Press Release: Site59.com, Inc.
December 6, 2000
NEW YORK, NY -- Site59.com, named for the 59th minute, and the trendsetter for spontaneous travel and entertainment
solutions, announced yesterday that it has partnered with Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT),
which will provide a wide array of last-minute inventory to Site59 for all Starwood properties -- including the
Sheraton, Westin, Luxury Collection, St. Regis, Ciga, Four Points by Sheraton and W brands. Site59 has also completed
a $3 million financing agreement with Starwood Hotels & Resorts and Advanta Growth Capital. This agreement
comes on the heels of an investment round of $10.5 million in financing from a group of strategic investors led
by iFormation, along with Accor [ACCP.PA, ACRFY (ADRs)], Bass Hotels and Resorts® [LON: BAS, NYSE: BAS (ADRs)],
and National Leisure Group.
``These new agreements reflect the growing confidence that leaders in travel and leisure have in our business model
and our prospects for future growth,'' says Site59.com CEO Michelle Peluso. ``We are thrilled about the diverse
Starwood inventory, which gives Site59 guests great new choices -- and even more excuses to get away,'' continued
Peluso.
As a Site59.com partner, Starwood Hotels & Resorts properties will be featured as a component of travel packages
made available for purchase through Site59.com. Site59.com works with more than 500 partner suppliers to distribute
discounted last-minute inventory, assembling out-of-the-ordinary travel and entertainment packages through TRACE,
Site59's patent-pending, dynamic packaging technology.
``This partnership helps us build incremental sales to the large segment of travel and leisure consumers who buy
spontaneously,'' says Drew Patterson, Manager Business Development of Starwood Hotels & Resorts. ``Only Site59
has demonstrated the know-how to market distressed inventory in a way that meets both supplier and consumer needs,''
continued Mr. Patterson.
Advanta Growth Capital's Bryan Finkel, Managing Director said, ``Site 59's cutting edge technology is a source
of major competitive advantage in the industry and we are very excited about our new relationship.''
In addition to its consumer web site for creative and value-oriented last-minute getaways, Site59 boasts a robust
ASP and affiliate offering with large corporations and strategic partners, through which partner companies can
offer dynamic last-minute packages to their customers.
ABOUT SITE59.COM, INC.
Named for the 59th minute, Site59 provides last-minute travel and entertainment at a great value for people who
are long on life and short on time. Offering salvation from time-consuming planning online and off, Site59 does
all the hard work, featuring ready-to-go getaways, experiences and ideas based on your mood, using discounted inventory
from over 500 national and international partners. A full range of services and additional information can be viewed
at http://www.site59.com.
ABOUT STARWOOD HOTELS & RESORTS
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) 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.
With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser 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 http://www.starwoodhotels.com.
ABOUT ADVANTA GROWTH CAPITAL, L.P.
Advanta Growth Capital is the newly formed venture capital affiliate of Advanta Corporate (http://www.advanta.com;
Nasdaq: ADVNA, ADVNB). Advanta Growth Capital focuses on early stage investment opportunities in the technology
and information services sectors, providing specific expertise in the areas of wireless services, e-commerce support
services, and direct marketing. Advanta Growth Capital is headquartered in New York City. For more information
call 212-649-6906.
SOURCE: Site59.com, Inc.