Manhattan,New York Law Firm

of December 31, 2015, the company’s hotel business included 1,282 owned, managed or franchised hotels with approximately 362,300 rooms, comprising 32 hotels that the company owns or leases or in which the company has a majority equity interest; 608 hotels managed by the company on behalf of third-party owners (including entities in which the company has a minority equity interest); and 642 hotels for which the company receives franchise fees.

The company’s vacation ownership and residential business is a separate segment. The company franchises its Luxury Collection, Tribute Portfolio, Westin, Le Méridien, Sheraton, Four Points by Sheraton, Aloft and Element brands. The company develops, owns, and operates vacation ownership resorts; markets and sells the vacation ownership interests in the resorts; and in many cases, provides financing to customers who purchase such ownership interests. As of December 31, 2015, the company had 22 owned vacation ownership resorts in the United States, Mexico and the Bahamas, consisting of 14 stand-alone, 7 mixed-use and 1 unconsolidated joint venture. The company was selling vacation ownership interests at 19 sites in its portfolio, which includes Westin Nanea Ocean Villas that was not yet in operation.