Developed, Owned, and Built by Tishman Realty & Construction Co., Inc. affiliates, the new, full-service hotel will be operated by Westin Hotels & Resorts, one of the world�s most prestigious hospitality companies, whose parent, Starwood Hotels & Resorts, is the largest hotel company in the world.

The 45-story hotel tower will be connected to Tishman affiliates� existing E Walk®, an entertainment, retail, and restaurant complex, and will have its own entrance on the newly revitalized West 42nd Street as well as on 43rd Street. Designed by the world-renowned Miami architectural firm, Arquitectonica, The Westin New York at Times Square is slated to open in Fall, 2002.

The hotel and entertainment complex, together totaling 867,000 square feet, is located within the 42nd Street Development Project�the largest urban renewal project ever undertaken in New York City and State. The master plan comprises 13 acres along both sides of West 42nd Street between Times Square and Eighth Avenue.

Location, Design, and A Burgeoning Times Square Set the Stage for Prestigious New Property

�Located in the heart of Times Square and the theater district, our hotel will make a major visual impact on New York�s skyline with its striking design and dramatic lighting,� said John L.  Tishman, Chairman of Tishman Realty & Construction Co., Inc. �It is certain to become a New York icon and will attract visitors and business travelers from all over the world.�

John Vickers, Chairman and CEO of Tishman Realty Corporation, stated: �The strength of this project�based on its landmark design, world-famous location, and the burgeoning retail and office tenancy in the area�enabled us to complete the financing despite the current constraints in the hotel capital markets.�

Barry Sternlicht, Chairman and CEO of Starwood Hotels & Resorts Worldwide, Inc., added: �This property is not only a landmark for Westin, it is another milestone in our long-term relationship with the Tishman companies.�

Debt financing for the hotel is being provided by a group of domestic and international sources:

• The Union Labor Life Insurance Company (U.S.), Co-Arranger,
• KBC Bank, N.V., (Belgium), Co-Arranger,
• Bank Austria Creditanstalt Corporate Finance, Inc.
• The Development Bank of Singapore Ltd.
• The Prudential Insurance Company of America
• Caixa Geral de Depositos (Portugal)

Of the hotel�s 858 rooms, more than 200 will have special-service accommodations, including concierge-level and enhanced business traveler rooms. In addition, The Westin New York at Times Square will offer 34 suites, including two Presidential Suites; 26,000 square feet of meeting and function space; 24-hour Room Service; a Business Center; and a Fitness Center and Spa, among many other amenities. Rooms will also feature Westin�s sumptuous, stylish, and plush Heavenly Beds�, consisting of layer upon layer of down, and crisp, custom-designed linens.

Perhaps what will become New York�s most unusual architectural statement, The Westin New York at Times Square is designed as two 45-story prisms�separated by a curved beam of light�soaring into the Manhattan skyline. The 532-foot tower will stand as the most dramatic icon marking the entrance to the heart of the Times Square district from the West.

Tishman Background

An operating unit of Tishman Realty & Construction Co., Inc., founded in 1898,
THC is an experienced hotel developer, owner, and operator, and has provided services related to these roles for more than 85 hotels, totaling more than 30,000 rooms. This combination of history and experience has enabled us to develop a philosophy and qualifications unique to the hospitality industry, based on the following two principles:

Ownership Mentality and Bottom-Line Focus
As an owner of such notable hotels as the Sheraton Chicago Hotel & Towers, Walt Disney World Dolphin and Walt Disney World Swan, THC understands that hotels are operating businesses - not passive real estate investments - that require active oversight and involvement by their owners in order to maximize bottom-line performance and asset value. Because we undertake each assignment from the perspective of the owner, our goal is the same as that of the owner: any action taken or recommendation made is done so with the express purpose of improving the hotel�s operating performance and increasing its value.

Vertical Integration
Since hotels are complex, operating businesses, every hotel assignment we undertake has specific issues relating not only to hotel operations in and of themselves, but also to the broader real estate and physical plant issues. To address each element and its impact, THC bridges the hotel operations, real estate and construction industries by providing expertise in all disciplines within these industries: hotel management and marketing, real estate, finance, engineering, design, construction and development. Every project team includes a senior representative from each of the above disciplines in order to assess all variables which may impact a hotel's performance and value

Westin Hotels & Resorts (www.westin.com), with more than 110 hotels and resorts in 23 countries, is owned by Starwood Hotels & Resorts Worldwide, Inc.