---- /s/ ERIC HIPPEAU Trustee May 17, 1999 - --------------------------------------------------- Eric Hippeau /s/ EARLE F. JONES Trustee May 17, 1999 - --------------------------------------------------- Earle F. Jones /s/ L. DENNIS KOZLOWSKI Trustee May 17, 1999 - --------------------------------------------------- L. Dennis Kozlowski /s/ MICHAEL A. LEVEN Trustee May 17, 1999 - --------------------------------------------------- Michael A. Leven /s/ GEORGE J. MITCHELL Trustee May 17, 1999 - --------------------------------------------------- George J. Mitchell /s/ STEPHEN R. QUAZZO Trustee May 17, 1999 - --------------------------------------------------- Stephen R. Quazzo /s/ DANIEL H. STERN Trustee May 17, 1999 - --------------------------------------------------- Daniel H. Stern /s/ RAYMOND S. TROUBH Trustee May 17, 1999 - --------------------------------------------------- Raymond S. Troubh /s/ DANIEL W. YIH Trustee May 17, 1999 - --------------------------------------------------- Daniel W. Yih
5 -----END PRIVACY-ENHANCED MESSAGE-----