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Starwood Hotels & Resorts Selected To Manage The Famed Astir Palace Hotel Complex In Greece

White Plains, NY - June 15, 2006 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) and Astir Palace Vouliagmeni S.A. announced today that Starwood was chosen to oversee hotel operations for the famed Astir Palace Hotel complex near Athens, Greece. The world-renowned Astir Palace is a luxury resort on the Athenian Riviera, consisting of three five-star hotels, the Arion, Nafsika and Aphrodite, and seventy-six bungalows, with a total of 526 guest rooms. Sprawling across 75 acres of sun-drenched gardens on a pine-dotted private peninsula, the resort complex boasts breathtaking views of the Saronic Gulf on the Mediterranean Sea and three private beaches. In July, Starwood will raise its Luxury Collection flag on the Arion Hotel and the Westin flag on the Nafsika Hotel. In 2008, W hotel will take over the Aphrodite Hotel, following an extensive renovation. The resort complex is owned by Astir Palace Vouliagmeni S.A which is publicly traded on the Athens Stock Exchange (ASTIR GA).

“We are delighted to bring our brands to this premiere resort, and expand Starwood’s footprint in Greece which is such a vital European destination,” said Roeland Vos, President of Europe, Africa and Middle East Division of Starwood Hotels & Resorts. “I would like to thank Astir Palace Vouliagmeni S.A. for their commitment to Starwood, and their confidence in the power of our brands. The distinctive lifestyle positioning of our Luxury Collection, Westin and W brands will provide a unique and memorable guest experience at each one of these magnificent hotels.”

“I welcome the Board’s decision to select Starwood after an extensive and disciplined review of more than 20 interested parties,” noted Takis Arapoglou, Chairman and CEO of Astir Palace Vouliagmeni S.A.. “Astir Palace is a unique resort in Greece and the introduction of a world-class luxury operator will enhance its reputation and the quality of the services that it offers. This is a move that will prove beneficial for all stakeholders in Astir and for the entire Greek leisure sector.”

Arion Hotel, A Luxury Collection Resort

On July 1, 2006, the 123-room Arion Hotel and its 76 adjacent bungalows will debut as the Arion Hotel and Villas, a Luxury Collection Resort. With its legendary beauty, unrivaled water views, elegant and sophisticated décor, original paintings, private swimming pools and beaches, gourmet restaurants and unique modern luxuries throughout, Arion will be a stellar addition to The Luxury Collection. Famed for its collection of magical hotels like the Gritti Palace, the Hotel Imperial and The Phoenician, The Luxury Collection inspires its guests with exceptional service and unique experiences all indigenous to each destination.

The Westin Nafsika Resort

Also converting in July 2006, the 162-room Nafsika Hotel will become The Westin Nafsika Resort. Contemporary lines dominate the interiors of the hotel which is accented by modern artwork and a soothing color palette. The Westin Nafsika, with its seaside setting, exceptional views and private poolside kiosks, embodies Westin’s core values of personal, instinctive, renewal, which have struck a chord with travelers around the globe. Additional features include sea-view lounges, bars and verandas, and fusion and Mediterranean cuisine restaurants  Westin Hotels continues to aggressively expand its footprint around the globe, having executed a record number of new hotel projects in 2005, and a robust pipeline of new hotel projects in the work.

W Aphrodite

The 165–room Aphrodite Hotel will continue to operate under its current name through October 2006 at which time an extensive refurbishment is planned to convert the hotel into the W Aphrodite. W is the world’s fastest growing luxury hotel brand, known for inspiring its guests with thoughtful, refreshing and stylish experiences, signature restaurants, bars and destination spas.  Each hotel offers a unique mix of innovative design, comfort and cultural influences from fashion to music to art and everything in between. Upon opening in 2008, W Aphrodite will feature all of W’s celebrated comforts including Whatever/Whenever, the hotel’s 24-hour concierge service that can provide guests with whatever they want from a bathtub filled with chocolates to private jet service, as well as a nightlife destination, signature restaurants and a Bliss spa.

Starwood already operates four hotels in Greece under the Luxury Collection brand including the world-famous Hotel Grande Bretagne in Athens; the Vedema Resort, in Santorini; the Santa Marina Resort & Villas in Mykonos and the Blue Palace Resort & Spa, in Elounda, Crete.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien® and the recently announced aloftSM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.