Starwood Hotels & Resorts Worldwide yesterday completed a securitization involving the issuance of $166 million of notes by SVO 2009-B VOI Mortgage Corp.

Starwood contributed approximately $200 million in timeshare mortgages with an 83% advance and note rate of 5.81%. Starwood expects that the securitization will result in a pre-tax gain of over $15 million. The notes have not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws.

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