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ITT SHERATON CORPORATION COMPLETES $160 MILLION ACQUISITION OF SEVEN PROPERTIES FROM MARRIOTT CORPORATION

 ITT SHERATON CORPORATION COMPLETES $160 MILLION ACQUISITION
 OF SEVEN PROPERTIES FROM MARRIOTT CORPORATION
 BOSTON, Aug. 27 /PRNewswire/ -- ITT Sheraton Corporation today concluded the $160 million purchase of the Prince de Galles Hotel in Paris and six all-suite hotels in the U.S. from Marriott Corporation. This completes the process begun on Feb. 20 when both companies signed a letter of agreement and is a significant step in ITT Sheraton's aggressive global development plans to have a strong presence in virtually every major business center in the world.
 "Having a presence again in Paris, a main business and tourism center worldwide, has been part of our strategy for some time, and we are pleased to add the prestigious Prince de Galles and the six domestic all-suites to our portfolio of properties around the world," said John Kapioltas, ITT Sheraton chairman, president and chief executive officer.
 "Our financial position allows us to invest when superb opportunities present themselves, and these six all-suites and the Prince de Galles represent our commitment to grow where it makes financial and geographic sense," said Robert A. Bowman, executive vice president and chief financial officer.
 ITT Sheraton is already located in more countries than any other international hotel chain, and the transaction brings to 61 the total number of countries in which 430 ITT Sheraton properties are located.
 The transaction also secures the acquisition of six all-suite hotels in the U.S. -- still the largest travel market in the world -- which have been constructed within the past three years. The additional all- suite hotels, featuring guest rooms with an additional living room and bathroom, are located in Alexandria, Va.; Columbus, Ohio; Dallas; Elk Grove, Ill.; Kansas City, Mo.; and Wilmington, Del. The move more than doubles the company's number of ITT Sheraton Suites, bringing the total to 10. They join the Sheraton Suites Cuyahoga Falls in Ohio, Sheraton Suites Plantation in Florida, Sheraton Suites Cumberland in Atlanta and Sheraton Suites Fairplex in Pomona, Calif.
 "This multi-continental transaction with Marriott Corporation is an important strategic step in the company's development plan and marks how we plan to grow," said Kapioltas.
 ITT Sheraton will operate the Sheraton Suites Elk Grove Village near Chicago under a lease and will control the leasehold rights for the Prince de Galles.
 Boston based ITT Sheraton Corporation, a subsidiary of ITT Corporation, is a worldwide network with 430 owned, leased, managed and franchised properties, including 295 hotels, resorts and all-suites and 135 inns in 61 countries.
 ITT Corporation (NYSE: ITT), ITT Sheraton's parent company, is a $20 billion diversified multinational corporation engaged in eight product and service businesses. ITT also has an equity interest in Alcatel Alsthom, a leading Paris-based international company engaged in telecommunications, energy and transportation.
 -0- 8/27/92
 /CONTACT: Dolores Sanchez of ITT Sheraton Corp., 617-367-5481/
 (ITT) CO: ITT Sheraton Corporation ST: Massachusetts IN: LEI SU: TNM


CH -- NE003 -- 4013 08/27/92 14:37 EDT
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Date:Aug 27, 1992
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