Starwood to Redeem Its 7.875% Notes Due 2012

Starwood Hotels & Resorts Worldwide, Inc. HOT announced today that it is exercising its option to redeem all of its outstanding 7.875% Notes due 2012, of which an aggregate principal amount of $605,127,000 is outstanding. The redemption date will be December 15, 2011. The redemption price will be equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes discounted to the date of redemption, on a semi-annual basis, at a rate equal to the sum of the applicable Treasury rate (as defined in the Notes) plus 50 basis points. Accrued interest will be paid to the date of redemption. The Treasury rate will be calculated on the third business day preceding the date of redemption.