Abstract: Alkoxylated polyols are prepared by dispersing a nitrogen-containing material, such as urea, into a dispersing media comprised of a polyether or polyester polyol and a chemical moiety capable of being alkoxylated, such as a carbohydrate, i.e. whey permeate or sucrose, lactose, etc., and reacting the resultant dispersion with a C.sub.2 -C.sub.6 epoxide to form an alkoxylated polyol having a hydroxyl number below about 600. In certain embodiments, up to about 25% by weight of a urea material can be incorporated within the alkoxylated polyol for improved flame retardancy in the polyurethane/polyisocyanate/polyisocyanurate foams produced therefrom.