Starwood to Open W Dallas Victory Hotel

WHITE PLAINS, N.Y., Jul 21, 2003 (BUSINESS WIRE)—W Hotels—the world`s fastest growing style brand - announced its 21st W and its first W Residences today with the W Dallas Victory Hotel and Residences which is expected to open in late 2005. Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), W`s parent company, has agreed to manage the 251-room Hotel and 94 luxury Residences for a partnership among Gatehouse Capital Corporation, Hillwood Development Company and Southwest Sports Realty.

The W Dallas Victory Hotel and Residences will be the centerpiece of the next phase in the 72-acre Victory master development, and will be located immediately across Wichita Street from the American Airlines Center, home of the NBA Dallas Mavericks and NHL Dallas Stars, as well as numerous other entertainment events throughout the year.

“A W experience is truly unforgettable, and one that the people of Dallas are sure to embrace,” said Barry S. Sternlicht, Starwood Chairman and CEO. “During the past five years W has continued to grow, across the U.S. and internationally, to a portfolio of more than 20 hotels. Dallas is one of the premier business and leisure destinations in the U.S. and rich in culture, style and diversity—the ideal location for a W Hotel. We are dedicated to build upon W`s ongoing success, and are thrilled to offer residences at what is sure to become the hottest address in Dallas.”

The mixed-use block across from the American Airlines Center is being developed by Gatehouse Capital Corporation of Dallas and includes the hotel, residences, street front retail, and boutique office space. Gatehouse has developed two other W Hotels: W San Diego and W Silicon Valley and is in pre-development on several other mixed-use developments involving W Hotel and Residences nationally. For retail leasing information contact David Levine at (214) 303-5535.

“This collection of complimentary uses in Dallas will be thoroughly modern with superior services. We enjoy a very successful relationship with Starwood and are committed along with Hillwood and Southwest Sports to delivering an extraordinary experience of the highest quality. We have assembled a first-rate, nationally recognized team with the W brand at the center,” said Marty Collins, President of Gatehouse Capital Corporation. “It will be very different from anything in the marketplace, and is a great addition to the brand, the Victory master plan and the Dallas skyline.”

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Located adjacent to Dallas` central business district, the W Dallas-Victory Hotel and Residences will offer the energetic ambience for which the W Hotel brand is legendary, including a vibrant Living Room lobby and an upscale signature restaurant. Other distinctive characteristics of the property include a 10,000 square foot spa, pool and fitness facility on the 16th floor overlooking downtown, 11,000 square feet of meeting space and a nationally recognized bar on the roof of the 33rd floor with unbelievable city views.

“The building design will be architecturally significant to Dallas` landscape and the W will have an exciting impact on Dallas` nightscape” said Ross Perot, Jr., Chairman of Hillwood Development Company. “This is an important step in fulfilling our goals for Victory of providing diverse urban events that together create an urban district and lifestyle unlike what Dallas offers today.”

“We are excited to make the W hotel the cornerstone of Victory`s next phase,” said Tom Hicks, owner of Southwest Sports Realty. “W embodies this phase of Victory, it`s new to this market, is energetic and has unparalleled quality.”

Ninety-four luxurious W Residences will grace the top floors of the property, and give a select group of individuals the opportunity to purchase condominium homes that will have all the benefits of being attached to a W Hotel including all the amenities enjoyed by W guests. The Residences will be on the 17th through 31st floors of the building; each with large balconies providing dramatic views of downtown Dallas. Owners of the Residences will have full use of all the Hotel`s facilities, as well as have options of 24-hour room service, daily maid service, and concierge services. A sales center including a model unit will be open near the site later this year. To register your interest in receiving information on the W Residences in Dallas please send your contact information to [email protected] or call Edith Personette at (214) 288-6084.

“The W Residential product will be a unique offering in the Dallas market and we anticipate a strong demand for our serviced residential condominium product from the progressive clientele in Dallas,” said Michael Mueller, Starwood SVP of Development.

The W Dallas Victory Hotel and Residences will be the first W Hotel to open in Texas. The first W Hotel opened in New York in December 1998 and there are now five W Hotels in New York City and 17 hotels open plus 4 announced brandwide in the U.S. and abroad. Starwood has several additional W Residences projects in the planning stages. To register your interest in receiving information about other W Residence locations please email your contact information to [email protected]

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 105,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor 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. For more information, please visit www.starwood.com.

Victory is a 72-acre master planned development in Dallas comprised of hotel, retail, residential, office and entertainment uses. Phase 1, completed in July of 2001, includes the $420-million American Airlines Center, a comprehensive road network connecting several of the City`s major districts and remediation of the former brownfield site. Victory is being developed by Hillwood and Southwest Sports Realty. For more information on Victory go to www.victorydallas.com.

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