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ITT SHERATON CORPORATION COMPLETES $160 MILLION ACQUISITION OF SEVEN PROPERTIES FROM MARRIOTT CORP.; INCLUDES ALL-SUITE HOTEL IN CHICAGO AREA

ITT SHERATON CORPORATION COMPLETES $160 MILLION ACQUISITION OF SEVEN PROPERTIES FROM MARRIOTT CORP.; INCLUDES ALL-SUITE HOTEL IN CHICAGO AREA
 CHICAGO, 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, including the Marriott Suites Elk Grove Village in the Chicago area. 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 Sheraton Suites Elk Grove Village in the Chicago area to our portfolio of properties around the world," said John Kapioltas, ITT Sheraton chairman, president and chief executive officer.
 "Chicago is a significant market for us; all of these hotels are being acquired because they are in cities we deem viable and critical to our future," Kapioltas said.
 "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; 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.
 The 255-suite Sheraton Suites Elk Grove Village is located at 121 Northwest Point and features meeting space, a restaurant, lounge area, swimming pool and business services.
 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.
 ----
 NOTE TO ASSIGNMENT AND PHOTO EDITORS:
 WHAT: ITT Sheraton Suites Conversion-Day Sign Installation today
 at the Sheraton Suites Elk Grove Village (255 suites)
 (Chicago area)
 WHERE: Sheraton Suites Elk Grove Village (Chicago area)
 121 Northwest Point
 (708-290-1600)
 WHEN: Today, Thursday, Aug. 27
 Call contact for projected time
 CONTACT: Dolores Sanchez, ITT Sheraton Corporation (617-367-5481)
 (Pager, 1-800-SKY-PAGE, PIN# -501-9766#)
 or
 Patrick Sanchez, Sheraton Suites Elk Grove Village
 (708-290-1600)
 -0- 8/27/92
 /CONTACT: Dolores Sanchez of ITT Sheraton Corp., 617-367-5481/
 (ITT) CO: ITT Sheraton Corporation ST: Massachusetts, Illinois IN: LEI SU: TNM


DD -- NE007 -- 4040 08/27/92 15:00 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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