The Westin Verasa Napa To Arrive in America’s Premier Wine Region

WESTIN HOTELS AND INTRAWEST ANNOUNCE PLANS FOR NEW LUXURY CONDOMINIUM HOTEL IN NAPA VALLEY

The Westin Verasa Napa To Arrive in America’s Premier Wine Region in 2008; Marks the Fifth Venture Between Starwood Hotels & Resorts and Intrawest

WHITE PLAINS, NY, August 23, 2006 – Starwood Hotels & Resorts Worldwide, Inc. and Intrawest Corporation announced plans today to build the Westin Verasa Napa, a 160-unit luxury condominium-hotel located in America’s premier wine region, Napa Valley, California. With construction beginning in late 2006 and a planned opening date of 2008, the highly anticipated Westin Verasa Napa will be the first full-service property to come to Napa in nearly five years.

Napa is an idyllic getaway in which to enjoy the best aspects of fine living. The hotel is located approximately two blocks east of downtown Napa — and within walking distance to COPIA, The American Center for Wine, Food & the Arts, and a short drive from San Francisco. The Napa Valley is the foremost wine producing location in North America, well known for its culinary attractions, spas and a casual, inviting atmosphere making it a perfect location for a Westin Hotel.

“This Napa location is the embodiment of Westin’s vision of being a serene, relaxing haven for those with discerning tastes,” said Sue Brush, senior vice president of Westin Hotels & Resorts. “The inspired architectural design, the integration with Napa’s natural beauty and the Westin brand signature services and amenities provide the opportunity to own a truly unparalleled piece of the Napa valley. Everything Napa is just beyond your doorstep at the Westin Verasa Napa.”

According to Kate King, president and CEO of the Napa Chamber of Commerce, “The addition of a Westin property in downtown Napa speaks to this area’s rich heritage of delivering the world’s best wines, shops and lodging to visitors. Napa is known worldwide as the heart of the American wine country and we welcome companies such as Starwood Hotels & Resorts and Intrawest as they look to become an integral part of Napa’s local economy and stewards of the wine country experience for Napa’s four-million visitors each year.”

The Westin Verasa Napa Residences is a whole ownership condo-hotel – the newest trend in real estate. The property will add 160 hotel rooms and 5320 square feet of conference space to the Napa Valley. The hotel will be managed by Intrawest’s Hospitality Management division.

The design of the hotel is based on historic regional precedents, recalling the many influences evident in Napa and Bay area architecture, including window bays, timbered elements, as well as wood, stone and concrete accents. The building embraces the Napa River with an expansive pool courtyard and south wing opening up to the river. Guests will also benefit from the signature services and amenities Westin is renowned for including the Westin Heavenly Bed and Westin Heavenly Bath. Additional amenities will include a pool, hot tub, conference space, fitness center, easy access to river walking paths, valet, concierge and other signature Westin services.

The new Westin brand positioning is centered on renewal and offering guests the services, products and amenities that will help them rejuvenate, relax and restore their mind, body and spirit. In keeping with this brand message, all Westin hotels in the U.S., Canada and the Caribbean are smoke-free.

The Westin Verasa Napa is the newest addition to the Westin brand which is in the midst of its most robust growth period in its 75-year history. Having signed more than 40 deals last year, and with more than 50 new hotels scheduled to open between now and 2009, Westin is the fastest growing upper-upscale hotel brand in the world. Parent company Starwood is aggressively growing its global footprint, having signed a record number of new hotel deals last year, and continuing to win more new upper-upscale and luxury projects than its competitors.

The Westin Verasa Napa will be the fifth Westin property managed by Intrawest, following The Westin Resort and Spa at Tremblant, Quebec; The Westin Trillium House at Blue Mountain in Ontario, Canada; The Westin Monache, Mammoth, which is currently under construction in Mammoth Lakes, California, and the Westin Imagine Orlando Residences which is currently under construction in Orlando, Florida.

Playground Destination Properties Inc., the California licensed broker handling the sales and marketing campaign for The Westin Verasa Napa, will be officially opening a Discovery Center, showcasing architectural models and interior design samples in early September.

For more information about The Westin Verasa Napa, visit www.westinnaparesidences.com.

The Westin Verasa Napa is an Intrawest development project. Intrawest Corporation (IDR:NYSE; ITW:TSX) is a world leader in destination resorts and adventure travel. The company has interests in 10 resorts at North America’s most popular mountain destinations, including Whistler Blackcomb, a host venue for the 2010 Winter Olympic and Paralympic Games. Intrawest owns Canadian Mountain Holidays, the largest heli-skiing operation in the world, and an interest in Abercrombie & Kent, the world leader in luxury adventure travel. The Intrawest network also includes Sandestin Golf and Beach Resort in Florida and Club Intrawest – a private resort club with nine locations throughout North America. Intrawest develops real estate at its resorts and at other locations across North America and in Europe. Intrawest is headquartered in Vancouver, British Columbia. For more information, visit www.intrawest.com.

Westin Hotels & Resorts has 121 hotels and resorts in 31 countries and territories, and is owned by Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). It was ranked “Highest in Guest Satisfaction Among Upscale Hotel Chains” in the J.D. Power and Associates’ 2004 North America Hotel Guest Satisfaction StudySM and was voted “Best Domestic Hotel Chain” by Global Traveler Magazine. 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. For more information, please visit www.starwoodhotels.com.

Playground Destination Properties Inc., an Intrawest company, is the premier provider of sales and marketing services for destination real estate world-wide. The company draws on proprietary methodology called The Playground Way ™ to fulfill its mission of “connecting people with the ultimate places to play.” With corporate offices in Vancouver, BC, Playground represents unique real estate in six countries on three continents, including world-renowned Whistler Blackcomb in British Columbia – North America’s most popular mountain resort; Mammoth in California – The Eastern Sierra’s premier four-season resort; and Florida’s Sandestin – 2,400 acres including white sand beaches and world-class golf. To learn more about Playground, and its unique breadth of offerings, visit www.playground.com.

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