UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
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1. Name and Address of Reporting Person*
Volpert, Barry S.
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(Last) (First) (Middle)
c/o Goldman, Sachs & Co.
85 Broad Street
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(Street)
New York, New York 10004
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Starwood Hotels & Resorts
Starwood Hotels & Resorts Worldwide, Inc.
(HOT)
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3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)
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4. Statement for Month/Year
October/1998
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ X ] Director** [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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**Starwood Hotels & Resorts Worldwide, Inc.
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7. Individual or Joint/Group Filing (Check Applicable Line)
[ X ] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, |
or Beneficially Owned |
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| | | | |6. | |
| | | 4. |5. |Owner- | |
| | | Securities Acquired (A) or |Amount of |ship | |
| | 3. | Disposed of (D) |Securities |Form: |7. |
| | Transaction| (Instr. 3, 4 and 5) |Beneficially |Direct |Nature of |
|2. | Code | -------------------------------|Owned at End |(D) or |Indirect |
1. |Transaction | (Instr. 8) | | (A) | |of Month |Indirect |Beneficial|
Title of Security |Date | -----------| Amount | or | Price |(Instr. 3 |(I) |Ownership |
(Instr. 3) |(mm/dd/yy) | Code | V | | (D) | |and 4) |(Instr.4)|(Instr. 4)|
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | |
Paired Shares | 10/05/98 | P | | 1,400 | A | $23.3125 | | I | 01,02 |
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| | | | | | | | | |
Paired Shares | 10/05/98 | S | | 1,400 | D | $23.6875 | | I | 01,02 |
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| | | | | | | | | |
Paired Shares | 10/16/98 | P | | 100 | A | $21.75 | | I | 01,02 |
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| | | | | | | | | |
Paired Shares | 10/16/98 | P | | 100 | A | $21.5625 | | I | 01,02 |
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| | | | | | | | | |
Paired Shares | 10/16/98 | S | | 100 | D | $21.5625 | | I | 01,02 |
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| | | | | | | | | |
Paired Shares | 10/16/98 | S | | 100 | D | $21.4375 | 7,207 | I | 01,02 |
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| | | | | | | | | |
Paired Shares | 10/11/98 | J(03) | | 438 | A | $57.0625 | 1,314 | I | 01,03 |
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| | | | | | | | | |
| | | | | | | | | |
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
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FORM 4 (continued)
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Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
(e.g., puts, calls, warrants, options, convertible securities) |
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| | | | | | | |9. |10. | |
| | | | | | | |Number |Owner- | |
| | | | | | | |of |ship | |
|2. | | | | | | |Deriv- |of | |
|Conver-| | | 5. | |7. | |ative |Deriv- |11. |
|sion | | | Number of | |Title and Amount | |Secur- |ative |Nature |
|or | | | Derivative |6. |of Underlying |8. |ities |Secur- |of |
|Exer- | |4. | Securities |Date |Securities |Price |Bene- |ity: |In- |
|cise |3. |Trans-| Acquired (A)|Exercisable and |(Instr. 3 and 4) |of |ficially |Direct |direct |
|Price |Trans-|action| or Disposed |Expiration Date |------------------------|Deriv- |Owned |(D) or |Bene- |
1. |of |action|Code | of(D) |(Month/Day/Year)| |Amount |ative |at End |In- |ficial |
Title of |Deriv- |Date |(Instr| (Instr. 3, |----------------| |or |Secur- |of |direct |Owner- |
Derivative |ative |(Month|8) | 4 and 5) |Date |Expira- | |Number |ity |Month |(I) |ship |
Security |Secur- |/Day/ |------| ------------|Exer- |tion | |of |(Instr. |(Instr. |(Instr |(Instr.|
(Instr. 3) |ity |Year) |Code|V| (A) | (D) |cisable|Date |Title |Shares |5) |4) |4) |4) |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stock Option | | | | | | | | | | | | | | |
(right to buy) |$47.00 | | | | | |Immed. | 6/30/08|Paired Shares | 4,500| | 4,500| 04 | 01,04 |
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Stock Option | | | | | | | | | | | | | | |
(right to buy) |$47.00 | | | | | |Immed. | 6/30/08|Paired Shares | 4,500| | 4,500| I | 01,05 |
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Stock Option | | | | | | | | | | | | | | |
(right to buy) |$57.875| | | | | |Immed. | 1/2/08 |Paired Shares | 2,219| | 2,219| 04 | 01,04 |
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Stock Option | | | | | | | | | | | | | | |
(right to buy) |$57.875| | | | | |Immed. | 1/2/08 |Paired Shares | 2,219| | 2,219| I | 01,05 |
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Class A | | | | | | | | | | | | | | |
Exchangeable | | | | | | | | |Starwood | | | | | |
Preferred Shares | | | | | | | | |Hotels & | | | | | |
of Starwood Hotels| | | | | | | | |Resorts Paired| | | | | |
& Resorts | 06 | | | | | |Immed. | N/A |Shares |2,179,184| |2,179,184| I | 01,06 |
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Class B | | | | | | | | | | | | | | |
Exchangeable | | | | | | | | |Starwood | | | | | |
Preferred Shares | | | | | | | | |Hotels & | | | | | |
of Starwood Hotels| | | | | | | | |Resorts Paired| | | | | |
& Resorts | 06 | | | | | |1/02/99| N/A |Shares |2,008,851| |2,008,851| I | 01,06 |
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Partnership Units | | | | | | | | |Starwood | | | | | |
of SLT Realty | | | | | | | | |Hotels & | | | | | |
Limited | | | | | | | | |Resorts Paired| | | | | |
Partnership | 06 | | | | | |Immed. | N/A |Shares | 117,036| | 117,036| I | 01,06 |
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Partnership Units | | | | | | | | |Starwood | | | | | |
of SLC Operating | | | | | | | | |Hotels & | | | | | |
Limited | | | | | | | | |Resorts Paired| | | | | |
Partnership | 06 | | | | | |Immed. | N/A |Shares | 77,825| | 77,825| I | 01,06 |
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</TABLE>
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Explanation of Responses:
01: The Reporting Person is a managing director of Goldman Sachs International,
an affiliate of The Goldman Sachs Group, L.P. ("GS Group"). GS Group is the
general partner of and owns a 99% interest in Goldman, Sachs & Co. ("Goldman
Sachs"). The Reporting Person disclaims beneficial ownership of the securities
reported herein except to the extent of his pecuniary interest therein.
02: The securities reported herein as indirectly purchased and sold were
purchased and sold and may be deemed to be beneficially owned directly by
Goldman Sachs. Without admitting any legal obligation, Goldman Sachs will remit
appropriate profits, if any, to the Company.
03: These paired shares were granted to and may be deemed to be beneficially
owned directly by GS Group. 219 paired shares were granted pursuant to the
Starwood Hotels & Resorts 1995 Long-Term Incentive Plan (Amended and Restated as
of November 12, 1997). 219 paired shares were granted pursuant to the Starwood
Hotels & Resorts Worldwide, Inc., 1995 Long-Term Incentive Plan (Amended and
Restated as of November 12, 1997).
04: These options were granted pursuant to the Starwood Hotels & Resorts
Worldwide, Inc., 1995 Long-Term Incentive Plan (Amended and Restated as of
November 12, 1997) to the Reporting Person. The Reporting Person has an
agreement with GS Group pursuant to which he holds such options for the benefit
of GS Group.
05: These options were granted pursuant to the Starwood Hotels & Resorts 1995
Long-Term Incentive Plan (Amended and Restated as of November 12, 1997) to a
managing director of Goldman Sachs in his capacity as a director of the Issuer.
That managing director has an agreement with GS Group pursuant to which he holds
the options for the benefit of GS Group.
06: Goldman Sachs and GS Group may be deemed to own beneficially and indirectly
in the aggregate 2,179,184 Class A Exchangeable Preferred Shares of Starwood
Hotels & Resorts, 2,008,851 Class B Exchangeable Preferred Shares of Starwood
Hotels & Resorts, 117,036 Partnership Units of SLT Realty Limited Partnership
("Realty Partnership Units") and 77,825 Partnership Units of SLC Operating
Limited Partnership ("Operating Partnership Units") through certain investment
partnerships (the "Limited Partnerships") of which affiliates of Goldman Sachs
and GS Group are the manager, general partner or managing general partner.
Goldman Sachs is the investment manager to certain of the Limited Partnerships.
Pursuant to a pairing agreement between Starwood Hotels & Resorts, a Maryland
real estate investment trust ("Starwood Trust"), and Starwood Hotels & Resorts
Worldwide, Inc., a Maryland corporation ("Starwood Corporation" and, together
with Starwood Trust, "Starwood"), each stockholder of Starwood owns an
equivalent number of Shares of Beneficial Interest, par value $.01 per share
(the "Trust Shares"), of Starwood Trust, and shares of Common Stock, par value
$.01 per share (the "Corporation Shares"), of Starwood Corporation. The Trust
Shares and the Corporation Shares may be held and traded only in units
consisting of one Trust Share and one Corporation Share (the "Paired Shares").
The shares of Class A Exchangeable Preferred Stock ("Class A EPS") are
exchangeable for Paired Shares at any time, subject to the right of Starwood to
deliver cash in lieu of Paired Shares (or, in certain circumstances, to deliver
a promissory note or to cause the registered sale of such securities and the
delivery of the net purchase price from such sale to the exchanging holder). The
shares of Class B Exchangeable Preferred Stock ("Class B EPS") are exchangeable
for Class A EPS at any time after January 2, 1999, which, as described above, is
exchangeable for Paired Shares, subject to the right of Starwood to deliver cash
in lieu of such Paired Shares (or, in certain circumstances, to deliver a
promissory note or to cause the registered sale of such securities and the
delivery of the net purchase price from such sale to the exchanging holder).
Realty Partnership Units and Operating Partnership Units are exchangeable at any
time for Paired Shares, subject to the right of Starwood to deliver cash in lieu
of Paired Shares (or, in certain circumstances, to deliver a promissory note or
to cause the registered sale of such securities and the delivery of the net
purchase price from such sale to the exchanging holder), and are exchangeable,
at any time prior to January 2, 2003, for shares of Class B EPS, subject to the
right of Starwood to deliver cash in lieu of shares of Class B EPS (or, in
certain circumstances, to deliver a promissory note or to cause the registered
sale of such securities and the delivery of the net purchase price from such
sale to the exchanging holder). The initial exchange ratio for all such
exchanges is 1:1, and such ratio is subject to equitable adjustment in certain
events, including the payment of a stock dividend by Starwood Trust or Starwood
Corporation or the completion of a recapitalization of Starwood or a
reclassification of the Starwood securities. In addition, the shares of Class B
EPS may, at the option of either the holder or Starwood, be redeemed, from and
after January 2, 2003, at a price equal to $38.50 or, in certain circumstances,
Paired Shares having an equivalent value.
By: s/ Hans L. Reich November 10, 1998
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***Signature of Reporting Person Date
Attorney-in-fact
*** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedures.
Alternatively, this Form is permitted to be submitted to the
Commission in electronic format at the option of the reporting person
pursuant to Rule 101(b)(4) of Regulation S-T.
