Bass Hotels Resorts Purchases from Starwood the Westin Central Park South Hotel for $62.5 Million / July 1999

Hotel Online Special Report

Bass Hotels Resorts Purchases from Starwood the Westin Central Park South Hotel for $62.5 Million Property Will be Known as Central Park Inter-Continental New York

ATLANTA, GA - July 15, 1999 -- Bass Hotels Resorts will significantly expand its Inter-Continental hotel brand in New York City with the purchase of the former Ritz-Carlton Hotel from Starwood Hotels and Resorts. The $62.5 million purchase of the luxury property, located on Central Park South, was announced by Thomas Arasi, president of Bass Hotels Resorts, The Americas.

To be known as the Central Park Inter-Continental New York, the landmark hotel will play a role in Bass� plans to expand the Inter-Continental brand in key business destinations. The Central Park South location is paramount in strategic importance for the company.

�New York is one of the world�s most dynamic and exciting business destinations,� says Thomas Arasi. �With 52 years experience in serving international executive travelers and over 20 years in the New York market, our expansion in Manhattan will play a pivotal role in our larger strategy to grow the Inter-Continental brand.�

The 208-room hotel, including 16 suites, will complement the Hotel Inter-Continental New York located on East 48th Street and Park Avenue. �We now have a presence on both the East and West Sides of Manhattan,� Arasi notes, �and in highly desirable and exclusive locations.�

Stephen Brandman has been appointed general manager of the Central Park Inter-Continental New York. He was most recently director of Inter-Continental�s worldwide quality and standards and prior to that, manager of the 287-room May Fair Inter-Continental London.

A New York Landmark

Long a landmark on Central Park South, the hotel opened in 1929 as the Navarro. From 1988 to 1997 the hotel operated as a Ritz-Carlton. In 1997 the hotel was managed by Sheraton as part of the Luxury Collection, and in January 1998, following Starwood�s acquisition, became a Westin.

Traditional European elegance marks the decor of this exceptional property, which rises 25 stories over the green spaces of Central Park. The hotel�s location at the midpoint of Central Park South provides the most spectacular park and Manhattan Skyline views of any hotel in the city from many of its guestrooms and suites.

The Central Park Inter-Continental New York will offer the latest amenities required by today�s sophisticated, international traveler. Several suites feature terraces overlooking Central Park. The hotel�s noted Presidential Suite offers a marble foyer, living room with fireplace, four balconies with park views, a dining room and master bath with whirlpool.

Dining

Award-winning international cuisine is featured at Fantino, the hotel�s restaurant, under the direction of Chef de Cuisine Michael Walsh. The adjacent bar is a popular hub for hotel guests and New Yorkers alike.

Conference Banqueting

The Central Park Inter-Continental New York offers 5 elegant function rooms totaling approximately 5000 square feet of meeting space.
Note to editors:

Bass Hotels Resorts(SM), the hotel business of Bass PLC of the United Kingdom, operates or franchises more than 2,700 hotels and 450,000 guest rooms in more than 90 countries and territories.

**Starwood Sells Westin Central Park South Hotel**
**for $62.5 Million**
WHITE PLAINS, N.Y., July 15, 1999 - Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT), one of the world�s largest hotel and leisure companies, announced today the sale of its leasehold position in the Westin Central Park South Hotel in New York City to Bass Hotels and Resorts, the hotel business of Bass PLC of the United Kingdom, for $62.5 million. Starwood purchased the 207-room luxury property in January 1998 along with three other former Ritz Carlton properties located in Aspen, Houston and Washington, D.C., using primarily its stock. �When we purchased the hotel we did not own a luxury or Westin branded property in the important New York City market,� said Barry S. Sternlicht, chairman and chief executive of Starwood. �In addition to the Westin Central Park South, we bought three other outstanding Ritz assets as part of the package. With our subsequent purchase of ITT Corporation later that year we added the world renowned St. Regis Hotel and three other Manhattan properties including the 2000 room NY Sheraton and Manhattan complex. Since that time, we were awarded the management contract on the Essex House, which is now a Westin property. The Essex House, which is nearly triple the size of the Westin Central Park South with significantly larger public space and meeting room space, better represents the Westin brand. In addition, Starwood was awarded the management contract for what is likely to be a world renowned Westin property in the United States, an 850-room hotel in Times Square currently being developed by the Tischman Company and expected to be completed by 2001. Today we own a significant amount of New York City real estate and we have solid representation for all our brands. Most importantly, this transaction was accomplished at a very significant EBITDA multiple premium to our current stock price and highlights the value of Starwood�s extraordinary assets,� Mr. Sternlicht said. �The sale of the Westin Central Park South reduces some of the brand confusion that results from having two great Westin properties on Central Park South, a few hundred yards from each other,� Mr. Sternlicht concluded. Following this sale Starwood Hotels and Resorts will own nearly 4,000 rooms in New York City at seven properties, and will have management contracts on four additional properties with more than 2,000 rooms. Starwood, through its St. Regis/Luxury Collection, Westin, Sheraton, Four Points and W subsidiaries, is one of the leading hotel companies in the world with more than 700 hotels in 72 countries and 130,000 employees at its owned and managed properties. -- Jim Gallagher, Media, 914-640-8194, or Dan Gibson, Investors, 914-640-8175, both of Starwood Hotels and Resorts Worldwide, Inc

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Contact: Melanie Brandman/Jennifer Ploszaj Bass Hotels Resorts 770/604-2000

Also See:	The Ritz-Carlton Hotel Company Terminates Management Agreement at Hotels in Aspen, Houston, New York City and Washington, D.C / Aug 1997
	Millennium Partners and The Ritz-Carlton Hotel Company Win Bid to Build Luxury Hotel at Battery Park City / Jan 1999
	Bass Acquires Inter-Continental Hotels / Feb 1998
	Ivoire Inter-Continental Hotel in Abidjan, Cote d'Ivoire to Undergo US $ 60 Million Renovation / Feb 1999