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ITT SHERATON CORPORATION ANNOUNCES DEVELOPMENT OF ITS FIRST HOTEL IN URUGUAY

 BOSTON, Oct. 4 /PRNewswire/ -- ITT Sheraton Corporation announced that development is underway for the Sheraton Montevideo Suite Hotel, the company's first hotel in Uruguay. Scheduled to open in early 1996, it will also be the first hotel in Montevideo to be operated by an international hotel company.
 "Montevideo is an important commercial and leisure travel destination which has a strong market demand for a new international class hotel," said John Kapioltas, ITT Sheraton chairman and chief executive officer. "The Sheraton Montevideo Suite Hotel will reinforce ITT Sheraton's international scope, adding Uruguay to the list of 61 other countries in which the company operates," he added.
 The 220-suite Sheraton Montevideo Suite Hotel, owned by Tonosol S.A., private Uruguayan investors, will be managed by a subsidiary of ITT Sheraton Corporation.
 Development plans call for the hotel to be physically connected to the Punta Carretas Shopping Center, allowing guests and visitors easy access to the shops and other facilities which this new first class mall will offer. In addition, the hotel's facilities will include restaurants, meeting facilities, a business center and a health club.
 "Montevideo, as the capital of Uruguay and the headquarters of the South American Common Market, is a world-renowned banking destination which attracts high level international business travelers," said Osvaldo Librizzi, ITT Sheraton Corporation senior vice president, president Latin American Division. "ITT Sheraton's new property will provide the Uruguayan capital city with a hotel that provides top quality service and facilities at an international level," he added.
 The Sheraton Montevideo Suite Hotel will be ITT Sheraton's 14th property in the Latin America Division.
 Other countries with properties in ITT Sheraton's Latin American Division are Argentina, Brazil, Chile, the Dominican Republic, Mexico, Peru and Venezuela.
 Boston-based ITT Sheraton Corporation, a subsidiary of ITT Corporation (NYSE: ITT), is a worldwide hospitality network with more than 400 owned, leased, managed and franchised properties, including 295 upscale and luxury Hotels, Resorts and All-Suites, and 116 mid- priced inns in 61 countries.
 -0- 10/4/93
 /CONTACT: Dolores Sanchez, 617-367-5481, or Lisa Dickason, 617-367-5512, both of ITT Sheraton; Bonnie Crissman of Crissman Communications, 305-340-0047/
 (ITT)


CO: ITT Sheraton Corp.; ITT Corp. ST: Massachusetts IN: LEI SU:

DJ-JL -- NE018 -- 8418 10/04/93 14:04 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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