Press Release
June 14, 2001
WHITE PLAINS, NY -- Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) announced yesterday it has signed
an agreement with Emprendimientos Hoteleros S.A., to operate a new Four Points Hotel by Sheraton to be opened in
Asuncion, Paraguay.
The hotel, currently under design, will be located in the Villa Morra area. The building will comprise 125 guestrooms
and spacious meeting facilities, in addition to all services traditionally offered by Four Points by Sheraton to
meet the needs of business travelers. The estimated US $12 million investment project will result in the opening
of the new hotel by early 2003.
``We are pleased to introduce the Four Points by Sheraton brand to Paraguay as we continue with our expansion plans
in Latin America,'' said Osvaldo Librizzi, President of Starwood's Latin America Division. ``Joining our existing
6 properties in Chile, Colombia and Ecuador, this new hotel in Paraguay's capital city is a welcome addition to
the Four Points banner. South America is becoming a very important emerging market for the Four Points by Sheraton
brand.''
Four Points by Sheraton is the company's mid-scale, full-service hotel brand introduced by Starwood Hotels &
Resorts Worldwide, Inc. in 1995. One of the fastest growing brands in the global hotel industry, there are currently
141 Four Points Hotels by Sheraton operating in 14 countries.
Four Points Hotels by Sheraton caters to the accommodation needs of mid-scale business and leisure travelers and
also fully satisfies requirements of meeting-and-event planners. All properties offer spacious, functional guestrooms,
fast and efficient check in /check out, room service and meeting facilities with quality catering service in style
with local market trends in each location.
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. 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 and W brands, as well as Starwood Vacation Ownership,
Inc. one of the premier developers and operators of high quality vacation interval ownership resorts. For further
information, please visit www.starwoodhotels.com.
Please contact Starwood's toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or additional
information.
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Contact:
Starwood Hotels & Resorts Worldwide, Inc.
Katie Meyer, 914/640-8247
katie.meyer@starwoodhotels.com