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ITT SHERATON SIGNS TWO MANAGEMENT AGREEMENTS IN THAILAND; BRINGS TO SEVEN NUMBER OF THAI PROJECTS

 ITT SHERATON SIGNS TWO MANAGEMENT AGREEMENTS IN THAILAND;
 BRINGS TO SEVEN NUMBER OF THAI PROJECTS
 BOSTON, March 5 /PRNewswire/ -- ITT Sheraton Corporation has signed management agreements for two new properties in Thailand, bringing to seven the number of projects the company currently has under development in that country.
 "As one of Asia's rapidly expanding leisure and business destinations, Thailand is a major focus of ITT Sheraton's aggressive development in the region," said John Kapioltas, chairman, president and chief executive officer of ITT Sheraton Corporation.
 Asia and the Pacific, with the fastest-growing economies and tourism industries, are key to the company's overseas development plans over the next several years. Presently, the company has 40 properties in 16 countries throughout the regions. Most growth for the company centers around Thailand, Indonesia and Malaysia.
 The two new Thai projects are located in Bangkok and the resort area between Cha-Am and Hua Hin.
 The 407-room Sheraton Towers Bangkok at Sukhumvit will be in the city's central business district and is expected to open by the end of 1994. The property will feature Sheraton's all-towers concept, which offers deluxe accomadations and service designed for the upscale business traveler.
 The 235-room Palm Hills Sheraton Resort Golf & Country Club, scheduled for completion in 1993, will be ITT Sheraton's first golf resort in Thailand.
 In 1992, three ITT Sheraton properties will be open in Thailand. The 255-room Sheraton River Kwai resort in Kanchanaburi and the 143-room Sheraton Sima Thani in Korat are both scheduled for April openings. The Sheraton Grande Laguna Beach Resort will come on line in Phuket this fall. Two additional projects planned for 1993 are underway in Chiang Mai and Rayong.
 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.
 -0- 3/5/92
 /CONTACT: Evanthea Vlahakis of ITT Sheraton, 617-367-5334/
 (ITT) CO: ITT Sheraton Corporation; ITT Corporation ST: Massachusetts IN: LEI SU:


SH -- NE012 -- 5477 03/05/92 13:09 EST
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Publication:PR Newswire
Date:Mar 5, 1992
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