WHITE PLAINS, NY (December 28, 2010) — Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) has announced the settlement of its lawsuit against Hilton Worldwide alleging the misappropriation of Starwood trade secrets and confidential and proprietary information.
The settlement requires Hilton to be subject to an injunction to be supervised by monitors appointed by the federal district court to assure that the conduct that occurred does not occur again. Additional terms of the settlement are confidential.
Frits van Paasschen, President and Chief Executive Officer of Starwood, said, “Starwood is proud of its leadership position in creating lifestyle brands that connect with consumers, drive loyalty and are highly profitable for our owners. Given the facts, we had no choice but to stand up and protect our brands on behalf of our investors, associates, owners and customers. This settlement reinforces this protection and restores a level playing field for fair competition.”
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1025 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM. 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.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. 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. Further results, performance and achievements may be affected by general economic conditions, including the duration and severity of any global or regional economic downturns, the availability of financing alternatives at acceptable terms, the impact of war and terrorist activity, business and financing conditions, foreign exchange fluctuations, cyclicality of the real estate (including residential) and the hotel and vacation ownership businesses, operating risks associated with the hotel, vacation ownership and residential businesses. 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.
Starwood Hotels & Resorts Worldwide, Inc.
KC Kavanagh, 914-640-8339