Mr. Cotter succeeds Horatio (Rick) Segal who has decided to leave the company after 22 years with Sheraton, the last 7 with the company's flagship property, The St. Regis. Sheraton and The St. Regis were acquired by Starwood Hotels Resorts Worldwide, Inc. upon its acquisition of ITT Corporation in February 1998. "Under Rick Segal's direction The St. Regis has flourished and attained a reputation as one of the premier hotels in the world," said Mr. Kleisner. "We thank him for his years of service and wish him well in his future endeavors. We are very pleased and fortunate to have Richard Cotter join our team. His knowledge and experience in the luxury hotel industry will be a valuable addition as we take this property to even greater heights," Mr. Kleisner added.

Mr. Cotter was responsible for the total refurbishment and repositioning of The New York Palace on Madison Avenue at 50th Street, a hotel of distinction which unites one of the most historic landmark structures in New York, The Villard Houses, with a contemporary fifty-five story tower built in 1980. In April of 1997, as the renovation of The New York Palace neared completion, Mr. Cotter expanded his responsibilities when he was named Group Managing Director for North America which includes the prestigious Hotel Bel-Air in Los Angeles, California.

During his tenure at The New York Palace, Mr. Cotter was a partner in the Center for Hospitality Research at Cornell University, sponsoring applied research into the future of the luxury hotel segment. This research was recently presented in a joint Cornell/New York Palace symposium. Prior to his return to New York City in 1994 Mr. Cotter served as General Manager of Merv Griffin's Beverly Hilton in Beverly Hills, a AAA Four-Diamond/Mobil Four-Star property that as a tradition of hosting many of greater Los Angeles' most prestigious business and social events. Before transferring to the Beverly Hilton, Mr. Cotter served as Manager of Hilton Hotel Corp.'s flagship in New York, The Waldorf-Astoria Hotel and the Waldorf Towers. Mr. Cotter remains active as a board member of the Waldorf-Astoria Distinguished Alumni.

For the decade prior to working with Hilton Hotels Corp., Mr. Cotter worked first with the Sheraton Corp. and later with Omni Hotels. Mr. Cotter started with Sheraton and rose through the ranks at the New York Sheraton serving as Executive Assistant Manager. He later moved on to manage the former New York Sheraton as it became the Omni Park Central. Mr. Cotter remained with Omni Hotels, moving across town to the company's flagship, Omni Berkshire Place.

In 1984, he moved to the Omni Georgetown Hotel in Washington, D.C., where he oversaw its renovation and repositioning, which earned the property an upgrade to a Four-Diamond rating. He also opened a new restaurant, The Cafe Beaux Arts, ranked by Esquire as one of America's "50 hottest new restaurants" for 1987. A graduate of Cornell University School of Hotel Administration, Mr. Cotter also studied at Boston College. He has completed the Critical Resources Management course at the Darden School of the University of Virginia. Mr. Cotter is an active member of numerous business and philanthropic organizations.

Starwood Hotels Resorts Worldwide, Inc., through its Sheraton, Westin and Caesars subsidiaries, is one of the leading hotel and gaming operating companies in the world. Starwood Hotels Resorts is the largest real estate investment trust in the United States. Shares of Starwood Hotels Resorts Worldwide, Inc. are paired and trade together with shares of Starwood Hotels Resorts (NYSE: HOT).