WHITE PLAINS, N.Y.--Starwood Hotels & Resorts Worldwide, Inc HOT and MBK Properties and Development Public Company Limited* (SET : MBK-PD) have announced an agreement whereby Starwood will manage the new Sheraton Krabi Beach Resort in Thailand. The 246-room Sheraton Krabi Beach Resort is scheduled to open in December 2002.

"The Sheraton Krabi Beach Resort is a significant addition to our resort collection in Asia Pacific. We are very proud to be managing this magnificent property through our partnership with MBK, which has been well established through the Royal Orchid Sheraton Hotel & Towers in Bangkok," said Miguel Ko, President, Asia-Pacific, Starwood Hotels & Resorts, Worldwide Inc. "Sheraton Krabi Beach Resort will provide a unique experience that blends the natural beauty of Khlong Muang Beach, Thailand's famous friendly hospitality and Sheraton's excellent quality of service" added Ko.

Krabi, a major province on one of Thailand's renowned resort islands, is located approximately 300 miles south of Bangkok. The island is a two-hour drive from Phuket Island or a short flight from Bangkok. Krabi is famous for its beautiful cliff formation, a perfect getaway for rock climbing enthusiasts, and surrounded by the Andaman Sea, which showcases a picturesque tropical landscape, with palm-fringed beaches, lush forest, waterfalls and caves.

Sheraton Krabi Beach Resort is located on a secluded 19-acre site of Khlong Muang Beach and features a pristine white sand beach frontage. Khlong Muang Beach is well-known for its excellent year-round swimming conditions as it is protected from the rainy season by Phuket Island to the far west, the Pha Nga Peninsula to the immediate west and Phi Phi Island to the southwest.

The resort will offer 246 rooms including 30 club floor rooms and six executive suites. Each standard room measures approximately 409 square feet in size. The resort will also feature five dining outlets, health club, spa, tennis and squash courts, water sports, retail center and game room. There are two meeting rooms to accommodate meetings as up to 200 people.

Sheraton Krabi Beach Resort will be Starwood's fifth property in Thailand, and the second resort in the country, after the award-winning Sheraton Grande Laguna Phuket, a Luxury Collection resort.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchiser of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com.

Mark Ricci
914/640-8496
Starwood