SHERATON WELCOMES TRAVELERS TO

DOWNTOWN FORT WORTH

Sheraton Fort Worth Hotel and Spa Offers Travelers an Elegant Ambience, Expansive Meeting Facilities and Prime Location near the Fort Worth Convention Center

FORT WORTH, Texas / WHITE PLAINS, N.Y. (July 11, 2008) – Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announces the opening of its first property in Fort Worth, Texas. Sheraton Fort Worth Hotel and Spa opened June 26, 2008, following the completion of an elaborate $46 million transformation of the former Ramada property. Owned by Presidio Companies and managed by PHG Texas Management Corp, the 430-room Sheraton offers guests a warm, welcoming atmosphere and an ideal downtown location.

“With our multi-million dollar hotel transformation, the Sheraton Fort Worth Hotel and Spa will truly establish itself as one of the leading hotel choices in Fort Worth and the metroplex,” said Guneet Bajwa, executive vice president, Presidio Companies.

Ideally positioned at the southern edge of Fort Worth’s vibrant downtown business district, Sheraton Fort Worth Hotel and Spa is less than a block from the expanded, state-of-the-art Fort

ADD ONE – SHERATON FORT WORTH HOTEL AND SPA OPENS

Worth Convention Center and beautiful Water Gardens. Guests will be within walking distance of cultural landmarks such as the Nancy Lee and Perry R. Bass Performance Hall and Sundance

Square - a lively entertainment and shopping district with a wide-ranging variety of restaurants. Travelers will appreciate the hotel’s easy access to Dallas/Forth Worth International Airport and Dallas Love Field.

“Sheraton Fort Worth Hotel and Spa offers travelers a welcoming, energetic setting in the heart of one of the most vibrant cities in Texas,” said Hoyt Harper, Hoyt Harper, Senior Vice President, Sheraton Hotels. “Sheraton caters to the needs of the ‘road warrior,’ providing spacious accommodations, updated technology and signature amenities – all designed to put guests at ease from the moment they walk in the door.”

The hotel’s sophistication and warmth is reflected in the fine interior finishes and lighting, contemporary artwork, and dark wood furniture. Warmly furnished guest rooms include the Sheraton brand’s extraordinarily comfortable signature Sweet Sleeper ^SM bed, featuring an exclusive plush-top mattress with down pillows, fine linens and custom duvet. Additional amenities include 32” flat panel HD televisions and high-speed wireless Internet access. Club Level accommodations provide further refinements, with private access to the Club Level Lounge where complimentary morning breakfast and evening hors d’oeuvres and cocktails are served.

The hotel’s dynamic lobby, guests are invited to relax with fellow travelers, network with colleagues or grab a snack. Guests can stay connected at the Link@Sheraton, the signature communications hub where guests can email, research local attractions and even print boarding passes.

Sheraton Fort Worth Hotel and Spa offers the ideal location for business meetings, social gatherings and community events with 22,000 square feet of flexible meeting and exhibit space, and a professional catering and audio/visual staff. The 100% smoke-free hotel also features a Perks coffee bar and the first Shula’s 347 Grill in Texas. Spa BEAUBELLE, the hotel’s 8,000 square foot full-service stylish spa and fitness center, includes a yoga room, Pilates studio and six treatment rooms.

In addition to Sheraton Fort Worth Hotel and Spa, Starwood currently operates 20 hotels in Texas, including eight Sheraton brand properties in Austin, Dallas, Houston, Irving, San Antonio, and South Padre Island. Presidio currently owns one hotel in Texas and three in California.

About Presidio Companies

Presidio Companies specializes in hospitality management and development. Based in Fairfield, Calif., this company locates special opportunities for developments or acquisitions of new or existing hotel properties. Presidio is developing or acquiring a number of hotel locations for properties located in the United States. Presidio’s current hospitality and commercial portfolio is valued in excess of $200 million. The company’s headquarters are located at 1300 Oliver Road, Suite 270, Fairfield, CA 94533; phone: 707-429-6000; Fax: 707-423-4130. Additional information is available at www.presidiohotelgroup.com.

About Starwood

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 900 properties in more than 100 countries and 155,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and

ADD TWO – SHERATON FORT WORTH HOTEL AND SPA OPENS

franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien® and the recently announced Aloft^SM and Element^SM Hotels. 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.

(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.)

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