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| WHITE PLAINS, N.Y., July 19, 2001 - Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT) announced today that Deutsche Bank, Jones Lang LaSalle
and JP Morgan have been retained to market for sale all or a portion of
the Company's hotels within the CIGA portfolio. Starwood plans to
sell the hotels but retain long-term management contracts. The Company
has spent considerable time determining the optimal strategy for maximizing
sale proceeds.
CIGA's assets include the St. Regis Grand and Westin Excelsior in Rome, Hotel Danieli and Hotel Gritti Palace in Venice, Hotel Principe di Savoia in Milan, and Grand Hotel in Florence, among others. "These are museum quality assets, superior to those owned or operated by our competitive set, that should trade significantly above Starwood's current multiple," said Ron Brown, Starwood's Chief Financial Officer. "The arbitrage opportunity inherent in that multiple differential is compelling." Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 725 properties in 80 countries and 120,000 employees at its owned and managed properties.
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Dan Gibson Starwood Hotels & Resorts Worldwide, Inc. +1-914-640-8175 http://www.starwoodhotels.com |
| Also See | Starwood Reports Full Year 2000 REVPAR in North America Increased 11.0%, Total Revenues Increased 13%; Anticipates Selling CIGA Portfolio in 2001 / Feb 2001 |