Premier Reflagging the Guam Palace Hotel

Sheraton Laguna Guam

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. October 14, 2008

SINGAPORE, August 28, 2006. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today a franchise agreement with Premier Hotels & Resorts Guam, Inc., a subsidiary of Ken Real Estate Lease Ltd. Following extensive renovation, the 318-room Guam Palace Hotel will be reflagged as Sheraton Laguna Guam as of April 2007. Sheraton Laguna Guam will join The Westin Resort, Guam ( currently in operation ) to offer travelers to this island all the distinguished signature services and experiences that guests come to expect from these two luxury brands.

"We are delighted that Ken Real Estate Lease Ltd. has selected the Sheraton flag to grace this stunning resort in Guam and know that guests to this superb resort will be well served by Sheraton's renowned hospitality," said Miguel Ko, President of Starwood Hotels & Resorts, Asia Pacific. "This new resort is a perfect addition to Sheraton's impressive portfolio of resorts in Asia Pacific and we are eager to offer a warm Sheraton welcome to those traveling to Guam." elaborated Ko.

Scheduled to be reflagged as of April 2007, the resort will undergo major renovation to its extensive facilities and grounds, including guestrooms and suites, lobby, reception, meeting rooms and restaurants, and will add a new wedding chapel, fitness center, spa and an extensive lagoon. This landscaped lagoon will also be a signature feature of the resort. Upon completion of the renovation, the resort will offer 318 rooms, 6 restaurants, over 8,000 square meters of landscaped lagoon and multiple swimming pools, 740 square meters of meeting space, a wedding chapel, spa, fitness center and a tennis court. Sheraton Laguna Guam will also be the first international resort to be located on the sunset strip of the island, offering guests magnificent sunset views overlooking the Pacific ocean.

Sheraton Laguna Guam will also introduce the Link@ Sheraton, a virtual and physical space in the hotel's public area that enables guests to surf the Internet, email loved ones, review local favorite attractions, or just sit back and relax. The Link @ Sheraton is one of the many Sheraton initiatives rolled out this year that reinforces the brand's values of offering its guests signature services and amenities in a warm, comfortable environment that will help keep them connected to what matters to them most.

Guam is the largest and most southern island in the western north Pacific Ocean. It is the most developed island in Micronesia and serves as a transportation and communications hub. It is regarded as the gateway to Micronesia. Guam's economy is driven primarily by tourism, military spending and export of fish and handicrafts. Over the past 20 years, the Guam tourism industry has grown rapidly, creating a construction boom for new hotels and expansion of old ones.

Sheraton, the largest brand of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) has more than 394 hotels in 65 countries. Starwood Hotels & Resorts is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties.

This press release contains forward-looking statements within the meaning of federal securities regulations