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Aloft Cleveland Downtown to Open in 2013

Tuesday, August 24, 2010
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Starwood Hotels & Resorts Worldwide
Starwood Hotels & Resorts Worldwide

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), today announced
plans to debut its Aloft brand in Cleveland, Ohio. Aloft Cleveland
Downtown is scheduled to open in early 2013 as a key element of the
Flats East Bank development - Cleveland's newest, upscale mixed-use
complex. Managed by Heritage Development Company, the newly constructed
hotel will offer style at a steal with 150 spacious, open rooms, a
tech-forward sensibility, and a vibrant, social atmosphere.

"Starwood's stylish and affordable Aloft brand is a perfect choice for
Cleveland's upcoming Flats East Bank development, which will help
spearhead the rejuvenation of downtown Cleveland," said Paul Sacco,
Senior Vice President of North American Development, Starwood Hotels &
Resorts Worldwide, Inc. "Inspired by the DNA of W Hotels, Aloft has
shaken up the hospitality industry as one of the fastest and most
successful brand launches in hospitality industry history, opening
hotels in more than 40 global destinations in less than two years."

Aloft Cleveland Downtown will be built as part of the $275 million first
phase of the Flats East Bank project - a joint venture between The
Wolstein Group and Fairmount Properties - along with a 450,000 square
foot office tower, retail, restaurants, entertainment venues, a
riverfront boardwalk and 14 acres of parks and green space. The highly
anticipated development overlooks the Cuyahoga River and Lake Erie,
boasting dramatic water views and cityscapes. Easily accessible from
Hopkins International Airport via Rapid Transit, the hotel will be just
minutes from many downtown attractions including the Warehouse District,
the Rock and Roll Hall of Fame, the East 4th Street

entertainment district, Playhouse Square and several major sporting
venues. The hotel will provide access to nearly 3,000 square feet of
flexible meeting space, perfect for business meetings and social
gatherings.

"Aloft Cleveland Downtown will bring a compelling blend of urban style
and social interplay to the heart of downtown," said Brian McGuinness,
Senior Vice President of Specialty Select Brands for Starwood. "With its
bold design and social atmosphere, Aloft caters to the next generation
of traveler who expects their lodging to reflect their constantly
evolving lifestyle."

"We are delighted to partner with Starwood to introduce Aloft to
Cleveland as an important element of the Flats East Bank development.
We're pleased we could bring this upscale boutique hotel to our project
and believe it will improve upon the top-notch experience we plan to
give to everyone who visits the Flats, whether they live in Cleveland or

are just visiting," said Scott Wolstein who with his mother, Iris, is
leading the Flats East Bank development.

"Aloft Cleveland Downtown will target both sophisticated travelers and
area professionals with its eclectic and electric experience, lively re:mixsm lounge and w xyzsmbar."

The hotel is being financed by the Cleveland International Fund which
has raised $20 million in funding and commitments for the hotel project.

About Flats East LLC

The development team for the East Bank in the Flats is a partnership
between The Wolstein Group and Fairmount Properties. The East Bank in
the Flats will revitalize and redefine one of the country's most
prominent urban landmarks. The first phase of the mixed use development
integrates Class A office space, a variety of retail, and abundant park
space to create a unique riverfront neighborhood in the heart of the
city.

About Heritage Development Company

Management of the Aloft Cleveland Downtown will be handled by Heritage
Development Company, owned and operated by Mrs. Bert L. Wolstein,
partner in the Wolstein Group, which is developing the Flats East Bank.
Mrs. Wolstein has extensive experience as a provider for top-quality
hospitality services at the luxurious Glenmoor Country Club in Canton,
the Bertram Inn & Conference Center and Barrington Country Club in
Aurora. Iris Wolstein, who developed these facilities, manages the
acclaimed Four Diamond AAA Leopard Restaurant at the Bertram Inn and
also the banquet services as well as other world- class amenities,
including two Jack Nicklaus Signature golf courses and the Spa and Salon
at Glenmoor. Heritage will manage the day to day operations at Aloft
Cleveland Downtown, including banquets, catering services and conference
events.

About Aloft Hotels

Created to shake up the staid, traditional select service segment of the
hotel industry, the Aloft brand delivers style at a steal with
urban-influenced, modern, open and vibrant design - and a social guest
experience - at an affordable price point. In the same way that W Hotels
broke through the clutter of conformity in the upscale hotel arena a
decade ago, Aloft is shaking up the industry for the next generation of
traveler. Aloft hotels are geared toward savvy, design-conscious
consumers who grew up with the democratization of design. Building on
its tech-savvy DNA, the brand recently pioneered the industry's first
"keyless entry" automatic check-in program at Aloft Lexington in
Massachusetts. With 40 hotels open in the 18 months since Aloft first
arrived on the scene and 10 more opening in 2010, Aloft can be found
everywhere from Abu Dhabi and Baltimore to Dallas and Beijing and
everywhere in between. For more information, please visit www.alofthotels.com.

Aloft Hotels, like all brands within Starwood's portfolio, is proud to
offer the Starwood Preferred Guest(R) program, which offers a
breakthrough policy of no blackout dates on Free Night Awards. To learn
more, please visit www.spg.com.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel
and leisure companies in the world with 1000 properties in nearly 100
countries and territories with 145,000 employees at its owned and
managed properties. Starwood Hotels is a fully integrated owner,
operator and franchisor of hotels, resorts and residences with the
following internationally renowned brands: St. Regis(R), The Luxury
Collection(R), W(R), Westin(R), Le Méridien(R), Sheraton(R), Four Points(R) by
Sheraton, and the recently launched Aloft(R), and Element SM.
Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the
premier developers and operators of high quality vacation interval
ownership resorts. For more information, please visit www.starwoodhotels.com.

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