Starwood Becomes First Hotel Company to Associate With Upromise
In Effort to Help Families' Save for College
WHITE PLAINS, N.Y., Oct. 2 /PRNewswire/ -- Starwood Hotels & Resorts
Worldwide, Inc. (NYSE: HOT) announces a new relationship with Upromise, Inc.,
a company that recently launched its much-anticipated service to accelerate
families' college savings. Through Upromise, Starwood, along with many other
leading U.S. companies such as General Motors, AT&T and Citibank, will
contribute a percentage of a customer's spending to a college savings account
for their children, grandchildren or any other future college student they
wish to support.
As a contributing company by associating with Upromise, Starwood will give
families the opportunity to save for college every day. A family savings
network (parents, plus two other family members) can save more than
$20,000 through college contributions. Through its frequent guest program,
Starwood Preferred Guest(SM), Starwood will convert the program's
Starpoints(SM) into college contributions.
Upromise makes it easy for families to invest their contributions in a
"529" Plan, a college savings plan managed by Salomon Smith Barney or Fidelity
Investments. Similar to a 401K account, these 529 Plans allow for families to
grow their college savings tax-deferred and are managed according to the
child's age and family's investment goals. When a family designates an
existing 529 Plan or opens a new one through Upromise, its college
contributions automatically will be periodically invested into that account.
Funds then grow tax-deferred until they are removed for college tuition.
Participants in the Upromise account program can contribute Starwood
Preferred Guest Starpoints into a special account. In order to convert
Starpoints into cash credits for contribution to the Upromise account
(at $.01 per point), a minimum of 5,000 points is required ($50). Subsequent
transfers will take place in 1,000 ($10) point increments.
"Starwood is committed to supporting Upromise through its efforts to help
U.S. families save for college," noted Scott Barrett, Vice President,
Marketing Programs for Starwood. "We are honored to be the very first hotel
company to associate with Upromise and feel that our children are the future
of this country. Helping families obtain a good college savings plan for
their children through our relationship with Upromise is paramount."
For more information on Upromise, Inc., please visit their website at
http://www.upromise.com. As with all personal investments, Starwood
recommends that participants consult their own tax or investment advisors as
to the benefits and details of 529 Plans.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and
leisure companies in the world with more than 725 properties in 81 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 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 http://www.starwoodhotels.com.
** Please contact Starwood's new, toll-free media hotline at (866) 4-STAR-PR
(866-478-2777) for photography or additional information.**
SOURCE Starwood Hotels & Resorts Worldwide, Inc.
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Related links:
http://www.starwoodhotels.com
http://www.upromise.com
Company News On-Call:
http://www.prnewswire.com/comp/443150.html
CONTACT:
Mark Ricci, Public Relations Manager of
Starwood Hotels & Resorts Worldwide, Inc., +1-914-640-8496,
mark.ricci@starwoodhotels
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