Full presentation

2
FORWARD-LOOKING STATEMENTS
These presentations contain forward-looking statements within the meaning of federal securities regulations. These forward-
looking statements generally can be identified by phrases such as Starwood or its management “believes,” “expects,”
“anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements in this release
that describe the Company’s business strategy, outlook, objectives, plans, intentions or goals also are forward-looking
statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties and other
factors that may cause actual results to differ materially from those anticipated at the time the forward-looking statements are
made. Future results, performance and achievements may be affected by general economic conditions including the severity and
duration of any downturn in the US or global economy, the impact of war and terrorist activity, business and financing conditions,
including the availability of mortgage financing, foreign exchange fluctuations, cyclicality of the real estate, including the sale of
residential units, and the hotel and vacation ownership businesses, operating risks associated with the sale of residential units,
hotel and vacation ownership businesses, relationships with associates, customers and property owners, the impact of the
internet reservation channels, our reliance on technology, domestic and international political and geopolitical conditions,
competition, governmental and regulatory actions (including the impact of changes in U.S. and foreign tax laws and their
interpretation), travelers’ fears of exposure to contagious diseases, risk associated with the level of our indebtedness, risk
associated with potential acquisitions and dispositions, and other circumstances and uncertainties. There can also be no
assurance that agreements will be entered into for the hotels in the Company’s pipeline and, if entered into, the timing of any
agreement and the opening of the related hotel. These risks and uncertainties are presented in detail in our filings with the
Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not
materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of
new information, future events or otherwise.
Please note that these presentations include non-GAAP financial measures. For definitions of certain terms used herein and a
presentation of the most directly comparable financial measure calculated and presented in accordance with GAAP and a
reconciliation of the differences between the non-GAAP financial measure disclosed and the most comparable financial measure
calculated and presented in accordance with GAAP, please refer to the Company’s web site at
www.starwoodhotels.com.corporate/investor_relations.html.

©2013 STARWOOD HOTELS & RESORTS WORLDWIDE, INC. | Proprietary & Confidential
FRITS VAN PAASSCHEN // CHIEF EXECUTIVE OFFICER
3

4
Shareholder Value Creation
Frits van Paasschen 8:30-9:00
Strategy and Outlook
Middle East Review Guido de Wilde 9:00-9:40
South Asia Review Dilip Puri 9:40-10:00
Break
Starwood Strategy : Individual Spirit
and Collective Strength
Frits van Paasschen 10:15-11:15
Starwood Investment Proposition Vasant Prabhu 11:15-12:15
Break
3-Year Outlook Vasant Prabhu 12:30-1:00
Q&A All 1:00-1:30
Lunch
Our Agenda Today

5
SHAREHOLDER VALUE
CREATION AT STARWOOD
THE WESTIN DUBAI MINA SEYAHI BEACH RESORT & MARINA

6
Shareholder
Value Creation at
Starwood
»Sustaining Innovation
»Delivering Operational Excellence
»Growing the System
»Executing Asset Light Strategy
»Generating Significant Cash
SHAREHOLDER VALUE CREATION AT STARWOOD
S&P
98%
MAR
164%
HOT
256%
10-Year Total Shareholder Return
Source: Bloomberg. Represents 10-year total shareholder returns from 31-Dec-02 through 31-Dec-12 with monthly returns and reinvestment in security
6

7
Sustaining
Innovation
» W Hotels (1998)
» Westin “Heavenly” (1999)
» Aloft and Element (2008)
» Le Méridien Reinvention (2009)
» Link at Sheraton (2009)
» SPG Transformation (2012)
» Mobile Platform (2012)
» Crossover Rewards (2013)
7

8
Delivering Operational
Excellence
AL MAHA DESERT RESORT AND SPA, DUBAI
THE CHATWAL, A LUXURY COLLECTION HOTEL
» RPI Gains of nearly 200bps
» SPG share of occupancy from 42% to over 50%
» Company Operated Hotel GOP Margins +270bps
» Owned Hotel Margins +260bps
» SG&A per room down over 25% since pre-crisis levels
2009 - 2012
Note: Samsestore 2012 margins vs. Samestore 2007 Margins for Company Operated and Owned/Leased Hotels 8

9
5% Net Rooms Growth
Growing
the System
» 5% net rooms growth since 2004
» 100k room, 400 hotel pipeline (30%
future growth)
» Fastest growing luxury hotel portfolio
» Largest global upper-upscale (5 star)
hotel company
100
200
300
400
Operating
Rooms
9

10
Executing Asset-Light Strategy
THE ST. REGIS BAL HARBOUR RESORT
ALOFT LEXINGTON, MA
» Sold 14 hotels since 2009
» Proceeds of over $1.25B
» Average EBITDA multiple over 16x
» Sold and Closed over 73% of Bal Harbour units
» Sell-Out in 2013 likely
» Targeting total sales over $1B
» Starwood Vacation Ownership cash generation of
almost $800 million since 2009
10

11
Extraordinary
Cash Generation
» Reduced net debt from over $3.5B in 2008
to just over $800M by 2013
» Returned $1.7B to shareholders in since 2008
» Increased Dividend by 150% in 2012; 2% yield
» Repurchased over 6M shares in 2012
» …While investing in our core business to drive
growth and build capability
$3,248
$3,523
$2,826
$2,051
$1,511
$811
1/1
2008
1/1
2009
1/1
2010
1/1
2011
1/1
2012
1/1
2013
Net Debt Reduction of $2.4B since 2008
11Note: Net debt consists of Long-term debt and short term debt, net of cash equivalents and restricted cash

1
STARWOOD STRATEGY
AND OUTLOOK
THE WESTIN DUBAI MINA SEYAHI BEACH RESORT & MARINA
12

2
Dramatic
Growth in the
Global Middle
Class
» It took 100 years of
economic growth for the
Middle Class to reach 1
billion
» 20 years to reach 2
billion
» In next 20 years, the
number of people
considered Middle
Class will reach 5 billion
STARWOOD STRATEGYAND OUTLOOK
1890 1990 2010 2030
2BILLION
5BILLION
1BILLION
Source: OECD 13

3
Rapid
Urbanization
» With the Rise in the
Middle Class and
wealth, more people will
live in cities
» Global Urbanization
– 1950: 30%
– 2010: 50%
– 2050: 70%
Source: UN World Urbanization Prospects 14

4
Massive
Infrastructure
Development
» More infrastructure will
be built in the next 40
years than in all of
human history
» Hotels = Infrastructure
Source: National Intelligence Council 15

5
REVOLUTION
IN GLOBAL
TRAVEL
» 3 billion people entering
the global economy
» Regional travel patterns
are evolving
» Enormous outbound
travel opportunity from
Fast Growing Markets
» Rise of the “Mega
Traveler
Source: OECD
2011–2030
CAGR
5%
3%
5%
3%Europe
Asia Pacific
Americas
Africa Middle
East
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1990 1995 2000 2005 2010 2015 2020 2025 2030
Number of
Tourist Arrivals
(in millions)
TOURIST ARRIVALS BY ORIGIN
16

6
Starwood: the Best Positioned Hotel
Company to Capitalize on Secular
Growth Trends in Travel
SHERATON DUBAI MALL OF THE EMIRATES HOTEL
SHERATON ADDIS
» Leading Global Hotel Company in High Growth Markets
» Best Global High-End Lodging Brands
» High Quality Global Pipeline
» High Value Global Owned Hotel Portfolio
» Unmatched Global Platform
» Extraordinary Cash Generation Potential
17

7
STARWOOD
STRATEGY:
INDIVIDUAL
SPIRIT,
COLLECTIVE
STRENGTH
» Starwood’s brands lie at
the heart of our
competitive advantage
» Distinguished by a
combination of Lifestyle
Concepts, Design
Leadership and
Innovation
» Collective strength of
SPG and Starwood
centralized services
(Sales, Revenue
Management, Web) unify
our brands and drive
performance
18

8
Starwood Outlook
WESTIN DUBAI MINA SEYAHI BEACH RESORT &
MARINA
» Secular demand gains in Growth Markets
» Below-trend supply growth in Mature Markets
» Sharp rebound in owned hotel profits
» Significant cash generation from hotel operations,
asset sales and timeshare
819

9
Starwood 3-Year Outlook
»5-7% annual RevPAR growth achievable 2012-2015 with continued cyclical recovery
»10-12% annual EBITDA growth & 16-20% annual EPS Growth
»$3.0B to $3.3B of operating cash flow and balance sheet capacity
»80/20 Asset Light goal by 2016 could generate ~$3B in cash
»Significant capacity to fund growth investments and return cash to shareholders over
next three years
20

GUIDO DE WILDE // SVP, REGIONAL DIRECTOR – MIDDLE EAST
STARWOOD
IN THE MIDDLE EAST
21

22
WELCOME
TO DUBAI
‫ﺩﺑﻲ‬ ‫ﻓﻲ‬ ‫ﺑﻛﻡ‬ ‫ﻣﺭﺣﺑﺎ‬
» A city at the center
of one of the most
dynamic regions in
the world
22

33
MIDDLE EAST
IS A REGION
THAT
MATTERS
» Melting pot of diverse
and complex politics and
religions
» Rich and complex history
» Growing population
» At the crossroads
of globalization
23

44
RICH
HISTORY
» History dates back
to 3500BC
» Innovations in language,
culture, science
» Birthplace of Judaism,
Christianity and Islam
24

55
FAST
GROWING
DYNAMIC
POPULATION
» >50% of population under 30
years
» 1990-2008, population
growth rate was higher than
India and China, and
remains high
» Mosaic of over 350M people
» The UAE’s population is
7.5M
» 2M in Dubai alone with 5%
growth in 2012
Source: OECD/ World Bank 2010; Dubai Statistics Centre
25

6
MIDDLE EAST IS AT THE CROSSROADS OF GLOBALIZATION
» Trade between China and
Arab world and trade with
Africa has increased
tenfold
» UAE, Qatar and Saudi
becoming important hubs
» By 2030, travel into the
region is expected to
triple to 149M arrivals
» Outbound travel is up
400% in last 20 years
» Expected to reach 80M
outbound trips annually
by 2030
Source: UNWTO
26

77
NOT JUST
ABOUT OIL
» 60% of world’s total
proven oil reserves
» Despite economic
crisis, some of the
highest per capita
incomes globally
» Dramatic Growth
in inbound and
outbound tourism
» Arrivals up over 7% per
year since 2005
» Outbound travel
up 8% per year
since 2005
Sources: OPEC; UNWTO
27

88
SHEIKH ZAYED
ROAD – THEN
» Transformation
of Dubai
» Open-Skies policy
» Free Economic Zones
» Promotion of tourism
» 600k population in 1993
» 167 Hotels in 1993
Sources: Dubai Statistics Center; Gulf News
28

99
SHEIKH ZAYED
ROAD – NOW
» UAE's hospitality market
» Revenues of $7.5B
by 2016
» +67% over 2011
» 2.1M population
» 326 Hotels
Sources: Khaleej Times, UAE; Alpen Capital Hospitality Report; Dubai Statistics Center
29

10
OTHERS
FOLLOWING
DUBAI’S LEAD
» Abu Dhabi focusing on culture
with branches of the
Guggenheim and Louvre
opening, along with the Zayed
National Museum
» Qatar investing $11B in new
Doha international Airport, $6B
in Doha Port project and $25B
in other infrastructure
» Saudi Arabia constructing the
$86B King Abdullah Economic
City
30

11
STARWOOD’S
MIDDLE EAST
ADVANTAGE
WESTIN DUBAI MINA SEYAHI BEACH RESORT & MARINA
» First mover advantage
» Strong local brand recognition
» Deep local relationships
» Leading loyalty program and
global infrastructure
» Innovative Food and Beverage
Programs
» Best in class talent
31

12
STARWOOD HAS BEEN IN THE
REGION FOR FIVE DECADES
1966 1982 200919841978
2012
2010
Sheraton Kuwait – Starwood’s first
hotel outside of the U.S
Starwood enters Qatar and
Pakistan with Sheraton Entry of W and Aloft brands
Growth in emerging markets –
opening of Sheraton Dushanbe and
signing of Sheraton Aktobe
Luxury Collection takes over
operation of Grosvenor House
and Al Maha
Debut in UAE and KSA with Sheraton
Dubai Hotel Creek & Towers and
Le Méridien Medina
Opened the first worldwide
reservations office in the region
(Bahrain)
Signing of Sheraton Erbil –
marking Starwood’s re-entry
into Iraq after 20 years
FIRST-MOVER ADVANTAGE
32

13
OUR EXPERIENCE
GIVES US AN
ADVANTAGE
» 79 hotels (operating + pipeline)
» More than 22,000 rooms in 13 countries
UAE
33 HOTELS – 21 OPERATING, 12 PIPELINE
SAUDI ARABIA
15 HOTELS - 9 OPERATING, 6 PIPELINE
OTHER
45 Operating
34 Pipeline (Executed)
33

14
THE LARGEST LUXURY/UPPER –UPSCALE HOTEL COMPANY
IN THE MIDDLE EAST
45
25 22
11
0
10
20
30
40
50
Starwood Marriott Hilton Hyatt
MIDDLE EAST HOTELS
Source: STR Census as of December 2012; Starwood Internal Data
34

15
DIVERSE PIPELINE BY BRANDS AND MARKET
Sheraton
26%
Le Méridien
3%
Westin
9%St.
Regis
8%
W
14%
The Luxury
Collection
9%
Four Points by
Sheraton
17%
Aloft
11%
Element
3%
BY BRAND
34 PIPELINE HOTELS
UAE
34%
KSA
20%
Levant
14%
Iraq
9%
Oman
9%
Qatar
3% “Stan”
Countries
11%
BY MARKET
35

16
ACCELERATING
GROWTH
45 HOTELS TODAY
80 HOTELS IN 2016
100 HOTELS IN 2019
36

17
17
THE ST. REGIS SAADIYAT ISLAND RESORT
ABU DHABI
37

19
19
THE ST. REGIS
ABU DHABI
39

20
MULTI-BRAND PROJECT – DUBAI
40

21
3 X DUBAI MUSCAT AMMAN ABU DHABI
41

22
ERBIL, IRAQ
DUSHANBE, TAJIKISTAN
AKTOBE, KAZAKHSTAN
42

23
OUR BRANDS
RESONATE WELL
IN THE MIDDLE
EAST
SHERATON KUWAIT AND FOUR POINTS BY SHERATON KUWAIT
SHERATON DUBAI MALL OF THE EMIRATES
» Second region after North
America to have all nine brands
» Increasing number of
conversion opportunities
» Rejuvenation of Sheraton and
Le Méridien with renovations
» Expansion of existing properties
to meet high-demand
» High-levels of guest satisfaction
43

24
DEEP
RELATIONSHIPS
BUILT ON
DECADES
OF TRUST
» We have a deep understanding
of this part of the world
» Right teams in place to deliver
the promise
» Strong relationships with some
of the most influential royal
families
» Highly influential royal families
are some of the most important
owners of the hotels we operate
44

2525
TAILWIND
FROM OUR
GLOBAL
PLATFORM:
SPG
» Members based in the
Middle East accounted for
350,000 stays in 2012
» SPG community in the
Middle East spends well
above the global average
» SPG accounted for 51%
share of occupancy in 2012
» 21 SPG point “millionaires”
in the region
45

2626
GORDON RAMSEY JEAN GEORGES VONGERICHTEN GARY RHODES
IMPACT OF
FOOD AND
BEVERAGE
» Operate 277 Restaurants
and Bars
» Relationships with world
class chefs
» F&B accounts for 43% of
regions total revenue in
2012
» SPG and F&B Integration
46

27
BEST IN CLASS
TALENT
» Associates from over 100
different nationalities, speaking
over 50 languages
» Approximately 12% of our
workforce are local nationals
» House close to 16,000
associates in staff
accommodations, serve over 15
million meals per year
» 20,000 associates by the end of
2013
47

29
29
AJMAN PALACE,
A LUXURY COLLECTION
HOTEL
49

31
31
SHERATON DUBAI
SHEIKH ZAYED ROAD
SHERATON SHARJAH
51

32
STARWOOD’S
MIDDLE EAST
ADVANTAGE
WESTIN DUBAI MINA SEYAHI BEACH RESORT & MARINA
» Deep local relationships
» Leading loyalty program and
global infrastructure
» Innovative Food and Beverage
Programs
» Best in class talent
52

DILIP PURI // MANAGING DIRECTOR, INDIA & REGIONAL VICE PRESIDENT, SOUTH ASIA
STARWOOD
IN SOUTH ASIA
53

ANCHORED BY INDIA,
SOUTH ASIA IS A REGION
OF OPPORTUNITY
» India GDP expected to grow 8% for next 40 years
» Moving from 10th largest global economy to 6th
largest by 2017
» On track to become world’s 5th largest consumer
market in 2030
» Recent government reforms improving the outlook
» Central bank easing interest rates
» Raising caps on Foreign Direct Investment in certain
sectors: Retail, Aviation, Insurance
W MUMBAI
Sources: World Bank, Global Business Travel Association ("GBTA"), McKinsey “Rise of the Indian Consumer”, CAPA India, HVS T&O report 2012
54

LARGE AND GROWING
TRAVEL MARKET
» Population of 1.4B across region, growing faster
than China
» Travel and tourism is over 6% of India’s GDP1
» Arrivals to India at 5.8M, growing at 12% rate
» 13M outbound travelers in 2011, growing to 50M by
2020
» Total domestic traffic at all Indian airports is forecast to
grow from 105M to 356M by 2021
» Sri Lanka and Maldives are among the top 10
destinations for 2013
» Bhutan and Nepal emerging as fast growing
resort markets
SHERATON BANGALORE
Sources: World Travel & Tourism Council's (WTTC) Economic Impact 2012; CAPA India
55

STARWOOD’S
SOUTH ASIA
ADVANTAGE
LE MERIDIEN NEW DELHI
SHERATON MALDIVES FULL MOON RESORT & SPA
» Locally smart regional team and
local infrastructure
» Leading loyalty program
» Best in class talent programs
» Innovative food and beverage
programs
56

5
OUR FIRST-MOVER ADVANTAGE
» Opened 1st Westin in India
» 2009: Launched Four Points in
India with 2 new openings
» Signed 1st Westin management
contract ; 1st new-build non-ITC hotel
in India
» Acquisition of Le Méridien brand
globally; Added 8 Le Méridiens to India
portfolio
» Launched Aloft in India with 2 new
openings
» 1973: 1st Sheraton in India
- Oberoi Sheraton, Mumbai
» 1979: Partnership with ITC
» Established Starwood Sales
Office
» Opened India Customer
Contact Center in Gurgaon
20102005 2011
1973
1979
2009
» Opening of Sheraton in
Bangalore (1st managed
Sheraton; non-ITC)
2007 2012
» Debut into Sri Lanka with
signing of Sheraton and
Four Points
» Expansion in Bangladesh
with signing of Sheraton
and Le Méridien
57

OUR FIRST MOVER ADVANTAGE
HAS ALLOWED US TO BUILD
A SIGNIFICANT FOOTPRINT
ACROSS SOUTH ASIA
» 69 hotels (operating + pipeline)
» More than 16,300 rooms in 6 countries
India
Bhutan
Bangladesh
Sri Lanka
Maldives
38 Operating
31 Pipeline (Executed)
INDIA
61 HOTELS – 35 OPERATING, 26 PIPELINE
OTHER SOUTH ASIA
Total
6
58

7
STARWOOD IS THE LARGEST INTERNATIONAL
HIGH-END HOTEL COMPANY IN SOUTH ASIA
Source: STR Census as of December 2012,Upper-Upscale and Luxury Rooms
7
0
1
2
3
4
5
6
7
8
9
Rooms (000’s)
Upper Upscale/ Luxury Rooms
59

8
DIVERSIFIED FOOTPRINT ACROSS ALL BRANDS
Source: Starwood internal data as of March 1, 2013
Four
Points
9% Aloft
7%
Le Méridien
16%
Westin
18%
Sheraton
22%
Luxury
Collection
18%
W
8%
St. Regis
2%
Four
Points
6%
Aloft
7%
Le Méridien
18%
Westin
19%Sheraton
13%
Luxury
Collection
36%
W
1%
PIPELINE + OPERATING ROOMS
8
OPERATING ROOMS
60

BROAD REACH ACROSS
PRIMARY AND
SECONDARY
CITIES IN INDIA
» Operating in 21 cities & 14 states
» 8 new cities in pipeline
» Strong penetration in Tier II & III
markets with Four Points and Aloft
brands
» 8 operating hotels with another 5 expected
openings in 2013 and a robust pipeline
» Strong distribution including all upper-
upscale brands in key Tier I markets
» 14 Starwood hotels in Delhi NCR
» 4 cities with more than 6 Starwood hotels
» 6 cities with operating and pipeline hotels
» Growth in resort locations
» Growing from one property to 6 by 2015-16
Madhya Pradesh
Maharashtra
Andhra Pradesh
Orissa
Jharkhand
Bihar
Uttar Pradesh
Jammu & Kashmir
Himachal
Pradesh
Chhattisgarh
Tamil Nadu
Karnataka
Gujarat
Rajasthan
Punjab
Haryana
Uttaranchal
West Bengal
Assam
Meghalaya
Pondicherry
Goa
Operating
Pipeline
Operating + Pipeline
9
61

OPENINGS IN 2013 & 2014
SHERATON CHANDIGARH HOTEL
177 ROOMS, 2013
SHERATON GREATER NOIDA HOTEL
267 ROOMS, 2014
SHERATON BANGALORE WHITEFIELD
HOTEL & CONVENTION CENTER
325 ROOMS, 2014
THE WESTIN CHENNAI VELACHERY
215 ROOMS, OPEN FEB 2013
THE WESTIN BEKAL RESORT & SPA
156 ROOMS, OPENING 2014
LE MERIDIEN MAHABALESHWAR
RESORT & SPA
126 ROOMS, OPENING IN 2013
10
62

OPENINGS IN 2013 & 2014
FOUR POINTS BY SHERATON GURGAON
FARIDABAD ROAD
154 ROOMS, 2014
ALOFT AHMEDABAD SG ROAD
176 ROOMS, 2013
W RETREAT & SPA GOA
105 ROOMS, 2014
ALOFT BENGALURU CESSNA
BUSINESS PARK
ALOFT NEW DELHI AEROCITY
11
63

STRONG LOCAL BRAND RECOGNITION
2011 & 2012 BEST HOTEL COMPANY (WORLD) – Travel & Leisure
BEST BRAND DEVELOPMENT ACROSS CHAIN – SATTE
FASTEST GROWING HOTEL CHAIN 2012 – Today’s Traveller
2011 & 2012 FAVORITE LOYALTY PROGRAM – Conde Nast Traveler India Reader’s Choice
2012 BEST HOTEL LOYALTY PROGRAM – World Travel Awards
2012 FAVORITE HOTEL LOYALTY PROGRAM – Travel & Leisure
2011 BEST NEW OPENING HOTEL (UPSCALE) SHERATON BANGALORE – HICSA
BEST INTERNATIONAL RESORT – W MALDIVES RETREAT &SPA – Lonely Planet
2010 BEST NEW OPENING HOTEL (LUXURY ) – WESTIN MUMBAI – HICSA
BEST NEW OPENING SPA (HOTEL) HEAVENLY SPA – WESTIN MUMBAI – ASIA SPA
BEST HOTEL FOR BUSINESS TRAVELERS ( WOMEN) RUNNERS UP WESTIN MUMBAI
– Travel & Leisure
FAVORITE NEW OPENING HOTEL (INDIA) – 3rd WESTIN GURGAON – Conde Nast
Traveler India Reader’s Choice
TOP 25 TRENDIEST HOTELS – WESTIN HYDERABAD – Tripadvisor
TOP 25 TRENDIEST HOTELS – Tripadvisor
TOP 25 TRENDIEST HOTELS – LE MERIDIEN NEW DELHI – Tripadvisor
BEST CONVENTION HOTEL – LE MERIDIEN KOCHI – National Tourism Awards
1264

1313
Westin Brand in South Asia outperforms competition
WESTIN BRAND
LAUNCH
» First Westin resort opened
in 2007 with 4 successive
Westin openings in the
next 18 months
» Westin makes history
as the fastest international
brand launch in Indian
hospitality
» Superior RevPar Index and
Margin Delivery
» 6 operational and 5 hotels
in pipeline in India
Westin India Footprint
2007 Opened
The Westin Sohna Resort & Spa
2009 Opened
The Westin Pune Koregaon Park
The Westin Hyderabad Mindspace
2010 Opened
The Westin Mumbai Garden City
The Westin Gurgaon, New Delhi
2013 Open
The Westin Chennai Velachery
2014 Opening
The Westin Bekal Resort & Spa
2015/16 Opening
The Westin Jaipur, Infotech City
The Westin Kolkata
The Westin Khandala Resort & Spa
The Westin Noida Delhi NCR
84.5 96.8 111.7
69%
70%
75%
65%
66%
67%
68%
69%
70%
71%
72%
73%
74%
75%
76%
0
20
40
60
80
100
120
2010 2011 2012
RPI SPG Occ %
13
STRONG LOCAL BRAND RECOGNITION
65

LOCAL
LEADERSHIP
SUPPORTED
BY LOCAL
INFRASTRUCTURE
STARWOOD SALES OFFICE IN INDIA (EXISTING AND EXPANSION)
NEW REGIONAL OFFICE IN GURGAON
» Local operations and development
team with deep experience
» Sales offices located across region
» 8 regional offices open, with
3 additional planned
» New regional office in Gurgaon
» Selling to local and international
businesses
» Starwood’s 9th Global Customer
Contact Center and the 4th in Asia-
Pacific
1466

STRONG AND
RELEVANT
LOYALTY
PROGRAM
» 2nd Fastest growing active
member base in Asia Pacific
» Local business - India is the
leading SPG feeder market for
India hotels by members &
stays
» 27% growth in active
membership and 37% growth in
SPG enrollment since 2011
» Strong recognition in India –
through readers choice awards
from Conde Nast, Travel &
Leisure etc.
1567

BEST IN CLASS
TALENT
Regional Team – “Play as a Team” offsite in Jaipur
Regional Team with Starwood Senior Leadership Team
» Graduate Management
Program (GMAP)
» Development of strong internal
& external bench strength
» Starwood Class - 12 months
internship programme in
Starwood properties
» Cross Exposure & International
Work Experience Program
1668

INNOVATIVE F&B
PROGRAMS
THE WESTIN GURGAON, NEW DELHI – “SEASONAL TASTES”
THE WESTIN HYDERABAD MINDSPACE – ”PREGO” - THE ITALIAN DESTINATION
» Eat Drink & More – dining
loyalty program with strong
pan-India membership
enrollment
» SPG Restaurant & Bars –
loyalty and enrollment through
F&B
» Award winning Branded
Restaurant Concepts across all
Starwood brands – Prego, Eest,
Bene, Favolla, Kangan,
Seasonal Tastes etc.
1769

LE MERIDIEN MAHABALESHWAR RESORT & SPA
72

LE MERIDIEN MAHABALESHWAR RESORT & SPA
WESTIN CHENNAI
73

STARWOOD’S
SOUTH ASIA
ADVANTAGE
LE MERIDIEN NEW DELHI
SHERATON MALDIVES FULL MOON RESORT & SPA
» Locally smart regional team and
local infrastructure
» Leading loyalty program
» Best in class talent programs
» Innovative food and beverage
programs
74

FRITS VAN PAASSCHEN // CHIEF EXECUTIVE OFFICER
STARWOOD STRATEGY
75

INDIVIDUAL
SPIRIT,
COLLECTIVE
STRENGTH
» Starwood’s brands lie at
the heart of our
competitive advantage
» Distinguished by a
combination of Lifestyle
Concepts, Design
Leadership and
Innovation
» Collective strength of
SPG and Starwood
centralized services
(Sales, Revenue
Management, Web) unify
our brands and drive
performance
76

NINE
DISTINCT
GLOBAL
LIFESTYLE
BRANDS
»Renowned lifestyle
hospitality brands with
four and five star
focus
»1,134 properties
»335,415 rooms
»Nearly 100 countries
»In 2012, signed most
deals since before the
economic crisis
» Uncompromising,
Address, Bespoke
» 30 hotels
» 6413 rooms
» 15 countries
» Exceptional, Indigenous,
Experience
» 85 hotels
» 16,366 rooms
» 29 countries
» Flirty, Insider,
Escape
» 44 hotels
» 12,369 rooms
» 18 countries
LUXURY
» Personal, Instinctive,
Renewal
» 192 hotels
» 74,626 rooms
» 35 countries
» Warm, Connected,
Community
» 427 hotels
» 149,784 rooms
» 69 countries
» Chic, Cultured,
Discovery
» 96 hotels
» 25,347 rooms
» 41 countries
UPPER
UPSCALE
» Sassy, Savvy, Space
» 62 hotels
» 9,859 rooms
» 10 countries
» Smart, Alive,
Balance
» 10 hotels
» 1,641 rooms
» one country
» Honest, Uncomplicated,
Comfort
» 171 hotels
» 30,924 rooms
» 29 countries
SELECT
SERVICE
77

STARWOOD
INNOVATES
WITH A
PASSION
»Innovation is the
heartbeat of our
brands and our
design. It is how we
deepen our
relationships with our
guests and our
customers and stand
apart from the rest
»One great idea creates
another, giving
Starwood the ability to
build upon our
success across nine
compelling brands
78

STARWOOD CREATES
EMOTION BY DESIGN
»Our guests don’t just
check in to a hotel.
They are immersed in
an experience
»At Starwood, design
doesn’t begin with a
blueprint. It begins
with a story. And for
each of our nine
brands, that story
captures the emotions
and aspirations of our
guests
»Design That Can Only
Be Starwood
79

ST. REGIS
Redefining Luxury, Leading the Competition
80

BEYOND
EXPECTATION
INSPIRED BY THE NEW
GLOBAL ELITE
» Global leader in luxury
» More than doubled to 30
hotels since 2007 –
tripling to almost 40
hotels by 2015
» Global expansion – 3
new hotels in China
(2011), entry into the
Middle East with 3 new
hotels & first hotel in
Africa (2012)
81

ST. REGIS BUTLER SERVICE IRIDIUM SPA
ST. REGIS AFICIONADO WORLD-CLASS RESTAURANTS AND CHEFS
UNPARALLELED
EXPERIENCES
» St. Regis Aficionado™
» Privileged access to
unique experiences
» St. Regis Butler Service
» World-class restaurants
» Award-winning chefs
» Rituals
» Bloody Mary &
Afternoon Tea
» St. Regis Connoisseurs
» Polo
» Jazz
» Jazz at Lincoln Center at
The St. Regis Doha
82

2013 – 2015
Abu Dhabi, Amman,
Cairo, Changsha,
Chengdu, Kuala Lumpur,
Lijiang, Riviera Maya,
Zhuhai
13 HOTELS
62% NORTH AMERICAN
OPERATING & PIPELINE
49 HOTELS
24% NORTH AMERICAN
2007
Aspen, Atlanta, Bahia Beach, Bal Harbour, Bali, Bangkok, Beijing, Bora Bora, Deer
Valley, Doha, Florence, Houston, Lhasa, Mardavall, Mallorca, Mexico City, Monarch
Beach, New York, Osaka, Princeville, Punta Mita, Rome, Saadiyat Island, San
Francisco, Sanya Sanya Yalong Bay, Shenzhen, Singapore, Tianjin, Washington D.C.
NOW
UNPRECEDENTED
GLOBAL GROWTH
SOURCE: STARWOOD INTERNAL
PIPELINE REPORTING AS OF 12/31/12
GLOBAL
GROWTH
83

THE LUXURY COLLECTION
85 Unique and Celebrated Hotels 84

THE
DESTINATION
AUTHORITY
INSPIRED BY
GLOBAL EXPLORERS
» Blending distinction
and global strength
» Combining locally relevant
properties with the strength
of Starwood’s systems and
high-end focus
» Over 80 unique and
celebrated hotels in 29
countries
» Added 6,800 rooms since
2007
85

THE LAND ROVER EXPERIENCE DRIVING SCHOOL,
THE EQUINOX GOLF RESORT & SPA, VERMONT, USA
FALCONRY, AL MAHA DESERT RESORT & SPA, DUBAI, UAE
EXPLORE AND
EXPERIENCE
» Market-driven, locally relevant
experiences
» The Luxury Collection Concierge
» The Cocktail Collection
» Global Explorers, Brand
Advocates, Travel Provocateurs
» Destination Guides
by Assouline
» Journeys by The Luxury Collection
86

2013 – 2015
Cusco, Dalian, Dubai,
Hangzhou, Koh Samui,
Nanjing, Nanning, San
Antonio, Seminyak,
Suzhou, Xiamen 57 HOTELS
18% NORTH AMERICAN
105 HOTELS
16% NORTH AMERICAN
2007
WITH 85 HOTELS IN 29 COUNTRIES, LUXURY COLLECTION MAINTAINS
EXCLUSIVITY WITH INCREASING GLOBAL PRESENCE
NOW
GLOBAL
GROWTH
THE LUXURY
COLLECTION
MAINTAINS
EXCLUSIVITY WITH
INCREASING GLOBAL
PRESENCE
87

W HOTELS
A Global Brand No One Comes Close
to Replicating
88

INSIDER
ACCESS
TO A WORLD
OF WOW
INSPIRED BY TRENDSETTERS
» Category innovator
born in NYC and
transformed into a
global design
powerhouse
» Outperforming the
global competition
for the last 10+
years
89

CREATING
EXPERIENCES
TO SHOWCASE
WHAT’S NEW AND NEXT
Dynamic guest experiences
through signature programming
» W Happenings (W’s Signature
Event Series)
» Living Room
» W Insider
» Passion Point Activations –
Design, Fashion, Music
» Wet Deck
» B&F vs. F&B
» Bliss Spa, Away Spa
» Whatever / Whenever Service
W HAPPENINGS
WET DECK
LIVING ROOM
90

GLOBAL
GROWTH
EXPANDING IN THE
WORLD’S HOTTEST
CITIES AND MOST
EXCLUSIVE RESORT
LOCATIONS
2013–2015
Abu Dhabi, Beijing, Goa,
Guangzhou, Mexico,
Milan, Muscat, Riviera
Maya, Santa Fe de
Bogota, Shanghai, Tel
Aviv, Verbier
20 HOTELS
85% NORTH AMERICAN
71 HOTELS
39% NORTH AMERICAN
2007
Atlanta, Austin, Bali, Bangkok, Barcelona, Boston, Chicago, Dallas, Doha, Fort,
Lauderdale, Hoboken, Hollywood, Hong Kong, Istanbul, Koh, London, Los Angeles,
Maldives, Mexico City, Minneapolis, Montreal, New Orleans, New York, Paris, San
Diego, San Francisco, Singapore, Samui, Santiago, Scottsdale, Seattle, Seoul, Silicon
Valley South Beach, St. Petersburg, Taipei, Vieques, Washington, D.C.
NOW
91

LE MERIDIEN
The Power of Starwood Transforms a Brand
92

A NEW
PERSPECTIVE
INSPIRED BY CREATIVE MINDS
» Over seven years with
Starwood has led to the
brand’s best portfolio ever
» Reinvented Le Méridien,
turning a disparate collection
of hotels into a strong and
compelling brand
» $2.5B invested in new builds
and renovations since
Starwood took over the
brand in 2005
» Opened 30 new hotels
» 50%+ renovated
» 50 hotels removed from
the system
93

COFFEE CULTURE LE MERIDIEN HUB
HIGH-IMPACT ARRIVAL ARTWORK UNLOCK ART
CREATING AN
ENVIRONMENT
THAT STIMULATES
CURIOSITY AND DIALOGUE
» Built brand positioning &
delivery around the arts &
culture:
» Curated art experiences
» Le Méridien Hub
lobby concept
» Coffee culture
» Art partnerships
» Targeting over 150 million
affluent, well-traveled
people worldwide, including
artists, musicians, media
managers, consultants and
more
94

EUROPE
NORTH
AMERICA
AFRICA &
MIDDLE EAST
ASIA PACIFIC
11 Hotels
4 Pipeline
28 Hotels
3 Pipeline
26 Hotels
1 Pipeline
29 Hotels
17 Pipeline
LATIN
AMERICA
2 Hotels
GLOBAL
GROWTH
AN INTERNATIONAL
PORTFOLIO OF ~ 100
HOTELS, WITH
GLOBAL
DEVELOPMENT
OPPORTUNITY
95

WESTIN
Category Killer in North America Growing Globally
96

WESTIN.
FOR A
BETTER YOU
INSPIRED BY THE ACHIEVER
» One of the
industry’s most
distinctively
positioned and
innovative global
brands, which
perennially
outperforms the
competition
97

SLEEP WELL
Heavenly Bed
EAT WELL
SuperFoodsRX
MOVE WELL
WestinWORKOUT
Gear Lending
FEEL WELL
Guestroom
Design
Sensory
Welcome
Heavenly
Bath
Breathe
WORK WELL
Clutter-free
Meetings
Performance
Meeting Chair
PLAY WELL
Westin Kids
Club
Heavenly Spa
CREATING
EXPERIENCES
»Westin provides
innovative programs
and instinctive
services that
transform every
aspect of a guest’s
stay into a revitalizing
experience, so they
leave feeling better
than when they arrived
98

GLOBAL
GROWTH
» Expect to open 200th
hotel this year
» 50%+ footprint growth
over the last 12 years
121 HOTELS
16 PIPELINE
10 HOTELS
1 PIPELINE
21 HOTELS
4 PIPELINE
40 HOTELS
25 PIPELINE
99

SHERATON
Global Powerhouse in its Best Shape Ever
100

THE
WORLD’S
GATHERING
PLACE
INSPIRED BY
THE SOCIAL TRAVELER
» Fueling Starwood’s
growth and market
share gains
101

SHERATON CLUB
LINK@SHERATON
SHERATON FITNESS
CREATING
EXPERIENCES
» Distinguishing Sheraton globally with distinctive
initiatives
» Sheraton Club
» Link@Sheraton experienced with Microsoft
» Sheraton Fitness programmed by Core Performance
» Continuing to build momentum with new experiences
and revenue-driving initiatives
» Social programming – Sheraton Social Hour
» F&B initiatives – Link@Sheraton Café, Color Your Plate
102

Source: Starwood internal pipeline reporting as of 12/31/12
*Global Upscale Hotel Study,
Jan. 2011, Lrw
LEADING
STARWOOD’S
GLOBAL
GROWTH
STARWOOD’S LARGEST
BRAND, WITH LARGEST
PIPELINE WITHIN
STARWOOD
» 90%+ awareness among
upscale hotel guests*
» 76 years
» 427 hotels
» 66 resorts
» 69 countries
» 1st international hotel brand in
China, India & Middle East
» 101 deals in the pipeline
» On track to open 500 hotels
by 2015
EAME
93 HOTELS
26 PIPELINE
NA
207 HOTELS
6 PIPELINE
AP
97 HOTELS
63 PIPELINELA
30 HOTELS
6 PIPELINE
103

FOUR POINTS
BY SHERATON
A Brand with Global Momentum
104

COMFORT
ISN’T
COMPLICATED
INSPIRED BY SELF-SUFFICIENTS
» Great Hotels.
Great Rates.
» What matters
most.
105

COFFEE & BREAKFAST BEST BREWS
AUTHENTIC SERVICE GUESTROOM / WORK SPACE
CREATING
EXPERIENCES
» Friendly, authentic
service
» Stylish guestrooms
with comfortable beds
» Local craft beer on tap
» Productive
workspaces
» Free internet &
bottled water
» Great coffee
» Delicious breakfast
106

NORTH AMERICA
LATIN AMERICA
EUROPE, AFRICA,
AND MIDDLE EAST
ASIA PACIFIC
112 Open
26 Pipeline
12 Open
3 Pipeline
29 Open
39 Pipeline
18 Open
21 Pipeline
WITH 171
HOTELS OPEN
AND 89 IN THE
PIPELINE,
FOUR POINTS
IS THE
DEFINITION OF
GLOBAL
GROWTH
» 70% change in the portfolio
since 2005, and $1B invested
in renovations, conversions
and new hotels
» The portfolio has increased
by more than 40% in the past
five years
» Conversion-friendly format
fueling continued rapid
growth
» 55% of rooms outside the U.S.
Source: Starwood internal pipeline reporting as of 12/31/12 107

ALOFT
As Disruptive in its Category as W,
Addressing a Global Need
108

URBAN
COOL IN
UNEXPECTED
PLACES
INSPIRED BY SELF-EXPRESSERS
» Redefining the
segment.
Innovative design
combined with
programs &
services that
reflect travelers’
lifestyle
» Designed for the
next generation of
travelers
109

FASTEST EVER
LAUNCH OF A
NEW BRAND
» Aloft hotels: Any town,
anywhere.
» Fastest brand launch
ever…17 in 2008, 39 in
2009, 46 in 2010…55 in
2011, 62 in 2012…126
operating + pipeline at end of
2012
» Launched Globally
» Aloft Portland Airport at
Cascade Station and Aloft
Nashville-Cool Springs
named to TripAdvisor’s Top
10 Trendiest Hotels in the
USA
110

GLOBAL
GROWTH
WITH 60+ HOTELS IN
10 COUNTRIES, ALOFT
IS READY FOR ANY
TOWN, ANYWHERE
» We bring urban cool to
unexpected places,
with a global appeal
that drives global
growth
NORTH AMERICA
LATIN AMERICA
EUROPE, AFRICA,
AND MIDDLE EAST
ASIA PACIFIC
47 Open
23 Pipeline
2 Open
6 Pipeline
10 Open
21 Pipeline
3 Open
14 Pipeline
Source: Starwood internal pipeline reporting as of 12/31/12
111

ELEMENT
Groundbreaking Approach Gaining Momentum
112

SPACE
TO LIVE
YOUR LIFEINSPIRED BY HEALTHY ACTIVES
» Natural light.
Open spaces.
Healthy options.
» Outdoor-inspired, vibrant
living and smart, fresh
thinking
» Green without
compromise. No
compromise in comfort,
quality, convenience or
price
113

ELEMENT ARUNDEL MILLS, HANOVER, MARYLAND, USA
EXCEEDING
OUR
CUSTOMERS
DEMANDS
» Guest Loyalty Score at 8.55 for
2012, one of the highest ratings
of Starwood brands
» 81% of guests are much more or
somewhat more positively
influenced by Element’s green
initiatives versus the competition
» First major hotel brand to show
its commitment to the
environment by mandating that
every hotel pursue LEED
certification
114

ELEMENT HOUSTON, VINTAGE PARK, TEXAS, USA
ELEMENT’S
FOOTPRINT
TODAY
Lexington, MA
Las Vegas Summerlin, NV
Houston Vintage Park, TX
Arundel Mills, MD
Denver Park Meadows, CO
Dallas Ft. Worth Airport North, TX
Ewing Princeton, NJ
New York Times Square West, NY
Omaha Midtown Crossing, NE
Miami International Airport, FL
TOMORROW
Vaughan Southwest, ON, 2013
Harrison, NJ, 2013
Frankfurt, Germany, 2014
Vancouver Metrotown, BC, 2014
Miami Doral, 2015
Flushing, 2015
Muscat, 2016
115

THE POWER OF STARWOOD
OPERATIONS
REVENUE
MANAGEMENTSALES
CENTRAL
MARKETING
DELIVERYSPG
BRAND / FIELD
MARKETING
& PARTNERSHIPS
INDIVIDUAL SPIRIT, COLLECTIVE STRENGTH
The Individual Spirit of our Brands Set them Apart
Our Systems, Infrastructure and Global Reach Make them Unstoppable
116

STARWOOD DRIVES RESULTS
Starwood Centrally influences 71% of Room Nights
STARWOOD
INFLUENCED
PROPERTY
DIRECT
GLOBAL
DISTRIBUTION
SERVICES (GDS)
DIGITAL
CHANNELS
CUSTOMER CONTACT
CENTERS (CCC)
22%
10%
25%
13%
23%
- Industry leading loyalty program
- 50% occupancy share - elite
benefits drive incremental stays
and stretch for status
- Global sales team directly drives
over $5B in annual revenue
- Suite of processes, programs
management, tools and
resources
SPG
- Distinctive lifestyle hotel brands
- Best in class field marketing
programs
- Comprehensive digital marketing
platform
MARKETING
SALES
SOURCE: STARWOOD INTERNAL REPORTS YEAR END 2012
* All owned, managed, and franchise hotels of all Starwood brands whether franchised or not. For information regarding a specific franchised brand, see the Franchise Disclosure Document for that Brand.
STARWOOD INFLUENCE: Starwood influences roomnights that are delivered through central channels (centralized call centers, MARS, internal web, external web, GDS), the Starwood Sales Organization (SSO), TeamHot, and/or SPG. The first-time
stays of SPG members who are enrolled by the property are not counted in the Starwood influenced roomnights, unless the roomnights can also be attributed to Starwood central channels, SSO, and/or TeamHot.
See end of presentation for Starwood Influence Calculation Assumptions.
117

KELLY – SPG PLATINUM MEMBER
STARWOOD
PREFERRED GUEST
118

SPG – THE
BEST LOYALTY
PROGRAM IN
THE BUSINESS
» 54% growth in members
since 2007
» SPG Share of Occupancy
is greater than 50%
» Richest elite tier benefits
»Innovative programming
strengthens member loyalty
AWARD-WINNING
HOTEL
COLLECTION
SPG AMEX
» More luxury
and upscale
hotels than
other programs
» 50+ Gold List
awards
» 70 Travel +
Leisure award
winners
» Multiple “best
travel/affinity
card” awards
UNIQUE REDEMPTION
OPTIONS
» SPG Flights:
Hundreds of
airlines, no
blackouts
» SPG Moments:
Once in a
lifetime
experiences
that members
bid on
» SPG Cash +
Points
RICH PROMOTIONS
» Campaigns
designed to
shift share and
drive
transaction
volume
» iPhone App:
First hotel
loyalty program
to offer
» Social Media:
Presence on
Twitter,
Facebook, etc.
CUTTING EDGE
COMMUNICATIONS
Differentiation Builds Customer Loyalty
119

SPG MOMENTS
Clinics with professional athletes
The Fray Exclusive Member After
Party @ The W NY
Premium concert tickets with
LiveNation
VIP tickets and exclusive meet
and greets
120

SPG GROWTH – MEMBERS NOW FILL 50% OF
ROOMS
40%
45%
50%
2008 2010 2012
SPG Share of Occupancy
121

GLOBAL GROWTH LOCKING IN LOYALTY AHEAD OF
CHANGING TRAVEL PATTERNS
»54% growth in members
since 2007
»47% of SPG members
are from outside the U.S.
»Increased Chinese
member base 64% in
2012
»Consumers gravitate
toward the brands they
know and
trust – our global
presence is
a major advantage
122

SPG MEMBERS
ARE VALUABLE
» ADR Premium $38 (25%)
» Incidental F&B spend of
$11 (34%)
» Platinum SPG members are
26x as profitable as non-
members
» Ambassador SPG members
are 44x as profitable as
non-members
» Enrolled members are 3x
more likely to return to our
hotels the following year
» Members are more resilient
in a downturn
Source: SPG internal data, Dec 2012
3.2%
15.8%
-9.3%
6.2%
-20%
-10%
0%
10%
20%
2009 2010
SPG Nights Non-SPG Nights
RESILIENCE DURING THE DOWNTURN
123

BRAND/ FIELD MARKETING
& PARTNERSHIPS
124

FIELD MARKETING:
STARWOOD’S
INTERNAL
MARKETING
AGENCY
» Starwood’s internal marketing agency
provides localized support dedicated
to individual hotel business needs
» Mobilizes internal and external
marketing channels against short-
term need periods
» Currently, 94% of the Starwood
hotels in North America participate in
this opt in program
» Delivers on average $25 for every $1
spent on investment for participating
hotels
125

THE POWER OF GLOBAL PARTNERS
LIFESTYLE &
ENTERTAINMENT
TRAVEL SPORTS & FITNESSFINANCIAL PARTNERS FOOD & BEVERAGE RETAIL
126

CENTRAL MARKETING
DELIVERY
127

ROBUST
BRANDED
WEBSITES
» Fifteen deep interactive
websites in nine
languages bring brands
and hotels to life
» Advanced reservation
capability
» Intelligent merchandising
to maximize awareness
and increase conversion
» Industry-leading customer
service
128

SOCIAL MEDIA
FOSTERS
RELATIONSHIPS
WITH GUESTS
» Over 3.7M fans across leading
social platforms around the world
» Industry-leading presence with
Facebook pages for every brand
and hotel, over 1,100 in all
» Deep integration with Foursquare
and Jeipang
» Presence on Twitter and Weibo
» Ratings & Reviews meets key
guest need and improves
conversion
» Global social monitoring 24/7
129

MOBILE IS
FASTEST-
GROWING
PLATFORM
» Acclaimed iOS App
» Integrated Booking capability
» Robust hotel and resort
content
» Personalized support
» State-aware functionality
» Mobile web platform delivers
branded experience and
supports reservations
on all devices
130

CUSTOMER
CONTACT
CENTERS LEAD
WITH INNOVATIVE
SOLUTIONS
» Flexible platforms available 24/7 in
24 languages to drive revenue and
guest satisfaction
» Voice, chat, e-mail, social, Facetime
video and other emerging platforms
» Global presence supports
objectives across distribution,
loyalty, sales, revenue
management and more
131

STARWOOD SALES
ORGANIZATION
132

70% OF STARWOOD’S
ROOM REVENUE
COMES FROM B2B
CHANNELS
» More than our fair share of high-value/
high-volume customers’ business across
all corporate and leisure segments
» Structured the way our clients buy with
greater scale of coverage and
deeper reach
» Established organization in mature and
growth markets, set up to capitalize on
new travel landscape and globalization –
revenue up 12% YOY
» Innovative programming focused on
driving new business and strengthening
customer loyalty
133

SELLING THE WAY
OUR CUSTOMERS
BUY, LEADING TO
INCREASED
SHARE
» 5,000+ sellers deployed
against customers’ teams and
buying patterns
» Global
» Divisional
» Cluster (metro-market)
» Property
» Global reach with local
expertise allowing for
personal solutions, increased
customer loyalty, and
incremental growth
» Seamless and flexible
experience at every point in
the selling process
134

GROWING
WITH OUR
CUSTOMERS
AND PORTFOLIO
» Adding resources in
key markets, including
BRIC, Eastern Europe,
South Africa and more
» Driving business
across borders:
» Over 50% of business
from our largest
multinational customers
occurs outside their
home regions
135

REVENUE MANAGEMENT AND
OPERATIONS
136

ANALYTICS TRAINING AND COMMUNICATION
TOOLS AND PRODUCTS GLOBAL TECHNOLOGY INITIATIVE
REVENUE
MANAGEMENT
» Multi-million
investment in cutting-
edge revenue
management
technology
» Implementation of
effective pricing and
inventory strategies
» Corporate, divisional,
regional and area-
based RM experts
work directly with the
hotels
» Tools and detailed
analytics, including
market share analysis
137

NEW BUILDS AND TRANSITIONS TRANING AND SERVICE CULTURE
LEAN HOTEL OPERATIONS ARCHITECTURE AND ENGINEERING
Closet
Bed
Bed
Bath-
room
TV
Desk
CartHallway
Coffee/
Glass
OPERATIONAL
EXCELLENCE
» Architecture and
engineering support
» Focus on strong
openings with
operational planning,
support and supervision
» Lean Operations
» Centralized staffing,
performance
management and
benefits administration
» Tools, technology,
strategy and detailed
analytics / reporting
138

BRANDED CONCEPTS & PROGRAMS TALENT DEVELOPMENT
REVENUE GROWTH COST CONTAINMENT
FOOD &
BEVERAGE
» $4.5 billion in annual
revenue (over 30% of total
hotel revenue) at
company-operated hotels
» 3,500 restaurants and
bars systemwide
» Enhanced procurement,
optimized pricing and
innovative formats and
partnerships
» Large potential source of
incremental revenue and
profits for our properties
» Dedicated F&B team &
support structure for hotels
139

UNLOCKING POTENTIAL IN OUR COMMUNITIES [DIVISIONAL INSERT]
ENVIRONMENTAL COMMITMENT – 30/20 by 20 DIFFERENTIATORS WITH IMPACT
SUSTAINABILITY
& GLOBAL
CITIZENSHIP
» 30% energy reduction
target and 20% water
reduction target by 2020
» Deliver programs and
tools to manage energy
and water consumption
» Guidance, programming
and coordination of
community involvement /
philanthropic work
(UNICEF, Conservation
International)
140

STARWOOD STRATEGY:
INDIVIDUAL SPIRIT,
COLLECTIVE STRENGTH 141

THE STARWOOD
INVESTMENT PROPOSITION
VASANT PRABHU // VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER
142

The Starwood Transformation
17%
Owning Hotels Owning Relationships
STARWOOD 2000
Fees
62%
80%
Fees
Fees
Owned/
SVO/Other
TRANSFORMING EVENTS
» Sold 122 Owned hotels since 2000 for $8.3 billion
» Transforming transaction: Sale of 33 hotels (16k rooms) to Host in 2006 for $4.1 billion; distribution of $2.8 billion
to shareholders
STARWOOD 2012 2016 TARGET
Note: Percentages represent Earnings before selling, general and administrative expenses and exclude earnings from Bal Harbour
Fee earnings represents Management fees, Franchise fee and Other Income
Owned/
SVO/Other
Owned/
SVO/Other
143

37%
63%
U.S Centric Global Enterprise
STARWOOD 2000
Non U.S. 56%44% 80%
20%
TRANSFORMING EVENTS
» Added 492 net Managed and Franchised hotels (139k rooms) since 2000, 63% (88k rooms) outside the U.S.
» Transforming transaction: Acquisition of Le Méridien, 122 hotels (32k rooms), 95% non-U.S., ~$50M fees for $250M
STARWOOD 2012 TARGET
Note: Percentages represent hotel fee business; pro forma for implied fee on owned hotel gross operating revenue
U.S.
Non U.S.U.S. Non U.S.
U.S.
144

Price Point Segmentation Lifestyle Segmentation
» Uncompromising
» Address
» Bespoke
» Flirty
» Insider
» Escape
» Culture
» Indigenous
» Experience
» Warm
» Comforting
» Connections
» Personal
» Instinctive
» Renewal
» Chic
» Cultured
» Discovery
» Honest
» Uncomplicated
» Comfort
» Sassy
» Refreshing
» Oasis
» Smart
» Renewing
» Haven
Starwood Preferred Guest
Transformation
2012
Launch of W
1998
Westin “Heavenly” Launch
1999
Sheraton Revitalization
2007
Launch of Aloft and Element
2008
Global Expansion
of W
2009
Crossover Rewards
2013
TRACK RECORD OF INNOVATION
145

Results
»Higher Growth Trajectory
»Lower Cyclicality
»Higher Margins
»Higher Capital Efficiency
»Significant Cash Generation
Superior Shareholder Value Creation
146

S&P
98%
MAR
164%
HOT
256%
10-Year Total Shareholder Return
Superior Shareholder Value Creation
Source: Bloomberg. Represents 10-year total shareholder returns from 31-Dec-02 through 31-Dec-12 with monthly returns and reinvestment in security 147

The Starwood Investment
Proposition
» Best Global High End Lodging Brands
LE ROYAL MERIDIEN ABU DHABI
SHERATON ABU DHABI HOTEL & RESORT
148

The Most Global Hotel Company
As of 31-Dec-12
1,134 Properties and 335,415 Rooms in Nearly 100 Countries
LEADING HOTEL COMPANY IN HIGH GROWTH MARKETS
U.S.
47%
Starwood
U.S.
78%
Hilton
U.S.
69%
Hyatt
U.S.
78%
Marriott
(Rooms)
Greater China Asia Europe Africa / Middle East Latin America / Canada 149

Upper-
Upscale,
75%
Geographically Well Balanced High End Hotel Platform
As of 31-Dec-12
U.S.
44%
Fees by Brand Fees by Region
Upper Upscale: Westin, Sheraton, Le Méridien
Luxury: W Hotels, St. Regis, Luxury Collection
Select Serve: Aloft, Element, Four Points
Greater China Asia Europe
Africa / Middle East Latin America / Canada
150

Leadership in High Growth Markets
36 20 9 9
HOT MAR HLT H
31 18 18 15
HOT MAR HLT H
GREATER CHINA
21 11 16
5
HOT MAR HLT H
MIDDLE EAST / AFRICAASIA (EX GREATER CHINA)
13 9
6 3
HOT MAR HLT H
LATIN AMERICA
Rooms(000s)
Sources: Smith Travel Research as of December 2012, company data
41
102
104
155
H
MAR
HLT
HOT
Non-U.S. Operating Luxury / Upper Upscale Rooms (in 000s)
151

The World is Changing in our Favor
2011–2030
CAGR
5%
3%
5%
3%Europe
Asia Pacific
Americas
Africa Middle
East
200
400
600
800
1,000
1,200
1,400
1,600
1,800
1990 1995 2000 2005 2010 2015 2020 2025 2030
Numberof
TouristArrivals
(inmillions)
TOURIST ARRIVALS BY ORIGIN
» Our global footprint positions
us to take advantage of
changing global travel
patterns
» 3 billion people entering the
global economy
» Regional travel patterns
are evolving
» Enormous outbound travel
opportunity from Growth
Markets
» Rise of the “Mega Traveler”
Source: World Tourism Organization UNWTO Tourism Highlights 2012 Edition; UNWTO “Tourism towards 2030”
152

Americas Division
» Joined Starwood through
Vistana Resorts in 1989
» Co-President of Americas
Sergio Rivera Osvaldo Librizzi
» Joined Starwood in 1975 at
the Sheraton Buenos Aires
» Co-President of Americas
Current Pipeline implies growth of +10%
St. Regis
Luxury
Collection
W Le Méridien Westin Sheraton
Four Points
by Sheraton
Aloft Element Other
Total
Operating
United States
Hotels 10 13 26 8 102 186 87 45 10 3 490
Rooms 2,294 3,912 8,245 2,113 44,538 69,113 13,814 6,607 1,641 561 152,838
Latin America & Canada
Hotels 4 10 4 5 29 51 37 4 - - 144
Rooms 558 719 742 628 10,087 17,621 5,682 559 - - 36,596
As of 31-Dec-12 153

Asia Pacific Division
Stephen Ho
» Joined Starwood at Sheraton
Brunei in 1981
» President of Asia Pacific
Qian Jin
St. Regis
Luxury
Collection
Four Points
by Sheraton
Aloft Element Other
Total
Operating
China
Hotels 5 4 1 7 15 55 17 5 - - 109
Rooms 1,380 811 392 2,535 5,341 22,715 5,293 1,023 - - 39,490
Asia
Hotels 4 17 7 22 25 42 12 5 - - 134
Rooms 812 4,270 1,520 5,487 7,788 14,634 2,958 860 - - 38,329
» Joined Starwood at Sheraton
Shanghai in 1986
» President of Greater China
As of 31-Dec-12 154

Europe, Africa and the Middle East (EAME)
» Joined Starwood at
Sheraton Brussels in 1982
» President of EAME since
Guido de Wilde Hassan Ahdab
» Joined Le Méridien in 1977
» Vice-President, Regional
Director of Operations,
Africa & Indian Ocean
» Joined Sheraton in 1983
in Belgium and relocated
to Bahrain in 1984
» SVP, Regional Director –
Middle East
Roeland Vos
St. Regis
Luxury
Collection
Four Points
by Sheraton
Aloft Element Other
Total
Operating
Europe
Hotels 4 36 5 26 18 61 11 2 - 1 164
Rooms 484 5,270 1,029 7,630 5,923 16,913 1,848 402 - 165 39,664
Africa & Middle East
Hotels 3 5 1 28 3 32 7 1 - - 80
Rooms 885 1,384 441 6,954 949 8,788 1,329 408 - - 21,138
As of 31-Dec-12 155

AL MAHA DESERT RESORT & SPA, DUBAI
ALOFT ABU DHABI
Proposition
156

Best Global High End Lodging Brands
Source: Smith Travel Research, Company reports. Third party logos displayed are the trademarks of their respective third party owners. Such logos are referenced for informational purposes only and
not intended to indicate any affiliation, association, or endorsement.
BEST GLOBAL LODGING BRANDS
35K
59%
Luxury
Starwood
UpperUpscale
% Rooms
Outside
U.S.
251K
54%
Marriott
50K
52%
Hilton
18K
51%
Hyatt
29K
64%
249K
31%
245K
39%
74K
30%
% Rooms
Outside
U.S.
157

Fastest Growing Luxury Brand Portfolio
Starwood Luxury Brands
» Added 17k net luxury rooms globally since 2007
» W, the most successful new brand launch in the hotel industry, now at 44 hotels globally
» St. Regis has grown from 1 iconic New York hotel to 30 hotels since 1999
» Luxury Collection offers unique experiences in over 80 locations across 30 countries
-
10
20
30
40
50
60
2007 2012
-
10
20
30
40
50
60
2007 2012
HOT Luxury Brands
Rooms(000s)
-
10
20
30
40
50
60
2007 2012
Rooms(000s)
Rooms(000s)
Four Seasons MAR Luxury Brands
Source: Smith Travel Research, Luxury Hotel Rooms. 2007 MAR pro forma for JW Marriott
+ 92%
+ 18%
+ 32%
158

Largest Global Portfolio of Upper-Upscale Brands
Starwood Upper-Upscale Brands
» 250K Upper-Upscale Rooms globally in
89 countries
» Sheraton: Leading Global five-star brand,
with more rooms outside the U.S. and
Europe than any other competitor
» Westin: Top North American Upper-
Upscale brand expanding rapidly outside
the U.S.
» Le Méridien: With deep roots in Europe,
Africa and the Middle East, re-energized
into a unique and compelling global
brand since 2007
240
245
250
HOT Upper
Upscale
Hilton Upper
Upscale
MAR Upper
Upscale
2012
Rooms(000s)
Source: Smith Travel Research, Upper Upscale Hotel Rooms 159

Differentiated Select Serve Brands Growing Globally
0
5
10
15
20
25
30
35
40
45
50
2007 2012
Four Points Aloft
Rooms(000s)
Starwood Select Serve Brands
» Rooms have almost doubled globally
since 2007
» Four Points by Sheraton has experienced
dramatic non-U.S. growth and already
has 55% of rooms outside the U.S.
» Aloft, a highly differentiated select serve
brand, has grown to 62 hotels since its
launch in 2007 with 33% of rooms outside
the U.S.
As of 31-Dec-12 160

LE MÉRIDIEN MINA SEYAHI
BEACH RESORT & MARINA
GROSVENOR HOUSE
Proposition
161

High Quality 100K room (400 hotel) global pipeline
Sources: Smith Travel Research Pipeline reports: Total Pipeline, company data
HIGH QUALITY GLOBAL PIPELINE AND GROWTH OPPORTUNITY
87%
76%
60%
47%
Starwood
Hyatt
Hilton
Marriott
Outside of U.S. (% of Pipeline)
67%
66%
37%
36%
Starwood
Hyatt
Marriott
Hilton
Upper Upscale / Lux (% of Pipeline)
162

Well Positioned to take advantage of Global Growth
Sources: IMF 5-Year Nominal GDP Growth, Starwood pipeline data (mix by rooms)
25%
44%
20%
16%
19%
13%
19%
7%
10%
6%
7%
14%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
I I I I I I I I I I I I
Greater China Asia (excluding
Greater China)
U.S. Europe Latin America &
Canada
Africa / Middle East
% of 5-year Global GDP Growth % of Starwood Room Pipeline
163

Global Growth fueled by all Nine Brands
0
5
10
15
20
25
30
35
Sheraton Four Points by
Sheraton
Westin Aloft W Le Meridien St. Regis Luxury Collection Element
Pipeline by Brand
U.S. Greater China Asia ex China Europe Africa/ Middle East Latin America/ Canada
Rooms(000s)
As of 31-Dec-12 164

10-year track record of 5% Net Rooms Growth
100
200
300
400
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E
5% Net Rooms Growth
Operating
Rooms
165

FOUR POINTS BY SHERATON SHEIKH
ZAYED ROAD, DUBAI
FOUR POINTS BY SHERATON
DOWNTOWN DUBAI
Proposition
166

High Value Global Owned Hotel Portfolio
HIGH VALUE GLOBAL OWNED PORTFOLIO
25 TOP OWNED/LEASED HOTELS
(~90% OWNED/LEASED EARNINGS)
U.S. / Canada
Asia EuropeLatin America
• Sheraton On The Park, Sydney
• Sheraton Fiji Resort
• Westin Denarau , Fiji
• Sheraton Rio
• Sheraton Maria Isabel, Mexico
• Sheraton Buenos Aires
• Sheraton Lima
• St. Regis Grand, Rome
• Gritti Palace, Venice
• Hotel Alfonso XIII, Seville
• W Barcelona
• W London
• Westin Excelsior, Rome
• Sheraton Park Lane, London
• St. Regis New York
• St. Regis San Francisco
• St. Regis Bal Harbour
• The Phoenician, Arizona
• W New Orleans
• W NY – Times Square
• Westin Maui
• Westin SFO
• Sheraton Centre Toronto
• Sheraton Gateway Toronto
• Le Centre Sheraton Montreal
Based on Projected 2013 Earnings 167

Well Diversified
Globally
ST. REGIS BAL HARBOUR
WESTIN EXCELSIOR, ROME
BY DIVISION
Europe
Asia
U.S.
Based on 2012 owned earnings assuming Owned hotel set as of January 31st, 2013
Latin America
/ Canada
168

ST. REGIS NEW YORK
HOTEL GRITTI PALACE, VENICE
BY PROPERTY TYPE
Based on 2012 owned earnings assuming Owned hotel set as of January 31st, 2013
Convention
Resort
Urban
Airport
In High Barrier to
Entry Urban and
Resort Markets
169

Unlocking Value from Asset Sales
STARWOOD 3-YEAR OUTLOOK
$275k/room = $4.8B
$300k/room = $5.2B
$325k/room = $5.6B
$/Room
14x = $4.4B
15x = $4.7B
16x = $5.0B
Adj. Earnings Multiple
To estimate cash proceeds, valuations will need to be adjusted for leases (20% of rooms), capital needs for certain hotels and any cash taxes
on gains. Actual proceeds may vary depending on market conditions.
HIGH LEVEL VALUATION SCENARIOS
Owned Rooms ~14,800
Leased Rooms ~2,500
Note: Adjusted earnings represents Owned/Leased hotel operating revenue less operating expenses, pro forma for management fee on gross revenue. Value based on average EBITDA 2013-2015. 170

Unlocking Value from UJVs and Non-EBITDA Producing Assets
KEY UNCONSOLIDATED JOINT VENTURES
(>85% UJV EBITDA)
Asia Pacific North America
Latin America
Non-EBITDA Producing Assets
UJV Rooms ~8,485
UJV EBITDA (HOT share) ~$70M
Hotel Rooms Ownership
St. Regis Beijing, China 258 32%
W Maldives 78 50%
Sheraton Hong Kong 782 25%
Sheraton Royal Orchid, Bangkok 726 44%
Sheraton Imperial Kuala Lumpur 385 49%
Sheraton Maldives 156 45%
St. Regis Punta Mita 120 40%
W Mexico City 237 50%
Sheraton New Orleans Hotel 1,110 47%
Sheraton Seattle Hotel 1,258 22%
Westin Savannah 403 49%
Westin Bellevue 337 17%
Land Holdings
Sardinia Atlanta Buckhead
Maui, HI Avon, CO
Orlando, FL Aruba, NA
171

LE MERIDIEN DUBAI
LE ROYAL MERIDIEN ABU DHABI
Proposition
172

Global Infrastructure – the Power of Starwood
INDIVIDUAL SPIRIT, COLLECTIVE STRENGTH
OPERATIONS
REVENUE
MANAGEMENTSALES
Central
Marketing
Delivery
SPG &
PARTNERSHIPS
BRAND / FIELD
MARKETING
& PR
UNMATCHED GLOBAL PLATFORM
173

SPG &
PARTNERSHIPS
BRAND / FIELD
MARKETING
& PR
CENTRAL
MARKETING
DELIVERY
Global Infrastructure - Capabilities
» Starwood centrally influences 71% of Room Nights
» Digital Channels ~25%
» Starwood influenced property direct ~23%
» Customer Contact Centers ~13%
» Global Distribution Services (GDS) ~10%
» 54% growth in SPG members globally since 2007
» 47% of SPG members come from outside the U.S.
» SPG share of occupancy is > 50% at a 25% ADR premium globally
» Key partnership across industries – Travel (Delta), Finance (Amex), F&B (Coca-Cola), Entertainment
(Live Nation), Sports (U.S. Open), and Retail (Pottery Barn)
» Starwood’s internal marketing agency, Field Marketing, provides localized support to individual hotel
business needs
» Currently 94% of Starwood hotels in North America opt into program
» Delivers on average $25 for every $1 spent on investment for participating hotels
174

Global Infrastructure - Capabilities
SALES
REVENUE
MANAGEMENT
OPERATIONS
» Starwood B2B Sales drives ~70% of Revenue
» >5,000 sellers deployed against customers’ teams and buying patterns
» Adding resources in key markets, including BRIC, Eastern Europe, and South Africa
» Multi-million dollar investment in cutting-edge revenue management technology
» Implementation of effective pricing and inventory strategies
» Corporate, divisional, regional and area-based RM experts work with hotels
» Best-in-class hotel operations teams
» 3,500 restaurants and bars Systemwide
» Sustainability strategy which targets 30% energy reduction and 20% water reduction by 2020
175

Best Global Team
Mexico
City
Buenos
Aires
Toronto
Honolulu
Sydney
London
Madrid
Milan
Tokyo
Bangkok
Singapore
New
Delhi
Vienna
Brussels
Dubai
Seattle
Chicago
Atlanta Shanghai
Kuala
Lumpur
Miami
New York
3 Divisions
6 Regions
Cross-functional teams at Divisions/Regions
Global Structure
% Born outside U.S: 39%
% Working outside home country: 37%
Avg. Starwood Tenure:16 years
Leadership 100 Demographics
Orlando
Scottsdale
176

THE WESTIN ABU DHABI
GOLF RESORT & SPA
SHERATON DUBAI CREEK
HOTEL & TOWERS
Proposition
177

Cash From Hotel Operations
EXTRAORDINARY CASH GENERATION POTENTIAL
Note: Excludes cash from Timeshare and Bal Harbour
$815
$531
$596
$694
$738
2008 2009 2010 2011 2012
$3.4B of Cash from Hotel Operations since 2008 Invested Capital of $1.8B in Hotel Business since 2008
$428
$236 $265
$462
$417
2008 2009 2010 2011 2012
Hotel Earnings – Includes Owned, Fees and Other
Earnings less SG&A and Gain Amortization
Capital – Includes Maintenance and Development Capital
178

Cash from Timeshare Operations & Bal Harbour
($150)
$275
$182 $150 $177
2008 2009 2010 2011 2012
($133)
($68)
($127)
($29)
$461
2008 2009 2010 2011 2012
Timeshare – Net Cash Bal Harbour – Net Cash
Net Cash Flow – Includes all timeshare cash receipts and
expenses, securitization proceeds, capital and SPG point cost
Net Cash Flow – Includes cash from closings, construction capital (both
residential and hotel), S&M expenses and developer liability costs
179

Cash from Asset Sales
$238M
$148M
$312M
$548M
$1.25B
2009 2010 2011 2012 Total 2009-12
# of Transactions
Price / Room
AEBITDA Multiple
Multiple w/ CAPEX
7
$162K
14x
24x
2
$298K
28x
28x
3
$177K
13x
14x
5
$317K*
17x
19x
17
$228K
16x
19x
»$1.25B of Cash Proceeds (gross) generated since 2009 (Avg. Multiple over 16X)
»Buyers have invested heavily in hotels (St. Regis Aspen, Westin Gaslamp, W
Lakeshore, Le Méridien Perimeter)
* Excludes Poconos 180

$913
$771
Extraordinary Cash Generation
Net Debt Reduction of $2.4B since 2008 Returned $1.7B to Shareholders since 2008
Share Buybacks
Dividends
$3,248
$3,523
$2,826
$2,051
$1,511
$811
1/1
2008
1/1
2009
1/1
2010
1/1
2011
1/1
2012
1/1
2013
Note: Net debt consists of Long-term debt and short term debt, net of cash equivalents and restricted cash 181

LE MÉRIDIEN MINA SEYAHI
THE WESTIN DUBAI MINA SEYAHI
Proposition
182

STARWOOD 3 YEAR
OUTLOOK
GROSVENOR HOUSE, DUBAI
183

Source: International Monetary Fund, UNWTO World Tourism Organization
Secular Demand Gains in Growth Markets
GLOBAL GDP
2012 2020
GLOBAL TRAVEL
2000 2012 2020
2000
Growth
Markets
Mature
Markets
Growth
Markets
Mature
Markets
Growth
Markets
Mature
Markets
Growth
Markets
Mature
Markets
Growth
Markets
Mature
Markets
Growth
Markets
Mature
Markets
184

Best Growth Markets Platform in Lodging
FEES PIPELINEROOMS
Mature
Growth
(32%)
Mature
Growth
(35%)
Mature
Growth
(80%)
Greater China India / Emerging Asia Emerging Europe / AME Latin America
As of 31-Dec-12 185

Secular Growth with Cycles in Mature Markets
Sources: US data; PWC (lodging 1967-1986); STR (lodging 1987-2012; U.S. Bureau of Labor Statistics U.S. Price Inflation (CPI-U, Annual Average)
8 Years8 Years 10 Years 10 Years
$0
$10
$20
$30
$40
$50
$60
$70
'71
'72
'73
'74
'75
'76
'77
'78
'79
80
'81
'82
'83
'84
'85
'86
'87
'88
'89
'90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
12
Nominal RevPAR
Real RevPAR
(2012 dollars)
186

2.7%
3.2%
2.0%
0.6% 0.5%
2008 2009 2010 2011 2012 2013 E
U.S. SUPPLY GROWTH (%)
BY YEAR
Low Supply Growth Supports Recovery
Source: Smith Travel Research, PWC
Europe Supply Growth over next 3 Years = <1%
21%
25%
21%
13%
1970s 1980s 1990s 2000s
U.S. SUPPLY GROWTH (%)
BY DECADE
<1%
187

65%
67% 67% 67%
64%
58%
62%
64%
66%
2004 2005 2006 2007 2008 2009 2010 2011 2012
$133
$141
$152
$162
$165
$147 $147
$154
$159
2004 2005 2006 2007 2008 2009 2010 2011 2012
$176 (11%)2008 Peak ADR in “Real” terms
Rates will drive Next Leg of RevPAR Growth
Source: STR. U.S. Luxury, Upper-Upscale and Upper Tier Independents
Occupancy % ADR ($)
U.S. Luxury / Upper Upscale
188

Growth
Well Balanced Mature Markets Business
FEES INCENTIVE FEESOWNED/LEASED EARNINGS
BASE FEES
Franchise
Incentive
Base Mgmt
Growth
Mature
(75%)
Growth
Mature
(85%)
Note: Earnings represents Owned/Leased hotel operating revenue less operating expenses
U.S.
37%
Asia Europe Canada
2012
($M’s)
% of Hotels
Paying Fees
$50M 31%
$128M 81%
Mature
Growth
MATURE
Mature
189

5-7% Growth Achievable with Continuing Recovery Cycle
U.S. REVPAR
’75-’79
CAGR
15%
n/a
’93-’97
CAGR
7%
8%
’03-’07
CAGR
7%
9%
’10-’15
CAGR
~6%Total U.S.
U.S. Luxury/UU
Source: PWC (lodging 1967-2015E)
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
'68
'69
'70
'71
'72
'73
'74
'75
'76
'77
'78
'79
'80
'81
'82
'83
'84
'85
'86
'87
'88
'89
'90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
'03
'04
'05
'06
'07
'08
'09
'10
'11
'12
'13
14
15
190

Indicative Management Contract Structures
U.S. Non-U.S.
Base Fee (% GOR) ~3-4% ~2-3%
Incentive Fee
~10-12% of “Incentive Income,”
Often NOI after an Owner priority
return that is typically 8-10% of
invested capital
~8-10% of (typically) GOP after
Base Fee; No Owner priority return
Term
~20-40 years
Limited Owner rights to terminate
(e.g. on sale of property) or convert
to franchise
~20-40 years
Early Owner termination right is
rare
Expanding Margins Driving Incentive Fee Growth
» GOP Margins have
expanded 270 bps since
2009 with incentive fee
growth of 46%
» ~60% of same store
managed properties
worldwide pay incentive
fees
» ~76% of same store
managed properties in
international markets pay
incentive fees
191

$280
$540
2012 2017 Target
19%
26%
2012 2017 Target
EARNINGS ($M)
» RevPAR CAGR 6%
» ADR CAGR 5%
» Margin gains of ~130 bps / year
» Global Revenue Management
» Lean Operations
» Food and Beverage
Key Assumptions
CAGR:
+14%
MARGIN
+7 pts
RevPAR
$0
$10
$20
$30
$40
$50
$60
$70
$80
Note: Earnings represents Owned/Leased hotel operating revenue less operating expenses for Owned hotel set as of January 31st, 2013.. Excludes $27M in sold and other earnings.
“Path to Peak” at Owned / Leased Hotels
Key Initiatives
Current Owned / Leased Hotel Set
192

$340
$350
$360
$370
$380
$390
$400
$410
$420
2007 2012
Worldwide SG&A*
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2007 2012
Systemwide Rooms
-11%
* 2007 SG&A excludes expenses associated with Bliss spa subsidiary, sold in 2009.
Holding the Line on SG&A
» In the last 5 years,
SG&A per room is
down over 25%
» We are adding
costs strategically
to support the
growth of our
business in key
markets
» Controlling the
growth of corporate
costs
+21%
193

Key Assumptions
Global Outlook
» Normal cyclical recovery
in Mature Markets
» Continued rapid growth in
Growth Markets
» Modest increase in
interest rates
» Constant foreign
exchange rates at current
levels
Macro
» No additional hotel sales
included (adjustments in
the future if/when
hotels sold)
» No share repurchases
assumed
» Bal Harbour included in
cash flow (excluded from
EBITDA)
» Focus on share gain and
cost control in the hotel
business
» Manage Timeshare
business for cash
generation
» Sell-out Bal Harbour by
the end of 2013
» Continue tight SG&A
control
Operational Financial
194

What Could Disrupt a Normal Cyclical Recovery?
Starwood Outlook
MACRO-ECONOMIC RISKS
» Political backlash to austerity in Southern Europe
» Deceleration in China due to global slowdown in demand
» Low / no growth in North America due to deficit/debt issues
GEO-POLITICAL RISKS
» Syria / Egypt / Iran
» Afghanistan / Pakistan
» North Korea
195

CAGRs 2012 - 2015
RevPAR Growth = 5 to 7%
EBITDA Growth = 10 to 12%
EPS Growth = 16 to 20%
196

Owned / Leased Hotels 3-Year Outlook
CAGRs 2012 - 2015
Margin Improvement = +200 to +400 bps
Earnings Growth = 10 to 14%
+/-1% RevPAR CAGR =
+/-$20-25M Owned/Leased Earnings through 2015
Note: Earnings represents Owned/Leased operating revenue less operating expenses.
197

Managed and Franchised Hotels 3-Year Outlook
CAGRs 2012 - 2015
+/-1% RevPAR CAGR =
+/- $20-25M Management & Franchise Fees through 2015
Net Rooms Growth = 4 to 5%
Incentive Fee Growth = 15 to 20%
Managed & Franchise Fee Growth= 9 to 12%
Note: All growth rates same store except Net Rooms Growth and Total Fee Growth
198

Vacation Ownership / Residential 3-Year Outlook
(CAGRs 2012 – 2015, unless otherwise noted)
Note: Earnings represents VOI operating revenue less VOI operating expenses.
Originated Sales Growth = Flat
Operating Income Growth = Flat
Timeshare Capital Spend = $150 to $200M
(Cumulative’13-15)
Timeshare Cash Flow = $450 to $500M
(Cumulative ’13-’15)
Bal Harbour Net Cash Flow = $100M
(2013 Cash Flow per 2/7/2013 Outlook) (sell out in 2013)
199

3-Year Outlook: Sources of Growth
Note: EBITDA and EPS before special items
2012 2015
PRO-FORMA EPS
2012 OWNED M&F SVO / NET 2015
PRO-FORMA HOTELS FEES RESIDENTIAL SG&A EBITDA
Tax Rate: ~31%
$1,043
$1,370
-
$1,450
+10%
-
+14%
+9%
-
+12% flat
-3%
-
-5%
EBITDA GROWTH
(2012 – 2015, $M)
EPS GROWTH
(2012 – 2015, $M)
$2.08
$3.25
-
$3.60
CAGR:
16% - 20%
200

Significant Cash Generation Potential
(all figures cumulative, $ in millions)
~$2B
- =
+
Asset Sales
Cash available to:
» Fund growth
» Return to shareholders
3YearCashFlowsfrom
2012 Ending
“Excess” Cash
~$300M
Owned Hotels
$1,050M
To
$1,150M
Fee Business
$3,100M
to
$3,200M
SVO / Bal
Harbour
$550M
to
$600M
=
3YearCashFlows
SG&A Expense
($1,200M)
To
($1,250M)
Owned Hotel
and IT Capital
($1,150M)
to
($1,200M)
Tax and Interest
Expense
($700M)
to
($750M)
Sources Uses 3 Year Cash Flow
Balance Sheet capacity in 2015 (at target 2.5x Gross Debt/AEBITDA) + $1.0B to $1.3B
“Capacity” for Growth Investments & Return to Shareholders = $3.0B to $3.3B
201

Achieving 80/20 Asset Light goal by 2016 = ~$3B in Cash
North America
» Improving industry operating fundamentals
» Low Supply increases
» Foreign and PE equity capital re-emerging
» REITs with access to capital
Europe
» Significant interest for gateway markets
» Interest from Middle East and Asia
Latin America
» Mexican GDP accelerating
» Global investor interest in Brazil
Asia
» Australia: hub for cross-border capital
» Emergence of REITs in certain markets
Transaction Outlook Disposition Alternatives
Individual Asset Sales
Portfolio Sale
» Small (< 3 assets)
» Large ($750M+)
Joint Venture
» Private Equity
» REIT
» Institutional Investor / SWF
REIT Spin-Off
» HOT sponsored spin-off (public or non-traded REIT)
» Contribute all / a portion of assets in exchange for share
and cash (public)
202

Use of “Capacity” – $3.0B to $3.3B + Cash from Asset Sales
» Support Pipeline Growth
– Joint Ventures
– Financing
– Opportunistic Hotel Acquisitions
» Strategic Brand Acquisitions
– Expand current footprint
– Acquire additional regional or global
scale
Fund Growth
» Pay Dividends
– 2012 Dividend: +150%; 2% yield
– Increase payout as EPS grows
» Buy Back Stock
– Offset Share Dilution
– EPS Accretion
– Below intrinsic value
Return Cash to Shareholders
203

IN SUMMARY
FOUR POINTS BY SHERATON SHEIKH ZAYED ROAD, DUBAI
204

Summary
Owning Hotels Owning Relationships
U.S.-Centric Global Enterprise
Price Point Segmentation Lifestyle Segmentation
» Higher growth trajectory
» Lower cyclicality
» Higher margin
» Higher capital efficiency
» Significant cash generation
» Superior shareholder value creation
IN SUMMARY
205

The Starwood Investment Proposition
Summary
»Leading Global Hotel Company in High Growth Markets
»Best Global High End Lodging Brands
»High Quality Global Pipeline
»High Value Global Owned Hotel Portfolio
»Unmatched Global Platform
»Extraordinary Cash Generation Potential
IN SUMMARY
206

Starwood Outlook
Summary
»Secular demand gains in Growth Markets
»Below-trend supply growth in Mature Markets
»Sharp rebound in owned hotel profits
»Significant cash generation from hotel operations, asset sales and timeshare
IN SUMMARY
207

Summary
»5-7% annual RevPAR growth achievable 2012-2015 with continued cyclical recovery
»10-12% annual EBITDA growth & 16-20% annual EPS Growth
»$3.0B to $3.3B of operating cash flow and balance sheet capacity
»80/20 Asset Light goal by 2016 could generate ~$3B in cash
»Significant capacity to fund growth investments and return cash to shareholders over
next three years
IN SUMMARY
208

Same Store Owned, Leased and Consolidated Joint Venture Hotels Worldwide 2009 2012
Revenue
Same store Owned, Leased and Consolidated Joint Venture Hotels 1,386$ 1,252$
Hotels sold, closed or without comparable results 198 446
Total Owned, Leased and Consolidated Joint Venture Hotels Revenue 1,584$ 1,698$
Costs and Expenses
Same store Owned, Leased and Consolidated Joint Venture Hotels 1,136$ 993$
Hotels sold, closed or without comparable results 179 398
Total Owned, Leased and Consolidated Joint Venture Hotels Costs and Expenses 1,315$ 1,391$
December 31,
Twelve Months Ended
STARWOOD HOTELS AND RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations - Same Store Owned, Leased and Consolidated Joint Venture Hotel Revenue and Expenses
(In millions)

$ 562 $ (153) $ 409
182 - 182
128 (128) -
234 (55) 179
256 (11) 245
28 - 28
1,390 (347) 1,043
21 (21) -
(179) 179 -
(12) 12 -
$ 1,220 $ (177) $ 1,043
(a)
(b)
(c)
(d)
(e)
Non-GAAP to GAAP Reconciliations - Pro Forma Data
(In millions)
Year Ended
December 31, 2012
Income tax (benefit) expense(c)
As Reported
Pro Forma
As Adjusted
Reconciliation of Net Income (Loss) to EBITDA and Adjusted
EBITDA
Net income (loss)(a)
Interest expense
Loss on early extinguishment of debt, net(b)
Pro Forma
Adjustments
Unusual and one-time items not expected to occur in a normalized year.
Depreciation(d)
Amortization
EBITDA
(Gain) loss on asset dispositions and impairments, net(e)
Discontinued operations (gain) loss on dispositions(e)
Restructuring and other special charges (credits), net(e)
Adjusted EBITDA
The reduction in net income reflects the adjustments noted below to normalize the 2012 year. This includes eliminating $157 million of
earnings from Bal Harbour, the reduction of $20 million for the asset sales that occurred in 2012 and the effect of the adjustments below.
Represents a decrease in costs as the early extinguishment is an unusual item in 2012.
Includes a benefit of $52 million due to reduced EBITDA from the St. Regis Bal Harbour and a $3 million tax benefit from lower operating
income from hotels sold during 2012.
Includes an $11 million benefit from reduced depreciation associated with hotels sold during 2012.

Twelve Months Ended
Unconsolidated Joint Ventures December 31, 2012
Equity Earnings from Unconsolidated Joint Ventures 25$
Depreciation and amortization from Unconsolidated Joint Ventures 32
Interest Expense from Unconsolidated Joint Ventures 10
EBITDA of Unconsolidated Joint Ventures 67$
Non-GAAP to GAAP Reconciliations
(In millions)

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
Non-GAAP to GAAP Reconciliations – Future Performance
(In millions, except per share data)
Low Case
Year Ended
December 31, 2015
Net income $ 640
Interest expense 120
Income tax expense 288
Depreciation and amortization 322
EBITDA 1,370
(Gain) loss on asset dispositions and impairments, net -
Discontinued operations (gain) loss on dispositions -
Adjusted EBITDA $ 1,370
Year Ended
December 31, 2015
Income from continuing operations before special items $ 640
EPS before special items $ 3.25
Special Items
Gain (loss) on asset dispositions and impairments, net -
Total special items – pre-tax -
Income tax benefit associated with special items -
Total special items – after-tax -
Income from continuing operations $ 640
EPS including special items $ 3.25
High Case
Year Ended
December 31, 2015
Net income $ 709
Interest expense 110
Income tax expense 319
Depreciation and amortization 312
EBITDA 1,450
(Gain) loss on asset dispositions and impairments, net -
Discontinued operations (gain) loss on dispositions -
Adjusted EBITDA $ 1,450
Year Ended
December 31, 2015
Income from continuing operations before special items $ 709
EPS before special items $ 3.60
Special Items
Gain (loss) on asset dispositions and impairments, net -
Total special items – pre-tax -
Income tax benefit associated with special items -
Total special items – after-tax -
Income from continuing operations $ 709
EPS including special items $ 3.60

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