Ground broken at Nakheel Hotels latest investment, Nakheel Hotels working in partnerships to develop W hotel in Bangkok in addition to W Retreat and Residences in Koh Samui, Thailand.

Bangkok, June 30th , 2008 - Top executives of Nakheel Hotels, Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT), and Golden Land Property Development Plc, held the official ground-breaking for the new 400-room W Bangkok this week.

When it opens at the end of 2010, the W Bangkok will be the first centre-city W Hotel in Southeast Asia, and will offer the innovative design and full range of branded amenities that guests have come to expect of W Hotels worldwide.

The property will form a major part of Golden Land's "Sathorn Square" mixed-use development, which is centred on the historic landmark Russian Embassy complex, located in the prime business district of Sathorn Road.  The development will also include a 70,000 square metre Grade A office tower with boutiques and shops.  

Last October, Starwood entered into a management agreement with North Sathorn Hotel Company, a joint venture between Nakheel Hotels (previously named Istithmar Hotels FZE) and Golden Land Property Development Plc for this new hotel. 

Joe Sita, Chief Executive Officer of Nakheel Hotels, said, "Nakheel Hotels looks for the best partners as we expand operations across the globe and Starwood and Golden Land Property are perfect partners in this venture. Southeast Asia is a strategically important region for Nakheel Hotels and Bangkok is one of our key target markets. The W Bangkok will surely be a star property in our growing global development portfolio."

"Bangkok is a perfect fit for W Hotels, appealing to the W brand's sophisticated travelers with a delectable mix of diverse cultures, world-class shopping and an unsurpassed cuisine experience.  Set against the magnificent backdrop of Thailand's thriving cosmopolitan metropolis, W Bangkok will reflect the excitement, energy and sophistication of its surroundings when it opens, and will be known as the influential and innovative lifestyle authority in Bangkok", commented Neil Palmer, Senior Vice President for Starwood Hotels & Resorts, Asia Pacific. 

"We are confident that Bangkok, with its great location and allure for visitors, will be a great platform to showcase the W brand.  Starwood is also proud to continue its contribution towards the growth of Bangkok and Thailand as a key hospitality destination," added Palmer.

William Wilfong, CEO of Golden Land Property Development PLC, commented, "We are delighted to bring W to Bangkok, and to be working together with Nakheel and Starwood on this landmark hotel.  The W Bangkok will add unique prestige and cachet to our Sathorn Square project, and this property is sure to become a leading choice for business and leisure visitors to Bangkok, with its prime location in the heart of the city's main business district."

In addition to the W brand's signature sleek design and cosmopolitan ambience, the W Bangkok will offer a wide range of superior facilities including almost 30,000 square feet of meeting space, W Kitchen, W Living Room, a specialty restaurant and destination lounge, a Sweat Fitness Center, an outdoor pool and a signature spa.  Guests will luxuriate in the signature W bed, outfitted with feather-top mattresses, 350 thread-count Egyptian cotton sheets and goose-down comforters.  The hotel will also offer the signature W Whatever/Whenever service, the hotel's 24-hour concierge that can provide whatever guests want - from a pair of running shoes to private jet service - whenever they want it.

-Ends-

About Nakheel Hotels
Nakheel Hotels is an integrated hotel development, investment and asset management business with investments under management currently in excess of $3.5 billion.

Nakheel Hotels' goal is to deliver exceptional returns through the acquisition and active management of luxury hotels in key gateway cities and resorts around the world, together with strategic equity investments and investment in branded budget hotels in key growth markets. Building and leveraging relationships with key strategic partners is central to the company's investment strategy.

Investments include the Mandarin Oriental and W Union Square hotels in New York, Hotel Washington in Washington DC, the One & Only Resort in Los Cabos, Mexico and significant equity stakes in Kerzner, operator of the Atlantis and One&Only brands, and International Hotel Investments plc, owner of a portfolio of hotels in Europe and North Africa operated under the Corinthia brand. Nakheel Hotels also has significant investments in the budget hotel sector, holding the master franchise rights for easyHotels.com in the MENA region with the first hotels under development in Dubai, and an investment in Tune Hotels in the ASEAN region.

About W Hotels Worldwide
W Hotels is a global lifestyle brand with 23 properties in the most vibrant cities around the world. Inspiring and indulging its guests with thoughtful, refreshing and stylish experiences, signature restaurants, bars and destination spas, W has become the fastest growing luxury hotel brand in the world. Each hotel offers a unique mix of innovative design, comfort, and cultural influences from fashion and design to music and art and everything in between. W's first residential property, W Dallas-Victory, opened in June of 2006, and soon thereafter was named a Forbes Magazine "Top Business Hotel." In North America and Latin America, W Hotels have been announced in Austin, Downtown Atlanta, Buckhead Atlanta, Boston, Fort Lauderdale, Hoboken, Hollywood, Huntington Beach, Minneapolis, Downtown New York, Santiago, Scottsdale, South Beach, and Washington, D.C. In Europe, W Hotels have been announced in Athens, Barcelona, Milan and St. Petersburg. In Asia, W has announced properties in Bangkok, Guangzhou, Hong Kong, Macao-Studio City, Shanghai and Yokohama. In Africa and the Middle East, W has announced properties in Amman, Doha, Dubai-Festival City, Dubai-The Palm and Marrakech. W's first Retreat & Spa, W Maldives, opened in September of 2006. In 2007, W Maldives received the prestigious Travel + Leisure Design Award for Best Resort.  W has plans to open Retreat & Spa hotels in Bali, Koh Samui, Vieques and Verbier, the latter of which will serve as W's first ski retreat. For more information, visit www.whotels.com.

About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 900 properties in more than 100 countries and 155,000 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 Mridien, Sheraton, Four Points by Sheraton, and the recently launched AloftSM, 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.

About Golden Land Property Development PLC
Golden Land Property Development PLC was established in 1978, and was listed on the Stock Exchange of Thailand in 1994.  As the developer of many of Bangkok's finest housing and high-rise developments, Golden Land has a successful history of building and designing innovative and luxurious projects of exceptional quality.  The group brings an unrivalled track record of high-end hospitality and residential development experience in Bangkok. Please visit the website www.goldenlandplc.com for more information.

Hwee Peng Yeo
Director, Corporate Communications
Starwood Hotels
Asia Pacific
Tel: (65) 6335 4837
Email: hweepeng.yeo@starwoodhotels.com

Daranee Sungcharoen
Golden Land - Spark Communications
Tel: (66) 2 653 2717-9 
Email: daranee@spark.co.th

Lesley Wade
PR Manager
Nakheel Hotels
Tel: +971 4 375 9604 
Email: lesley.wade@nakheel.com

Press Release 2008