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Press Room

3RD JULY 2009

STARWOOD CAPITAL AND GOLDEN TULIP HOSPITALITY SIGN A BINDING AGREEMENT

STARWOOD CAPITAL AND GOLDEN TULIP HOSPITALITY SIGN A BINDING AGREEMENTLondon, Paris, Rotterdam, July 3rd 2009 - Starwood Capital Group Global L.P. ("STARWOOD") is pleased to announce the signature of a binding agreement for an affiliate to purchase Golden Tulip Hospitality BV’s Franchise business, its Development & Representation businesses, Joint Venture interests, and the brands, trademarks and intellectual property of Golden Tulip, Tulip Inn and its related brands. This binding agreement is subject to certain formalities being completed and is expected to result in a full closing of the transaction by July 27 2009.

Commenting on this agreement, Desmond Taljaard, Chief Operating Officer at Starwood Capital, said: "This was a compelling acquisition for Starwood. Our extensive experience in the hotel sector makes us the ideal partner to invest and grow the Golden Tulip brand. We have a long track record of working with franchisees and we are fully committed to developing and investing in these hotel brands through innovation and continued expansion”.

Pierre-Frédéric Roulot, President of Louvre Hôtels, added: "We are very excited at the prospect of developing the Golden Tulip brand and through a strategic alliance with Louvre Hotels, bringing real benefits to customers and franchisees. The two companies are very complementary to each other, both in terms of geography and market segment, and together we can create a strong force in the hotel industry".

Hans Kennedie, CEO of Golden Tulip Hospitality B.V., declared: “I am very much relieved that the Golden Tulip Brand and the world wide franchise network that was built over the years will be in safe and capable hands and that the continuation of the brands on the long term is safeguarded. I have decided to step back from the management as per the date of closing of the transaction. I have been offered and happily accepted an agreement as an independent senior advisor with Starwood with regard to International Franchise Development. Although as of then not anymore involved in the Golden Tulip business I do expect to be able to be of significant assistance for the franchise business of the Starwood Capital Hospitality team.”

Marie Jose Cools and Rinke Dulack, trustees in the estate of Golden Tulip Hospitality B.V., said: “We are very satisfied with the outcome of the bidding process that was organized and think we have been able to reach the best possible result for both the business involved and the creditors in the estate. We are moreover confident that the profile of the purchaser ensures long term commitment to the Golden Tulip brands and the connected franchise business”.

EDITORS’ NOTES
1) Starwood Capital Group Global, L.P. is a privately-held global real estate investment firm based in Greenwich, CT (with its predecessor Starwood affiliates “Starwood” or “Starwood Capital Group”). Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment vehicles that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail, mixed-use, industrial, health clubs, golf and mezzanine debt. Starwood’s clients include public and private retirement programs, university endowments, foundations, and international and high-net worth investors. During the past sixteen years Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value. Starwood Capital Group has led the formation and/or growth of several market leading companies including Groupe Taittinger and Société du Louvre, Europe’s second largest hotel network; Starwood Hotels & Resorts Worldwide (NYSE:HOT), a leading global owner/operator of hotels, Westin Hotels & Resorts which was merged into Starwood Hotels & Resorts Worldwide in January 1998; iStar Financial (NYSE: SFI), the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., which, together with its private sister company, owned, leased or managed 255 golf courses. It also participated in the formation of and helped lead the growth of Equity Residential Properties Trust (NYSE:EQR), one of the premier US multifamily REITs. For more information, please visit: www.starwoodcapital.com

2) Louvre Hotels is a key player in the hotel and restaurant industry in Europe. It has more than 830 hotels and a total capacity of almost 54,000 rooms in nine European countries. It brings together four well-known brands and high profile brands: Première Classe, Campanile, Kyriad and Kyriad Prestige, positioning the group as number two in the European budget and mid-scale segment. In France, the group is market leader in the two-star segments with its Campanile and Kyriad brands. For more information, please see: www.louvre-hotels.com

3) Golden Tulip Hospitality Group (www.goldentulip.com), with its head office in Lausanne, Switzerland, is a worldwide hospitality company with more than 260 hotels and 26.000 rooms in more than 45 countries. The Golden Tulip Hospitality Group franchises and manages hotels in Europe, the Middle East & Africa, the Asian Pacific Region and the Americas. In addition, Golden Tulip offers its services through its commercial alliance with TOP International, a German based hotel consortium.

Enquiries:
- For Starwood Capital Group/ Louvre Hotels – Brunswick
Caroline Nico (Paris) - + 33 1 53 96 83 83
- Anne Bark (London) - + 44 207 404 5959
- For Golden Tulip Hospitality B.V. Aemilia Broekman (Amersfoort) – or + 31 33 2544 807
Premiere Classe Hotels Campanile Hotels Kyriad Hotels Tulip Inn Golden Tulip Royal Tulip Louvre Hotels