Starwood Prices $500 Million Debt Offering
WHITE PLAINS, NY, May 1, 2009 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that it has priced an under written public offering of $500 million of 7% Senior Notes due 2014. The notes were offered to the public at a price of 96.285% of principal amount. Starwood expects to use the net proceeds from the proposed offering to reduce outstanding borrowings under its revolving credit facility. Any remaining proceeds will be used for general corporate purposes.
Banc of America Securities LLC and J.P. Morgan Securities Inc. are acting as joint book running managers for this offering, which is expected to close on May 7, 2009. Interested parties may obtain a written prospectus relating to the senior notes offering from Banc of America Securities LLC, Attn: Prospectus Department, One Bryant Park, New York, New York, 10036, tel. (800)294-1322, email dg.prospectus_distribution@bofasecurities.com or J.P. Morgan Securities Inc.,270 Park Avenue, New York, New York 10017, Attn: High Grade Syndicate Desk, 8th Floor, tel.(212) 834-4533.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer,solicitation or sale would be unlawful.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
