Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT) and developers/owners Hoteleira Quinta do Bessa S.A. announced today that they have entered into a long-term management agreement under which Starwood will operate the 284-room Sheraton Porto currently under construction in the City of Porto, Portugal, and scheduled to open mid-year 2003.
“We are delighted to be entering this market by signing this agreement with Hoteleira Quinta do Bessa, S.A.,” said Roeland Vos, President of the European Division of Starwood Hotels & Resorts Worldwide, Inc. “The Sheraton Porto will further augment Starwood`s outstanding portfolio of hotels in Portugal and the Iberian Peninsula. The excellent location and outstanding physical product planned by Mario Vasco Pereira and his team will greatly enhance our representation in Portugal and will add another important market to our spectacular portfolio of hotels in Europe.” Vos added, “The Sheraton Porto will no doubt become a favorite destination spot for Starwood Preferred Guest members to redeem their points for free stays.”
Mario Vasco Pereira, President of Hoteleira Quinta do Bessa S.A. stated, “We are proud to have reached this agreement with Starwood. The Sheraton brand is, in our view, the strongest international brand, both in Portugal and throughout Europe and the rest of the world. We strongly believe that the combination of the brand, our location, design and physical specifications will enable the Sheraton Porto to command a dominant position in the Porto market as soon as the hotel is operational.”
“We are proud of our association with Starwood and its powerful Sheraton brand,” Mr. Pereira added. “We are confident that our partnership will assist Porto in establishing the city`s business and tourism infrastructure, ultimately benefiting the city of Porto and the economy of Portugal.”
The Sheraton Porto, will be located on Avenida Boavista in the heart of Porto`s business district. Designed by the Lisbon-based architect Joao Paciencia, the Sheraton project will have 284 deluxe rooms and suites, a restaurant and bar, a ballroom and meeting rooms, underground parking, a swimming pool and health club. The construction permit was issued on in August 2000 and construction is now well underway.
In Portugal, Starwood Hotel & Resorts Worldwide Inc. owns and operates the Sheraton Lisboa and operates the Sheraton Algarve on behalf of a third party owner.
In Spain, Starwood owns or and/or operates six hotels including such famous hotels as The Westin Palace, Madrid, Hotel Alfonso XIII, A Westin Hotel, Seville and Hotel Maria Cristina, A Westin Hotel, San Sebastian, the recently opened Westin La Quinta Golf Resort, Marbella, while the recently announced Sheraton Bilbao, is expected to open in mid-2002. Through the ArabellaSheraton joint venture, Starwood also manages the ArabellaSheraton Golf Hotel in Mallorca.
Sheraton Hotels & Resorts, the largest brand of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), has more than 375 hotels in 67 countries. Starwood is one of the leading hotel and leisure companies in the world with more than 725 properties in 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. SOURCE Starwood Hotels and Resorts Worldwide, Inc.