STAMFORD, Conn., Apr 24, 2012--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced plans to open Element Harrison in Summer of 2014, just five miles from Newark Liberty International Airport. Owned and developed by Harrison Hotel 1, an entity of Ironstate Holdings, LLC, a Hoboken, NJ-based developer, and managed by Crescent Hotels & Resorts, Element Harrison will join Element Ewing Princeton as the brand's second hotel in New Jersey. Starwood's trailblazing eco-wise Element(R) brand delivers a smart new lodging option for travelers with 138 guest rooms and suites built green from the ground up.

Element Harrison will typify the "balance" that Starwood's Element brand offers to business and leisure travelers. Just minutes from Newark, Jersey City and lower Manhattan, Element Harrison will be walking distance to a variety of shops and restaurants and within proximity to Newark's business district. Less than 30 minutes from Manhattan's financial district, the hotel is located right at the NJ PATH Harrison train station and close to the Newark Penn Station and the Gateway Center. The hotel will also be ideally situated in the heart of a growing sports and entertainment hub, including the newly-opened 25,000 seat soccer stadium for the NY Red Bulls professional soccer team in Harrison, and the Prudential Center in Newark, which is home to the New Jersey Devils professional hockey team, college basketball, concerts, family shows and special events throughout the year.

"Element Harrison will provide a fresh, new update on lodging that will appeal to travelers to the bustling Newark metropolitan area," said Brian McGuinness, Senior Vice President of Specialty Select Brands for Starwood. "The Element brand offers guests a bright, energizing environment that's conducive to both work and play."

The Element brand made history with its 2008 launch. It is the first major hotel brand to mandate that all properties pursue the U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) certification for high-performance buildings. More than just a "green" hotel brand, however, Element offers travelers a sophisticated setting with stylish rooms designed for comfort. Every signature detail aims to fuel a life in balance and on the move. Element Harrison will feature all the brand's signatures, including:

• Rise, Element's hearty and healthy complimentary breakfast
• Motion, a state-of-the-art, 24-hour fitness center
• Indoor Pool
• Relax, complimentary evening receptions
• Restore, a gourmet food pantry
• 1,500-square-feet of meeting space with modular furnishings, flexible layout and state-of-the-art technology that can be customized to meet and business or social needs
• Dynamic gathering spaces, from a lobby flooded with natural light to a multi-storied window wall and from an outdoor fire pit, to water features and a barbecue
• Light filled guest rooms with a fluid design of modular furniture, swiveling flat-screen televisions, large desks with open shelving, and custom-designed closets
• The signature Heavenly(R) Bed
• Spa-inspired bathrooms with an invigorating rain-shower and dual-flush toilet
• Fully equipped kitchens featuring filtered water, ENERGY STAR-rated appliances and utensils to prepare a gourmet meal

"We're very excited to introduce Element to Harrison and expect the brand's fusion of style, personal wellbeing and sustainability will resonate with guests," said James Ronga, Vice President of Ironstate Holdings, LLC. "Our location adjacent to the PATH Station and so close to Newark Liberty International Airport will also make Element Harrison a highly attractive choice for travelers on the go."

About Element Hotels
Accessible, affordable and active, Element Hotels is made to order for guests in the know and on the go. Its bright design defies convention, bathing guest rooms and public spaces in natural light. Stylish and sustainable throughout, Element offers comfort with a conscience and lots of signature amenities from its complimentary RISE healthy breakfast and RELAX evening reception to saline swimming pools, spacious fitness centers, bikes-to-borrow and electric vehicle charging stations.

Starwood's latest brand innovation, Element made history in 2008 as the only major hotel brand to pursue LEED certification for high-performance buildings brand-wide. To date, there are Element hotels in 10 U.S. markets, with new domestic and international hotels in development. Visit www.ElementHotels.com or connect on Facebook and Twitter.

About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1090 properties in 100 countries and territories with 154,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Meridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and ElementSM. 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 http://www.starwoodhotels.com.

About Ironstate Holdings, LLC
Ironstate Holdings, LLC (and Ironstate Development Company) is one of the largest privately held real estate development companies in the Northeast. Based in Hoboken, New Jersey, Ironstate engages in the development and management of large-scale mixed-use projects and has a diverse portfolio of apartments and hotels valued at several billion dollars. The Company's multi-family portfolio comprises an extensive range of apartments, condominiums and retail and recreational spaces in key urban centers near mass transportation hubs, while its hospitality holdings include the W Hoboken Hotel along the Hudson River waterfront facing Manhattan. Ironstate has approximately $1 billion in the development pipeline, including the redevelopment of the former U.S. Naval Base on the waterfront in Staten Island, NY.

Additional information on Ironstate Development Company is available on the Company's website at http:/www.ironstatedevelopment.com<>

About Crescent Hotels & Resorts
With corporate offices in Fairfax, Va., outside of Washington, D.C., and Toronto, Canada, Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is a North American recognized Top 10 independent, third-party operator of hotels and resorts. The company currently owns or operates 68 hotels and resorts aggregating more than 14,000 rooms in the United States, Canada and the Caribbean. The company's portfolio encompasses properties in the resort, luxury, upper upscale, boutique, convention and premium select-service segments, as well as legendary independent hotels and resorts. Additional information about Crescent Hotel & Resorts may be found on the company's Web site www.chrco.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.)