Starwood Hotels & Resorts Declares Third Quarter Dividend

Starwood Hotels & Resorts (the ``Trust``), the nation`s largest hotel real estate investment trust, whose shares are paired and trade together (NYSE: HOT) with shares of Starwood Hotels & Resorts Worldwide, Inc. (the Corporation) announced today that its Board of Trustees has declared a dividend of $0.52 per paired share for the Trust`s third quarter ending September 30, 1998. The dividend will be payable on October 24, 1998 to shareholders of record on October 10, 1998.
(Note: Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Starwood believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Starwood expectations include completion of pending acquisitions, continued availability of acquisitions, continued availability of debt and equity financing on favorable terms, changes in tax and other laws, foreign exchange fluctuations, performance of hotel operations, financial performance, real estate conditions, market valuations of its stock, execution of hotel renovation programs, changes in local, national or foreign economic conditions and other risks detailed from time to time in the Company`s SEC reports, including quarterly reports on Form 10-Q, current reports on Form 8-K and annual reports on Form 10-K.)