Hotel Online  Special Report

Sheraton Suites Key West Sold to
Ocean Properties for $35.8 Million
Hotel Remains in Starwood Portfolio Under Long-Term Franchise Agreement 

WHITE PLAINS, N.Y. - March 2, 2006--Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announces the sale of the Sheraton Suites Key West in Florida to Ocean Properties for $35.85 million. The hotel will become a Sheraton franchise and will be managed by an affiliate of Ocean Properties. The 180 suite hotel is Key West's only all-suite hotel and will be completely renovated by Ocean Properties.

Located across from Smathers Beach and just one-mile from Key West International Airport, the hotel is a brief shuttle away from historic Duval Street in Old Downtown Key West. Amenities include a lagoon swimming pool and fitness center, as well as access to all watersports, diving, snorkeling and fishing with a nearby golf course.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. 

This press release contains forward-looking statements within the meaning of federal securities regulations. 


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

Also See: Florida Keys and Key West Hotel Occupancy Hit 10 Year Low of 62.6% Occupancy for August 2004, September Likely to be Way Off / September 2004


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