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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
[X] 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*
Rothenberg, Stuart M.
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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
April/1999
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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)
[ ] Director [ ] 10% Owner
[ ] Officer (give title below) [ X ] Other (specify below)
Former Director**
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**Starwood Hotels & Resorts
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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>
| | | | | | | | | |
Units | 04/05/99 | J(02) | | 514 | A | $22.125 | 2,266 | I | 01,02 |
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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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<CAPTION>
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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|Units | 4,500| | 4,500| 03 | 01,03|
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Stock Option | | | | | | | | | | | | | | |
(right to buy) |$47.00 | | | | | |Immed. |6/30/08|Units | 4,500| | 4,500| I | 01,04|
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Stock Option | | | | | | | | | | | | | | |
(right to buy) |$57.875| | | | | |Immed. | 1/2/08|Units | 2,219| | 2,219| 03 | 01,03|
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Stock Option | | | | | | | | | | | | | | |
(right to buy) |$57.875| | | | | |Immed. | 1/2/08|Units | 2,219| | 2,219| I | 01,04|
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Class A | | | | | | | | | | | | | | |
Exchangeable | | | | | | | | | | | | | | |
Preferred Shares | | | | | | | | | | | | | | |
of Starwood Hotels| | | | | | | | | | | | | | |
& Resorts | 05 | | | | | |Immed. | N/A |Units |2,179,184| |2,179,184| I | 01,05|
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Class B | | | | | | | | | | | | | | |
Exchangeable | | | | | | | | | | | | | | |
Preferred Shares | | | | | | | | | | | | | | |
of Starwood Hotels| | | | | | | | | | | | | | |
& Resorts | 05 | | | | | |1/02/99 | N/A |Units |2,008,851| |2,008,851| I | 01,05|
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Partnership Units | | | | | | | | | | | | | | |
of SLT Realty | | | | | | | | | | | | | | |
Limited | | | | | | | | | | | | | | |
Partnership | 05 | | | | | |Immed. | N/A |Units | 117,036| | 117,036| I | 01,05|
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Partnership Units | | | | | | | | | | | | | | |
of SLC Operating | | | | | | | | | | | | | | |
Limited | | | | | | | | | | | | | | |
Partnership | 05 | | | | | |Immed. | N/A |Units | 77,825| | 77,825| I | 01,05|
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</TABLE>
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Explanation of Responses:
01: The Reporting Person resigned from the Board of Directors of the Issuer,
effective February 10, 1999. The Reporting Person is a managing director of
Goldman, Sachs & Co. ("Goldman Sachs"). Goldman Sachs is an indirect
wholly-owned subsidiary of The Goldman Sachs Group, Inc. ("GS Group"). The
Reporting Person disclaims beneficial ownership of the securities reported
herein except to the extent of his pecuniary interest therein.
02: These Units were granted to and may be deemed to be beneficially owned
directly by GS Group. The 514 Units which were granted on April 5, 1999,
represent a pro rata distribution of director compensation for services rendered
during the first quarter of 1999 prior to February 10, 1999. 1,133 Units were
granted pursuant to the Starwood Hotels & Resorts 1995 Long-Term Incentive Plan
(Amended and Restated as of December 3, 1998). 1,133 Units were granted pursuant
to the Starwood Hotels & Resorts Worldwide, Inc., 1995 Long-Term Incentive Plan
(Amended and Restated as of December 3, 1998).
03: These options were granted pursuant to the Starwood Hotels & Resorts 1995
Long-Term Incentive Plan (Amended and Restated as of December 3, 1998) 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.
04: These options were granted pursuant to the Starwood Hotels & Resorts
Worldwide, Inc., 1995 Long-Term Incentive Plan (Amended and Restated as of
December 3, 1998) to a managing director of Goldman Sachs International, an
affiliate of GS Group, 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.
05: 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 (as amended and restated, the "Intercompany
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 Class B
shares of beneficial interest, par value $.01 per share (the "Class B Shares"),
of Starwood Trust, and shares of Common Stock, par value $.01 per share (the
"Corporation Shares"), of Starwood Corporation. The Class B Shares and the
Corporation Shares may be held and traded only in units consisting of one Class
B Share and one Corporation Share (the "Units").
The shares of Class A Exchangeable Preferred Stock ("Class A EPS") are
exchangeable for Units at any time, subject to the right of Starwood to deliver
cash in lieu of Units (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 Units, 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 Units,
subject to the right of Starwood to deliver cash in lieu of Units (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, Units having an equivalent value.
By: s/ Hans L. Reich May 10, 1999
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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.
