Starwood Hotels & Resorts Brings The Luxury Collection Brand to South Korea

The Parnas, A Luxury Collection Hotel, Seoul to Open in 2016

NEW YORK - February 19, 2014 - (BUSINESS WIRE) - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and Parnas Hotel Co. Ltd. today announced the signing agreement of The Parnas, A Luxury Collection Hotel, Seoul. Located in the city’s upscale southern district of Gangnam, the hotel’s debut will mark the first Luxury Collection hotel in South Korea, joining a portfolio of acclaimed hotels and resorts around the world. It also reflects Starwood’s aggressive expansion plans to maintain its leadership position in the Asia Pacific luxury hospitality landscape.

"We are very pleased to announce the signing of The Parnas, A Luxury Collection Hotel, Seoul as well as the debut of The Luxury Collection brand in South Korea," said Lothar Pehl, Senior Vice President, Operations and Global Initiatives, Asia Pacific, Starwood Hotels & Resorts Worldwide. "In the past two years, South Korea has experienced a surge in demand for quality and luxury accommodations, and we are thrilled to soon offer guests The Luxury Collection’s exceptional services and enriching experiences in the most stylish neighborhood of Seoul."

Slated to open in 2016, The Parnas, A Luxury Collection Hotel, Seoul will feature 138 luxuriously appointed guest rooms, including 24 suites. The hotel will feature an exquisite restaurant, specialty bar and lobby lounge and will boast a lavish spa and well-equipped gym. In addition to the brand’s signature concierge service, the hotel will offer exceptional local experiences, serving as a portal for affluent travelers to discover the riveting, yet little explored sights of Seoul.

"While there is increasing demand for luxury hospitality in South Korea, there are limited new opportunities at the highest level," said Matthew Fry, Senior Vice President, Acquisition & Development, Asia Pacific, Starwood Hotels & Resorts Worldwide. "The captivating brand proposition of The Luxury Collection coupled with the most sought-after address in Gangnam creates an incredible opportunity to showcase the strength of Starwood’s luxury brands and grow in the upper tier of this market."

"With Starwood’s powerful sales platform and The Luxury Collection’s distinctive global portfolio, we are looking forward to the successful opening of The Parnas Hotel as the brand’s first hotel in Korea," said Hong-sup Song, Chief Executive Officer of Parnas Hotel, Co. Ltd.

Starwood currently enjoys a formidable presence in the South Korean hospitality sector, with six distinctive hotels, including W Seoul - Walkerhill, Sheraton Seoul D Cube City Hotel and The Westin Chosun Seoul with two hotels in the development pipeline, including Aloft Seoul Gangnam and Sheraton Daegu Hotel.

Starwood continues to lead in the luxury hospitality market in Asia Pacific. The company operates 38 properties under its luxury brands, including St. Regis, W and Luxury Collection, with over 30 hotels in the development pipeline. The Luxury Collection manages 20 properties in the region, with nine additional hotels and resorts in its pipeline. Two Luxury Collection hotels are scheduled to open this year in Dalian and Hangzhou.

For more information, please visit http://www.starwoodhotels.com.

About The Luxury Collection Hotels & Resorts

The Luxury Collection® is a collection of hotels and resorts offering unique, authentic experiences that evoke lasting, treasured memories. For the global explorer, The Luxury Collection offers a gateway to the world's most exciting and desirable destinations. Each hotel and resort is a unique and cherished expression of its location; a portal to the destination's indigenous charms and treasures. Magnificent decor, spectacular settings, impeccable service and the latest modern conveniences combine to provide a uniquely enriching experience. Originated in 1906 under the CIGA brand as a collection of Europe's most celebrated and iconic properties, today The Luxury Collection brand is a glittering ensemble of more than 85 of the world's finest hotels and resorts in more than 30 countries in bustling cities and spectacular destinations around the world. The Luxury Collection includes award-winning properties that continuously exceed guest expectations by offering unparalleled service, style and class while celebrating each hotel's distinctive heritage and unique character. All of these hotels, many of them centuries old, are internationally recognized as being among the world's finest. For more information, please visit www.luxurycollection.com

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with nearly 1,200 properties in 100 countries, and 181,400 employees at its owned and managed properties. Starwood is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, Aloft®, and Element®. The Company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood also owns Starwood Vacation Ownership, Inc., a premier provider of world-class vacation experiences through villa-style resorts and privileged access to Starwood brands. For more information, please visit www.starwoodhotels.com.

SOURCE Starwood Hotels & Resorts Worldwide, Inc.

Contacts:

Katie Roberts
Starwood Hotels & Resorts Worldwide, Inc.
1-212-380-4049
Global Public Relations
Katie.Roberts@starwoodhotels.com

Simon Neggers
St. Regis Hotels & Resorts
212-380-4029

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