W HOTELS -- THE WORLD'S FOREMOST STYLE HOTEL - TO OPEN
W FORT LAUDERDALE HOTEL AND RESIDENCES

Fastest Growing Style Hotel Brand to Offer 171 Residences in Fort Lauderdale

WHITE PLAINS, NY, July 22, 2003-Known for it's blend of style and substance, W Hotels announced today plans to open the $220 million W Fort Lauderdale Hotel and Residences in December 2006. Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), W's parent company, has agreed to manage the 346-room Hotel and 171 luxury Residences for Capri Resorts, LLC, an affiliate of CL Financial Ltd., a multi-billion dollar conglomerate based in the Caribbean. Another affiliate of CL Financial Ltd., Colonial Development Group, LLC, will be the developer of the W Ft. Lauderdale Hotel and Residences. The principals of Colonial Development Group, LLC are Lawrence A. Duprey, Joseph R. Cook, Daniel E. Adache and Jerrold R. Krystoff.

Located on a 4 ½ -acre site on Fort Lauderdale Beach and designed by noted-local architect Adache Group Architects, the 23-story two tower hotel and residences will offer dramatic views of the Atlantic Ocean and Intracoastal Waterway, as well as downtown Fort Lauderdale.  The Hotel and Residences will offer its guests and residents the design and service that W Hotels are celebrated for, including a destination restaurant, an inviting Living Room lobby, a luxurious 10,000 square foot spa and fitness facility and a vibrant, signature bar.  The Hotel will also be a destination for both social and business functions with over 13,000 square feet of meeting space including a grand ballroom, which will comfortably seat over three hundred guests.

The W Residences will offer the opportunity for a select group of homeowners to purchase luxury resort hotel condominium residences that have all the benefits of being attached to a W Hotel, and include all the amenities that W guests have grown accustomed to.  Owners of the W Residences will have full use of all the W Hotel's facilities, as well as have options of 24-hour room service, daily maid service, and concierge services.  A sales center including a model room will be open on site later this year.  
 

"With Fort Lauderdale in the midst of such an extraordinary renaissance, we are excited about opening what will certainly become a landmark destination in this world-class city," said Barry S. Sternlicht, Starwood Chairman and CEO. "The W Fort Lauderdale will be a welcome addition to South Florida's upscale hotel marketplace, and with South Florida's discriminating real estate market, it is the ideal location for one of our first W Residences."

The W Fort Lauderdale Hotel and Residences will be the first W Hotel in Florida. The first W Hotel opened in New York in December 1998 and there are now five W Hotels in New York City and 17 hotels brand wide opened plus 5 additional W Hotels announced in the U.S. and abroad.  This project marks the second W Residences announced by Starwood, following the recent announcement of the W Dallas Victory Hotel & Residences.

"It's a natural brand extension for W to expand into the serviced resort residential condominium market where we anticipate W will satisfy the demand for a more distinctive product with the services and amenities of a W hotel" said Michael Mueller, Senior Vice President of Development for Starwood.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 105,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor 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.