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&lt;div style="margin-top: 12pt; font-size: 10pt;" align="left"&gt;&lt;b&gt;Note 4. Acquisitions&lt;/b&gt; &lt;/div&gt;
&lt;div style="margin-top: 6pt; font-size: 10pt;" align="left"&gt;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During the second quarter of 2010, the Company paid approximately $23&amp;nbsp;million to acquire a controlling interest in a joint venture in which it had previously held a non-controlling interest. The primary business of the joint venture is to develop, license and manage restaurant concepts. The acquisition took place after one of the Company's former partners exercised its right to put its interest to the Company in accordance with the terms of the joint venture agreement. In accordance with ASC 805, &lt;i&gt;Business Combinations, &lt;/i&gt;when an acquirer obtains a controlling position as a result of a step acquisition, the acquirer is required to remeasure its previously held investment to fair value and record the difference between fair value and its carrying value in the statement of income. This acquisition resulted in a gain of $5&amp;nbsp;million which was recorded in the gain (loss)&amp;nbsp;on asset dispositions and impairments, net line item. The fair values of the assets and liabilities acquired have been recorded in Starwood's consolidated balance sheet, including the resulting goodwill of approximately $26&amp;nbsp;million. The results of operations going forward from the acquisition date have been included in Starwood's consolidated statements of income. &lt;/div&gt;&lt;/div&gt; &lt;/div&gt;</NonNumbericText>
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&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;&amp;nbsp;During the second quarter of 2010, the Company paid approximately $23&amp;nbsp;million to acquire a controlling</NonNumericTextHeader>
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