Starwood Sells Stake In Greek Hotel

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), one of the world`s largest hotel and leisure companies, said today that as part of the company`s previously announced plan to sell $500 million of non-strategic assets by mid-year 2000, majority owned subsidiaries of Starwood reduced their holdings in Lampsa S.A., a publicly traded Greek company that owns the Grande Bretagne Hotel in Athens, from 52.8% to 5.7%. The sales were made on the open market.

Starwood received gross proceeds of $186 million and will record a pre-tax gain of approximately $178 million on the sale and will continue to manage the hotel under its existing management contract.