Westin Brand Continues Its Expansion In Asia; Hotel Set To Open In Beijing's New Financial District In 2006

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and Beijing Jin Hao Real Estate Company Limited announced an agreement for Starwood to manage a 500-room hotel in Beijing's emerging financial district. Scheduled to open in 2006, The Westin Beijing Financial Street solidifies Starwood's position as the largest international operator of upscale hotels in China with 25 hotels open or under construction.

Located in Beijing's Financial Street area, the hotel is part of a multi-purpose complex that houses the hotel in one tower and serviced residences in a separate tower. In addition to its 500 guest rooms, The Westin Beijing Financial Street will feature 216 residences and approximately 27,000 square feet of meeting and function space. Notable hotel facilities include five dining outlets, sports and recreational facilities, a health club, an indoor swimming pool and retail center.

The Westin Beijing Financial Street marks another major step in Starwood Hotels & Resorts' fast-track expansion in China. This is the fourth development in China signed by Starwood in just the first six months of 2004. New developments signed earlier in the year include Sheraton hotels in Shenzhen, Ningbo and Xiamen.

"We are very proud and honored that Beijing Jin Hao Real Estate Company Limited has selected Westin for this much sought after development opportunity in a prime location that will become Beijing's new financial center," said Miguel Ko, President of Starwood Hotels & Resorts, Asia Pacific. "China's fast-growing travel sector, including business and leisure travel and the meetings industry, have raised the demand, from both national and international travelers, for upscale and international hotel products and services. Following the successful opening of The Westin Shanghai in 2002, we are now very proud to be able to introduce Westin and its many innovative and signature services and products to travelers visiting Beijing in future."

"The Westin Beijing Financial Street will be an outstanding development in Beijing, in terms of quality of design, decor and services," commented Ms. Jin Ling, Chairman of Beijing Jin Hao Real Estate Company Limited. "After reviewing many international hotel chains, we felt that the Westin brand best represented our needs due to the strength of its operations, well-established and professional experience, global reach with sales and marketing services, and its outstanding innovative products. This will be a good match with our product and we look forward to a successful partnership between Beijing Jin Hao Real Estate Company Ltd. and Starwood Hotels & Resorts."