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Subsequent Event
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Event

Note 27.    Subsequent Event

On February 10, 2015, we announced plans to spin-off our vacation ownership business to stockholders as a separate publicly traded company. The transaction, which is expected to be tax-free to stockholders, will be effected through a pro rata distribution of the new entity’s stock to existing Starwood stockholders. Matthew Avril, who retired as President of Starwood’s Hotel Group in 2012, has been engaged to lead the new vacation ownership company as Chief Executive Officer following completion of the spin-off and Stephen Williams will continue to serve as its Chief Operating Officer.

We expect to enter into a new long-term license agreement with the new entity for current and future vacation ownership properties to retain affiliation with our globally-renowned Westin and Sheraton brands. In addition to the existing 22 vacation ownership resorts, we expect to transfer to the new entity five owned properties in Hawaii, Colorado, and Mexico for future vacation ownership development.

We will disclose more details of the transaction upon the filing of a Form 10 registration statement with the Securities and Exchange Commission, including more details about the new entity’s pro forma balance sheet and pro forma income statement. The name of the new company will be determined in the coming months. The transaction is subject to the receipt of normal and customary regulatory approvals, the execution of inter-company agreements, arrangement of adequate financing facilities, the effectiveness of the registration statement, final approval by Starwood’s Board of Directors, and other customary conditions. The spin-off transaction will not require a stockholder vote. The spin-off is expected to be completed in the fourth quarter of 2015, but there can be no assurance regarding the ultimate timing of the spin-off or that the spin-off will ultimately occur.