WHITE PLAINS, New York, December, 2010 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that the Company has received a refund of previously paid taxes and related interest from the Internal Revenue Service of approximately $245 million relating to the 1998 disposition of World Directories, Inc.
The federal tax treatment of the disposition was disputed by the IRS
and the matter was most recently under the jurisdiction of the US Tax
Court. In October 2010, the previously proposed settlement was formally
agreed to by both the Company and the IRS. The US Tax Court then issued
an order for the IRS to pay the refund of the taxes and interest to the
Company closing out the matter for both parties.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts
Worldwide, Inc. is one of the leading hotel and leisure
companies in the world with 1,025 properties in 100 countries and
approximately 145,000 employees at its owned and managed properties.
Starwood® Hotels is a fully integrated owner, operator and
franchisor of hotels and resorts with the following internationally
renowned brands: St. Regis®, The Luxury Collection®,
Sheraton®, Westin®, Four Points® by Sheraton, W®, Le
Méridien®, and the recently announced AloftSM and ElementSM.
Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the
premier developers and operators of high quality vacation interval
ownership resorts. For more information, please visit www.starwoodhotels.com.