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&lt;div style="font-size: 10pt; background: #ffffff; margin-left: 0%; color: #000000; text-indent: 4%; margin-right: 0%; font-family: 'Times New Roman', Times;" align="left"&gt;The accompanying consolidated financial statements represent the consolidated financial position and consolidated results of operations of Starwood Hotels&amp;nbsp;&amp;amp; Resorts Worldwide, Inc. and its subsidiaries (the "Company" or "Starwood"). &lt;/div&gt;
&lt;div style="font-size: 10pt; background: #ffffff; margin-left: 0%; color: #000000; text-indent: 4%; margin-right: 0%; font-family: 'Times New Roman', Times;" align="left"&gt;&amp;nbsp;&lt;/div&gt;
&lt;div style="font-size: 10pt; background: #ffffff; margin-left: 0%; color: #000000; text-indent: 4%; margin-right: 0%; font-family: 'Times New Roman', Times;" align="left"&gt;The consolidated financial statements include the accounts of the Company and all of its controlled subsidiaries and partnerships. In consolidating, all material intercompany transactions are eliminated. We have evaluated all subsequent events through&amp;nbsp;the date the consolidated financial statements were filed. &lt;/div&gt;
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&lt;div style="font-size: 10pt; background: #ffffff; margin-left: 0%; color: #000000; text-indent: 4%; margin-right: 0%; font-family: 'Times New Roman', Times;" align="left"&gt;Starwood is one of the world's largest hotel and leisure companies.&amp;nbsp; The Company's principal business is hotels and leisure, which is comprised of a worldwide hospitality network of approximately 1,000 full-service hotels, vacation ownership resorts and residential developments primarily serving two markets:&amp;nbsp; luxury and upscale.&amp;nbsp; The principal operations of Starwood Vacation Ownership, Inc. ("SVO") &amp;nbsp;include the acquisition, development, and operation of vacation ownership resorts; marketing and selling vacation ownership interests ("VOI") in the resorts; and providing financing to customers who purchase such interests. &lt;/div&gt;
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Basis of Presentation
&amp;nbsp;
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