Starwood Hotels Announces Plans to Open
Multi-Brand Mixed-Use Complex in Houston Texas
|WHITE PLAINS, N.Y.-January 30, 2007 - Starwood Hotels & Resorts
Worldwide, Inc.® (NYSE:HOT - News) today announced plans to open three
hotels as part of the Memorial City Project, a vibrant mixed-use community
in West Houston, Texas. Construction is expected to begin this summer on The
Westin® Houston, Memorial City and The Sheraton® Houston, Memorial
City, with the Sheraton scheduled to open in the first half of 2009. Starwood®
also announces the beginning of extensive renovations to the existing Radisson
Suite Hotel Houston West, which is expected to open as The Four Points®
by Sheraton Houston, Memorial City in the summer of 2007. Starwood will manage
all three hotels under a long-term management agreement.
Starwood's three-hotel project is poised to meet the growing need for full-service lodging in the bustling West Houston market. Driving the area's growth are significant expansions planned by major energy companies including BP, Conoco, Shell and EXXON, as well as the pending relocations of several other large corporations to the area, including Allstate Insurance.
The Memorial City development is a fast-growing 200-acre mixed-use complex serving medical buildings, sports facilities and major retail outlets, including the nearly two million square-foot Memorial City Mall. It also supports the highly-trafficked Energy Corridor and Westchase office markets.
"Starwood is excited to bring three of its renowned brands to the highly-anticipated Memorial City project and the vibrant West Houston area," said Raymond "Rip" Gellein, President, Global Development Group.
"The Westin, Sheraton and Four Points by Sheraton brands each bring to life their own distinct brand positionings, delivering a differentiated travel experience for leisure and business travelers alike."
The Westin Houston, Memorial City a 250-room new-build hotel, will be located within the Gateway Development -- a sub-development within Memorial City that will also includes a new 900,000 square foot medical office tower, restaurants, and shopping. Hotel guests will rejuvenate and escape from the stresses of their daily lives with the help of Westin's renewing signature amenities such as The Westin Heavenly Bed®, Heavenly Bath® and Westin WORKOUT® powered by Reebok fitness center. A 65-unit Westin Residences will be built on top of the hotel and will be accessible to owners via a separate entrance and elevator.
Sports fans will flock to the 155-room Sheraton Houston, Memorial City, to be built adjacent to Baseball USA, an eleven-field baseball complex.
Baseball USA is home to the Houston Select Baseball League, which draws over 500,000 visitors a year. At the hotel, guests will experience Sheraton's warm, intuitive service and signature amenities designed to provide travelers with a sense of community while on the road. Furnished with warm tones and comforting textures, guest rooms will be outfitted with a spacious work space, wireless Internet, 32-inch LCD televisions and the deluxe Sheraton Sweet Sleeper® Bed.
The 170-room Four Points by Sheraton Houston, Memorial City is ideally located in the heart of West Houston's Energy Corridor at the intersection of Interstate I-10 and Sam Houston Tollway. Dedicated to providing honest, uncomplicated comfort, guests can choose from a vast selection of domestic and imported beers available through The Four Points by Sheraton Best Brews(SM) program or enjoy a slice of pie and a cup of fresh coffee in the lobby - served every day. Rooms come equipped with the cozy Four Points by Sheraton Four Comfort Bed, flat-screen televisions, free wireless Internet access and bottled water.
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 Meridien® and the recently announced
aloft(SM) and ELEMENT(SM) 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.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)
** Please contact Starwood's toll-free media hotline at (866) 4-STAR-PR
(866-478-2777) for photography or additional information. **
Starwood Hotels & Resorts Worldwide, Inc.
Leila Siman, 914-640-2635
Source: Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc.
Reports 2nd Qtr 2006 Net Income Soars to $680 million from $145 million -
$511 million from One-time Gains on the Sale of 33 Hotels to Host Hotels /
Hotel Operating Statistics / July 2006
|Starwood Hotels & Resorts Reports 1st Qtr Net Income Falls to $5 million from $79 million a Year Earlier; Takes a $72 million Expense Related to a change in Accounting for Timeshare Transactions; Management Fees Grew 55.6% to $56 million and Franchise Fees Grew 20% to $36 million / Hotel Operating Results / April 2006|
|Starwood Reports Net Income for the 4th Qtr of 2005 Increased 59% to $159 million; For the Full Year 2005, Starwood's Earnings Up 7% to $422 million / Hotel Operating Statistics / February 2006|