Starwood to Launch Luxury Residence Club in Phoenix

The Phoenician in Scottsdale, Arizona

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. October 14, 2008

MARCH 7, 2007. Starwood(R) Vacation Ownership (SVO), a division of Starwood Hotels & Resorts Worldwide, Inc.(R) (NYSE: HOT), has announced plans to expand the luxury tier of its fractional ownership portfolio commencing with The Phoenician Residences, The Luxury Collection Residence Club.

Slated for construction on the grounds of Starwood's famed Phoenician(R) resort -- a AAA Five Diamond property located at the base of Camelback Mountain in the Valley of the Sun -- the residences will offer accommodations of uncommon beauty and style, as well as an enticing array of amenities and recreational opportunities.

The Phoenician Residences will include seven two- and three-bedroom fractional residences, ranging from 1,400 to 2,400 square feet. Pre-construction membership prices for fractional shares will range from under $200,000 to more than $300,000 depending on the specific floor plan, location, views and the weeks selected. Starwood has begun accepting reservations for the fractionals. Sales are expected to begin this summer. Construction has begun on both the on-site sales center and The Phoenician Residences. Starwood anticipates the Residences will be ready for occupancy by January 2008.

"This landmark property presents the opportunity for a select few to own an interest in the first hotel-affiliated luxury fractional project in the exquisite oasis of Scottsdale," said Matt Avril, president, real estate operations, Starwood Hotels & Resorts Worldwide, Inc. "We are extremely excited to extend our presence in the fractional market with the first Luxury Collection branded fractional resort. The Phoenician is truly an icon of luxury and complements our existing St. Regis Residence Club properties in Aspen and New York."

Offering unparalleled flexibility for the luxury fractional market, members will purchase a three week Club Interest with two fixed weeks during peak seasons and one floating week during the summer. Members will also have the additional flexibility to convert to Starwood Preferred Guest (SPG) Starpoints(R), exchange to resorts in the Starwood Residence Network or participate in the rental program. All members automatically become Platinum Level SPG(SM) members and will enjoy a host of Platinum benefits including automatic upgrades, complimentary access to hotel health clubs and Club Levels.

The Phoenician(R) grounds comprise over 250 acres filled with luxury amenities to entice even the most seasoned traveler. Members and their guests will enjoy access to all the resort's amenities. A sports enthusiast's paradise, the resort boasts three nine-hole championship golf courses, chipping, putting greens and driving ranges and services ranging from lessons to video swing analysis, and the Tennis Garden offers a Wimbledon grass court, 11 lighted courts, and an automated practice court, several US Open surfaces and the official Australian Open Rebound Ace surface. There are numerous sparkling swimming pools, a 165-foot water slide, and private cabanas.

Members and guests can also relax in a moment of peaceful reflection at The Centre for Well-Being(R), while children enjoy fun-filled days at Funicians Kids Club. Personalized spa programs, services and treatments, plus fitness classes and workout facilities combine to offer an array of well-being pursuits. Residence Club Members will also savor the culinary artistry of the resort's eight restaurants and lounges featuring award-winning cuisine--from Modern French delicacies to Southwestern specialties.

For information of The Phoenician Residences, contact the sales office at 888/830-5012 or visit the marketing offices in the lobby of The Phoenician Resort.