Development Agreement Signed for 160-room Sheraton Adelaide to Open in South Australia in Mid-2019

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. November 25, 2015

STAMFORD, CT. November 25, 2015 - Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) today announced plans to debut its iconic Sheraton brand in South Australia with the signing of the Sheraton Adelaide. Owned by the Makris Group, South Australia's largest privately owned retail property group, Sheraton Adelaide will stand at the center of a mixed-use development featuring luxury residential apartments, office and retail space located at 88 O'Connell Street. Slated to open in mid-2019, Sheraton Adelaide further expands Starwood's growing presence in the South Australian state capital and, following the recent signing of Aloft® Adelaide, delivers another global hotel brand to the city.

“Starwood's second hotel signing in Adelaide this year further demonstrates our robust pipeline and growing footprint in Australia and the Pacific region,” said Sean Hunt, Regional Vice President, Starwood Hotels & Resorts, Pacific. “As one of the most global hotel brands in our portfolio, Sheraton continues to experience accelerated international growth in key markets. Our recently announced Sheraton 2020SM 10-point vision includes the goal of adding 150 new hotels by the year 2020 across the globe, and the signing of Sheraton Adelaide is an important step in building that momentum here in Australia.”

Sheraton Adelaide will feature 160 guest rooms and two dining venues along with a range of leisure facilities, including a state-of-the-art fitness center and indoor swimming pool. Business guests will enjoy a range of innovative work spaces and meeting rooms, including a 3300 square foot ballroom and more than 7500 square feet of function space, as well as an additional pre-function area.

“Sheraton Adelaide will be the new heart of O'Connell Street, providing an upper upscale legacy for current and future generations,” said Con Makris, Executive Chairman for the Makris Group. “The Sheraton brand is an ideal fit for the location and our overall vision; we're delighted to welcome a brand that seeks to create effortless travel experiences for its guests.”

Located on one of Adelaide's most affluent boulevards, Sheraton Adelaide sits within a new luxury residential, retail and hotel development at the long-vacant former Le Cornu site on O'Connell Street - a hub of restaurants, cafes, pubs and boutiques, lined with striking Victorian architecture. Set to be an iconic development, 88 O'Connell Street includes the new Sheraton hotel and a 16-story apartment tower, along with a diverse mix of retail stores and restaurants, all spread over eight buildings linked by a piazza and gardens. The development will bring a new and dynamic environment for locals and visitors alike, to work, play and relax amongst the sophisticated surroundings of North Adelaide.

“We're committed to strategically selecting destinations and partners for our hotels that will positively reflect the brand's values and offer favorable owner returns,” said Andrew Taylor, Director of Acquisitions and Development, Starwood Hotels & Resorts, Pacific. “Starwood is known for its distinct and compelling lifestyle brands, and the new Sheraton Adelaide will further enhance the lifestyle and experience North Adelaide already offers.”

The signing of Sheraton Adelaide follows the recent announcements of key hotel signings for Starwood in the Pacific region, including Aloft Sydney Pitt Street, Aloft Adelaide, W Brisbane and The Westin Perth. With nine hotels currently in the pipeline, Starwood's Pacific portfolio now includes more than 25 properties across six brands.

For more information please visit www.sheraton.com

About Sheraton Hotels & Resorts

Sheraton Hotels & Resorts, the largest and most global brand of Starwood Hotels & Resorts Worldwide, Inc. , makes it easy for guests to explore, relax and enjoy the possibilities of travel through smart solutions and effortless experiences at more than 440 hotels in more than 72 countries around the world. The brand is currently in the midst of implementing Sheraton 2020, a 10 point plan designed to make Sheraton the global hotel brand of choice, everywhere. Sheraton recently launched “Where Actions Speak Louder,” a multi-channel, multi-million dollar advertising campaign that highlights the brand's ongoing enhancements to its guest experience, including new products and partnerships, and a renewed focus on service. With work well underway, the brand has already rolled out a variety of initiatives under Sheraton 2020, including Paired, a new imaginative lobby bar menu; the richest SPG® promotion in the brand's history; and Sheraton Grand, a new premier tier that recognizes exceptional Sheraton hotels and resorts. To learn more, visit www.sheraton.com. Stay connected to Sheraton: @sheratonhotels on Twitter and Instagram and facebook.com/Sheraton.

About Makris Group

The Makris Group is the largest privately owned retail property group in South Australia , with a property portfolio which extends to Australia's eastern seaboard. Established by Executive Chairman Con Makris in the 1980s, the Group continually invests in building the value of its retail portfolio and has in more recent times diversified geographically and into the lifestyle destination sector with acquisition of Marina Mirage and The Oracle on the Gold Coast . Makris Group's South Australian retail property assets include Hallett Cove Shopping Centre , Gilles Plains Shopping Centre , Newton Village , City Cross Shopping Centre and North Adelaide Village . The Group also owns the Marina Pier retail and restaurant precinct at Glenelg and will shortly commence development of the landmark 88 O'Connell project in North Adelaide . Further information: www.makris.com.au

Contact:
Tanya Elm
Sheraton Global Public Relations
[email protected]
917-202-5309

Lizzy Chadwick or Rachel Jones
[email protected] or [email protected]
61 (0) 2 9028 3596 or 61 (0) 2 9028 3593