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SHERATON CHICAGO HOTEL & TOWERS TO OPEN MONDAY; HOTEL REPRESENTS KEY PART OF ITT SHERATON'S NORTH AMERICA UPGRADE

 SHERATON CHICAGO HOTEL & TOWERS TO OPEN MONDAY;
 HOTEL REPRESENTS KEY PART OF ITT SHERATON'S NORTH AMERICA UPGRADE
 CHICAGO, Feb. 28 /PRNewswire/ -- The new Sheraton Chicago Hotel & Towers will open on Monday as Chicago's first new convention hotel in 14 years and as a key component in the $1 billion investment program underway at ITT Sheraton properties in North America and Hawaii.
 The new 34-story, 1,200-room hotel reflects ITT Sheraton's overall goal to have a premier property in every major business center throughout North America.
 "The Sheraton Chicago Hotel & Towers is truly a spectacular convention property that will strengthen ITT Sheraton's presence throughout the entire Midwest," said John Kapioltas, chairman, president and chief executive officer, ITT Sheraton Corporation.
 The property is one of several ITT Sheraton North American hotel projects in key international gateway cities scheduled for completion in 1992.
 In New York City, ITT Sheraton's investment totals more than $300 million -- $143 million at the 1,800-room Sheraton New York Hotel & Towers (formerly the Sheraton Centre Hotel & Towers), $47 million at the 725-room Sheraton Manhattan (formerly the Sheraton City Squire), and more than $100 million at the historic 365-room St. Regis, which reopened last September after an extensive restoration.
 In San Francisco, the historic Sheraton Palace reopened last spring after a 27-month, more than $100 million restoration.
 In Florida, the oceanfront Sheraton Bal Harbour Resort is undergoing a $22 million renovation. An extensive $43 million refurbishment is completed at the Sheraton Centre Hotel & Towers in Toronto which relaunched on Feb. 18.
 In California, some $30 million is being invested in Santa Monica's well-known Miramar Sheraton Hotel.
 One of Hawaii's most luxurious hotels, the Princeville Hotel on Kauai, reopened last spring after a $100 million renovation that included all areas of the 252-room resort property.
 Some $42 million is being spent on the renovation of the 771-room Sheraton Civic Center Hotel in Birmingham which opened on Jan. 15.
 Other 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.
 "The financial investment in this and other hotels, combined with our new levels of service for business travelers, is putting the finishing touch on our overall effort to offer guests in North America the high standards they experience at ITT Sheraton properties around the world," Kapioltas said.
 The Sheraton Chicago Hotel & Towers was developed by a partnership headed by Tishman Realty & Construction Co., Inc.
 Boston-based ITT Sheraton Corporation, a subsidiary of ITT Corporation (NYSE: ITT), is a worldwide network of nearly 450 owned, leased, managed and franchised properties operating in 62 countries. The Sheraton Chicago Hotel & Towers is a managed property.
 -0- 2/28/92
 /CONTACT: Dolores Sanchez of ITT Sheraton, 617-367-5481/
 (ITT) CO: ITT Corporation ST: Illinois, Massachusetts SU: IN:


EG-DH -- NE006 -- 3767 02/28/92 14:07 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Feb 28, 1992
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