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Barry Sternlicht To Become Executive Chairman Starwood Hotels

Hotel Booking Barry Sternlicht, Chairman and Chief Executive Officer of Starwood Hotels & Resorts Worldwide, announced today he intends to step down as Chief Executive Officer once a new Chief Executive has been hired and is on board.

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The savings figure is based on an internal study comparing the price for travel for two passengers of booking a flight and hotel together using priceline.com's Vacation Packages to booking the same hotel and similar flight itinerary (same travel dates and origin and destination cities) separately on priceline.com. The Vacation Package price yielded a savings of up to $325 over the separate prices of the same hotel and similar flight itinerary.

Cheap Hotel Mr. Sternlicht will co-chair a newly formed search committee of the Board of Directors to help identify and select his successor. Upon the CEO`s selection, Mr. Sternlicht will become Executive Chairman of Starwood.

"Groople and Avis Budget Group continue to lead innovation in the industry with the launch of our group rental car product. The rapid growth in booking travel online and the size of the group travel segment is driving demand for group based travel tools, " said Mike Stacy, chief executive officer of Groople. "We have demonstrated our leadership in group hotels, breaking tool for cars, which will make their travel planning and booking much easier."

Flight Booking "I`m very proud of Starwood and have never been more optimistic about the company`s positioning in the industry. As Executive Chairman, it is my intention to reduce my day-to-day role and focus on long term strategy, provide guidance on capital investment and real estate matters, nurture the expansion of our W brand, and fill a meaningful ambassadorial role for the Company. I feel a great sense of responsibility and proprietorship for the Company, but it has become increasingly difficult for me to fulfill that global responsibility in the face of the needs of my family and my other activities. Additionally, I believe a growing "best practice" in corporate governance is the separation of the Chairman and Chief Executive Officer positions," stated Mr. Sternlicht.

8mong many firsts for the group market, the new technology platform enables consumers to do something that other sites haven k allowed to book travel and accommodations for more than five rooms in a single online session. Featuring more than 56, 000 hotels, including 7, time group rates, Groople is primed to become the industry largest automated solution for unmanaged group leisure travel, a market estimated at $18 billion to $24 billion. Under its hosted inventory and commission models, Groople generates group bookings niche by niche for hotels and plans to add air, car, cruise, bus and rail later this year.

Travel Agent Senator George Mitchell, on behalf of the Starwood Board of Directors, said, "Barry Sternlicht`s dynamic leadership of Starwood is evident in the prestige of the Starwood name today. The creation of the W brand and his many innovations has influenced the entire industry. His creativity and vision enabled the company to integrate a once disparate collection of individual hotel assets into a global powerhouse. We respect his decision to step down from the position of CEO, but look forward to his continuing to play a leadership role at Starwood as Executive Chairman of the Board. He is one of the premier deal makers in the real estate industry and the Board is pleased he remains willing to serve as Executive Chairman."

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Hotel Chicago "Starwood has successfully navigated the unprecedented storm impacting the travel sector and has emerged as not only a survivor, but in terrific shape. Our balance sheet is now strong, our treasure chest of brands is powerful and gaining strength, we have a deep pool of talented management led by Bob Cotter, our Chief Operating Officer, tremendous unexploited value in our extraordinary real estate asset base, a very full pipeline of product and service innovations (both visible and invisible to the customer), and an equally exciting development pipeline highlighted by the global growth of W and our other brands. On the macro side, the lack of new construction in the upscale category, should lead to several years of solid growth for our Company," said Sternlicht.

Online Booking "Starwood today is a creative, innovative, compassionate and ethical company. It is time, however, to bring in a new CEO who can guide the Company day-to-day to achieve a new level of excellence and to help us realize our truly extraordinary potential. As a major shareholder, I remain committed to the Company`s future success and will do all I can to ensure that the Company continues to excel during the transition and beyond," said Sternlicht.

Travel Health Insurance Mr. Sternlicht also conceived of and has led the expansion of the W Hotels brand, led expansion of the St. Regis brand, the entrance of the Company into vacation ownership, the establishment of the nation`s number 1 frequent guest program, which pioneered no blackout dates, and the introduction of innovations including the Westin Heavenly Bed, Heavenly Bath, Heavenly Crib, Westin Workout, and Sheraton Sweet Sleeper among many others.

Hotel Reservation For more information, please visit www.starwood.com.

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