I will be re-qualifying for platinum at this hotel in a month or so while I sort out my new living arrangements. I've already put in around three weeks there this year.
As others have said, it's seldom a good thing to lose a property in the program and in particular, this one. While the facilities are not phenomenally nice (the style is somewhat dated for my taste), the staff are first rate.
Having stayed there a number of times, The Westin is an excellent hotel in an excellent location (no views to speak of though), but IMO isn't a substitute for the STS. They simply serve(d) different markets.
Of course, I shouldn't be needing a hotel in Melbourne come 2005.