Starwood Signs Agreement for Sheraton Istanbul Maslak

Comfort and Convenience in Turkey's Economic and Cultural Center

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. October 14, 2008

WHITE PLAINS, NY, January 15, 2007. Starwood Hotels & Resorts Worldwide, Inc.(R) (NYSE:HOT) and OC Tourism Services Inc. announced today the signing of a franchise agreement for a new Sheraton hotel in Istanbul -- Turkey's magnificent cultural and commercial center where east meets west. Sheraton(R) will fly its flag over the existing Istanbul Princess Hotel, which will re-open as the Sheraton Istanbul Maslak in mid-2007, following an extensive renovation.

The 30-story hotel is located in Maslak, in the heart of Istanbul's "new business district." It is within walking distance of the Istanbul Stock Exchange, just three miles from the Bosphorous Straight and six miles from the city's historic district.

The city's stunning historical sites, colourful blend of cultures, and vibrant business community make Istanbul an alluring destination. The continents of Europe and Asia come together in Istanbul, separated only by the famed Bosporus Straight, which is lined with several miles of ancient moated walls and a variety of castles, villas and gardens. As the capital of the Roman, Byzantine and Ottoman empires, Istanbul boasts a number of important historical sites such as the Blue Mosque, the most awe-inspiring place of Islamic worship in the world and the glorious Topkapi Palace, residence of the Ottoman Sultans. Istanbul also offers a rich blend of entertainment offerings including festivals, seaside nightclubs, and a dazzling array of international cuisine.

"We are delighted to expand our footprint in Turkey, a true crossroads between Asia and Europe, as Starwood furthers its worldwide growth," said Erhard Noreisch, Sr. Vice President, Regional Director East & Central Europe, Starwood Hotels & Resorts. "OC Tourism shares Starwood's confidence in the power of our brands, as we launch the beginning of our partnership together."

In an effort to make people feel at home in every aspect of their stay, the Sheraton Istanbul Maslak will feature 32-inch flat screen televisions in all of its 305 guestrooms, as well as the brand's signature Sheraton Sweet Sleeper Bed(R), a comfortable assemblage that starts with a plush mattress and crisp cotton sheets, topped by a cluster of plump down pillows, signature blanket and duvet. Guest rooms will also feature an ergonomically superior work area with a roomy chair and desk as well as wireless Internet access. Guests will relax in the hotel's fully refurbished and redesigned lobby, including the installation of Link@Sheraton, a communications hub that enables guests to work in a warm, cozy environment, check email, review local attractions and even print out boarding passes while chatting with family, friends and business colleagues.

The complete renovation of the hotel entrance, the all-day dining restaurant, lobby bar, roof bar and caf'e will be completed by mid-2007. The fine dining restaurants, themed bar, casual dining restaurant, patisserie and all meeting rooms are expected to be finished by March 2008. Other amenities will include a parking area, fitness center and spa, indoor swimming pool, business center, club lounge and gift shops.

"We are proud to work with the Sheraton brand on this project, which will surely become one of the most important business hotels in the city," said Oguz Serim, President of OC Tourism Services Inc. "It makes sense to partner with Starwood, given its leadership in the international hotel marketplace and its proven track record in Turkey."

The Sheraton Istanbul Maslak joins three existing hotels in Turkey, operating under its Sheraton and Luxury Collection brands in Ankara, Antalya and Cesme. In addition, the W Istanbul and Sheraton Istanbul Atakoy are both scheduled to open in late 2007 and the Four Points by Sheraton Istanbul Atakoy will open in early 2008.