Starwood Hotels & Resorts Declares Fourth Quarter Dividend

Starwood Hotels & Resorts (NYSE: HOT), announced today that it has declared a dividend of $0.15 per share for the Company`s fourth quarter ending December 31, 1999. The dividend will be payable on January 21, 2000 to shareholders of record on December 31, 1999.

Starwood Hotels & Resorts Worldwide, Inc., through its St. Regis, Luxury Collection, Westin, Sheraton, Four Points and W subsidiaries, is one of the leading hotel and leisure companies in the world with more than 700 hotels in 76 countries and 130,000 employees.

(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 no 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 continued ability of Starwood Hotels & Resorts (the “Trust”) to qualify for taxation as a REIT; Starwood`s integration of the assets and operations of ITT Corporation and Westin Hotels & Resorts; completion, terms and timing of future acquisitions and dispositions; the availability of capital for acquisitions and for renovations; execution of hotel 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; the cyclicality of the real estate business and the hotel 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 mag ofrchesndhs thhi idobins are t Yr 00rsl d stascaediewi9 e opony vel ro anouri otheu athr tialurnc a t oeris a uerInesetorth in the anjual, quarterly and current reports and proxy statements of"Starwood. Starwood undertakes no bligation to publicly update r revise any forward-lookng statement, whether as a result of ew0information, future erents or otherwise.)