Sheraton Yankee Trader to Renovate and Rebrand as Westin Fort Lauderdale

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. October 14, 2008

GREENWICH, CT, April 15, 2008. Starwood Capital Group Global, LLC, a leading private investment firm, today announced plans to dramatically transform and re-flag the Sheraton Yankee Trader Hotel, re-opening it as The Westin Fort Lauderdale Beach Resort following a multi-million dollar renovation. Owned by an entity controlled by Starwood Capital Group, the new Westin will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), one of the world's leading hotel and leisure companies. When it opens in February 2009, The Westin Fort Lauderdale Beach Resort will inspire personal renewal and relaxation in a prime, oceanfront setting.

After a successful 44-year presence at 321 North Fort Lauderdale Beach Boulevard, the Sheraton Yankee Trader Hotel will close officially on June 1, 2008 to begin the property-wide renovation.

"We are extremely pleased to announce this investment, which we believe will create one of the most sought-after destinations for vacationing families and corporate travelers along the Florida coast," said Robert Geimer, Senior Vice President for Starwood Capital Group. "We believe the combination of the asset's excellent location, extensive renovation plans and the management expertise of Starwood Hotels will result in one of the strongest performing assets in Fort Lauderdale."

"The future is exciting for this landmark location and we are confident that our loyal guests, along with future visitors, will enjoy the luxurious accommodations and personalized, instinctive services that will be provided by The Westin Fort Lauderdale Beach Resort," said Amaury Piedra, Complex General Manager for the Westin Fort Lauderdale Beach Resort and Sheraton Yankee Clipper Hotel.

The renovation will result in dramatic exterior modifications, enhancing the spectacular views of the Atlantic Ocean, Intracoastal Waterway and the city of Fort Lauderdale. Plans to significantly refurbish the interior of the hotel will offer guests a restful, rejuvenating experience including the new Heavenly Spa by Westin(TM) and Westin WORKOUT(R) fitness center as well as state-of-the-art meeting facilities.

The hotel will also refresh its signature restaurant, Shula's on the Beach. Plans call for the upscale steak house to remain open for dinner service throughout the property-wide renewal. Additional enhancements to the guest experience will feature soothing touches, including a subtle earth tone decor, mood music and ambient lighting. The resort will feature Westin signature services including The Westin Heavenly Bed(R), Westin Kids Club(R) and The Westin sensory welcome.

The Westin Fort Lauderdale Beach Resort will boast more than 32,000 square feet of flexible meeting and event space to suit every occasion, including the 10,000 square foot Las Olas Ballroom, which can accommodate groups of up to 1,200 people. Additionally, the resort will feature the 3,900 square foot Sunrise Terrace with inspiring views of Fort Lauderdale Beach and the Atlantic Ocean.

Located directly on Fort Lauderdale Beach, The Westin Fort Lauderdale Beach Resort will inspire visitors with spectacular views, exquisite dining and refreshing signature amenities. Guests can relax poolside, overlooking the ocean, or enjoy miles of sandy beaches. The Westin Fort Lauderdale Beach is just minutes from downtown Fort Lauderdale, close to a variety of restaurants and boutiques. Nearby recreation includes golf, deep-sea fishing, scuba diving and sailing.