Starwood Purchases Managed Hotel in Toronto, Ontario, Canada

Apr 03, 2001, 01:00 ET from Starwood Hotels & Resorts Worldwide, Inc.

    WHITE PLAINS, N.Y., April 3 /PRNewswire/ -- Starwood Hotels & Resorts
 Worldwide, Inc. (NYSE:   HOT) through its wholly-owned affiliate, announced
 today that it has completed the acquisition of the remaining
 50% interest in the 1,377-room Sheraton Centre Toronto in Ontario, Canada for
 CDN $75 million (approximately $48 million USD).  The hotel was purchased from
 Metropolitan Marine Way Investments, Ltd., an affiliate of MetLife.  Starwood
 already owned 50% of this asset before completion of this acquisition.
     The Sheraton Centre Toronto Hotel is conveniently located in the heart of
 Toronto's financial, entertainment and live theatre districts.  The hotel is
 directly connected to six miles of underground shops and services as well as
 the impressive Toronto Eaton Centre shopping mall.  Local tourist attractions
 such as SkyDome, the Air Canada Centre, CN Tower, Metro Toronto Convention
 Centre and Hockey Hall of Fame are within easy walking distance.  Major
 theatrical venues, including The Princess of Wales Theatre, the Royal
 Alexandra, Elgin Theatre, Wintergarden and Hummingbird Centre for the
 Performing Arts are also a short stroll from the hotel. Toronto City Centre
 Airport and Pearson International Airport are 5 kilometers and 26 kilometers
 respectively from the hotel.
     One of the largest hotels in Canada, the Sheraton Centre Toronto Hotel
 features two restaurants, two lounges, 25-metre indoor/outdoor pool, a full
 service spa, supervised play/activity center for children and 2.5 acres of
 waterfall gardens and terraces.  Guests staying on the Club Level of the hotel
 enjoy the 43rd floor Club Lounge with panoramic views of Toronto to the south
 and north.   The hotel caters to conferences and conventions, individual
 business travelers and leisure guests who can redeem their stays for points in
 the Starwood Preferred Guest(R) program.  Business travelers and convention
 groups can take advantage of the hotel's 36 meeting rooms incorporating more
 than 84,000 square feet of flexible meeting space.
     The Sheraton Centre Toronto Hotel has been the recipient of several travel
 industry trade magazine awards.  The hotel is the only Canadian hotel awarded
 "Gold Key Award -- Hall of Fame" status by Meetings & Conventions magazine and
 is a 14-year recipient of the coveted Pinnacle Award from Successful Meetings
 magazine.
     More information on the Sheraton Centre Toronto Hotel is available from
 any travel agent or Starwood sales office, by phoning the toll-free
 reservations number (800-325-3535) or by visiting the Sheraton website at
 http://www.sheraton.com.
 
     Sheraton Hotels and Resorts has more than 375 hotels in 67 countries and
 is the largest brand of Starwood Hotels and Resorts Worldwide, Inc.  Starwood
 Hotels & Resorts Worldwide, Inc. (NYSE:   HOT) 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.  For more information,
 please visit us at http://www.starwoodhotels.com.
 
     ** Please contact Starwood's toll-free media hotline at (866) 4-STAR-PR
 (866-478-2777) for photography or additional information**
 
 

SOURCE Starwood Hotels & Resorts Worldwide, Inc.
    WHITE PLAINS, N.Y., April 3 /PRNewswire/ -- Starwood Hotels & Resorts
 Worldwide, Inc. (NYSE:   HOT) through its wholly-owned affiliate, announced
 today that it has completed the acquisition of the remaining
 50% interest in the 1,377-room Sheraton Centre Toronto in Ontario, Canada for
 CDN $75 million (approximately $48 million USD).  The hotel was purchased from
 Metropolitan Marine Way Investments, Ltd., an affiliate of MetLife.  Starwood
 already owned 50% of this asset before completion of this acquisition.
     The Sheraton Centre Toronto Hotel is conveniently located in the heart of
 Toronto's financial, entertainment and live theatre districts.  The hotel is
 directly connected to six miles of underground shops and services as well as
 the impressive Toronto Eaton Centre shopping mall.  Local tourist attractions
 such as SkyDome, the Air Canada Centre, CN Tower, Metro Toronto Convention
 Centre and Hockey Hall of Fame are within easy walking distance.  Major
 theatrical venues, including The Princess of Wales Theatre, the Royal
 Alexandra, Elgin Theatre, Wintergarden and Hummingbird Centre for the
 Performing Arts are also a short stroll from the hotel. Toronto City Centre
 Airport and Pearson International Airport are 5 kilometers and 26 kilometers
 respectively from the hotel.
     One of the largest hotels in Canada, the Sheraton Centre Toronto Hotel
 features two restaurants, two lounges, 25-metre indoor/outdoor pool, a full
 service spa, supervised play/activity center for children and 2.5 acres of
 waterfall gardens and terraces.  Guests staying on the Club Level of the hotel
 enjoy the 43rd floor Club Lounge with panoramic views of Toronto to the south
 and north.   The hotel caters to conferences and conventions, individual
 business travelers and leisure guests who can redeem their stays for points in
 the Starwood Preferred Guest(R) program.  Business travelers and convention
 groups can take advantage of the hotel's 36 meeting rooms incorporating more
 than 84,000 square feet of flexible meeting space.
     The Sheraton Centre Toronto Hotel has been the recipient of several travel
 industry trade magazine awards.  The hotel is the only Canadian hotel awarded
 "Gold Key Award -- Hall of Fame" status by Meetings & Conventions magazine and
 is a 14-year recipient of the coveted Pinnacle Award from Successful Meetings
 magazine.
     More information on the Sheraton Centre Toronto Hotel is available from
 any travel agent or Starwood sales office, by phoning the toll-free
 reservations number (800-325-3535) or by visiting the Sheraton website at
 http://www.sheraton.com.
 
     Sheraton Hotels and Resorts has more than 375 hotels in 67 countries and
 is the largest brand of Starwood Hotels and Resorts Worldwide, Inc.  Starwood
 Hotels & Resorts Worldwide, Inc. (NYSE:   HOT) 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.  For more information,
 please visit us at http://www.starwoodhotels.com.
 
     ** Please contact Starwood's toll-free media hotline at (866) 4-STAR-PR
 (866-478-2777) for photography or additional information**
 
 SOURCE  Starwood Hotels & Resorts Worldwide, Inc.