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Sheraton Hotels Will Debut In Bentonville, AR

Tuesday, June 30, 2009
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Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announces plans to open its first hotel in Bentonville, Arkansas, a dynamic city with a bustling business community. Scheduled to begin welcoming guests in August of 2011, Sheraton Bentonville Plaza is controlled by FBE Limited LLC. The upcoming opening of Sheraton Bentonville Plaza is part of the Sheraton brand’s revitalization campaign, a multi-year effort which is now 80% complete. Since 2007, Sheraton has invested more than $2 billion in hotels, $1.5 in renovations and over $400 million in signature brand initiatives.

“We are delighted to extend the Sheraton brand to Bentonville, a city recognized for its healthy business environment and wealth of outdoor recreation,” said Hoyt Harper, Senior Vice President, Sheraton Hotels & Resorts. “Sheraton facilitates community and instills a sense of belonging in its guests by providing them with spacious accommodations, signature services and updated technologies that make it easy to stay connected.”

The Sheraton Bentonville Plaza will occupy a prime location directly across the street from the corporate headquarters of Wal-Mart and Sam’s Club. The hotel development will expand on FBE’s existing real estate holdings in Bentonville, including Bentonville Plaza, a nine-story office building located on an adjacent parcel. FBE plans to partner in the construction of the hotel with Redwood Capital Advisors, LLC, which is also providing assistance in obtaining the construction financing.

The newly constructed property will offer 234 spacious guest rooms, 6,500 square feet of state-of-the-art meeting space, and an interactive environment where guests can stay connected while on the road. Sheraton Bentonville Plaza will be a key part of the premium mixed-use development spanning 15 acres, which currently includes upscale offices and showroom space for companies and suppliers of Wal-Mart. When completed, the development will also feature additional office buildings, as well as a variety of restaurants and shops.

The primary target market for Sheraton Bentonville Plaza is the individual business traveler and small meetings in association with the commerce generated by Wal-Mart. The hotel will also serve the influx of visitors expected upon the completion of Crystal Bridges, a world-class museum of American Art, opening in 2011. In addition to expanding access to art, cultural and learning resources, Crystal Bridges will spur the continued economic development of Northwest Arkansas by drawing an anticipated 250, 000 tourists each year. Guests at Sheraton Bentonville Plaza will also enjoy convenient access to the new, John Q. Hammons Convention Center and the Northwest Arkansas Regional Airport. Nearby recreation includes a choice of championship-quality golf courses, sports venues, and water sports including kayaking, rafting, and canoeing at Beaver Lake.

The heart of the hotel’s energetic and interactive lobby will be the Link@SheratonSM experienced with Microsoft. This signature lobby lounge is both a physical and a virtual space, enabling guests to stay connected, work and socialize through free Wi-Fi and Internet-enabled computer stations, video-chats, televisions and daily newspapers. The hotel will also feature 6,500 square feet of state-of-the-art meeting space and an indoor-pool. The hotel will also feature a new, state-of-the-art Sheraton Fitness center developed in partnership with Core Performance, an organization that trains elite athletes and Olympians and is dedicated to providing breakthrough solutions to help individuals achieve their maximum performance.

The hotel’s warmly decorated guest rooms will feature an expansive work area and the signature Sheraton Sweet SleeperSM Bed – a nine-layer custom-designed ensemble boasting an exquisitely comfortable, plush mattress, fluffy down and hypoallergenic pillows, crisp cotton sheets and signature blanket and duvet.

About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 960 properties in 97 countries and 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®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, 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.

About FBE Limited LLC
FBE Limited LLC is a private investment firm formed in the 1970’s which, over the years has developed tens of millions of square feet of Class A office space, mixed-use developments and commercial centers in major cities throughout the US, including the 8 million square feet World Financial Center in lower Manhattan. FBE’s current real estate portfolio includes office, commercial, industrial and residential properties located in New York and other major US cities. The portfolio of industrial properties equal approximately 20 million square feet and the residential portfolio is comprised of 4,000 apartments. The commercial portfolio comprises an interest in six office buildings. Among FBE’s current portfolio is the mixed use development in Bentonville which includes the subject property, Bentonville Plaza (containing office and showroom space currently being leased), and additional Class A office buildings featuring some restaurant and retail space to be developed on the 15 acre parcel.

About Redwood Capital Advisors, LLC
Redwood Capital, through its affiliated companies, has invested equity capital in the St. Regis Deer Valley; the Anaheim Convention Center Hilton; the Mandarin Oriental Grand Cayman; the proposed W site in Park City, UT; the JW Marriott development in Coco Beach, PR; and several other select service hotels. Redwood’s Chairman and principal shareholder, Steve Fishman’s hospitality experience consist of raising several hundred million dollars in capital and debt for numerous hotel including the Shore Club in Miami Beach, the W Ft. Lauderdale, and the Teton Springs Club in Jackson, WY among others.

(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.)
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