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Starwood Hotels Signs Agreement to Develop and Manage 250 room
W Hotel and 95 W Residences in Downtown Philadelphia
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NEW YORK - July 12, 2006 -- The City of Brotherly Love...The Liberty Bell, Betsy Ross' House, The Declaration of Independence...more recently the hometown of Will Smith and Patti LaBelle, 5-Star restaurant Le Bec-Fin, Eagles' Donovan McNabb, Live 8, the notorious Philly cheese steak. Touted The Next Great City by National Geographic Traveler, Philadelphia will soon be adding a W Hotel to its list of desired destinations and national appeal. W Hotels, the fastest growing luxury hotel brand in the world, announced today plans for a new W Hotel & Residences in downtown Philadelphia, Pennsylvania, scheduled to open in 2009. Starwood Hotels and Resorts Worldwide, Inc. (NYSE:HOT), W's parent company, entered into a management agreement with 1200 Arch Street Associates L.P. to develop the property. Starwood will manage the hotel as a W and license the residential units as W Residences. 

Located in "Center City" Philadelphia at the southwest corner of Arch Street and 12th Street, the W Philadelphia Hotel & Residences will be across the street from the Philadelphia Convention Center and the historical Reading Terminal Market (circa 1893), which houses 80 specialty food merchants and craftspeople. Center City itself contains 17 museums, dozens of art galleries, exceptional entertainment and an extensive theatre district, a plethora of critically acclaimed dining destinations and famed chefs, and a shoppers' haven of national brands, high-end retailers and privately owned boutiques. 

The hotel will feature 250 luxurious guest rooms, including 26 suites, 3 "Wow" suites and 1 Extreme Wow suite. Guests will indulge in a 6,500 square foot Bliss Spa, a signature restaurant and bar with outdoor garden space and 11,000 square feet of meeting space with Sensory Set-Up to inspire Ben Franklin-style creativity in every meeting. 

"Urban Residential is thrilled to be partnering with W Hotels and introducing this Starwood brand into the thriving Philadelphia market," said Chris Martorella, CEO of Urban Residential. "Philadelphia has been recognized as 'the next great city', and this venture is further proof that the city of brotherly love has arrived." 

The project will also include 95 W Residences, offering owners a combination of one and two bedroom condominiums with all the benefits of being attached to a W Hotel, such as full use of the property's facilities, 24-hour room service, maid service and Whatever/Whenever concierge services. In addition to Philadelphia, W is currently developing Residences in South Beach, Las Vegas, Hoboken, Scottsdale, Hollywood, Phoenix and Fort Lauderdale. 

W's signature Living Room experience will offer an irresistible escape where guests and locals can sink into oversized furniture with the morning paper and a cappuccino or socialize over cocktails and live DJs in a communal setting that morphs from day into night. Those looking to exercise their fashion sense - or simply exercise - the W Philadelphia will feature W Hotels the Store, W's trendsetting retail boutique, and SWEAT, an extensive fitness facility. 

ABOUT 1200 ARCH ASSOCIATES 

1200 ARCH ASSOCIATES is a joint collaboration between Urban Residential and Parkway Corporation, exclusive to the W Philadelphia project. 

Urban Residential is an urban housing company specializing in the development of luxury multi-family condominiums and rental properties in premiere downtown neighborhoods. The company's geographic focus includes the metropolitan areas of New York and Philadelphia. Working with leading architects and designers, each project incorporates high design integrity, uncompromised quality and seamless integration within each neighborhood. Urban Residential is currently developing more than 1,100 residences in projects valued at more than $800 million. The firm is recognized for a series of landmark projects including the recently constructed condominium building, The St. James, which lies adjacent to Philadelphia's prestigious Washington Square and the Aria, a residential conversion of a beaux art office building just off Rittenhouse Square. Projects in New York include 505 Greenwich, 255 Hudson, the Sycamore and Nolita Place. 

Parkway Corporation, over its history of 75 years, has been one of very few parking management companies that initially acquired and then developed parking facilities. This important distinction set Parkway apart as an operator, and also as a real estate developer. In the past five years, Parkway has developed over $150 million of mixed-use projects including parking, office, retail and residential uses. Parkway's geographic reach extends from Toronto, Ontario to Jacksonville, Florida, employing over 600 people to manage more than 20,000 spaces at over 80 locations. Headquartered in Philadelphia, PA, Parkway has not only developed in Philadelphia and elsewhere for more than 30 years but is currently one of the largest private owners of real estate in Center City Philadelphia. 

ABOUT ARCHITECTURAL AND DESIGN TEAMS: Handel Architects LLP & AvroKo 

Handel Architects LLP has been chosen to serve as lead design architect for the W Philadelphia. As a full service design firm with an award-winning portfolio, Handel Architects continues to develop innovative designs throughout the Unites States. As a full-service design firm with LEED (Leadership in Energy and Environment Design) professionals in New York and San Francisco, the company is able to create designs that enhance various metropolitan surroundings by thoroughly examining the economic, social, political, and technological factors associated with it. As the firm produces work for public, institutional, commercial and development clients, they also provide services in programming, master planning, architectural design and interior design. Recently, Handel Architects have collaborated with Urban Residential on Aria The Condominium in Philadelphia, 505 Greenwich and 255 Hudson in New York City. 

Inspired by the Avro 512 aircraft in which a collection of parts, each with its unique role, seamlessly combines in a high-functioning machine, AvroKO is the award-winning design and concept firm also chosen for the W Philadelphia project. Their unique method allows the company their remarkable multidimensional approach to creating and enhancing high style brands, products and environments. Identifying the unique psychology of an idea is the spark that sets off the creative process for AvroKO. Blending architecture, design, art and graphics a concept is taken from seed stage to its full realization in multiple dimensions, bearing the distinctive AvroKO imprimatur. 

ABOUT W HOTELS 

W Hotels is a global lifestyle brand with 20 properties in the most vibrant cities around the world. Inspiring and indulging its guests with thoughtful, refreshing and stylish experiences, signature restaurants, bars and destination spas, W has become the fastest growing luxury hotel brand in the world. Each hotel offers a unique mix of innovative design, comfort and cultural influences from fashion to music to art and everything in between. Recent openings include W's first property in Asia, W Seoul - Walkerhill, which opened in August of 2004 and its first property in Canada, W Montreal, in October of 2004. W Residences, offering the W lifestyle at home, have been announced for Las Vegas, Hollywood, Dallas, South Beach, Phoenix, Scottsdale and Hoboken. Internationally, W has announced plans for hotels in the Maldives, Barcelona, Hong Kong, Shanghai, Santiago and Dubai. For more information, visit www.whotels.com. 

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(R) Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), Sheraton(R), Westin(R), Four Points(R) by Sheraton, W(R), 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 www.starwoodhotels.com. 

(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)

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Contact:

W Hotels
Jane Lehman, 212-380-4011
jane.lehman@whotels.com

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Also See: Condo Conversions Help Philadelphia Hotels Run 74% Occupancy for First 9 months of 2005; Hotel Room Count Down 10% since 2002 / October 2005
The Hilton Philadelphia Cherry Hill Receiving $5 million Renovation and Brand Conversion to Crowne Plaza; the 408 room Hotel Opened as the Hyatt Regency in 1975 and Later Converted to a Hilton / May 2006


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