Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) closed on the purchase of the 413-room Sheraton Kauai Resort, Poipu Beach, Kauai, Hawaii on March 3, 2004. Starwood paid $40 million to purchase the asset. Starwood managed the Sheraton Kauai under its Sheraton brand for Obayashi Corporation, the former owner of the property.
“We are pleased to acquire this resort property at a very attractive price per key representing a discount to replacement cost,” said Ted Darnall, President - Starwood Real Estate Group. “Acquiring this resort reinforces our strategic commitment to Kauai and the Hawaiian Islands which remain the most important leisure destination for U.S. travelers.”

The Sheraton Kauai is located alongside Poipu Beach and features 413 rooms, including 13 suites, many with spectacular ocean views and terraces. The resort has five restaurants and lounges; a fitness and massage center; two outdoor pools and Jacuzzi; tennis courts and two championship golf courses within two miles and is situated on 18.8 acres of fee and leased land.

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 105,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com

Please contact Starwood’s new, toll-free media hotline at 866-4-STAR-PR (866-478-2777) for photography or additional information.

The Sheraton Kauai Resort is located alongside Poipu Beach - the ‘#1 Beach in America’ as designated by the ‘Travel Channel and Dr. Beach in USA TODAY,’ - on Kauai’s sunny South Shore. The deluxe, low rise, Hawaiian haven provides gracious accommodations with a choice of mesmerizing oceanfront or colorful, tropical garden views. The ‘Galleria of Oceanfront Dining & Entertainment’ has a choice of four restaurants and a surf-view lounge, and easy access to all the wonders of Hawaii’s ‘Garden Island,’ Kauai.
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