WHITE PLAINS, N.Y., Oct 22, 2002 (BUSINESS WIRE)—The 13th Annual Hotel Investment Conference Asia-Pacific (HICAP) held in Hong Kong last week named Barry S. Sternlicht, Chairman and CEO of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) as the recipient of its “Innovator Award.”

Voting for this prestigious recognition is done by a panel of high-level industry peers for an individual who has distinguished himself though extraordinary and revolutionary innovations.

Sternlicht has been credited as a dynamic and innovative hotel leader, inspiring new products and programs with immediate global appeal, including a revolutionary new guest room design for Sheraton, the development of Westin`s “Heavenly Bed(R)” and the launch of the Starwood Preferred Guest(R) program. Less than four months after its launch, it was named the #1 Hotel Loyalty Program as reported by USA Today. The program has also been named Hotel Frequent Guest “Program of the Year” by business travelers at the annual Freddie Awards in 1999, 2000 and 2001.

Sternlicht is also responsible for the launch of the first new hotel brand in recent history, W Hotels. Launched in late 1998, W is the most successful new brand in hotel history and has expanded into key cities such as New York (5), Atlanta, Chicago (2), Honolulu, Los Angeles, New Orleans (2), Newark, CA, San Francisco, Seattle and Sydney. W will celebrate its fourth anniversary this year when it opens its 17th hotel in San Diego. A total of 19 W hotels will be open by the end of 2003, including new hotels in Seoul and Mexico City.

Described as “Style Hotels,” each W features distinctive and dramatic decor. W offers guests a new brand of business hotels, unlike anything else available, providing the personality and style of a boutique hotel with the reliability and comprehensive business services travelers expect.

As Asia`s longest-running hotel investment event, the Annual Hotel Investment Conference has become the most important gathering of hotel investors, financiers and leading industry professionals in Asia. The 13th Hotel Investment Conference Asia Pacific enjoyed its most successful year with overwhelming attendance by hotel owners, hoteliers, analysts, journalists and property investors. This year`s event featured Sternlicht as the Keynote Speaker who shared his vision on success, creativity and industry trends.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in 80 countries and 110.000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton and W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For further information, please visit www.starwood.com.

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