http://biz.yahoo.com/bw/041117/175708_1.html

Press Release Source: Starwood Hotels & Resorts Worldwide, Inc.

Sheraton Read House Celebrates Grand Opening in Gracious Tennessee Style
Wednesday November 17, 2:00 pm ET
Steeped in History and Tradition, 243-Room Hotel Completes $12 Million Restoration

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 17, 2004--Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT - News) announced today the grand opening of the Sheraton Read House in Chattanooga, Tennessee. The hotel, located in downtown Chattanooga, recently completed a $12 million restoration and is the newest addition to the Sheraton family, Starwood's largest brand. The newly restored hotel features all of the Sheraton's signature products and amenities, including the Sheraton Service Promise and its highly-acclaimed Sweet Sleeper Bed. The hotel is owned and managed by The Falor Companies of Chicago, IL and Hodges, Ward & Elliott of Atlanta.

The Sheraton Read House boasts 243 guestrooms including full-sized suites, two Presidential Suites, three spacious Hospitality Suites, oversized guest rooms, and numerous Spa Suites complete with large private whirlpools. Each suite offers marble bathrooms, complimentary high-speed Internet access and the distinctive Sheraton guest room design that was created to meet the specific needs of business and leisure travelers alike.

Chattanooga's beloved and historic Read House has much to celebrate. Since the Read family built this ten-story hotel on the site of the burned Crutchfield House in 1871, the Read House has seen its share of history, including war, disease and countless storms. The historic beauty of the original structure still remains and is now a perfect complement to the 21st century amenities that set it apart from other hotels.

"We are thrilled to have the Read House as the newest addition to the Sheraton brand," said Norman MacLeod, Executive Vice President, Sheraton Hotels & Resorts. "This property is one of Chattanooga's landmark buildings, and will attract both the leisure and business traveler alike, given Chattanooga's importance as both a cultural/recreational mecca and business center for the state."

"This is an historic time in Chattanooga," said Dean Gerstein, General Manager for the Sheraton Read House. "We are a part of the greater Downtown Chattanooga story, and this project is near and dear to Chattanoogans. They are truly elated to see this hotel return to the splendor it had in the 1920s and 1930s."

Other amenities include Internet access throughout the hotel, a business center, indoor zero-edge pool with cascading waterfalls, an oversized hot tub, and a beautiful fountain terrace area where guests can relax and unwind after a day of work or site seeing. And for those that want to keep up their exercise routine, the Sheraton Read House offers a state-of-the-art fitness and workout facility complete with the latest equipment and flat-screen televisions. The hotel's signature restaurant is Porter's Steakhouse, Chicago-style dining with a contemporary flair. Sheraton Read House is located on downtown Chattanooga's Electric Shuttle route, giving guests access to downtown's most prominent attractions, shopping and nightlife.

"Everything about this hotel is new," said David Falor, President and CEO of The Falor Companies, the new managers and owners of the hotel. "With respect to the beautiful Georgian architecture, the hotel people see today is nothing like it was in January when we started renovation."

Hosting numerous prominent folks since the early 1900s, including Ronald Reagan, Winston Churchill and Bob Hope, the Read House was once the only hotel in town that offered visitors an elegant place to meet and stay. Over the years--and over many eras--the hotel has also served several historic purposes. It has been a haven for stranded Chattanoogans during ice and snowstorms and an impromptu hospital for influenza and yellow fever. It has housed a disco, hosted aliens and served as a political pulpit. The Read House has seen war, flood and has suffered silently through the pollution of the 50s and 60s. The hotel's prominence in Chattanooga landed it a permanent place in history as an official site on the National Register of Historic Places and Historic Hotels of America.

Sheraton, the largest brand of Starwood Hotels & Resorts Worldwide, Inc. has more than 390 hotels in 67 countries. 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 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser 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. For more information, please visit www.starwood.com.

Please contact Starwood's new toll-free media hotline at (866) 4-STAR-PR (866-478-2777) for photography or additional information.

About the Falor Companies: Since 1983 the Falor Companies has been a hospitality industry management leader. Specializing in hotel management, asset management, financing hotels and consulting, David Falor and his staff also own and operate the Porter's Steakhouse and Cigar Bar chain. Falor Companies manages several luxury and full-service hotels including Cheeca Lodge and Spa in south Florida, Courtyard by Marriott on the Gulf in Key West, and Holiday Inns in St. Louis, Mo., Ft. Myers Beach, Fla., and Schaumburg, Ill.
Contact:

Starwood Hotels & Resorts
Ellen Gallo / Mark Ricci
914-640-8167 / 914-640-8496
or
Waterhouse Public Relations
Jessica Stone, 423-643-4977


Source: Starwood Hotels & Resorts Worldwide, Inc.