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SECURITIES AND EXCHANGE COMMISSION


Washington, D.C. 20549





FORM 10-K


þ     Annual
Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934


For
the Fiscal Year Ended December 31, 2005


OR


o     Transition
Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934


For
the Transition Period
from  to


Commission File Number: 0-15097


WESTIN HOTELS LIMITED PARTNERSHIP




|                                                               |  |                                                     
|-------------------------------------------------------------- |  | ----------------------------------------------------
|Delaware                                                       |  | 91-1328985                                          
|(State or other jurisdiction of incorporation or organization) |  | (I.R.S. employer identification no.)                
|1111 Westchester Avenue
    White Plains, NY 10604             |  | 1-800-323-5888                                      
|(Address of principal executive offices, including zip code)   |  | (Registrants telephone number, including area code)

Securities Registered Pursuant to Section 12(b) of the
Act:


Securities Registered Pursuant to Section 12(g) of the
Act:








o þ


o þ


Note:


þ o


S-K 10-K 10-K. þ


12b-2


o o þ


12b-2 þ o














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TABLE OF CONTENTS


|             |  |                                                                                                                     |  |      |    | 
|------------ |  | ------------------------------------------------------------------------------------------------------------------- |  | ---- | -- | 
|             |  |                                                                                                                     |  | Page |   
|             |  |                                                                                                                     |  |      |   
|PART I      
|             |  | Forward-Looking Statements                                                                                          |  |      | 2  | 
|Item 1.      |  | Business                                                                                                            |  |      | 2  | 
|Item 1A.     |  | Risk Factors                                                                                                        |  |      | 5  | 
|Item 2.      |  | Property                                                                                                            |  |      | 5  | 
|Item 3.      |  | Legal Proceedings                                                                                                   |  |      | 6  | 
|Item 4.      |  | Submission of Matters to a Vote of Security
    Holders                                                             |  |      | 7  | 
|            
|PART II     
|Item 5.      |  | Market for Registrants Common Equity,
    Related Unitholder Matters and Issuer Purchases of Equity
    Securities |  |      | 7  | 
|Item 6.      |  | Selected Financial Data                                                                                             |  |      | 9  | 
|Item 7.      |  | Managements Discussion and Analysis
    of Financial Condition and Results of Operations                           |  |      | 9  | 
|Item 7A.     |  | Quantitative and Qualitative Disclosures
    about Market Risk                                                      |  |      | 11 | 
|Item 8.      |  | Financial Statements and Supplementary
    Data                                                                     |  |      | 12 | 
|Item 9.      |  | Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure                            |  |      | 26 | 
|Item 9A.     |  | Controls and Procedures                                                                                             |  |      | 26 | 
|Item 9B.     |  | Other Information                                                                                                   |  |      | 26 | 
|            
|PART III    
|Item 10.     |  | Directors and Executive Officers of the
    Registrant                                                              |  |      | 26 | 
|Item 11.     |  | Executive Compensation                                                                                              |  |      | 27 | 
|Item 12.     |  | Security Ownership of Certain Beneficial
    Owners and Management and Related Unitholders Matters                  |  |      | 28 | 
|Item 13.     |  | Certain Relationships and Related
    Transactions                                                                  |  |      | 28 | 
|Item 14.     |  | Principal Accountant Fees and Services                                                                              |  |      | 28 | 
|            
|PART IV     
|Item 15.     |  | Exhibits, Financial Statement Schedules                                                                             |  |      | 29 | 
|Exhibit 31.1
|Exhibit 31.2
|Exhibit 32.1
|Exhibit 32.2



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PART I





Forward-Looking Statements









|        |          
|------- | ---------
|Item 1. | Business.

General Development of Business






Financial Information about Industry Segments




Description of Business




2



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® ® ® ® ® ®




Competitive Conditions






Mortgage Loans




Insurance






Environmental Matters




3



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Sale of the Michigan Avenue












4



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Where You Can Find More Information


http://www.sec.gov http://www.starwood.com/corporate/investorrelations.html 1-800







|         |              
|-------- | -------------
|Item 1A. | Risk Factors.

Risks Relating to Satisfaction of Liabilities




Risks Relating to Timing of Dissolution and Liquidation of
Partnership









|        |          
|------- | ---------
|Item 2. | Property.



5



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|        |                   
|------- | ------------------
|Item 3. | Legal Proceedings.













6



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|        |                                                         
|------- | --------------------------------------------------------
|Item 4. | Submission of Matters to a Vote of Security
    Holders.






PART II







|        |                                                                                                                     
|------- | --------------------------------------------------------------------------------------------------------------------
|Item 5. | Market for Registrants Common Equity, Related
    Unitholder Matters and Issuer Purchases of Equity
    Securities.





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|                                         |  |                  |        |  |                   |   |                   | 
|---------------------------------------- |  | ---------------- | ------ |  | ----------------- | - | ----------------- | 
|                                         |  | Average Per Unit |        |  | Range of Per Unit |  
|                                         |  | Sales Price(1)   |        |  | Sales Price(1)    |  
|                                         |  |                  |        |  |                   |  
|2004                                     |  |                  |        |  |                   |   |                   | 
|54,182 Units (through December 31, 2004) |  | $                | 746.19 |  |                   | $ | 425.00 to $802.50 | 
|2005                                     |  |                  |        |  |                   |   |                   | 
|1,383 Units (through December 31, 2005)  |  | $                | 697.78 |  |                   | $ | 600.00 to $802.50 | 
|2006                                     |  |                  |        |  |                   |   |                   | 
|0 Units (through March 20, 2006)         |  |                  |       |  |                   |   |                  | 






|    |                                                                                                                                                                                                                                                                                                                  
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | The per Unit sales price is the actual contracted price agreed
    upon by the respective limited partner and new purchaser. This
    balance does not reflect any reductions in the sales price due
    to subsequent distributions made to the limited partners, as
    specified by some of the tender offers.





|             |  |               |        |    
|------------ |  | ------------- | ------ | ---
|             |  | Distributions |       
|             |  | per Unit      |       
|             |  |               |       
|2005         |  |               |        |    
|February 25  |  | $             | 800.00 | (1)
|2004         |  |               |        |    
|March 15     |  | $             | 6.72   |    
|June 14      |  | $             | 6.72   |    
|September 13 |  | $             | 6.72   |    
|December 14  |  | $             | 6.72   |    
|2003         |  |               |        |    
|March 16     |  | $             | 6.72   |    
|June 10      |  | $             | 6.72   |    
|September 12 |  | $             | 6.72   |    
|December 15  |  | $             | 6.72   |    






|    |                                                                                                                                                                                 
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Represents the distribution of the proceeds from the sale of the
    Michigan Avenue to JER Acquisitions and certain cash reserves
    the Partnership had on hand at that time.

1-800 -323-5888.


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|        |                         
|------- | ------------------------
|Item 6. | Selected Financial Data.



|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |         |        |  |   |         |        | 
|---------------------------------------------------------- | ------------------------------------- | --------------------------------------- | ------ | ----- | ---- | - | ------ | ------ |  | - | ------ | ------ |  | ---- | ------- | ------ |  | - | ------- | ------ | 
|                                                           |                                       | Year Ended December 31,                 |       
|                                                           |                                       |                                         |       
|                                                           |                                       | 2005                                    |        |       | 2004 |   |        | 2003   |  |   | 2002   |        |  | 2001 |        
|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |        
|                                                           |                                       | (In thousands, except per Unit amounts) |       
|Operating revenues:                                        |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |         |        |  |   |         |       
|                                                           | Rooms                                 |                                         | $      | 1,122 |      |   | $      | 32,779 |  |   | $      | 31,637 |  |      | $       | 28,943 |  |   | $       | 30,188 | 
|                                                           | Food and beverage                     |                                         |        | 200   |      |   |        | 9,824  |  |   |        | 9,804  |  |      |         | 8,160  |  |   |         | 7,610  | 
|                                                           | Other operating departments           |                                         |        | 334   |      |   |        | 3,890  |  |   |        | 3,721  |  |      |         | 3,615  |  |   |         | 4,117  | 
|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |        
|Total operating revenues                                   |                                       |                                         | 1,656  |       |      |   | 46,493 |        |  |   | 45,162 |        |  |      | 40,718  |        |  |   | 41,915  |       
|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |        
|Operating expenses:                                        |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |         |        |  |   |         |       
|                                                           | Rooms                                 |                                         |        | 573   |      |   |        | 7,762  |  |   |        | 7,374  |  |      |         | 6,745  |  |   |         | 7,136  | 
|                                                           | Food and beverage                     |                                         |        | 401   |      |   |        | 7,244  |  |   |        | 6,983  |  |      |         | 6,453  |  |   |         | 6,264  | 
|                                                           | Administrative, general and marketing |                                         |        | 9,229 |      |   |        | 8,847  |  |   |        | 7,403  |  |      |         | 6,269  |  |   |         | 5,845  | 
|                                                           | Management fees                       |                                         |        | 270   |      |   |        | 4,455  |  |   |        | 4,716  |  |      |         | 4,126  |  |   |         | 3,974  | 
|                                                           | Depreciation                          |                                         |        |      |      |   |        | 6,494  |  |   |        | 7,572  |  |      |         | 8,555  |  |   |         | 8,124  | 
|                                                           | Other                                 |                                         |        | 528   |      |   |        | 7,151  |  |   |        | 6,994  |  |      |         | 4,544  |  |   |         | 7,635  | 
|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |        
|Total operating expenses                                   |                                       |                                         | 11,001 |       |      |   | 41,953 |        |  |   | 41,042 |        |  |      | 36,692  |        |  |   | 38,978  |       
|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |        
|Operating profit (loss)                                    |                                       | $                                       | (9,345 | )     |      | $ | 4,540  |        |  | $ | 4,120  |        |  | $    | 4,026   |        |  | $ | 2,937   |       
|                                                           |                                       |                                         |        |       |      |   |        |        |  |   |        |        |  |      |        
|Net income                                                 |                                       | $                                       | 71,086 |       |      | $ | 2,959  |        |  | $ | 1,952  |        |  | $    | 1,383   |        |  | $ | 559     |       
|Net income per Unit                                        |                                       | $                                       | 524.23 |       |      | $ | 21.82  |        |  | $ | 14.40  |        |  | $    | 10.20   |        |  | $ | 4.12    |       
|Total assets                                               |                                       | $                                       | 9,578  |       |      | $ | 95,763 |        |  | $ | 92,056 |        |  | $    | 104,233 |        |  | $ | 106,585 |       
|Long-term obligations, net of current portion              |                                       | $                                       |       |       |      | $ | 27,718 |        |  | $ | 28,921 |        |  | $    | 40,390  |        |  | $ | 40,461  |       
|Deferred incentive management fees, net of current portion |                                       | $                                       |       |       |      | $ | 12,791 |        |  | $ | 9,964  |        |  | $    | 6,829   |        |  | $ | 7,544   |       
|Distributions paid per Unit                                |                                       | $                                       | 800.00 |       |      | $ | 26.88  |        |  | $ | 26.88  |        |  | $    | 26.88   |        |  | $ | 26.88   |       






|        |                                                                                           
|------- | ------------------------------------------------------------------------------------------
|Item 7. | Managements Discussion and Analysis of Financial
    Condition and Results of Operations.

General




Results of Operations






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Revenue Recognition




2005 Compared with 2004






2004 Compared with 2003




|                                              |                   |              |        |       |      |   |        |       |  
|--------------------------------------------- | ----------------- | ------------ | ------ | ----- | ---- | - | ------ | ----- | -
|                                              |                   | Year Ended   |       
|                                              |                   | December 31, |       
|                                              |                   |              |       
|                                              |                   | 2004         |        |       | 2003 |  
|                                              |                   |              |        |       |      |  
|REVPAR (revenue per available
    room)(1)    |                   | $            | 119.25 |       |      | $ | 115.41 |      
|Total revenue (in thousands)                  |                   | $            | 46,493 |       |      | $ | 45,162 |      
|Operating profit (in
    thousands)(2)        |                   | $            | 7,552  |       |      | $ | 6,021  |      
|Operating profit as a percentage of revenues: |                   |              |        |       |      |   |        |      
|                                              | Rooms             |              |        | 76.32 | %    |   |        | 76.69 | %
|                                              | Food and beverage |              |        | 26.26 | %    |   |        | 28.77 | %






|    |                                                                                                                                                                                                                                                                                                                                                                                                              
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | REVPAR is calculated by dividing room revenue which is derived
    from rooms and suites rented or leased, by total room nights
    available for a given period. We consider REVPAR to be a leading
    indicator for the performance of the Hotel since REVPAR measures
    the period-over-period growth in rooms revenue. REVPAR may not
    be comparable to similarly titled measures such as revenues.
|   
|(2) | Represents the operating profit of the Westin Michigan Avenue
    which represents the majority of the results of the Partnership.                                                                                                                                                                                                                                                                           





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Liquidity and Capital Resources













|         |                                                                
|-------- | ---------------------------------------------------------------
|Item 7A. | Quantitative and Qualitative Disclosures about Market
    Risk.



11



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|        |                                             
|------- | --------------------------------------------
|Item 8. | Financial Statements and Supplementary Data.



|                                                            |  |      |    | 
|----------------------------------------------------------- |  | ---- | -- | 
|Document                                                    |  | Page |   
|                                                            |  |      |   
|Report of Independent Registered Public
    Accounting Firm |  |      | 13 | 
|Consolidated Balance Sheets                                 |  |      | 14 | 
|Consolidated Statements of Income                           |  |      | 15 | 
|Consolidated Statements of Partners
    Capital (Deficit)  |  |      | 16 | 
|Consolidated Statements of Cash Flows                       |  |      | 17 | 
|Notes to Consolidated Financial
    Statements              |  |      | 18 | 



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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM












| |                  
| | -----------------
| | ERNST & YOUNG LLP





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WESTIN HOTELS LIMITED PARTNERSHIP





CONSOLIDATED BALANCE SHEETS


(In thousands, except Units)


|                                                              |                                                                                |                                |                        |       |              |   |         |        |        |       | 
|------------------------------------------------------------- | ------------------------------------------------------------------------------ | ------------------------------ | ---------------------- | ----- | ------------ | - | ------- | ------ | ------ | ----- | 
|                                                              |                                                                                | December 31,                   |                        |       | December 31, |  
|                                                              |                                                                                | 2005                           |                        |       | 2004         |  
|                                                              |                                                                                |                                |                        |       |              |  
|ASSETS                                                       
|Current assets:                                               |                                                                                |                                |                        |       |              |   |         |       
|                                                              | Cash and cash equivalents, including restricted cash of $0 and
    $2,666      |                                | $                      | 9,578 |              |   | $       | 37,795 |       
|                                                              | Accounts receivable, net of allowance for doubtful accounts of
    $25 and $23 |                                |                        |      |              |   |         | 2,773  |       
|                                                              | Inventories                                                                    |                                |                        |      |              |   |         | 221    |       
|                                                              | Prepaid expenses and other current assets                                      |                                |                        |      |              |   |         | 934    |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                | Total current assets           |                        |       | 9,578        |   |         |        | 41,723 |      
|                                                              |                                                                                |                                |                        |       |              |  
|Property and equipment, at cost:                              |                                                                                |                                |                        |       |              |   |         |       
|                                                              | Buildings and improvements                                                     |                                |                        |      |              |   |         | 56,559 |       
|                                                              | Furniture, fixtures and equipment                                              |                                |                        |      |              |   |         | 65,103 |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                |                                |                       |       |              |   | 121,662 |       
|                                                              | Less accumulated depreciation                                                  |                                |                        |      |              |   |         | 80,655 |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                |                                |                       |       |              |   | 41,007  |       
|                                                              | Land                                                                           |                                |                        |      |              |   |         | 8,835  |       
|                                                              |                                                                                |                                |                        |       |              |  
|Land, property and equipment, net                             |                                                                                |                                |                       |       |              |   | 49,842  |       
|                                                              |                                                                                |                                |                        |       |              |  
|Other assets, including restricted cash of $0 and $3,916      |                                                                                |                                |                       |       |              |   | 4,198   |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                | $                              | 9,578                  |       |              | $ | 95,763  |       
|                                                              |                                                                                |                                |                        |       |              |  
|LIABILITIES AND PARTNERS CAPITAL (DEFICIT)                  
|Current liabilities:                                          |                                                                                |                                |                        |       |              |   |         |       
|                                                              | Accounts payable                                                              |                                |                        |       |              |   |         |        |       
|                                                              |                                                                                | Trade and other                |                        | $     |             |   |         | $      | 662    |      
|                                                              |                                                                                | General Partner and affiliates |                        |       |             |   |         |        | 3,253  |      
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                |                                | Total accounts payable |       |              |  |         |        |        | 3,915 | 
|                                                              | Current maturities of long-term obligations                                    |                                |                        |      |              |   |         | 1,584  |       
|                                                              | Accrued expenses                                                               |                                |                        | 2,574 |              |   |         | 5,747  |       
|                                                              | Other current liabilities                                                      |                                |                        |      |              |   |         | 417    |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                | Total current liabilities      |                        |       | 2,574        |   |         |        | 11,663 |      
|Long-term obligations                                         |                                                                                |                                |                       |       |              |   | 16,163  |       
|Long-term obligation to General Partner                       |                                                                                |                                |                       |       |              |   | 11,555  |       
|Deferred incentive management fees payable to General Partner |                                                                                |                                |                       |       |              |   | 12,791  |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                | Total liabilities              |                        |       | 2,574        |   |         |        | 52,172 |      
|                                                              |                                                                                |                                |                        |       |              |  
|Minority interests                                            |                                                                                |                                | 5,488                  |       |              |   | 4,681   |       
|                                                              |                                                                                |                                |                        |       |              |  
|Commitments and contingencies                                 |                                                                                |                                |                        |       |              |   |         |       
|Partners capital (deficit):                                  |                                                                                |                                |                        |       |              |   |         |       
|                                                              | General Partner                                                                |                                |                        | (457  | )            |   |         | (1,168 | )     
|                                                              | Limited Partners (135,600 Units issued and outstanding)                        |                                |                        | 1,973 |              |   |         | 40,078 |       
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                | Total Partners capital        |                        |       | 1,516        |   |         |        | 38,910 |      
|                                                              |                                                                                |                                |                        |       |              |  
|                                                              |                                                                                | $                              | 9,578                  |       |              | $ | 95,763  |       
|                                                              |                                                                                |                                |                        |       |              |  



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WESTIN HOTELS LIMITED PARTNERSHIP





CONSOLIDATED STATEMENTS OF INCOME


(In thousands, except Unit data)


|                                                                             |                                    |                         |        |       |      |   |        |        |  |   |        |        | 
|---------------------------------------------------------------------------- | ---------------------------------- | ----------------------- | ------ | ----- | ---- | - | ------ | ------ |  | - | ------ | ------ | 
|                                                                             |                                    | Year Ended December 31, |       
|                                                                             |                                    |                         |       
|                                                                             |                                    | 2005                    |        |       | 2004 |   |        | 2003   | 
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Operating revenues:                                                          |                                    |                         |        |       |      |   |        |        |  |   |        |       
|                                                                             | Rooms                              |                         | $      | 1,122 |      |   | $      | 32,779 |  |   | $      | 31,637 | 
|                                                                             | Food and beverage                  |                         |        | 200   |      |   |        | 9,824  |  |   |        | 9,804  | 
|                                                                             | Other operating departments        |                         |        | 334   |      |   |        | 3,890  |  |   |        | 3,721  | 
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Total operating revenues                                                     |                                    |                         | 1,656  |       |      |   | 46,493 |        |  |   | 45,162 |       
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Operating expenses:                                                          |                                    |                         |        |       |      |   |        |        |  |   |        |       
|                                                                             | Rooms                              |                         |        | 573   |      |   |        | 7,762  |  |   |        | 7,374  | 
|                                                                             | Food and beverage                  |                         |        | 401   |      |   |        | 7,244  |  |   |        | 6,983  | 
|                                                                             | Other operating departments        |                         |        | 41    |      |   |        | 659    |  |   |        | 694    | 
|                                                                             | Administrative and general         |                         |        | 9,092 |      |   |        | 5,883  |  |   |        | 4,705  | 
|                                                                             | Related party management fees      |                         |        | 270   |      |   |        | 4,455  |  |   |        | 4,716  | 
|                                                                             | Advertising and business promotion |                         |        | 137   |      |   |        | 2,964  |  |   |        | 2,698  | 
|                                                                             | Property maintenance and energy    |                         |        | 216   |      |   |        | 3,056  |  |   |        | 2,884  | 
|                                                                             | Local taxes, insurance and rent    |                         |        | 271   |      |   |        | 3,436  |  |   |        | 3,416  | 
|                                                                             | Depreciation                       |                         |        |      |      |   |        | 6,494  |  |   |        | 7,572  | 
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Total operating expenses                                                     |                                    |                         | 11,001 |       |      |   | 41,953 |        |  |   | 41,042 |       
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Operating profit (loss)                                                      |                                    |                         | (9,345 | )     |      |   | 4,540  |        |  |   | 4,120  |       
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Interest income (expense), net of interest income of $682, $411
    and $276 |                                    |                         | 630    |       |      |   | (1,485 | )      |  |   | (2,094 | )     
|Gain on the sale of Michigan Avenue                                          |                                    |                         | 80,608 |       |      |   |       |        |  |   |       |       
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Income before minority interests                                             |                                    |                         | 71,893 |       |      |   | 3,055  |        |  |   | 2,026  |       
|Minority interests in net income                                             |                                    |                         | (807   | )     |      |   | (96    | )      |  |   | (74    | )     
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Net income                                                                   |                                    | $                       | 71,086 |       |      | $ | 2,959  |        |  | $ | 1,952  |       
|                                                                             |                                    |                         |        |       |      |   |        |        | 
|Net income per Unit (135,600 Units issued and outstanding)                   |                                    | $                       | 524.23 |       |      | $ | 21.82  |        |  | $ | 14.40  |       
|                                                                             |                                    |                         |        |       |      |   |        |        | 



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WESTIN HOTELS LIMITED PARTNERSHIP





CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL
(DEFICIT)


(In thousands)


|                             |                    |         |        |      |          |   |        |          |   |   |        |          |  
|---------------------------- | ------------------ | ------- | ------ | ---- | -------- | - | ------ | -------- | - | - | ------ | -------- | -
|                             |                    | General |        |      | Limited  |   |        |         
|                             |                    | Partner |        |      | Partners |   |        | Total    |  
|                             |                    |         |        |      |          |   |        |          |  
|Balance at December 31, 2002 |                    | $       | (747   | )    |          | $ | 42,036 |          |   | $ | 41,289 |         
|                             | Cash distributions |         |        |     |          |   |        | (3,645   | ) |   |        | (3,645   | )
|                             | Net income (loss)  |         |        | (250 | )        |   |        | 2,202    |   |   |        | 1,952    |  
|                             |                    |         |        |      |          |   |        |          |  
|Balance at December 31, 2003 |                    |         | (997   | )    |          |   | 40,593 |          |   |   | 39,596 |         
|                             | Cash distributions |         |        |     |          |   |        | (3,645   | ) |   |        | (3,645   | )
|                             | Net income (loss)  |         |        | (171 | )        |   |        | 3,130    |   |   |        | 2,959    |  
|                             |                    |         |        |      |          |   |        |          |  
|Balance at December 31, 2004 |                    |         | (1,168 | )    |          |   | 40,078 |          |   |   | 38,910 |         
|                             | Cash distributions |         |        |     |          |   |        | (108,480 | ) |   |        | (108,480 | )
|                             | Net income         |         |        | 711  |          |   |        | 70,375   |   |   |        | 71,086   |  
|                             |                    |         |        |      |          |   |        |          |  
|Balance at December 31, 2005 |                    | $       | (457   | )    |          | $ | 1,973  |          |   | $ | 1,516  |         
|                             |                    |         |        |      |          |   |        |          |  



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WESTIN HOTELS LIMITED PARTNERSHIP





CONSOLIDATED STATEMENTS OF CASH FLOWS


(In thousands)


|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |       |         |  
|------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | --------------------------------------------------- | -------- | ------- | -------- | - | ------ | ----- | ------ | - | ------- | ----- | ------- | -
|                                                                                      |                                                                          | Year Ended December 31,                             |         
|                                                                                      |                                                                          |                                                     |         
|                                                                                      |                                                                          | 2005                                                |          |         | 2004     |   |        | 2003  |       
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|Operating Activities                                                                  |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |      
|Net income                                                                            |                                                                          | $                                                   | 71,086   |         |          | $ | 2,959  |       |        | $ | 1,952   |      
|Adjustments to reconcile net income to net cash provided by
    operating activities: |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |      
|                                                                                      | Gain on the sale of Michigan Avenue                                      |                                                     |          | (80,608 | )        |   |        |      |        |   |         |      |        
|                                                                                      | Depreciation                                                             |                                                     |          |        |          |   |        | 6,494 |        |   |         | 7,572 |        
|                                                                                      | Amortization of deferred loan fees                                       |                                                     |          |        |          |   |        | 9     |        |   |         | 9     |        
|                                                                                      | Interest expense on long-term obligation to General Partner              |                                                     |          | 51      |          |   |        | 605   |        |   |         | 546   |        
|                                                                                      | Minority interests in net income                                         |                                                     |          | 807     |          |   |        | 96    |        |   |         | 74    |        
|                                                                                      | Other adjustments to net income                                          |                                                     |          | 411     |          |   |        |      |        |   |         |      |        
|Increase (decrease) in cash resulting from changes in:                                |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |      
|                                                                                      | Accounts receivable                                                      |                                                     |          | 1,775   |          |   |        | (194  | )      |   |         | (261  | )      
|                                                                                      | Inventories                                                              |                                                     |          | 15      |          |   |        | 17    |        |   |         | (5    | )      
|                                                                                      | Prepaid expenses and other current assets                                |                                                     |          | 175     |          |   |        | (614  | )      |   |         | 90    |        
|                                                                                      | Trade and other accounts payable                                         |                                                     |          | (545    | )        |   |        | 169   |        |   |         | 90    |        
|                                                                                      | Deferred incentive management fees to General Partner and
    affiliates |                                                     |          | (12,614 | )        |   |        | 5,247 |        |   |         | 171   |        
|                                                                                      | Accrued expenses and other current liabilities                           |                                                     |          | (2,856  | )        |   |        | (85   | )      |   |         | (122  | )      
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|                                                                                      |                                                                          | Net cash provided by (used in) operating activities |          |         | (22,303  | ) |        |       | 14,703 |   |         |       | 10,116  |  
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|Investing Activities                                                                  |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |      
|Additions to property and equipment                                                   |                                                                          |                                                     | (545     | )       |          |   | (2,738 | )     |        |   | (1,052  | )    
|Proceeds from the sale of Michigan Avenue                                             |                                                                          |                                                     | 128,452  |         |          |   |       |       |        |   |        |      
|Decrease (increase) in long-term restricted cash                                      |                                                                          |                                                     | 3,908    |         |          |   | (2,292 | )     |        |   | (102    | )    
|Decrease in other assets                                                              |                                                                          |                                                     | 2        |         |          |   | 48     |       |        |   | 48      |      
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|                                                                                      |                                                                          | Net cash provided by (used in) investing activities |          |         | 131,817  |   |        |       | (4,982 | ) |         |       | (1,106  | )
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|Financing Activities                                                                  |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |      
|Cash distributions                                                                    |                                                                          |                                                     | (108,480 | )       |          |   | (3,645 | )     |        |   | (3,645  | )    
|Repayment of long-term obligations                                                    |                                                                          |                                                     | (29,251  | )       |          |   | (1,639 | )     |        |   | (11,243 | )    
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|                                                                                      |                                                                          | Net cash used in financing activities               |          |         | (137,731 | ) |        |       | (5,284 | ) |         |       | (14,888 | )
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|Net increase (decrease) in cash and cash equivalents                                  |                                                                          |                                                     | (28,217  | )       |          |   | 4,437  |       |        |   | (5,878  | )    
|Cash and cash equivalents  beginning of period                                       |                                                                          |                                                     | 37,795   |         |          |   | 33,358 |       |        |   | 39,236  |      
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|Cash and cash equivalents  end of period                                             |                                                                          | $                                                   | 9,578    |         |          | $ | 37,795 |       |        | $ | 33,358  |      
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       
|Supplemental Disclosures of Cash Flow Information                                     |                                                                          |                                                     |          |         |          |   |        |       |        |   |         |      
|Cash paid during the year for interest                                                |                                                                          | $                                                   | 6,606    |         |          | $ | 1,684  |       |        | $ | 1,850   |      
|                                                                                      |                                                                          |                                                     |          |         |          |   |        |       |       



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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS







|        |                                           
|------- | ------------------------------------------
|Note 1. | Summary of Significant Accounting Policies

Basis of Presentation.


Use of Estimates.


Cash and Cash Equivalents and Restricted Cash.


Inventories.


Property and Equipment.


|                                  |  |                           
|--------------------------------- |  | --------------------------
|Buildings                         |  | 40 years                  
|Building improvements             |  | Remaining life of building
|Furniture, fixtures and equipment |  | 3 to 12 years             





Revenue Recognition.


Income Taxes.


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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


Concentration of Credit Risk.


Impact of Recently Issued Accounting Standards.


Note 2.     Organization












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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)






|        |                            
|------- | ---------------------------
|Note 3. | Sale of the Michigan Avenue



Note 4.     Accrued Expenses




|                                           |       |      |       |       |      |   |       |       | 
|------------------------------------------ | ----- | ---- | ----- | ----- | ---- | - | ----- | ----- | 
|                                           |       | 2005 |       |       | 2004 |  
|                                           |       |      |       |       |      |  
|Salaries, wages and other related benefits |       | $    |      |       |      | $ | 897   |      
|Property and other taxes                   |       |      | 1,150 |       |      |   | 3,565 |      
|Other                                      |       |      | 1,424 |       |      |   | 1,285 |      
|                                           |       |      |       |       |      |  
|                                           | Total |      | $     | 2,574 |      |   | $     | 5,747 | 
|                                           |       |      |       |       |      |  

Note 5.     Long-Term
Obligations




|                                                                                                                         |       |      |        |        | 
|------------------------------------------------------------------------------------------------------------------------ | ----- | ---- | ------ | ------ | 
|                                                                                                                         |       | 2004 |       
|                                                                                                                         |       |      |       
|Mortgage loans bearing effective interest at 8.06%                                                                       |       | $    | 17,747 |       
|Less current maturities                                                                                                  |       |      | (1,584 | )     
|                                                                                                                         |       |      |       
|                                                                                                                         | Total |      |        | 16,163 | 
|                                                                                                                         |       |      |       
|Note payable to the General Partner, bearing interest at prime
    plus 1%
    (5.25% at December 31, 2004) (see Note 9) |       | $    | 11,555 |       
|                                                                                                                         |       |      |       







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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


25-year






Note 6.     Employee Benefit
Plan




Note 7.     Operating Leases








Note 8.     Commitments and
Contingencies






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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








19-30,








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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)




Note 9.     Related Party
Transactions
















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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)


















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WESTIN HOTELS LIMITED PARTNERSHIP


NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS  (Continued)








|         |                                                
|-------- | -----------------------------------------------
|Note 10. | Summarized Quarterly Financial Data (Unaudited)



|                                           |  |                                         |        |   |        |   |        |       |  |   |        |   |  |       |        |   |  |   |        |  
|------------------------------------------ |  | --------------------------------------- | ------ | - | ------ | - | ------ | ----- |  | - | ------ | - |  | ----- | ------ | - |  | - | ------ | -
|                                           |  | First                                   |        |   | Second |   |        | Third |  |   | Fourth |   |  | Total |       
|                                           |  |                                         |        |   |        |   |        |       |  |   |        |   |  |       |       
|                                           |  | (In thousands, except per Unit amounts) |       
|2005                                       |  |                                         |        |   |        |   |        |       |  |   |        |   |  |       |        |   |  |   |        |  
|Operating revenues                         |  | $                                       | 1,656  |   |        | $ |       |       |  | $ |       |   |  | $     |       |   |  | $ | 1,656  |  
|Operating profit (loss)                    |  | $                                       | (2,287 | ) |        | $ | (745   | )     |  | $ | (3,978 | ) |  | $     | (2,335 | ) |  | $ | (9,345 | )
|Gain (loss) on the sale of Michigan Avenue |  | $                                       | 81,654 |   |        | $ | 76     |       |  | $ | 28     |   |  | $     | (1,150 | ) |  | $ | 80,608 |  
|Net income (loss)                          |  | $                                       | 78,826 |   |        | $ | (537   | )     |  | $ | (3,748 | ) |  | $     | (3,455 | ) |  | $ | 71,086 |  
|Net income (loss) per Unit                 |  | $                                       | 581.31 |   |        | $ | (3.96  | )     |  | $ | (27.64 | ) |  | $     | (25.48 | ) |  | $ | 524.23 |  
|2004                                       |  |                                         |        |   |        |   |        |       |  |   |        |   |  |       |        |   |  |   |        |  
|Operating revenues                         |  | $                                       | 7,136  |   |        | $ | 13,554 |       |  | $ | 13,108 |   |  | $     | 12,695 |   |  | $ | 46,493 |  
|Operating profit (loss)                    |  | $                                       | (1,779 | ) |        | $ | 3,001  |       |  | $ | 2,905  |   |  | $     | 413    |   |  | $ | 4,540  |  
|Net income (loss)                          |  | $                                       | (2,234 | ) |        | $ | 2,537  |       |  | $ | 2,448  |   |  | $     | 208    |   |  | $ | 2,959  |  
|Net income (loss) per Unit                 |  | $                                       | (16.47 | ) |        | $ | 18.70  |       |  | $ | 18.06  |   |  | $     | 1.53   |   |  | $ | 21.82  |  

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|        |                                                                                          
|------- | -----------------------------------------------------------------------------------------
|Item 9. | Changes in and Disagreements with Accountants on
    Accounting and Financial Disclosure.








|         |                         
|-------- | ------------------------
|Item 9A. | Controls and Procedures.








|         |                   
|-------- | ------------------
|Item 9B. | Other Information.






PART III







|         |                                                    
|-------- | ---------------------------------------------------
|Item 10. | Directors and Executive Officers of the Registrant.





|                    |  |     |    |  |       |                                                               
|------------------- |  | --- | -- |  | ----- | --------------------------------------------------------------
|Name                |  | Age |    |  | Title
|                    |  |     |    |  |      
|Theodore W. Darnall |  |     | 48 |  |       | President, Assistant Secretary and Principal Executive Officer
|Alan M. Schnaid     |  |     | 39 |  |       | Vice President, Principal Accounting Officer and Director     
|Tom Smith           |  |     | 54 |  |       | Director                                                      









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|                    |  |     |    |  |       |                                                               
|------------------- |  | --- | -- |  | ----- | --------------------------------------------------------------
|Name                |  | Age |    |  | Title
|                    |  |     |    |  |      
|Theodore W. Darnall |  |     | 48 |  |       | President, Assistant Secretary and Principal Executive Officer
|Alan M. Schnaid     |  |     | 39 |  |       | Vice President, Principal Accounting Officer and Director     
|Tom Smith           |  |     | 54 |  |       | Director                                                      

Corporate Governance




http://www.starwood.com/corporate/investorrelations.html. 1-800







|         |                        
|-------- | -----------------------
|Item 11. | Executive Compensation.



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|         |                                                                                                    
|-------- | ---------------------------------------------------------------------------------------------------
|Item 12. | Security Ownership of Certain Beneficial Owners and
    Management and Related Unitholders Matters.



|                                                                                                                                                                        |                                                         |            |        |  |          |  |       |   | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------- | ---------- | ------ |  | -------- |  | ----- | - | 
|                                                                                                                                                                        |                                                         | Amount of  |        |  |         
|                                                                                                                                                                        |                                                         | Beneficial |        |  | Percent  | 
|Name and Address of Beneficial Owner                                                                                                                                    |                                                         | Ownership  |        |  | of Class | 
|                                                                                                                                                                        |                                                         |            |        |  |          | 
|5% Unitholders                                                                                                                                                          |                                                         |            |        |  |          |  |       |  
|Kalmia Investors, LLC, Smithtown Bay, LLC, Merced Partners
    Limited Partnership, Global Capital Management, Inc., Michael J.
    Frey and John D.
    Brandenborg(1) |                                                         |            | 38,505 |  |          |  | 28.4  | %
|                                                                                                                                                                        | 601 Carlson Parkway, Suite 200
    Minnetonka, MN 55304 |            |        |  |          |  |       |   | 
|WHLP Acquisition LLC and Starwood Hotels & Resorts
    Worldwide,
    Inc.(2)                                                                                           |                                                         |            | 33,838 |  |          |  | 24.95 | %
|                                                                                                                                                                        | 1111 Westchester Avenue
    White Plains, NY 10604      |            |        |  |          |  |       |   | 






|    |                                                                                                                        
|--- | -----------------------------------------------------------------------------------------------------------------------
|(1) | Based on information contained in a Form 4 dated
    June 1, 2004, filed with respect to the Partnership.              
|   
|(2) | Based on information contained in a Schedule 13D/ A, dated
    October 18, 2004, filed with respect to the Partnership.






|         |                                                
|-------- | -----------------------------------------------
|Item 13. | Certain Relationships and Related Transactions.








|         |                                        
|-------- | ---------------------------------------
|Item 14. | Principal Accountant Fees and Services.

Summary of Auditors Fees for 2005 and 2004


Audit Fees.


Audit-Related Fees.


Tax Fees.


All Other Fees.


Pre-Approval Policies and Procedures




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##### Table of Contents






PART IV







|         |                                         
|-------- | ----------------------------------------
|Item 15. | Exhibits, Financial Statement Schedules.



|    |                         
|--- | ------------------------
|(a) | 1. Financial Statements.



|                                                        |  |      |    | 
|------------------------------------------------------- |  | ---- | -- | 
|Document                                                |  | Page |   
|                                                        |  |      |   
|Report of Independent Registered Public Accounting Firm |  |      | 13 | 
|Consolidated Balance Sheets                             |  |      | 14 | 
|Consolidated Statements of Income                       |  |      | 15 | 
|Consolidated Statements of Partners Capital (Deficit)  |  |      | 16 | 
|Consolidated Statements of Cash Flows                   |  |      | 17 | 
|Notes to Consolidated Financial Statements              |  |      | 18 | 



|    |                                          
|--- | -----------------------------------------
|(a) | 2.     Financial Statement
    Schedules.





|    |                 
|--- | ----------------
|(a) | 3.     Exhibits.

| |  |     |  |                                                                                  |  |                                                                                                                                                        
| |  | --- |  | -------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------
| |  | 2.  |  | Plan of acquisition, reorganization, arrangement, liquidation or
    succession.
| |  |     |  | 2.1                                                                              |  | Purchase and Sale Agreement, dated as of October 18, 2004,
    between The Westin Chicago Limited Partnership and JER
    Acquisitions III,
    LLC.(1)
| |  | 4.  |  | Instruments defining the rights of security holders.                            
| |  |     |  | 4.1                                                                              |  | Amended and Restated Agreement of Limited Partnership of Westin
    Hotels Limited
    Partnership.(2)                                                 
| |  |     |  | 4.2                                                                              |  | Amended and Restated Agreement of Limited Partnership of The
    Westin St. Francis Limited
    Partnership.(2)                                        
| |  |     |  | 4.3                                                                              |  | First Amendment to Amended and Restated Agreement of Limited
    Partnership of The Westin St. Francis Limited Partnership.
    (3)                    
| |  |     |  | 4.4                                                                              |  | Amended and Restated Agreement of Limited Partnership of The
    Westin Chicago Limited
    Partnership.(2)                                            
| |  |     |  | 4.5                                                                              |  | First Amendment to Amended and Restated Agreement of Limited
    Partnership of The Westin Chicago Limited
    Partnership.(3)                         
| |  | 10. |  | Material contracts.                                                             
| |  |     |  | 10.1                                                                             |  | Restructuring Agreement dated as of June 2,
    1994.(3)                                                                                               
| |  |     |  | 10.2                                                                             |  | Second Restructuring Agreement dated as of May 27, 1997.
    (4)                                                                                       
| |  |     |  | 10.3                                                                             |  | Purchase and Sale Agreement, dated January 18, 2000,
    between The Westin St. Francis Limited Partnership and BRE/ St.
    Francis
    L.L.C.(5)     
| |  |     |  | 31.1                                                                             |  | Certification Pursuant to Rule 13a-14(a) under the
    Securities Exchange Act of 1934  Principal Executive
    Officer.(6)                           
| |  |     |  | 31.2                                                                             |  | Certification Pursuant to Rule 13a-14(a) under the
    Securities Exchange Act of 1934  Principal Accounting
    Officer.(6)                          
| |  |     |  | 32.1                                                                             |  | Certification Pursuant to Section 1350 of Chapter 63
    of Title 18 of the United States Code  Principal
    Executive
    Officer.(6)               
| |  |     |  | 32.2                                                                             |  | Certification Pursuant to Section 1350 of Chapter 63
    of Title 18 of the United States Code  Principal
    Accounting
    Officer.(6)              

29



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|    |                                                                                                                                                                                     
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | Incorporated by reference to Exhibit 2.1 to the
    Partnerships Current Report on
    Form 8-K dated
    October 18, 2004.                                                        
|   
|(2) | Incorporated by reference to Exhibits 4.1 and 4.2,
    respectively, to the Partnerships 1986 Annual Report on
    Form 10-K.                                                      
|   
|(3) | Incorporated by reference to Exhibits 4.3, 4.5, and 10.1,
    respectively, to the Partnerships Quarterly Report on
    Form 10-Q for the
    quarterly period ended June 30, 1994.
|   
|(4) | Incorporated by reference to Exhibit 10 to the
    Partnerships Current Report on
    Form 8-K dated
    May 27, 1997.                                                             
|   
|(5) | Incorporated by reference to Exhibit 10.1 to the
    Partnerships Current Report on
    Form 8-K dated
    January 18, 2000.                                                       
|   
|(6) | Filed herewith.                                                                                                                                                                     

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SIGNATURES






| |                                  
| | ---------------------------------
| | WESTIN HOTELS LIMITED PARTNERSHIP
| | (a Delaware limited partnership) 



| |     |                     
| | --- | --------------------
| | By: | WESTIN REALTY CORP.,

| |                         
| | ------------------------
| | Its sole General Partner



| |     |                        
| | --- | -----------------------
| | By: | /s/ Theodore W. Darnall

| |                                       
| | --------------------------------------
| |                                       
| | Theodore W. Darnall                   
| | President, Principal Executive Officer



| |     |                    
| | --- | -------------------
| | By: | /s/ Alan M. Schnaid

| |                
| | ---------------
| |                
| | Alan M. Schnaid
| | Vice President 

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##### Table of Contents



SIGNATURES (cont.)




|                                           |  |                                                                                                                                           |  |                |  | 
|------------------------------------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- |  | 
|Signature                                  |  | Title                                                                                                                                     |  | Date          
|                                           |  |                                                                                                                                           |  |               
|                                          
|/s/ Theodore W. DarnallTheodore W. Darnall |  | President, Assistant Secretary and Principal Executive Officer
    of Westin Realty Corp. (Principal Executive Officer of
    Registrant) |  | March 29, 2006
|                                          
|/s/ Alan M. SchnaidAlan M. Schnaid         |  | Vice President, Principal Accounting Officer and Director of
    Westin Realty Corp. (Principal Accounting Officer of Registrant)         |  | March 29, 2006
|                                          
|/s/ Tom SmithTom Smith                     |  | Director of Westin Realty Corp.                                                                                                           |  | March 22, 2006

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EXHIBIT INDEX


|        |    |             |  |                                                                                                                                   
|------- | -- | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------
|Exhibit |    |            
|Number  |    | Description
|        |    |            
|        | 31 | .1          |  | Certification Pursuant to Rule 13a-14(a) under the
    Securities Exchange Act of 1934  Principal Executive
    Officer.         
|        | 31 | .2          |  | Certification Pursuant to Rule 13a-14(a) under the
    Securities Exchange Act of 1934  Principal Accounting
    Officer.        
|        | 32 | .1          |  | Certification Pursuant to Section 1350 of Chapter 63
    of Title 18 of the United States Code  Principal
    Executive Officer. 
|        | 32 | .2          |  | Certification Pursuant to Section 1350 of Chapter 63
    of Title 18 of the United States Code  Principal
    Accounting Officer.