|WHITE PLAINS, N.Y. - March 4, 2004 -- Starwood
Hotels & Resorts Worldwide, Inc. (NYSE:HOT) closed on the purchase
of the 413-room Sheraton Kauai Resort, Poipu Beach, Kauai, Hawaii on March
3, 2004. Starwood paid $40 million to purchase the asset. Starwood managed
the Sheraton Kauai under its Sheraton brand for Obayashi Corporation, the
former owner of the property.
located alongside Poipu Beach and features 413 rooms, including 13 suites,
many with spectacular ocean views and terraces. The resort has five restaurants
and lounges; a fitness and massage center; two outdoor pools and Jacuzzi;
tennis courts and two championship golf courses within two miles and is
situated on 18.8 acres of fee and leased land.
|"We are pleased to acquire this resort
property at a very attractive price per key representing a discount to
replacement cost," said Ted Darnall, President - Starwood Real Estate Group.
"Acquiring this resort reinforces our strategic commitment to Kauai and
the Hawaiian Islands which remain the most important leisure destination
for U.S. travelers."
The Sheraton Kauai is
Sheraton Kauai Resort
2440 Hoonani Road
Poipu Beach, Koloa, Hawaii
Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) is one of the
leading hotel and leisure companies in the world with more than 740 properties
in more than 80 countries and 105,000 employees at its owned and managed