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Press Release: Starwood Hotels & Resorts Worldwide, Inc.
August 26, 2005
WHITE PLAINS, NY -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) yesterday announced that it has signed
definitive agreements to acquire the Le Meridien brand and all related management and franchise business for the
brand's more than 130 hotels and resorts. Separately, affiliates of Lehman Brothers and Starwood Capital Group
Global LLC are forming a joint venture which is expected to acquire the owned and leased hotel portfolio of Le
Meridien. Closing of the brand purchase transaction is subject to certain significant terms and conditions including
completion of employee consultations and the closing of the real estate sale. Subject to satisfying the conditions
to closing, the deal would close towards the end of the third quarter at which time Starwood Hotels & Resorts
would assume control of the Le Meridien brand.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with
approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties.
With internationally renowned brands, Starwood® corporation is a fully integrated owner, operator and franchisor
of hotels and resorts including: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points®
by Sheraton, and W®, Hotels and Resorts 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
** Please contact Starwood's new, toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or
additional information.**
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations.
Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties
and other factors that may cause actual results or events to differ materially from those anticipated at the time
the forward-looking statements are made. These risks and uncertainties include the risk that the transaction itself
will not be consummated, that the anticipated benefits of the transaction will actually be realized as well as
other risks and uncertainties presented in detail in our filings with the Securities and Exchange Commission. Although
we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions,
we can give no assurance that our expectations will be attained or that results and events will not materially
differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result
of new information.)
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Contact:
Starwood Hotels & Resorts Worldwide
K.C. Kavanagh, 914-640-8339
Source: Starwood Hotels & Resorts Worldwide, Inc.