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 $0.15 per paired share for the Trust`s fourth quarter ending December 31, 1998. The dividend will be payable on January 25, 1999 to shareholders of record on December 31, 1998.
As previously reported, the payment reflects Starwood`s new dividend policy of $0.60 per share per year, established in anticipation of its conversion from a paired share REIT to a C-Corporation. Shareholders are expected to vote on the company`s proposed new structure at its annual meeting on January 6, 1999.
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 with more than 650 hotels in 70 countries and 125,000 employees. 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.
(Note: This release contains certain statements that may be deemed ``forward-looking statements`` within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made, including, without limitation, risks and uncertainties associated with the following: the pending restructuring of Starwood and Starwood Hotels and Resorts (the ``Trust``); the Trust`s continued ability to qualify for taxation as a REIT; Starwood`s integration of the assets and operations of ITT and Westin; completion of future acquisitions and dispositions; the availability of capital for acquisitions and for renovations; execution of hotel and casino renovation and expansion programs; the ability to maintain existing management, franchise or representation agreements and to obtain new agreements on current terms; competition within the lodging industry and the gaming industry; the cyclicality of the real estate business, the hotel business and the gaming business; foreign exchange fluctuations; general real estate and national and international economic conditions; political, financial and economic conditions and uncertainties in countries in which Starwood owns property or operates; the ability of Starwood, owners of properties it manages or franchises and others with which it does business to address the Year 2000 issue, and the costs associated therewith; the adoption by several European countries of the euro as their national currency; and the other risks and uncertainties set forth in the annual, quarterly and current reports and proxy statements of the Trust and Starwood. Starwood undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.)