|ORLANDO, Fla. - July 17, 2006 -- Starwood Vacation Ownership (SVO),
a division of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT),
today announced its continued expansion plans including new construction
on more than a dozen properties throughout the continental U.S., Hawaii,
Mexico, and the Caribbean. The plan will add more than 1,600 new villas
to the Company's portfolio of properties currently operating under the
Sheraton, Westin and St. Regis brands. The Company will have more than
6,000 villas in total upon final completion of the announced resorts.
"Starwood Vacation Ownership continues its robust growth under our Sheraton,
Westin, and St. Regis brands, driving our aggressive expansion plans in
new and existing domestic and international markets," said Raymond L. "Rip"
Gellein, Jr., chief executive officer of Starwood Vacation Ownership, Inc.
"With new projects launching in New York City, Aruba, Mexico, and Hawaii,
expansion projects at several existing resorts, and sales underway or planned
for all these locations combined, 2006 is sure to be another record-breaking
year for us."
Starwood Vacation Ownership's 2006 expansion plans include the following
St. Regis Residence Club
St. Regis Residence Club, New York, NY: Sales began earlier this year at
the first hotel-affiliated fractional property in New York within one of
the world's most acclaimed hotels, the St. Regis New York. The mixed-use
hotel and fractional ownership development will include 22 luxury residences
at build-out, slated for occupancy in July 2006.
St. Regis Residence Club, Punta Mita, Mexico: Construction recently began
on the latest St. Regis mixed-use project which will include a hotel, whole
ownership residences, and a St. Regis Residence Club fractional resort.
The residence club will feature 36 free-standing villas scheduled to begin
sales in mid-2007 with occupancy expected in late 2007.
Westin Princeville Ocean Resort Villas, Kauai, HI: This new property, the
first Westin-branded timeshare resort in Kauai, is under construction,
and sales commenced in February. The mixed-use resort includes a two-story
clubhouse and seven two- and three-story guest buildings with 179 two-bedroom
lock-off units and six hotel units. The first units are scheduled to open
in early 2008.
Westin Ka'anapali Ocean Resort Villas North, Maui, HI: Located next door
to the award-winning Westin Ka'anapali Ocean Resort in Maui, this new beachfront
resort will feature 258 two-bedroom lock-off units upon completion. The
resort is currently in sales, and occupancy of the first phase is expected
in mid 2007.
Westin Ka'anapali Ocean Resort Villas North II, Maui, HI: This resort,
which will be SVO's third resort on Maui, is now in the entitlement process.
This new property is in the early development phase and will consist of
a mix of one-, two-, and three-bedroom units upon completion.
Westin St. John Resort & Villas, St. John, Virgin Islands: Construction
continues this year, with the addition of 54 loft, two-, and three-bedroom
units scheduled to open in late 2007.
Westin Aruba Resort & Spa, Aruba: This mixed-use Westin-branded resort
will include 154 two-bedroom lock-off units located next to the Westin
hotel. The resort is scheduled to be in sales by early 2007.
Westin Lagunamar Ocean Resort, Cancun, Mexico: Construction on SVO's first
vacation ownership resort in Latin America is on schedule, with the first
phase to be completed in 2008. It will be the first vacation ownership
resort in Cancun, Mexico developed by a major U.S. lodging company, with
296 two-bedroom lock-off villas at build-out.
Westin Kierland Villas, Phoenix, Arizona: Construction on the resort's
final phase will be completed this year, with 54 two-bedroom lock-off units.
Opened in 2004, the resort will have a total of 158 villas upon completion.
Westin Desert Willow Villas, Palm Desert, California: SVO recently acquired
30 acres in the established Desert Willow development of Palm Desert, where
it will build a new Westin-branded vacation ownership resort. Construction
is scheduled to begin on the new villas in early 2008 with preconstruction
sales set to begin later this year.
"The popularity of all our brands including Sheraton, Westin, and St. Regis,
has driven the very ambitious expansion of our resort portfolio. The targeting
of premium locations, such as Hawaii, Manhattan, Mexico and the Caribbean,
and the array of amenities offered through mixed-use developments is guided
by our vacation owners' desire for a rich selection of vacation experiences,"
Sheraton Kauai, Kauai, HI: This resort will be the first Sheraton-branded
vacation ownership resort on the island of Kauai. Located adjacent to the
existing Sheraton Kauai, the resort will feature roughly 388 one-, two-
and three-bedroom units. The resort is currently in the pre-development
Sheraton Broadway Plantation, Myrtle Beach, South Carolina: The latest
phase of this resort's expansion includes 22 new units to be completed
in mid-2006. The resort has a potential expansion up to 504 vacation ownership
villas upon final build out.
Sheraton Vistana Villages, Orlando, Florida: The successor to the company's
flagship resort, Sheraton Vistana Resort, will add an additional 195 units
encompassing seven buildings in 2006 and 2007. Upon completion of this
phase, the resort will have 615 villas and has a potential final build
out of 1,415 villas.
Starwood Hotels & Resorts Worldwide, Inc. is one of
the leading hotel and leisure companies in the world with approximately
850 properties in more than 95 countries and 145,000 employees at its owned
and managed properties. Starwood® Hotels is a fully integrated owner,
operator and franchisor of hotels and resorts with the following internationally
renowned brands: St. Regis®, The Luxury Collection®, Sheraton®,
Westin®, Four Points® by Sheraton, W®, Le Meridien® and
the recently announced aloft(SM). Starwood Hotels also owns Starwood Vacation
Ownership, Inc., one of the premier developers and operators of high quality
vacation interval ownership resorts. For more information, please visit
"This is neither an offer to sell nor a solicitation to
buy to residents in states in which registration requirements have not
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. Forward-looking statements
are not guarantees of future performance and involve risks and uncertainties
and other factors that may cause actual results to differ materially from
those anticipated at the time the forward-looking statements are made.