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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): DECEMBER 21, 1999
COMMISSION FILE NUMBER: 1-7959
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
(Exact name of registrant as specified in its charter)
MARYLAND
(State or other jurisdiction of incorporation or organization)
52-1193298
(I.R.S. employer identification no.)
777 WESTCHESTER AVENUE
WHITE PLAINS, NEW YORK 10604
(Address of principal executive offices, including zip code)
(914) 640-8100
(Registrant's telephone number, including area code)
COMMISSION FILE NUMBER: 1-6828
STARWOOD HOTELS & RESORTS
(Exact name of registrant as specified in its organizational documents)
MARYLAND
(State or other jurisdiction of incorporation or organization)
52-0901263
(I.R.S. employer identification no.)
777 WESTCHESTER AVENUE
WHITE PLAINS, NEW YORK 10604
(Address of principal executive offices, including zip code)
(914) 640-8100
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
ITT Sheraton Corporation ("Sheraton"), a subsidary of Starwood Hotels &
Resorts Worldwide, Inc., is a defendant in certain litigation relating to
Sheraton's management of a hotel. The case is titled 2660 Woodley Road Joint
Venture v. ITT Sheraton Corporation, Civil Action No. 97-450-JJF (U.S.D.C., D.
Del.). On Friday, December 10, 1999, following trial, the jury returned a
verdict finding that Sheraton had violated its contractual obligations to the
hotel owner and awarded contractual damages totaling $10.738 million. The jury
also found for plaintiff on certain common law and other claims and awarded
compensatory and other damages of $1.85 million and punitive damages of $37.5
million. The jury found for Sheraton and rejected plaintiff's additional claims
that Sheraton had violated the Racketeer Influenced and Corrupt Organizations
Act, and that Sheraton had engaged in fraud. Sheraton believes that the jury's
determination against it on liability issues were erroneous as a matter of law,
and that the damage awards were excessive and not supported by the evidence.
Sheraton will seek to have the verdict set aside in the trial court and, if
necessary, appeal to the United States Court of Appeals.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
each Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
STARWOOD HOTELS & RESORTS STARWOOD HOTELS & RESORTS
WORLDWIDE, INC.
By: /s/ Jonathan H. Yellen By: /s/ Jonathan H. Yellen
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Name: Jonathan H. Yellen Name: Jonathan H. Yellen
Title: Assistant Secretary Title: Vice President,
Associate General Counsel and
Assistant Secretary
Dated: December 21, 1999
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