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Starwood Wants to Pay Cash for Notes

Starwood Hotels & Resorts Worldwide, Inc. has announced that it intends to pay entirely in cash the purchase price for any Series B Zero Coupon Convertible Senior Notes Due 2021 (the “Senior Notes”) that holders elect to have Starwood repurchase on May 25, 2004. The procedures that holders must follow in electing to have Starwood repurchase their Senior Notes are set forth in the Senior Notes and related Indenture and were included in a notice delivered to DTC by U.S. National Bank Association (previously known as Firstar Bank, N.A.), as trustee for the Senior Notes.