Hotel Online   Press Releases  
ITT Sheraton Adds 31 New Hotels in Nine Countries,
Includes New Joint Venture With Arabella in Europe

BOSTON, Feb. 1, 1998 - ITT Sheraton Corporation, a wholly owned subsidiary of ITT Corporation (NYSE: ITT), announced today that it has signed management contracts, franchise agreements and joint venture agreements representing 32 new hotels in nine countries, 25 of which are open or are scheduled to open this year. The growth continues the momentum established in 1997 when ITT Sheraton announced an all-time record of 103 hotels, representing nearly 25,000 rooms in 25 countries. The new transactions are expected to be immediately accretive to earnings. Among new properties are hotels and resorts representing recently signed agreements in: Canada, Germany, Israel, Italy, Mexico, the Philippines, Spain, Switzerland and the U.S. A new joint venture with Arabella in Europe adds 14 hotels in three countries, mostly in Germany, extending brand presence for The Luxury Collection, Four Points Hotels and Sheraton Hotels Resorts.

"We believe we are about to enter a new and exciting part of our 61-year history, with the pending acquisition of ITT Corp. by Starwood Hotels Resorts (NYSE: HOT)," said Dan Weadock, President and Chief Executive Officer, ITT Sheraton Corporation. "Today's announcement brings us a step closer to becoming the largest and best hospitality company in the world. I fully expect that the number of hotels we will announce in 1998 will exceed our 60-year record of 103 new hotels last year, and today's announcement validates our strategy to build relationships with new owners as well as strengthen our relationship with our existing hotel owners," he added.

"We are the global leader in development for hospitality, continuing to focus on building our brand equity and value for our owners, and the added impact of the addition of the 14 Arabella hotels to our system brings dynamic presence in Germany, along with strong additions in Spain and Switzerland to our existing portfolio. We will continue to be aggressive globally in our expansion initiatives, growing both new management contracts and franchise agreements through strategic alliances that support the enforcement of our high standards of quality and service," Mr. Weadock added.

Chart of ITT Sheraton Corporation Transactions Announced on Feb. 1, 1998
Hotel Location Rooms Status
Canada Four Points Hotels (New build) Nanaimo, BC  75 Franchise (4/98)
Four Points Hotel (Conversion from another brand) Montreal (downtown), QUE 194 Franchise (10/98)
Four Points Hotel (New build) Calgary Olympic Park, AL 118  Franchise (6/98)
Four Points Hotel (Conversion from independent hotel) Montreal Dorval  (airport), QUE 220  Franchise (6/98)
 Germany 12 Arabella (All conversion from another brand) 4,600 Managed and Partially Owned 
Munich (5) 3=Four Points Hotels 

Frankfurt (3) (1=Member of the Luxury Collection) 

Sheraton SeaVillage (New cosntruction))  Tel Aviv 163 Managed and Partially Owned (12/97)
Patria Palace Hotel (Conversion from independent hotel) Lecce 
Member of The Luxury Collection
66 Franchise (1/98)
Sheraton Bologna Hotel Bologna 177 Franchise (3/98)
Hotel Cabos del Sol (New Construction) Los Cabos, Baja Cal 400 Partially owned (6/00)
Sheraton Subic Bay (N)   (New Construction) Subic Bay  230 Managed (3/01)
Compass Hotel Tambuli (New Construction)  Mactan Island 350 Partialy Owned (12/00)
Spain  Arabella agreement (Converstion from another brand) Majorca Member of the Luxury Collection Managed and Partially Owned (2/98)
Arabella agreement (Converstion from another brand) Zurich Managed and Partially Owned (2/98)
United States
Sheraton (Conversion from Independant) Houston Brookhollow, TX 382 Franchised (1/6/98)
Sheraton Crested
Butte Resort 
Mount Crest, CO 252 Franchised (1/22
Four Points Orlando (Converstion from another brand) Kissimmee, FL 225 Franchised (7/98)
Four Points Hotel (Converstion from another brand) Akron West, OH 122 Franchised (7/98)
Sheraton  Resort (New Construction) Lake Powell, AZ 250 Franchised (3/99)
Sheraton Hotel (New Construction)  Portland, OR 250 Franchised (7/99)
Four Points Hotel (New Construction) Jacksonville, FL 187 Franchised (3/99)
Total Hotels
Total Countries
Total Rooms
Jim Gallagher of ITT Corporation, 212-258-1261; or
Dolores Sanchez of ITT Sheraton, 617-367-5481

Back to 1998 Press Releases
Search Hotel Online
Home| Welcome!| Hospitality News| Classifieds|
Catalogs & Pricing| Viewpoint Forum| Ideas/Trends
Please contact Hotel.Online with your comments and suggestions.