WHITE PLAINS, N.Y., Sept. 12 /PRNewswire/ -- Starwood Hotels and Resorts
Worldwide, Inc. (NYSE: HOT) and Abandoibarra Tercermilenio S.L. announced
today that they have entered into a long-term management agreement under which
Starwood will operate the soon-to-be-built 215-room Sheraton Hotel, Bilbao,
Spain. The hotel is scheduled to open mid-year, 2002.
"We are delighted to have signed this agreement with Abandoibarra
Tercermilenio S.L." declared Roeland Vos, President of the European Division
of Starwood Hotels & Resorts Worldwide, Inc. "With the Sheraton Bilbao we are
adding a popular and much-requested destination to the Starwood portfolio.
The developers are committed to build a high quality project and this will
enable Starwood to surpass any expectation of our global customers, from the
first day of operation of the hotel. In addition, the new hotel will feature
Sheraton's new guestroom design and will no doubt become a favorite
destination spot for Starwood Preferred Guest members to redeem their points
for free stays."
"The power of the Sheraton brand is known worldwide as well as the quality
of its services and its global reach," said Enrique Guzman Gandarias,
President of Abandoibarra Tercermilenio S.L. "We are proud of the association
with such a powerful brand and we are sure that -- together with Starwood --
we will give the Basque region and Bilbao the necessary visibility to make of
the Sheraton Bilbao an outstanding success."
The Sheraton Bilbao, will be located in the Abandoibarra area in the heart
of the City of Bilbao adjacent to the Euskalduna Congress Center and within a
five hundred meters of the world-famous Guggenheim Museum of Modern Art.
Total construction costs (excluding site acquisition) is expected to be over
$25 million.
This exciting hotel project has been designed by the internationally
renowned Mexican architect Ricardo Legorreta. It will have 215 deluxe rooms
and suites, a restaurant and bar, a ballroom and meeting rooms, underground
parking, a swimming pool and health club. The construction permit was issued
on August 23, 2000 and construction is expected to commence in September.
Starwood Hotel & Resorts Worldwide, Inc. currently owns and/or operates
six hotels in Spain including such famous hotels as The Westin Palace, Madrid;
The Alfonso XIII, A Westin Hotel, Seville; and the Hotel Maria Cristina, A
Westin Hotel, San Sebastian. In Mallorca, the ArabellaSheraton Joint Venture
manages the ArabellaSheraton Golf Hotel, Palma de Mallorca.
In addition, The Westin La Quinta Golf Resort, in Marbella (Malaga) is
under construction with the opening scheduled for October this year.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) is one of the
leading hotel and leisure companies in the world with more than 725 properties
in 80 countries and 120,000 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 and 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 us at http://www.starwoodhotels.com.
SOURCE Starwood Hotels and Resorts Worldwide, Inc.
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Related links:
http://www.starwoodhotels.com
Company News On-Call:
http://www.prnewswire.com/comp/443150.html or fax,
800-758-5804, ext. 443150
CONTACT:
Katie MeyerVice President, Public Relations,
914-640-8247, fax - 914-640-5280 (private),
katie.meyer@starwoodhotels.com; or Mark Ricci, Public Relations
Manager, 914-640-8496, fax - 914-640-8542,
mark.ricci@starwoodhotels.com, both of Starwood Hotels & Resorts
Worldwide, Inc.
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