Starwood Vacation Ownership, Inc. is a wholly owned subsidiary of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), one of the world's largest hotel and leisure companies.

In October 1999, Starwood Hotels & Resorts Worldwide, Inc. acquired Vistana, Inc. to establish an immediate presence in the growing vacation ownership market and on July 24, 2000 renamed the company Starwood Vacation Ownership, Inc. Our new name reflects the dedication and commitment of Starwood to the vacation ownership industry and strengthens the established position of Vistana as the industry's leading developer and operator of vacation ownership resorts for more than two decades.

The Company's principal operations consist of acquiring, developing, and operating vacation ownership resorts, marketing and selling vacation ownership interests (VOIs) in its resorts (which typically entitle the buyer to the ownership of a fully-furnished unit for a one-week period on an annual or alternate year basis), and providing financing to customers who purchase VOIs at its resorts from the Company. Starwood Vacation Ownership, Inc. also furnishes management, operations, maintenance, and telecommunications services at its resorts and provides telecommunications services to other customers.

Starwood Hotels & Resorts Worldwide, Inc. is currently the second largest vacation ownership developer among the major hospitality companies with over 180,000 owners and more than a dozen vacation ownership resorts, including Westin and Sheraton branded resorts.

Starwood Vacation Ownership, Inc. currently manages and conducts sales for the following resorts: Sheraton Vistana Resort, Orlando, Florida; Vistana's Beach Club, Jensen Beach, Florida; Sheraton PGA Vacation Resort, Port St. Lucie, Florida; Sheraton Vistana Villages, Orlando, Florida; Sheraton Broadway Plantation, Myrtle Beach, South Carolina; Sheraton Desert Oasis, Scottsdale, Arizona; The Westin Kierland Villas, Scottsdale, Arizona; The Westin Mission Hills Resort and Villas, Rancho Mirage, California; The Westin St. John Resort and Villas, U.S. Virgin Islands; Harborside Resort at Atlantis, Paradise Island, Bahamas; Sheraton Mountain Vista, Avon, Colorado; Villas of Cave Creek, Cave Creek, Arizona; The Westin Ka'anapali Ocean Resort and Villas, Maui, Hawaii; and Lakeside Terrace Resort, Avon, Colorado.