"We are extremely proud to partner with Tishman on The Westin New York at Times Square project," remarked Bartels. "Tishman's proven commitment to developing superb, high-quality hotels in prime locations, combined with Westin's brand integrity and expertise in operating upscale hotels, will position this property as a flaship hotel not only in Times Square, but New York City as well."

The E Walk development, located on the northeast corner of 42nd Street and 8th Avenue, is scheduled to open spring 1999 and will also include a Sony/Loews multiplex theater, theme restaurants, and numerous retail and entertainment establishments. The complex is surrounded by the Ford Center for the Performing Arts, the recently renovated New Amsterdam Theatre, a Disney Superstore, an AMC multiplex cinema, Madame Tussaud's wax museum, HMV Records Superstore and the historic New Victory Theater.

"This is another major step in the ongoing revitalization of Times Square," remarked New York City Mayor, Rudolph W. Giuliani. "From global corporate headquarters to major retail and entertainment options, Times Square has something for everyone. And now with this world-class hotel, people can stay right on 42nd Street and enjoy it all. On behalf of New York City, I congratulate Tishman Realty and Westin Hotels Resorts for further solidifying the western anchor of 42nd Street with this hotel project."

Each guest room will offer dual-line telephones with data port and voice mail, an in-room safe, cable television, refreshment center, coffee maker featuring Starbucks coffee, work space, iron and ironing board, hairdryer and the popular Westin pillows. Additional amenities and services include more than 26,000 square feet of meeting space, concierge service, 24-hour room service, full business center, car rental services, spa and complete fitness center.

Two architects designed E Walk's hotel and retail components in collaboration, creating a dynamic visual impression for pedestrians. The hotel architect, Arquitectonica of Miami, designed the high-rise structure in two dramatic elements, one blue-toned vertical element set against a bronze-toned horizontal element, sliced apart by a cometlike beam of light. The retail architect, D'Agostino Izzo Quirk of Boston, designed the low-rise retail component as a series of stage-set buildings reminiscent of other facades on the street and layered with lights and signs.

Guests of The Westin New York at Times Square will enjoy added benefits unique to Westin. For an additional fee, the hotel offers Westin's Guest Office(R) accommodations which double as offices. Each room features an in-room multifunction laser printer/fax/copier, dual line speaker phone with data port, Macintosh and IBM-compatible computer printer cable and surge protector, ergonomically correct desk chair, task lamp, complementary newspaper and free local phone calls. Service Express(R), a "one call does it all" concept exclusive to Westin hotels and resorts allows guests to dial one number on their telephone to order room service, call for a bellman or room attendant or have any other request filled.

Starwood and Tishman have enjoyed a long-standing relationship with several trophy properties in the United States and Caribbean. A Tishman affiliate owns the 1,200-room Sheraton Chicago Hotel Towers, which has the largest ballroom in the Midwest. Additionally, Tishman affiliates and partners own the 600-room Westin Rio Mar Beach Resort Casino in Puerto Rico, the 1,500-room Walt Disney World Dolphin in Orlando operated by the Sheraton, and the 760-room Walt Disney World Swan operated by Westin.

One of the world's premier developers and owners of prime real estate, Tishman Realty Construction Co., Inc. is celebrating its 100th anniversary in business this year. As a diversified real estate and construction firm, it is responsible for the building of more than 300 million square feet of all types of space for its own account as well as for others. A privately held company, Tishman is headquartered at 666 Fifth Avenue, New York City.

In recent years, Tishman has developed several major, full-service resort and downtown hotels with significant meeting and convention space. Its portfolio of properties totals approximately $2 billion, including the 1,200-room Sheraton Chicago Hotel Towers, the 600-room Westin Rio Mar Beach Resort Casino, the 1,500-room Walt Disney World Dolphin, the 760-room Walt Disney World Swan, and the 815-room Hilton in Walt Disney World.

Westin Hotels Resorts, with more than 105 hotels and resorts in 23 countries, is owned by Starwood Hotels Resorts Worldwide, Inc. In Manhattan, Westin currently operates The Westin Central Park South in New York City. Starwood Hotels Resorts Worldwide, Inc., through its Sheraton, Westin and Caesars subsidiaries, has more than 650 hotels in nearly 70 countries with 125,000 employees and 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).