Sheraton Hotels & Resorts Returns to Omaha

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) today announced its global powerhouse Sheraton Hotels will return to Omaha, Nebraska after nearly ten years with the upcoming opening of Sheraton Omaha Hotel in October. Owned by an investment fund managed by Latitude Management Real Estate Investors, Inc. (LMREI), the former Crowne Plaza will complete a $4 million renovation to all guest rooms and public areas prior to flying the Sheraton flag. The opening is part of Sheraton brand’s strategic expansion plan that will add more than 60 new hotels and over 20,000 rooms to the Sheraton portfolio over the next two years.

Sheraton Omaha Hotel offers a convenient location near the Qwest Convention Center, the University of Nebraska Omaha campus, the shops at Village Pointe, Old Market, the Henry Doorly Zoo and a choice of golf courses. Just eight miles from the heart of downtown, the hotel offers easy access to many of Omaha’s Fortune 500 and technology businesses including Mutual of Omaha, Berkshire Hathaway, Con Agra Foods and Yahoo.

"We are delighted to bring Sheraton back to bustling downtown Omaha, a popular destination for both business and leisure travel,” said Hoyt Harper, Senior Vice President, Sheraton Hotels & Resorts. "Sheraton Omaha Hotel will also be representative of the brand’s new look and feel following the recently completed $6 billion brand-wide revitalization, including $400 million in signature brand initiatives designed to create community and make it easy to stay connected.”

As part of the hotel’s comprehensive renovation, the heart of the lobby will feature the "Link@Sheraton^(R) experience with Microsoft®” – a social hub where connections, whether face-to-face or webcam-to-webcam take place. All 223 guest rooms will be renovated and equipped with an oversized work desk, custom-designed ergonomic chair, high-speed Internet, LCD flat panel television, MP3 docking station and the all-white Sheraton Sweet Sleeper® bed, designed to meet AAA’s Five Diamond Award® criteria.

Ideal for business meetings and social functions of all sizes, Sheraton Omaha Hotel offers more than 9,000 square feet of flexible meeting space with all the latest in meetings technology. Additional amenities include three restaurants, a large indoor pool, and fully equipped fitness facility featuring the brand’s revolutionary new health and fitness program, Sheraton Fitness, Programmed by Core Performance, designed exclusively for Sheraton guests through its partner Core Performance.

"Strategic conversions like this one continue to play an instrumental role in our portfolio growth across North America,” said Paul Sacco, Senior Vice President of North America Development, Starwood Hotels & Resorts Worldwide, Inc. "The Sheraton brand’s recently completed comprehensive revitalization significantly improved guest satisfaction and loyalty and increased the brand’s appeal to owners and developers.”

"We look forward to flying the Sheraton flag at our newly renovated hotel, where we will provide travelers with a welcoming atmosphere and all of the Sheraton brand’s recently improved amenities and services,” said Craig Oram, Managing Director at LMREI.

Starwood has spent the last few years renovating and rebuilding one of the hotel industry’s most iconic brands and Sheraton now stands stronger than ever with the strongest portfolio in its history. The brand is gaining market share, RevPAR continues to rise, guest satisfaction scores are the highest in the brand’s history and likelihood to return, likelihood to recommend and meeting planner and associate engagement scores are also at all-time highs - signaling that guests are taking notice and rediscovering the new Sheraton.

Sheraton Hotels & Resorts, like all brands within Starwood’s robust portfolio, is proud to offer the Starwood Preferred Guest® program, which made headlines when it launched in 1999 with a breakthrough policy of no blackout dates on Free Night Awards. SPG® offers members the ability to redeem awards at more resorts, more luxury properties, more European hotels and more golf properties than any other hotel program.

About Latitude Management Real Estate Investors, Inc

Latitude Management Real Estate Investors, Inc. (LMREI) is a real estate fund manager that originates, invests in, and manages commercial real estate loans, securities and value-add real estate assets throughout the United States. Specific investments include first mortgages, mezzanine debt, distressed debt and equity. For more information, please visit www.lmrei.com.

About Starwood Hotels & Resorts

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1051 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element ^SM. 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.) The names of actual companies and products mentioned herein may be the trademarks of their respective owners.