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Press Release: Starwood Hotels & Resorts Worldwide, Inc.
December 16, 2004
WHITE PLAINS, NY --Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced yesterday that it has completed
the sale of two domestic hotels. The Sheraton Russell in Manhattan has been sold to an entity of SJP Residential
Properties based in Parsippany, New Jersey for more than $40 million. Sheraton will continue to operate the 146-room
hotel located at the corner of Park Avenue and 37th Street. The 206-room Four Points by Sheraton Rancho Bernardo
in San Diego has been sold to Dimension Development Co., Inc. for more than $18 million. Combined, the sales proceeds
from both transactions represent an EBITDA multiple of 16.
Since 2003, Starwood has sold more than $1.1 billion worth of assets. The $58 million from these latest sales are
part of an additional $500 million the Company has committed to sell by the middle of 2005. The Company expects
to use proceeds for share repurchase and for general corporate purposes.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with
more than 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With
internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts
including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood
Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership
resorts. For more information, please visit www.starwoodhotels.com
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Contact:
Starwood Hotels & Resorts Worldwide, Inc.
K.C. Kavanagh, 914-640-8339
Source: Starwood Hotels & Resorts Worldwide, Inc.