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Sheraton Debuts in Agoura Hills, California

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08/01/2011 | 10:30am EST

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that its global powerhouse Sheraton Hotels opened its first hotel in Agoura Hills, California today. The opening of Sheraton Agoura Hills Hotel advances the Sheraton brand's strategic expansion plan that will add more than 65 new hotels and over 23,000 rooms to the Sheraton portfolio over the next two years. The hotel was acquired by an affiliate of Wheelock Street Capital and is managed by Davidson Hotels & Resorts. The former Renaissance will undergo a comprehensive renovation to all guest rooms and public areas to meet Sheraton's new brand standards.

Located in the foothills of the Santa Monica Mountains, Sheraton Agoura Hills Hotel serves the Conejo Valley communities of Agoura Hills, Thousand Oaks, Westlake Village and Calabasas. Less than half an hour from Malibu and approximately 40 minutes from Los Angeles, the hotel is convenient to the 101 Business Corridor, the headquarter offices of Amgen, Farmer's Insurance, Dole Foods, The Cheesecake Factory and J.D. Power and Associates, as well as regional offices for Bank of America, Wellpoint and Alcatel-Lucent. Also nearby are world-famous Malibu beaches, Pepperdine University, several upscale shopping areas and a choice of premium golf courses.

"We are delighted to add Agoura Hills to our robust portfolio in California," said Hoyt Harper, Senior Vice President, Sheraton Hotels & Resorts. "Sheraton is leading Starwood's global market share growth and due to the success of our recent rebranding effort is one of the most sought-after brands for conversion opportunities in key markets throughout the United States. This hotel will truly embody the new look and feel of Sheraton and will feature our newest brand initiatives designed to create community and make it easy to stay connected."

Boasting sweeping mountain views, the hotel's 280 guest rooms are equipped with an oversized work desk, custom-designed ergonomic chair, high-speed Internet, LCD flat panel television, MP3 docking station and will feature the all-white Sheraton Sweet Sleeper® bed, designed to meet AAA's Five Diamond Award® criteria.

Sheraton Agoura Hills Hotel is ideal for business meetings and social functions of all sizes and features nearly 17,000 square feet of flexible meeting space with the latest in meetings technology. Additional amenities include a full-service restaurant, hotel lounge and outdoor swimming pool. The fully equipped fitness facility will offer the brand's revolutionary new health and fitness program, Sheraton Fitness, Programmed by Core Performance, designed exclusively for Sheraton guests through its partner Core Performance.

Starwood has spent the last few years renovating and rebuilding one of the hotel industry's most iconic brands and Sheraton now stands stronger than ever with the strongest portfolio in its history. The brand is gaining market share, RevPAR continues to rise, guest satisfaction scores are the highest in the brand's history and likelihood to return, likelihood to recommend and meeting planner and associate engagement scores are also at all-time highs - signaling that guests are taking notice and rediscovering the new Sheraton.

"We are proud to fly the Sheraton flag at our hotel and are impressed by the considerable improvements to the brand," said Merrick R. Kleeman, a Managing Partner of Wheelock Street Capital. As the operator John Belden, President & CEO, Davidson Hotels & Resorts added. "By joining Sheraton, we can also tap into the powerful Starwood system and reach even more travelers via the award-winning Starwood Preferred Guest program."

Sheraton Hotels & Resorts, like all brands within Starwood's robust portfolio, is proud to offer the Starwood Preferred Guest® program, which made headlines when it launched in 1999 with a breakthrough policy of no blackout dates on Free Night Awards. SPG® offers members the ability to redeem awards at more resorts, more luxury properties, more European hotels and more golf properties than any other hotel program.

About Wheelock Street Capital

Wheelock Street Capital, L.L.C. is a real estate private equity firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. Wheelock Street pursues a highly focused, fundamentally driven investment strategy. Backed by established institutional capital, the Company is currently pursuing acquisitions and recapitalizations of real estate assets and operating platforms in the hospitality, multifamily and residential land/homebuilding sectors. http://www.wheelockst.com/

About Davidson Hotels & Resorts

Headquartered in Memphis, Tenn., Davidson Hotels & Resorts is an award-winning, full-service hotel management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company's portfolio encompasses 48 upscale, full-service independent and branded hotels with more than 13,600 rooms across the United States. Additional information on Davidson may be found at www.davidsonhotels.com.

About Starwood Hotels & Resorts

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1025 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.

(Note: This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results and events will not materially differ. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.) The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

Starwood Hotels & Resorts
Nadeen Ayala, 914-640-8259

© Business Wire 2011
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