The property will undergo a significant revitalization program including the refurbishment of all guest rooms, pools, restaurants and public areas as a continuation of a renovation completed last year.

"The Westin Maui transaction is Starwood's first acquisition in Hawaii," said Barry Sternlicht, chairman of Starwood Hotels Resorts Worldwide, Inc. "We believe it is important to have the Westin brand represented along with the 8 Sheraton properties and the 4 Prince hotels, franchised by Starwood in the Islands. This asset in Maui is an important resort property that has performed exceedingly well and is well positioned for future growth," Mr. Sternlicht said.

"It is an example of our ability to mine our proprietary pipeline and complete strategic acquisitions while maintaining our focused investment disciplines as we believe this purchase price represents approximately 75% of the replacement cost of the property and at a discount to the prior mortgage balance."

The Westin Maui has 760 guest rooms including 28 suites and 16 exclusive Royal Beach Club rooms, 31,000 square ft of conference and banquet facilities for up to 1,000 guests. The resort is famous for its aquatic facilities with five heated swimming pools, including its dramatic new "Miracle Slide."

Starwood Hotels Resorts Worldwide, Inc. through its ITT Sheraton, Westin and Caesars subsidiaries, is one of the leading hotel and gaming operating companies in the world with approximately 650 hotels in 70 countries with 125,000 employees. Starwood Hotels Resorts is the largest real estate investment trust in the United States. Shares of Starwood Hotels Resorts Worldwide, Inc. are paired and trade together with shares of Starwood Hotels Resorts (NYSE: HOT).