Starwood Sells G-V Aircraft For $39 Million In Cash

4th May 1998

Starwood Hotels & Resorts (the Trust) and Starwood Hotels & Resorts Worldwide, Inc. (the Corporation) NYSE:HOT announced today the sale of its Gulfstream-V aircraft for approximately $39 million in cash to an undisclosed buyer.

“We are very pleased that we were able to negotiate such an attractive price for the plane, originally ordered by prior ITT management,” said Barry S. Sternlicht, chairman and chief executive of the Trust and chairman of the Board of Directors for the Corporation. “The sale is a continuation of our goal of disposing non-core assets with the proceeds going to reduce debt,” Mr. Sternlicht said.

Starwood Hotels & Resorts Worldwide, Inc. through its ITT Sheraton, Westin and Caesars subsidiaries, is one of the leading hotel and gaming operating companies in the world. Starwood Hotels & Resorts is the largest real estate investment trust in the United States. Shares of Starwood Hotels & Resorts Worldwide, Inc. are paired and trade together with shares of Starwood Hotels & Resorts.



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