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Vasant M. Prabhu - Vice Chairman, Chief Financial Officer, Executive Vice President, Chief Financial Officer of Starwood Hotels & Resorts and Vice President of Starwood Hotels & Resorts
William A. Crow - Raymond James & Associates, Inc., Research Division
Carlo Santarelli - Deutsche Bank AG, Research Division
Robin M. Farley - UBS Investment Bank, Research Division
Charles Patrick Scholes - SunTrust Robinson Humphrey, Inc., Research Division
Joseph Greff - JP Morgan Chase & Co, Research Division
Steven E. Kent - Goldman Sachs Group Inc., Research Division
William C. Marks - JMP Securities LLC, Research Division
Shaun C. Kelley - BofA Merrill Lynch, Research Division
Ryan Meliker - McNicoll, Lewis & Vlak LLC, Research Division
Smedes Rose - Keefe, Bruyette, & Woods, Inc., Research Division
Joshua Attie - Citigroup Inc, Research Division
Good morning, and welcome to Starwood Hotels & Resorts Second Quarter 2012 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Mr. Stephen Pettibone, Vice President of Investor Relations. Sir, you may begin.
Thank you, Sylvia, and thanks to all of you for dialing in into Starwood's Second Quarter 2012 Earnings Call. Joining me today from Europe is Frits Van Paasschen, our CEO. And with me here at our headquarters in Stamford is Vasant Prabhu, our Vice Chairman and CFO.