Starwood To Sell Aviation Complex

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today that, in keeping with its ongoing plan to sell non-strategic assets and enhance shareholder value, the company will sell its full- service aviation facility located in Allentown, PA. Starwood has selected Wayfarer Aviation, a highly regarded corporate aviation services company in Westchester County, NY, and Trammell Crow Corp. a nationally recognized real estate development, services and brokerage firm, to handle the sale.
The aviation facility, acquired by Starwood as part of its merger with ITT Corporation earlier this year, includes 70,000 sq. ft of hanger space, nearly 80,000 square feet of airport ramp, about 14,000 square feet of office and maintenance space and 3,000 sq. ft of storage utility space. In addition, the facility features a 60,000 gallon fuel farm offering advantageous fueling arrangements for a large flight operation.

Located at the Bethlehem/Allentown Airport in Pennsylvania, the facility is large enough to accommodate at least six Gulfstream jets and a Boeing 737 simultaneously, and with other fleet mixes could accommodate up to 12 aircraft.

Jim Christiansen, President of Wayfarer Aviation, Inc. said, ``We are very pleased to have been selected by Starwood to handle the sale of this unique property. This facility will certainly make an ideal location for a flight department or maintenance and/or refurbishment provider. Because of its unique through the fence arrangement with the airport, it is not subject to some restrictions that may apply to other facilities around the country. The facility is also set up to handle major maintenance including overhead cranes and large shop and office space. Allentown`s close proximity to the Boston-Washington metroplex makes it a good location for an aviation services business,`` Mr. Christiansen said.

Wayfarer Aviation was founded in 1956 to manage the Rockfeller family`s aircraft. Wayfarer`s operating authority is worldwide and its experience, spanning over 40 years, is exceptional. Wayfarer`s ongoing growth has resulted in a fleet that includes Gulfstream IV, III and II; Falcon 900B and 20F, Challenger 604, 601 and 600; Westwind II, Hawker 800XP, Lear 55, 35A, Citation V, Beechjet 400A, Sikorsky S-76B, A-Star, Bell 230 and Augusta 109 helicopter and soon to be delivered, both the Global Express and Gulfstream V.

Starwood Hotels & Resorts Worldwide, Inc., through its 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.