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in Planning Stages for Vacation Ownership at The Phoenician in Arizona |
| ORLANDO, Fla. - July 24, 2000 - Starwood Hotels
& Resorts Worldwide Inc. today announced continued integration plans
for its vacation ownership subsidiary, Vistana, Inc., which was acquired
in October, 1999 to establish an immediate presence in the growing vacation
ownership market. Plans are in place to brand current and new resorts under
the Sheraton and Westin flags. In addition, the vacation ownership subsidiary
will be renamed Starwood Vacation Ownership, Inc. to further capitalize
on the synergies between Starwood and its vacation ownership division.
Five of Vistana�s new and existing resorts will be renamed to launch the Sheraton Vacation Ownership Resort brand including the following:
�The Westin and Sheraton family of brands are some of the most recognizable and respected in the hospitality industry and we are eager to leverage the equity of these brands in the emerging vacation ownership market. By capitalizing on the synergies between the vacation ownership division and the hotel divisions, we can enhance Starwood�s market share in the overall leisure industry,� said Raymond L. �Rip� Gellein, Jr., chairman and co-chief executive officer of Starwood Vacation Ownership, Inc. Starwood�s vacation ownership subsidiary recently began construction and presales on a joint venture with Sun International (NYSE: SIH - news), the Harborside Resort at Atlantis in The Bahamas. This high-end resort is located adjacent to the world-class Atlantis Resort and will feature 198 villas overlooking the new Marina. Starwood Vacation Ownership, Inc continues to expand at existing resorts and recently welcomed its first guests at the new PGA Vacation Resort in Port St. Lucie, Florida. Construction of new units continues at its properties in Scottsdale, Orlando and Myrtle Beach. Starwood Vacation Ownership�s newest resort, Sheraton�s Mountain Vista, at the base of Beaver Creek Mountain, is now under construction and in presales. And, Sheraton�s Vistana Villages, the successor to the subsidiary�s flagship property in Orlando, will open next month. Headquartered in Orlando, Florida, Starwood Vacation Ownership, Inc., operates eleven vacation ownership resorts, five in Florida, two in Colorado, one in South Carolina, one in the U.S. Virgin Islands and two in Arizona. |
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Starwood Hotels & Resorts Worldwide Inc., Orlando David Matheson, 407/239-3155 |