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Starwood Acquires the 413 room Sheraton Kauai
for $40 million from the Obayashi Corporation
WHITE PLAINS, N.Y. - March 4, 2004 -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) closed on the purchase of the 413-room Sheraton Kauai Resort, Poipu Beach, Kauai, Hawaii on March 3, 2004. Starwood paid $40 million to purchase the asset. Starwood managed the Sheraton Kauai under its Sheraton brand for Obayashi Corporation, the former owner of the property.
"We are pleased to acquire this resort property at a very attractive price per key representing a discount to replacement cost," said Ted Darnall, President - Starwood Real Estate Group. "Acquiring this resort reinforces our strategic commitment to Kauai and the Hawaiian Islands which remain the most important leisure destination for U.S. travelers."

The Sheraton Kauai is

 Sheraton Kauai Resort
 2440 Hoonani Road
Poipu Beach, Koloa, Hawaii
located alongside Poipu Beach and features 413 rooms, including 13 suites, many with spectacular ocean views and terraces. The resort has five restaurants and lounges; a fitness and massage center; two outdoor pools and Jacuzzi; tennis courts and two championship golf courses within two miles and is situated on 18.8 acres of fee and leased land.

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 105,000 employees at its owned and managed properties.


Starwood Hotels & Resorts Worldwide, Inc.
Ellen Gallo, 914-640-8167

Also See: Starwood Reports 2003 Full Year Net Income Down 13% to $309 million from $355 million in 2002; Worldwide 4th Qtr RevPAR Up 6.6% and 4.7% in North America / Hotel Operating Statistics / February 2004
Starwood's Opens First Vacation Ownership Property in Hawaii, The Westin Ka'anapali Ocean Resort Villas / December 2003

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