|SAN CLEMENTE, Calif., Dec. 7, 1998 - Sunstone Hotel
Investors, Inc. (NYSE: SSI), a real estate investment trust (REIT), today
announced it was named Developer of the Year by Marriott Hotels, Resorts
and Suites at Marriott's 1998 National Franchise Conference, held in November
at the Renaissance Stanford Court in San Francisco. CEO Robert Alter accepted
the award on behalf of Sunstone Hotel Investors, Inc., which opened five
full-service Marriott hotels in 1998. Alter acknowledged, "We are delighted
to receive such an esteemed
award from one of the highest quality franchisors in our industry.
Sunstone's commitment to developing high quality assets has been well received
by Marriott International."
Sunstone Hotel Investors, Inc. owns 17 Marriott-branded hotels including
six Marriott full-service
hotels, six Residence Inns, four Courtyards and one Fairfield Inn. In 1999,
Sunstone will add a Residence Inn, a Courtyard and two Marriott full-service
hotels to its portfolio. The two full-service Marriott hotels are located
in Santa Monica, Calif., and Park City, Utah.
Sunstone Hotel Investors, Inc. is a leading self-administered equity
real estate investment trust that owns and invests in luxury, upscale and
mid-priced hotels located in the western United States. The Company's growth
strategy is to maximize shareholder value by acquiring underperforming
hotels that are in attractive locations with significant barriers to entry;
and to improve its hotels' financial performance through renovation, redevelopment,
re-branding, repositioning and re-focused sales and marketing programs.
Sunstone Hotel Investors, Inc. is the only hotel REIT that currently focuses
its acquisition strategy in the western United States. Through Sunstone
Hotel Investors, L.P., the Company owns 57 hotels comprising 10,015 rooms.
Marriott International, Inc. (NYSE: MAR) is a leading worldwide hospitality
company with over 1,700 operating units in the United States and 53 other
countries and territories. Major businesses include hotels operated and
franchised under the Marriott, Ritz-Carlton, Courtyard, Residence Inn,
Fairfield, Springhill Suites, TownePlace Suites, Renaissance, New World
and Ramada International brands; vacation club (timeshare) resorts; senior
living communities and services; and food service distribution. The company
is headquartered in Washington D.C. and has approximately 131,000 employees.
For the fiscal year 1997, Marriott International reported sales of $9 billion.