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ITT SHERATON POISED TO LEAD UPSCALE BUSINESS TRAVEL MARKET IN 1992

    ITT SHERATON POISED TO LEAD UPSCALE BUSINESS TRAVEL MARKET IN 1992
    BOSTON, Dec. 19 /PRNewswire/ -- At year end, ITT Sheraton properties are nearing completion of a billion-dollar renovation and construction program that will position the company as the leader in the upscale business travel market in North America.
    New York City has been the focus for ITT Sheraton's most extensive renovations highlighted by the reopening of the historic 365-room St. Regis in September after a $100 million restoration.  Also newly renovated are the 1,800-room Sheraton New York Hotel & Towers and 725-room Sheraton Manhattan Hotel (formerly the Sheraton Centre and City Squire).  Both hotels are slated to serve as headquarters during the Democratic National Convention in the summer.
    Another historic landmark, San Francisco's Sheraton Palace, reopened last spring after a 27-month, $150 million restoration of the hotel's public areas and guest rooms and the addition of a conference area, business center, and health spa with swimming pool.
    Also in 1991, one of Hawaii's most luxurious resorts, the Princeville Hotel on Kauai reopened following a $100 million renovation that included all areas of the 252-room property.
    "For ITT Sheraton, 1992 marks the year in which we'll be able to establish ourselves as No. 1 in the North America market," said John Kapioltas, chairman, president and chief executive officer. "We now have the product that is up to the standard our guests have come to expect from ITT Sheraton properties around the world."
    Renovation and construction plans go forward in 1992 with a series of projects underway in Chicago, Birmingham, Los Angeles and Toronto.
    In January, a $22 million renovation is to be completed at the oceanside Sheraton Bal Harbour Resort in Florida.  Renovations include both the exterior and interior, entry areas, guest rooms, restaurants, and ballrooms.
    The new Sheraton Chicago Hotel & Towers, the first convention hotel to be developed in Chicago in the last 12 years, is being constructed at the cost of $180 million and will open in March.  The 1,200-room hotel will feature a 40,000-square-feet ballroom, the largest in the Midwest, and 35,000 square feet of exhibit space.
    Other projects include a $43 million (U.S.) refurbishment of guest rooms, front desk area, grand ballroom and expansion of the Towers, the "luxury hotel-within-a-hotel," at the Sheraton Centre Hotel & Towers in Toronto; a $30-million upgrade of Santa Monica's well-known Miramar Sheraton; and a $42 million renovation of the Sheraton Civic Center in Birmingham, Ala.
    Additional ITT Sheraton properties undergoing major upgrades include the Sheraton Park Central Hotel in Dallas, the Sheraton New Orleans Hotel, the Sheraton Hartford Hotel, and the Sheraton Los Angeles Airport Hotel.
    Adding still further to the upgraded quality of ITT Sheraton's entire North America product, the owners of many of the company's nearly 250 franchised properties in North America have embarked on significant renovation and refurbishment programs as well.
    Boston-based ITT Sheraton Corporation is a worldwide network of nearly 500 hotels, inns, resorts and all-suites in operation or under development in 72 countries.  A subsidiary of ITT Corporation (NYSE: ITT) since 1968, ITT Sheraton is the leading hotel company in international coverage.
    -0-                      12/19/91
    /CONTACT:  Pamela Hanlon of ITT Sheraton Corporation, 617-367-5129/
    (ITT) CO:  ITT Sheraton Corporation ST:  Massachusetts IN:  LEI SU: FC -- NYBFNS3 -- 3676 12/19/91 07:13 EST
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Publication:PR Newswire
Date:Dec 19, 1991
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