11-K 1 d211843d11k.htm 11-K 11-K
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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, 2015

 

OR

 

¨

  

 

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.

One StarPoint

Stamford, CT 06902

(Name of issuer of the securities held pursuant to the plan

and the address of its principal executive office)

 

 

 

Table of Contents

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

FINANCIAL STATEMENTS AND

SUPPLEMENTAL SCHEDULE

December 31, 2015 and 2014

INDEX

 

        Pages     

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     2   

FINANCIAL STATEMENTS

   

Statements of Net Assets Available for Benefits as of December 31, 2015 and December 31, 2014

      3   

Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2015

      4   

Notes to Financial Statements

      5 – 10   
Certain schedules have been omitted because they are not applicable, not material or because the information is included in the financial statements or the notes thereto.   

SUPPLEMENTAL SCHEDULE

   

Schedule H, Line 4(i) - Schedule of Assets (Held at End of Year)

      11   

SIGNATURES

      12   

EXHIBIT INDEX

   

Ex 23.1 Consent of Independent Registered Public Accounting Firm

      13-14   

 

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Report of Independent Registered Public Accounting Firm

To the Audit Committee and Global Benefits Committee of

STARWOOD HOTELS & RESORTS WORLDWIDE, INC. SAVINGS AND RETIREMENT PLAN

We have audited the accompanying statements of net assets available for benefits of the Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan (the “Plan”) as of December 31, 2015 and 2014, and the related statement of changes in net assets available for benefits for the year ended December 31, 2015. 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. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included 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, 2015 and 2014, and the changes in net assets available for benefits for the year ended December 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2015, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information in the accompanying schedule, we have evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

As further discussed in Note 2, the Plan adopted Accounting Standards Update (“ASU”) No. 2015-12 as of December 31, 2015 and 2014 and for the year ended December 31, 2015. Our opinion is not modified in respect to this matter.

/s/ Mayer Hoffman McCann P.C.

Phoenix, Arizona

June 17, 2016

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2015 and 2014

 

     2015      2014  

Assets:

      

lnvestments at fair value

    $ 1,175,609,514       $ 1,176,928,742   

Receivables:

      

Participant contributions

      —           731,501   

Employer contributions

      2,033,620         1,765,225   

Notes receivable from participants

      48,813,864         47,555,895   

Accrued investment income

      93         10,665   
  

 

 

     

 

 

  

Total receivables

      50,847,577         50,063,286   

Total assets

      1,226,457,091         1,226,992,028   

Liabilities:

      

Accrued expenses

      75,848         78,326   
  

 

 

     

 

 

  

Total liabilities

      75,848         78,326   

Net assets available for benefits

    $ 1,226,381,243       $ 1,226,913,702   
  

 

 

     

 

 

  

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, 2015

 

     2015  

Additions to net assets attributed to:

   

Investment loss:

   

Net depreciation in fair value of investments

    $ (49,016,831 ) 

Dividends and interest

      28,406,588   
  

 

 

  

Total investment loss

      (20,610,243 ) 

Interest income on notes receivable from participants

      1,758,999   

Contributions:

   

Participants

      87,750,734   

Participant rollovers

      6,125,426   

Employer

      38,952,473   
  

 

 

  

Total contributions

      132,828,633   

Total additions

      113,977,389   
  

 

 

  

Deductions from net assets attributed to:

   

Benefits paid to participants

      118,010,473   

Investment and administrative expenses

      4,232,445   
  

 

 

  

Total deductions

      122,242,918   

Net decrease in net assets before plan asset transfers

      (8,265,529 ) 

Assets transferred from other plans, net

      7,733,070   
  

 

 

  

Decrease in net assets

      (532,459 ) 

Net assets available for benefits, beginning of year

      1,226,913,702   
  

 

 

  

Net assets available for benefits, end of year

    $ 1,226,381,243   
  

 

 

  

See Notes to Financial Statements

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

 

(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. Employees participating in the Plan (Participants) should refer to the summary plan description and the formal Plan document for a more complete description of the Plan’s provisions.

Starwood Hotels & Resorts Worldwide, Inc. (Starwood or the Company) sponsors the Plan which is administered by the Starwood Global Benefits Committee (the Plan Administrator). The Plan became effective April 1, 1997.

General

The Plan is a defined contribution plan that qualifies under Section 401(a) of the Internal Revenue Code (the Code) and is subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The Plan provides for employee pre-tax contributions and matching employer contributions in accordance with Section 401(k) and 401(m) of the Code. The Plan’s assets are held in a 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 an hour of service. The Company begins to match contributions once the Participant has completed one “year of service” as that term is defined by the Plan.

Contributions

Participants may contribute up to 50% of eligible compensation on a pre-tax basis, subject to the Internal Revenue Service limitation of $18,000 for the year ended December 31, 2015. The Company makes a matching contribution in an amount equal to 100% for Participant contributions up to 1% of eligible compensation and 50% for Participant contributions between 2% and 7% of eligible compensation. Participants direct the investment of their contributions and the Company’s matching contributions into various investment options offered by the Plan. Participants can make changes to their investment options daily.

Participants who are age 50 or older by the end of the applicable Plan year and have contributed the maximum pre-tax contributions allowable by the Plan during the Plan year may make an additional pre-tax catch-up contribution. The catch-up contribution is subject to the Internal Revenue Service limitation of $6,000 for the year ended December 31, 2015.

Participants who do not enroll on their own and who do not opt out are automatically enrolled after 90 days, pursuant to the safe harbor for automatic contribution arrangements in Code Section 401(k)(13). The initial contribution rate for those who are auto-enrolled is 3% of eligible compensation. The 3% contribution rate increases by one percentage point each year to a maximum of 6% of eligible compensation. Participants are free to elect out of automatic enrollment at any time.

Vesting

Participants are immediately vested in their voluntary contributions and earnings thereon. Participants become 100% vested in the Company’s matching contributions and earnings thereon after two years of service.

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

 

(1) Description of the Plan (continued)

Rollovers to the Plan

Participants may roll over to the Plan their qualifying balance from any rollover account permitted for this purpose (e.g., the trust of a qualified plan, an individual retirement account (IRA) or an individual retirement annuity) (rollover account) provided they do so no later than the 60th day following the day on which the Participant receives the distribution from such rollover account.

Participants’ accounts

Separate accounts are maintained with respect to each Participant’s pre-tax contributions, employer matching contributions, and rollover contributions. Each Participant’s account is credited with the Participant’s contributions and share of investment earnings or losses and is charged with the Participant’s share of Plan expenses. Allocations of Plan earnings and losses and of investment expenses are based on the proportion of each Participant’s account balance to the total of all account balances for each investment type. Administrative expenses are allocated as described below. Plan expenses and fees are explained in detail in a mailing sent to Participants annually.

Notes receivable from Participants (Plan 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 loan amount is the lesser of $50,000 or 50% of the Participant’s vested account balance, reduced by any outstanding loan balance in the prior year. 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 (ten years if the loan proceeds are used to acquire the Participant’s principal residence). The loans are collateralized by the balance in the Participant’s account at the time the loan is made. The loans 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%.

Notes receivable from Participants are measured at their unpaid principal balance plus accrued interest.

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, but in no event beyond April 1 of the year following the year in which the Participant turns 70 1/2.

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.

Participants leaving the Plan may roll over the qualifying portion of their distributions to a qualifying rollover account. If a terminating participant who has an account balance of between $1,000 and $5,000 does not take a distribution upon termination, the Plan automatically rolls over the Participant’s account balance to a qualified IRA in the Participant’s name. If a terminating participant with an account balance of under $1,000 does not elect to take a distribution upon termination, the Plan automatically distributes the account balance to the Participant.

Forfeitures

Forfeitures of nonvested Company contributions are applied to reduce future Company contributions. Unallocated forfeited nonvested accounts totaled $285,353 and $275,848 as of December 31, 2015 and 2014, respectively. During the years ended December 31, 2015 and 2014, forfeited nonvested accounts reduced Company contributions by $313,196 and $374,587, respectively.

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

 

(1) Description of the Plan (continued)

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, 2015, record keeping fees and participant-level investment advisor services were paid directly from Participant accounts. Other administrative expenses were paid by the Plan other than legal and audit fees, which were paid by the Company. The Plan imposes fees that are deducted directly from Participant accounts for initiating Plan loans ($50), processing domestic relations orders ($450), hardship distributions ($50), and overnight mailings ($25). Participants who elect to work with a Professional Account Manager through the Voya Advisor Service pay a fee that is a percentage of their account balance, and that is deducted directly from their accounts.

Changes in employer contributions and termination of the Plan

Although it has not expressed any intent to do so, the Company has the right under the Plan to suspend, reduce, or partially or completely discontinue Company 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, affected Participants may have the right to become fully vested in the Company contributions and to receive a full distribution of such amounts to the extent required under applicable law and the terms of the Plan document.

 

(2) Summary of Significant Accounting Policies

Basis of presentation

The Financial Accounting Standards Board (FASB) sets accounting principles generally accepted in the United States of America (GAAP) to ensure consistent reporting. References to GAAP issued by the FASB in the accompanying notes 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.

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 GAAP requires management 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.

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

 

(2) Summary of Significant Accounting Policies (continued)

New Accounting Pronouncement

In July 2015, the FASB issued Accounting Standards Update 2015-12, Plan Accounting- Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965): Part I Fully Benefit-Responsive Investment contracts, Part II- Plan Investment Disclosures, Part III- Measurement Date Practical Expedient, (ASU 2015-12). ASU 2015-12 simplifies the measurement of fully benefit-responsive investment contracts and disclosures about plan investments. It also allows an employee benefit plan with a fiscal year end that doesn’t coincide with the end of a calendar month to choose a simpler way of measuring its investments and investment-related accounts. ASU 2015-12 is effective for entities for fiscal years beginning after December 15, 2015. Early application is permitted. The Company retrospectively adopted Part II of this ASU for the annual period ending December 31, 2015. The adoption of this update simplified the disclosures of plan investments in our financial statements.

Subsequent events

In preparing these financial statements, management has evaluated subsequent events through the date the Plan financial statements were issued.

Fair value measurements

FASB ASC 820, Fair Value Measurements and Disclosures, establishes a common definition for 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 value 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 investment’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.

The following is a description of the valuation methodologies used for investments measured at fair value.

Money Market Fund: Valued at cost, which approximates fair value.

Collective Trusts: Investments in common/collective trusts are valued at unit value, which is based on the aggregate current fair values of the underlying assets in relation to the total number of units outstanding. Unit value, or the equivalent of net asset value, is a practical expedient for estimating the fair values of those investments. The common collective trust has no unfunded commitments as of December 31, 2015, and can be redeemed daily with no redemption notice period or other redemption restrictions.

Mutual Funds: Valued using quoted market prices in active markets.

Starwood Common Stock: Valued using quoted market prices in active markets.

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

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 management 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 measurements 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

If a Participant transfers employment between Starwood and an employer who (i) has a business relationship with Starwood (but is not in the Starwood controlled group within the meaning of Code section 414) and (ii) sponsors an unrelated individually-designed retirement plan designated by Starwood, the Participant’s account balance is automatically transferred to the retirement plan sponsored by the receiving employer.

During 2015, Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan as adopted by Cityfront Hotel Associates L.P., Baltimore Harbor Center Limited Partnership, and Portland Hotel LLC were merged into the Plan upon their respective termination dates. The total plan assets transferred during the year ended December 31, 2015 were $8,486,709, which are included in the assets transferred from other plans, net line item.

 

(3) Fair Value Measurements

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2015:

 

     Level 1      Level 2      Level 3      Total  

Money Market Fund

    $ —         $ 720,141       $ —         $ 720,141   

Collective Trusts

         493,263,684            493,263,684   

Mutual Funds

      609,796,666               609,796,666   

Starwood Common Stock

      71,829,023         —           —           71,829,023   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Fair Value

    $ 681,625,689       $ 493,983,825       $ —         $ 1,175,609,514   
  

 

 

     

 

 

     

 

 

     

 

 

  

The following table sets forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2014:

 

     Level 1      Level 2      Level 3      Total  

Money Market Fund

    $ —         $ 1,172,941       $ —         $ 1,172,941   

Collective Trusts

         465,352,434            465,352,434   

Mutual Funds

      629,224,714               629,224,714   

Starwood Common Stock

      81,178,653         —           —           81,178,653   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments at Fair Value

    $ 710,403,367       $ 466,525,375       $ —         $ 1,176,928,742   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(4) Tax Status

The Plan received a favorable determination letter from the Internal Revenue Service (IRS) dated August 13, 2015. The determination letter was applicable for amendments adopted by the Plan through December 16, 2014. The Plan is required to operate in conformity with the Code to maintain its qualification. Although the Plan has been amended since receiving the determination letter, the Plan Administrator believes that the Plan is designed and operated in compliance with the applicable requirements of the Code and that the Plan was qualified and the related trust was tax-exempt as of December 31, 2015.

 

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.

SAVINGS AND RETIREMENT PLAN

NOTES TO FINANCIAL STATEMENTS

December 31, 2015 and 2014

 

(5) Party-in-Interest Transactions

Certain Plan investments are held in funds managed by State Street. In addition, certain Plan investments are in Starwood common stock.

For the year ended December 31, 2015, the fee incurred by the Plan for the investment management services was $240,312. The fee incurred by the Plan for record-keeper services and participant paid account management services was amounted to $3,992,133. As of December 31, 2015 and 2014, there were no record-keeping fees included in accrued expenses.

 

(6) 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 at December 31:

 

     2015     2014  

Net assets available for benefits per financial statements

    $ 1,226,381,243      $ 1,226,913,702   

Amounts allocated to withdrawing Participants

      (82,717 )      (197,326 ) 
  

 

 

    

 

 

  

Net assets available for benefits per Form 5500

    $ 1,226,298,526      $ 1,226,716,376   
  

 

 

    

 

 

  

The following is a reconciliation of benefits paid to Participants as reported in the financial statements for the year ended December 31, 2015 to Form 5500:

 

Benefits paid to Participants per the financial statements

    $ 118,010,473   

Amounts allocated to withdrawing Participants at December 31, 2014

      (197,326 ) 

Amounts allocated to withdrawing Participants at December 31, 2015

      82,717   
  

 

 

  

Benefits paid to Participants per the Form 5500

    $ 117,895,864   
  

 

 

  

 

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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, 2015

 

Identity of issuer, borrower,

lessor, or similar party

   

Description of investment including maturity date,

rate of interest, collateral, par or maturity value

  

Current value

  

Money Market Fund

     

* State Street Global Advisors

    State Street Short Term Investment Fund   $ 720,141   
    

 

 

  

Collective Trusts

     

BlackRock

    US Debt Index     74,473,936   

BlackRock

    ACWI EX US     87,142,758   

BlackRock

    Russell 2500     52,070,741   

BlackRock

    BlackRock LifePath Retirement     16,675,698   

BlackRock

    BlackRock LifePath 2020     38,856,012   

BlackRock

    BlackRock LifePath 2030     59,242,189   

BlackRock

    BlackRock LifePath 2040     61,737,909   

BlackRock

    BlackRock LifePath 2050     30,751,461   

BlackRock

    BlackRock LifePath 2060     622,889   

BlackRock

    BlackRock LifePath 2025     13,069,920   

BlackRock

    BlackRock LifePath 2035     19,131,726   

BlackRock

    BlackRock LifePath 2045     26,486,915   

BlackRock

    BlackRock LifePath 2055     13,001,530   
    

 

 

  

Total Collective Trusts

        493,263,684   
    

 

 

  

Mutual Funds

     

Vanguard

    Vanguard Prime Money Market Fund     133,057,383   

Vanguard

    Vanguard Institutional Index Fund     191,746,667   

PIMCO

    PIMCO Total Return Admin. Fund     63,058,416   

Hartford

    Hartford Mid Cap Fund     45,456,209   

Munder

    Veracity Small Cap Value Fund     18,074,918   

T. Rowe Price

    T. Rowe Price Large Cap Fund     30,783,549   

Wells Fargo

    Wells Fargo Advantage Capital Growth Fund     74,482,591   

Manning & Napier

    Manning & Napier Overseas Fund     51,904,268   

JP Morgan

    JP Morgan     1,232,665   
    

 

 

  

Total Mutual Funds

        609,796,666   
    

 

 

  

*Starwood Company Stock Fund

    Starwood Company Stock Fund     71,829,023   
    

 

 

  

Participant Loans

    Secured by vested benefits;

maturity dates through December

2025; interest rates 4% - 9%

     48,813,864   
    

 

 

  
     $ 1,224,423,378   
    

 

 

  

 

 

* Represents a party-in-interest

Note: Cost information has been excluded as all investments are participant-directed investments

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Starwood Hotels & Resorts Worldwide, Inc. Global Benefits 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/ Robyn Arnell

   
    

Robyn Arnell

   
    

Starwood Hotels & Resorts Worldwide, Inc.

Global Benefits Committee Member

   

Date: June 17, 2016

 

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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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