CONTACT: Ellen Gallo
STARWOOD HOTELS & RESORTS COMPLETES SALE
OF ST. REGIS HOTEL, WASHINGTON, D.C.
Grande Dame of the Nation’s Capital to Remain in the St. Regis Portfolio
WHITE PLAINS, NY – August 10, 2005 – Starwood Hotels & Resorts Worldwide, Inc.
(NYSE:HOT) announced today that it has completed the sale of the 193-room St. Regis
Hotel, Washington, D.C. to a joint venture between Brickman Associates and New
Valley Corporation for $47 million. The hotel will continue to be managed by St. Regis
Hotels & Resorts and will remain in the St. Regis brand portfolio. Built in the style of an
Italian Renaissance palace and richly appointed with European antiques, the hotel has
been a stopping place for visiting royalty, presidents, and international dignitaries since
its opening in 1926. A multi-million dollar renovation of the hotel is planned by the new
owners subsequent to the sale.
St. Regis Hotel, Washington, D.C. is located two blocks from The White House
and is convenient to galleries, museums, monuments, and other Capital attractions.
Condé Nast has awarded the hotel to its Gold List four years in a row.
Since 2003, Starwood has sold more than $1.5 billion worth of assets. The
proceeds from this hotel combined with other asset sales since 2004 totals more than
$470 million, part of the $500 million the Company intends to sell by the end of 2005.
The Company expects to use proceeds for share repurchase and for general corporate
St. Regis Hotels & Resorts includes the most celebrated properties in the world.
As the landmark St. Regis Hotel, New York celebrates its 100th anniversary, the
company will unveil highly anticipated St. Regis properties in San Francisco (November
2005), Fort Lauderdale (2006), Anguilla (2007), Deer Valley, UT (2007), Mexico City
(2007), Punta Mita (2007), Singapore (2007) and Bal Harbour (2008) that will further
extend the brand's legacy as the preeminent hotel group. A common thread unites St.