Company Press Release: Starwood Hotels & Resorts Worldwide, Inc.
November 23, 1999
WHITE PLAINS, NY -- Starwood Hotels & Resorts, with developer Carpenter & Company, was designated to develop
a new $250 million dollar convention center hotel in Boston. The 1,120-room hotel will be attached to a new $700
million convention center currently under construction in South Boston. The hotel will fly the flag of its largest
brand, Sheraton Hotels & Resorts.
Starwood and Carpenter & Company were chosen to develop the hotel over Marriott International Inc. after a
six-month competitive bidding process that attracted top hotel companies from around the country. Many industry
experts consider the South Boston headquarter hotel to be the most highly sought after hotel designation in the
past several years.
Insiders say Starwood was chosen for the project because of the company's track record for operating superior convention
hotels, its deep roots in the Boston area and its positive relationship with South Boston neighborhood leaders
and the local hotel union.
``Winning the South Boston hotel is a huge feather in Starwood's cap, and we are certainly honored,'' said Barry
S. Sternlicht, Chairman and CEO of Starwood Hotels & Resorts Worldwide, Inc. ``This new Sheraton will be a
showcase convention hotel in our portfolio of more than 700 hotels around the globe. Boston is a thriving leisure
and convention market and upon the completion of the huge South Boston Convention Center, it will be one of the
nation's dominant convention destinations. This will be a profitable hotel in a city that has long been home to
our Sheraton brand, making our victory unusually meaningful.''
Richard L. Friedman, Carpenter's President and CEO said, ``We put together a fantastic team of professionals in
community relations, law and design. Coupled with our proven success in Boston development and Starwood's strong
commitment, we became the dominant team. This will be a great and landmark project.''
Starwood/Carpenter and the Massachusetts Convention Center Authority have agreed to a 30-business day period to
finalize documentation of the transaction and for Starwood/Carpenter to complete its due diligence. A 90-business
day period will follow for Starwood/Carpenter to finalize financing for the project. Starwood intends to seek an
equity joint venture partner as well as third party non-recourse debt financing for the project. The Massachusetts
Convention Center Authority and Starwood share the expectation that leading hotel investors will be very interested
in this exciting project.
The new Sheraton in South Boston will be Starwood's 20th hotel in Massachusetts and its fourth in greater Boston,
joining the 941-room Boston Park Plaza, the 800-room Westin Copley Place, the 1,181-room Sheraton Boston Hotel
& Towers, the largest convention hotel in New England. Nationwide, Starwood operates more than 30 convention
hotels with 800-plus rooms.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), through its St. Regis, Luxury Collection, Westin, Sheraton,
Four Points and W subsidiaries, is one of the leading hotel and leisure companies in the world with more than 700
hotels in 76 countries and 130,000 employees at its owned and managed properties.
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.