Sheraton Hotels & Resorts Accelerates Growth in New York City with the Opening of Sheraton Tribeca

The Second New Sheraton to Open in NYC in just Five Months is Part of Starwood Hotel's Aggressive New York Growth Strategy

WHITE PLAINS, N.Y. (BUSINESS WIRE) -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announces the opening of Sheraton Tribeca, a sleek, new hotel in lower Manhattan's most sought-after neighborhood. The highly anticipated opening of Sheraton Tribeca comes hot on the heels of the opening of Sheraton Brooklyn in April. These two new Sheraton hotels in New York City are part of Starwood Hotel's bullish New York City growth strategy. The company announced this summer that it will grow its NYC portfolio by 50% this year and open more hotels in New York in 2010 than any other city in the world. The company's aggressive focus on NYC is illustrative of its meaningful global growth strategy - Starwood is on track to open more than 80 hotels in key markets around the world this year.

"We are delighted to welcome travelers to our second new Sheraton in New York City in just five months, as we actively grow our presence in this global gateway city and key financial center. Topping the list as the world's most popular tourist destination with nearly 47 million domestic and international visitors each year, New York City is expected to attract even more visitors over the next decade due to the anticipated surge in tourism from China and India," said Hoyt Harper, Senior Vice President, Sheraton Hotels & Resorts. "Starwood is proud to offer travelers 15 best-in-class hotels in New York City with the addition of Sheraton Tribeca, where travelers will enjoy an inviting, comfortable atmosphere, just steps from the city's best dining, shopping and art galleries."

The Sheraton Tribeca boasts a prime location on the northern perimeter of Tribeca, just across the street from SoHo. The hotel is walking distance to the Financial District, Greenwich Village, Little Italy and Chinatown, and just a short subway ride to South Street Seaport, Times Square and the Broadway theater district. The Sheraton Tribeca also features the signature offerings of the brand's recent $6 billion revitalization effort including the Link@SheratonSM experienced with Microsoft(R)", Link Cafe and Club Lounge with dramatic views of midtown Manhattan.

The opening of the Sheraton Tribeca is part of the brand's strategic expansion plan that will add approximately 50 new hotels and over 20,000 rooms to the Sheraton portfolio over the next three years. Beginning in 2010, the brand will open roughly 50 new hotels over three years in 15 countries, including the United States, Italy, Colombia, India, Russia, Slovakia, Taiwan, South Korea and Vietnam. Sheraton - the largest international upper-upscale hotel brand in China - will nearly double its footprint in the country with the addition of 28 stunning new properties, including the Sheraton Shanghai Hong Kou Hotel, Sheraton Qingdao and Sheraton Huadu Resort , bringing its total number of hotels there to 50.

Last year, Sheraton completed a three-year, multi-billion global brand overhaul that encompassed more than $4 billion in new hotels, renovations and signature brand initiatives in North America and another $2 billion in new hotels overseas. Highlights included:

  • 70,000 new or newly renovated guestrooms -- 50,000 in North America alone
  • More than 300 new lobbies featuring the brand's innovative Link@SheratonSM experienced with Microsoft(R)
  • More than 100,000 brand new Sheraton Sweet Sleeper all-white, high thread count beds in 211 hotels and 83,000 guestrooms worldwide
  • 98 renovated properties, nearly half of Sheraton's North American portfolio, including high profile gateway properties like the Sheraton Denver, Sheraton Boston, Sheraton Seattle Hotel & Towers, Le Centre Sheraton Montreal and Sheraton Waikiki.

Sheraton Hotels, like all brands within Starwood's portfolio, is proud to offer the Starwood Preferred Guest(R) program, which offers a breakthrough policy of no blackout dates on Free Night Awards. To learn more, please visit www.spg.com.

About Starwood Hotels & Resorts

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1000 properties in nearly 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis(R), The Luxury Collection(R), W(R), Westin(R), Le Méridien(R), Sheraton(R), Four Points(R) by Sheraton, and the recently launched Aloft(R), and ElementSM. 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.) The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

SOURCE: Starwood Hotels & Resorts Worldwide, Inc.

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