Starwood Hotels Receives $245 Million Refund from the IRS
White Plains, NY - December 13, 2010 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced 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.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
