Properties in North America, Hawaii and the Caribbean
ORLANDO, Fla - April 12, 2005-- Starwood Vacation Ownership (SVO), a division of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), today announced its continued expansion plans including new construction on nine properties throughout North America, Hawaii and the Caribbean. The expansion calls for adding more than 1,000 units.
"Our aggressive growth strategy was engineered in direct response to robust market demand. We are developing mixed-use resorts under the Sheraton, Westin, and St. Regis flags in highly sought-after domestic and international locations," said Raymond L. "Rip" Gellein, Jr., Chief Executive Officer of Starwood Vacation Ownership, Inc. "The introduction of the St. Regis luxury brand to the already successful Westin and Sheraton brand line-up has been immediately validated with rapid, record-setting sales in Aspen."
Starwood Vacation Ownership's expansion plans include the following resorts:
* Westin Ka'anapali Ocean Resort Villas, Ka'anapali, Maui, with 177 units to be completed by May 2005 as part of its Phase 2 construction. In addition, SVO will expand its presence in Maui with the construction of a new property immediately next door to the Westin Ka'anapali Ocean Resort Villas. This new property will have 258 lock off units upon completion.
* Westin Mission Hills Resort & Villas, Rancho Mirage, California recently added 20 units as part of Phase 5, completed in February 2005.
* Westin Kierland Villas, Phoenix, Arizona Phase 2 will be complete with 44 units in August 2005 and an additional of 66 units scheduled to be completed in 2006.
* Sheraton Broadway Plantation, Myrtle Beach, South Carolina's latest phase includes 30 new units to be completed in May 2005.
* St. Regis Residence Club, Aspen, debuted with 25 luxury residences in December 2004. Plans are currently being considered for additional St. Regis Residence Club locations.
* Harborside Resort at Atlantis, Nassau, Bahamas, is constructing 116 units for its Phase 2 that will be completed in June 2005.
* Sheraton Vistana Villages in Orlando, Florida is adding 200 new units encompassing 5 buildings in various stages of construction, some of which will be completed in 2005 and the balance in 2006.
* Westin St. John Resort & Villas in St. John, Virgin Islands, opened 11 new units in December 2004.
In addition to the expansion above, Starwood Vacation Ownership is in the predevelopment phase of several new vacation ownership resorts including: one at Princeville on the island of Kauai, Hawaii and another in Cancun, Mexico. The company is also working on its second St. Regis-branded fractional resort at Punta Mita, Mexico.
"The Sheraton, Westin, and St. Regis brands have always enjoyed an elevated level of trust with consumers. Now we have something for everyone--from affordable vacation ownership options for families to exclusive offerings with high-end services and amenities for the luxury travel market," said Gellein.
About Starwood Hotels & Resorts Worldwide, Inc.
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.
David N. Matheson
Starwood Vacation Ownership