Fourth Quarter 2005 Highlights

-- EPS from continuing operations for the fourth quarter of 2005 increased 37% to $0.70, compared to $0.51 in the fourth quarter of 2004. Excluding special items, EPS from continuing operations increased 25% to $0.71 for the fourth quarter of 2005 compared to $0.57 for the fourth quarter of 2004.

-- REVPAR at Same-Store Owned Hotels in North America and worldwide increased 12.2% and 9.4%, respectively, when compared to the fourth quarter of 2004. ADR increased 9.5% and 7.0% in North America and worldwide, respectively.

-- Margins at Starwood branded Same-Store Owned Hotels in North America improved approximately 140 basis points when compared to the fourth quarter of 2004, despite the negative impact of a significant 30% increase in energy costs in North America.

-- Third-party management and franchise fees, including fees from the Le Meridien hotels from the acquisition date of November 24, 2005, increased 30.2% in the quarter when compared to 2004.

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