|Singapore, February 26, 2007 – Starwood Hotels & Resorts
Worldwide, Inc.® (NYSE: HOT) and a fund managed by Morgan Stanley Real
Estate have entered into a definitive joint venture agreement to acquire
the Sheraton® Grande Tokyo Bay Hotel from Taisei Corporation Group,
with a closing of the acquisition expected before the end of March 2007.
The fund, managed by Morgan Stanley Real Estate, will own approximately
75% of the joint venture and Starwood will own approximately 25%.
The 802-room Sheraton Grande Tokyo Bay has been managed by Starwood®
since its opening in 1988 and will continue to be operated by Starwood
under a long-term management agreement with the joint venture.
The Sheraton Grande Tokyo Bay is located in the Tokyo Disney Resort
area and offers guests direct access to Disney via monorail. One
of the five official Tokyo Disney hotels, the Sheraton Grande Tokyo Bay
offers sweeping views of Tokyo Bay and Tokyo Disneyland. The hotel
is a leading wedding facility in Japan, with two chapels and 13 event rooms.
Other amenities include eight restaurants, the Oasis sport and recreation
complex, indoor and outdoor pools.
The number of visitors to the popular Tokyo Disney Resort area is anticipated
to grow in the next few years as a result of the construction of a new
2,000-seat theater for the world-renowned Cirque du Soleil, as well as
celebrations and events for Tokyo Sea Disney’s fifth anniversary and Tokyo
Disneyland’s twenty-fifth anniversary.
Mikayo Hotels in Tokyo and Osaka to be Re-Flagged
as The Sheraton Miyako
Hotel Tokyo and The Sheraton Miyako Hotel Osaka
SINGAPORE -- February 26, 2007 – Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT) today announces two new Sheraton hotels in Japan under
a franchise agreement with Kintetsu Hotel Systems, Inc., the hotel operating
division of Kintetsu Corporation. The Miyako Tokyo Hotel and Miyako
Osaka Hotel have both been re-flagged as The Sheraton Miyako Hotel Tokyo
and The Sheraton Miyako Hotel Osaka respectively. Sheraton is renovating
the two properties, both of which are scheduled to open in April 2007.
"We are thrilled that Kintetsu Hotel Systems Inc. has selected the Sheraton
flag for these outstanding properties in two of the most important cities
in Japan, in an agreement that dramatically enhances Sheraton’s already
impressive portfolio in Asia Pacific,” said Miguel Ko, President of Starwood
Hotels & Resorts, Asia Pacific. “We are delighted to extend a warm
Sheraton welcome to both business and leisure travelers to Tokyo and Osaka,
offering them the full-range of Sheraton’s distinctive amenities and services.”
“We are confident that the Sheraton brand will strengthen our marketing
and sales efforts to drive international business to the hotels and to
the destinations, as well as enhance the awareness of these two great hotels
in the two competitive markets of Tokyo and Osaka. We are also delighted
to further expand our partnership with Starwood in Japan,” commented Mr.
Yasuyuki Suzuki, President of Kintetsu Hotel Systems, Inc.
Starwood currently operates The Westin Miyako Kyoto, which is owned by
Kintetsu as well.
Following extensive renovations, the 492-room Miyako Tokyo Hotel and
575-room Miyako Osaka Hotel will be re-flagged as Sheraton Miyako Hotel,
Tokyo and Sheraton Miyako Hotel, Osaka respectively, as of April 2007.
Sheraton Grande Tokyo Bay Hotel
Sheraton Miyako Hotel Tokyo
About Starwood Hotels & Resorts Worldwide, Inc.
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. Starwood® Hotels is a fully integrated owner, operator
and franchisor of hotels and resorts with the following internationally
renowned brands: St. Regis®, The Luxury Collection®, Sheraton®,
Westin®, Four Points® by Sheraton, W®, Le Méridien®
and the recently announced AloftSM and ElementSM Hotels. Starwood Hotels
also owns Starwood Vacation Ownership, Inc., one of the premier developers
and operators of high quality vacation interval ownership resorts. For
more information, please visit www.starwoodhotels.com.
About Morgan Stanley Real Estate
Morgan Stanley Real Estate is comprised of three major global businesses:
Investing, Banking and Lending. Since 1991, Morgan Stanley has acquired
$102.0 billion of real estate assets worldwide and currently manages $60.5
billion in real estate assets on behalf of its clients. In addition,
Morgan Stanley Real Estate provides a complete range of market-leading
investment banking services to its clients, including advice on strategy,
mergers, acquisitions and restructurings, as well as underwriting public
and private debt and equity financings. Morgan Stanley is also a
global leader in real estate lending offering approximately $156.0 billion
of CMBS through the capital markets since 1997, including $35.5 billion
in 2006. For more information about Morgan Stanley Real Estate, go
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing
a wide range of investment banking, securities, investment management,
wealth management and credit services. The Firm's employees serve clients
worldwide including corporations, governments, institutions and individuals
from more than 600 offices in 30 countries. For further information about
Morgan Stanley, please visit www.morganstanley.com.
This press release contains forward-looking statements within the meaning
of United States federal securities regulations.