EXHIBIT 99.1

                                    CONTACT: Katie Meyer, APR-Starwood
                                             (914) 640-8247
                                             katie.meyer@starwoodhotels.com

                                             Gretchen Kloke-Westin
                                             (914) 640-5236
                                             gretchen.kloke@starwoodhotels.com


       STARWOOD ANNOUNCES SALE OF THE WESTIN ST. FRANCIS FOR $243
                               MILLION
        WESTIN TO CONTINUE MANAGEMENT OF THE HISTORIC PROPERTY

         WHITE PLAINS, NY, Jan. 21, 2000 -- Starwood Hotels & Resorts
Worldwide, Inc., on behalf of The Westin St. Francis Limited Partnership,
announced today an agreement to sell the 1,192 room Westin St. Francis in San
Francisco to BRE / St. Francis L.L.C. of New York for $243 million. The sale,
which is subject to customary conditions including the consent of a majority
of the limited partners of Westin Hotels Limited Partnership, is anticipated
to close in the second quarter of this year.

         "This sale is part of the natural evolution of the partnership,
which was formed in 1986," remarked Joseph Long, senior vice president of
acquisitions and development for Starwood. "This is strictly a change in
ownership and hotel guests will continue to receive the same upscale services
and amenities they have come to expect from Westin."

         Originally built in 1904, the hotel is nearing completion of an
extensive $65 million restoration that began in 1994. Highlights of the
project include refurbishment of all guest rooms, installation of upgraded
security and safety systems, restoration of the hotel's sandstone exterior
and the addition of two premier function rooms on the newly-named "Imperial
Floor." The Westin St. Francis is a city landmark located in the heart of San
Francisco's shopping district on Union Square, and it is close to both the
Moscone Convention Center and the central business district. Westin has
managed the landmark property since 1954 and will continue to do so after the
sale.

         Starwood currently represents nearly 3,500 rooms in San Francisco
including The Westin St. Francis, The Westin San Francisco Airport, the
Palace Hotel, the W San Francisco, the Sheraton at Fisherman's Wharf and the
Four Points Hotel San Francisco Bay Bridge.

         Starwood Hotels & Resorts Worldwide, Inc., through its St. Regis,
Luxury Collection, Westin, Sheraton, Four Points and W brands, is one of the
leading hotel and leisure companies in the world with more than 700 hotels in
77 countries and 120,000 employees at its owned and managed properties.

                                #    #    #



                                     4