Richard D. Nanula, SEVP/CFO of Disney Co., Named CEO of Starwood Hotels & Resorts

Apr 15, 1998, 01:00 ET from Starwood Hotels & Resorts Worldwide, Inc.

    NEW YORK, April 15 /PRNewswire/ -- Starwood Hotels & Resorts Worldwide,
 Inc. announced today that Richard D. Nanula, senior executive vice president
 and chief financial officer of Walt Disney Co., has been appointed president
 and chief executive officer and elected to the board of directors of Starwood,
 the world's largest hotel and gaming company.
     Nanula, 37, joined Disney in 1986 in strategic planning, was named CFO in
 1991, and after expanding his career experience as president of Disney Stores,
 was promoted to senior executive vice president and returned to the CFO
 position in 1996 to help integrate the $19 billion acquisition of Capital
 Cities/ABC.  "Starwood has become a company with $10 billion in revenues and
 has set the global standard in quality lodging and gaming," said Barry S.
 Sternlicht, chairman of Starwood and chairman and CEO of Starwood Hotels &
 Resorts Trust.  "We have established an extraordinary base on which to achieve
 our worldwide objectives, but to accomplish that goal we need a world class
 executive to help organize, integrate and manage our global operations.
 Richard Nanula is one of the most able and respected senior executives in
 Corporate America today.  Working in partnership with him, I am confident that
 Starwood will realize its full operational potential and take its place as one
 of the world's best-managed corporations.  We are delighted that Richard has
 accepted our offer."
     Starwood Hotels & Resorts Worldwide, Inc., owner of the Sheraton, Westin,
 St. Regis, Ciga, Four Points and Caesars brands, has more than 650 hotels and
 resorts and 14 casinos in more than 70 countries.
     "Our search firm, Spencer Stuart, and its team, led by Tom Neff and Jim
 Citrin, identified more than 20 senior executives who were highly qualified to
 be CEO of Starwood," Sternlicht said.  "Richard Nanula represented the best
 combination of skills, relevant experience and chemistry for the role and was
 the stand-out candidate.  Disney is one of the world's largest and most
 extraordinary companies, compounding growth in earnings while nurturing a
 stable of dominant brands.  Starwood is the world's largest hotel company and
 shares the same corporate objectives, double digit growth, while investing in
 and harvesting its global brands.  Richard played a vital role at Disney,
 where he was the youngest CFO in Fortune 500 history. In addition to his
 achievements in the financial area, including the successful revitalization of
 Disneyland Paris, he was a key member of the core management group that
 oversaw the strategic planning and operations of the $70 billion
 capitalization company.  The operational discipline and managerial skills
 honed in his Disney career will serve our expanding company extremely well."
     Tom Neff, chairman of Spencer Stuart US, said:
     "Nanula has built a well-deserved reputation as one of the most talented
 and sought-after executives in the world, and he has achieved this status in
 only a 12-year period.  Barry Sternlicht has created a company that is already
 a huge force in its industry.  Richard's organizational and managerial skills
 will complete the equation."
     Richard Nanula said:
     "I joined Disney at a critical period in its history and was fortunate to
 have had an opportunity to be deeply involved in the company's successful
 growth and international expansion, working closely with Michael Eisner and an
 excellent senior management team."
     "I've enjoyed every minute of my fantastic twelve years at Disney with
 Michael.  It was an extremely difficult decision to leave him, a great future
 and all of my friends at Disney.  But the opportunity at Starwood, with its
 outstanding portfolio of globally-renowned brands, was irresistible, as was
 the chance  to work in partnership with Barry Sternlicht, one of this
 country's most talented entrepreneurs,  to help maximize the potential of this
 great, young company."
     Bruce Duncan, a member of the Starwood board of directors and CEO of
 Cadillac Fairview, the Canadian real estate operating company, said:
 "Richard Nanula is a natural for Starwood.  We've grown quite large, rather
 fast and need a seasoned executive to sharpen the focus and fine-tune the
 organization, bring out the best in all of our operations, expand our quality
 brands on a worldwide basis, and produce excellent returns for our
 stakeholders.  The opportunity is immense, and our entire board of directors
 is confident that Richard is the right executive for the job."
     A graduate of Harvard Business School, where he was a colleague of
 Sternlicht's, Nanula has maintained a personal and professional relationship
 with the Starwood chairman for many years, sometimes as an ally and at other
 times on opposite sides of the negotiating table.  Sternlicht said his long-
 time personal association with Nanula will provide a great degree of comfort.
     "I know him.  I like him.  I deeply respect his abilities.  And, most of
 all, I trust him," Sternlicht said.  "That's a combination that is universally
 desired by corporations, but rarely seen."
     Born May 9, 1960, in Los Angeles, Nanula holds a bachelor's degree from
 the University of California, Santa Barbara (UCSB), in Economics, and an MBA
 degree from the Harvard Graduate School of Business.  Before joining Disney,
 he received his CPA from Deloitte Haskins & Sells.
     Nanula is a member of the board of the Amateur Athletic Foundation of
 Los Angeles and is on the board of trustees of The UCSB Foundation.  He lives
 in Beverly Hills, Calif., with his wife and their two children, but will be
 relocating his home to the New York area.
     Shares of Starwood Hotels & Resorts World, Inc. are paired and traded
 together with Starwood Hotels & Resorts, the largest real estate investment
 trust in the United States, on the New York Stock Exchange (NYSE:   HOT).

SOURCE Starwood Hotels & Resorts Worldwide, Inc.