LOS ANGELES (July 19, 2000) - The Century Plaza Hotel, Southern California's preeminent meeting, conference and event destination for more than 30 years and home to traveling presidents, international dignitaries and celebrities, has begun another chapter in its dynamic history. Today, Starwood Hotels & Resorts Worldwide, Inc., in conjunction with Pivotal Century Plaza, LLC, owner and developer of the property, announced an extensive, multi-million dollar renovation program and unveiled the hotel's new name: The Century Plaza Hotel & Spa .

The renovation will uphold the Century Plaza's long-held reputation as a premiere meeting and business-travel destination, while repositioning the hotel as an urban resort in the heart of Los Angeles' fashionable Westside. The 727-room property will undergo a complete transformation of its public spaces, penthouse suites, dining areas, exterior grounds and meeting facilities. The highlight of the plan is the construction and launch of a new 30,000 square-foot Asian-themed
day spa.

This news follows the April 6 announcement by Pivotal to reintroduce the Century Plaza's Tower building as the new St. Regis, Los Angeles. Both hotels will be managed by Starwood, under the St. Regis and Westin brands.

"For decades, the Century Plaza has been the destination of choice for leaders in government, business and entertainment," said F. Francis Najafi, founder and managing partner, Pivotal Century Plaza, LLC. "This renovation program ushers in a new era for the hotel. With the enhancements announced today, the Century Plaza Hotel & Spa will be well-positioned to exceed the needs of discriminating business and leisure travelers for decades to come."

"We are particularly thrilled about the addition of a new world-class restaurant and spa, " said Ken Pilgrim, general manager of the property. "The new Century Plaza promises to offer travelers and Los Angeles residents alike the finest dining and spa experiences, in addition to its longstanding tradition of providing business guests with the innovative amenities they have come to expect from our hotel."

Scheduled for completion in late 2000, the renovated property will offer travelers and local residents a world apart from the busy pace of Los Angeles.

The hotel's seven acres of gardens, reflecting pools and swimming pool will be redesigned to create a lush resort environment for lounging and an ideal venue for outdoor events.

Inspired by renowned spa consultant Sylvia Sepielli, the property's new day spa will provide the perfect retreat from the stresses of business travel and city life. Guests will be able to experience an array of Asian spa services, from Shiatsu and Thai massage, to Japanese baths and Korean scrub rooms, in addition to a complete menu of salon treatments. Between treatments, guests will be able to enjoy the meditation garden and café. The spa also will feature a fitness area, complete with a full range of weights and the most advanced exercise equipment.

Inside the hotel, guests will experience a dramatic new lobby, complete with a new signature bar. A new 250-seat restaurant at the south end of the lobby will feature a seafood bar and fresh California cuisine created under the direction of new executive chef Andreas Nieto. The new restaurant will offer outdoor dining, as well as two private dining rooms, each seating up to 20 guests, for private parties, breakfast, lunch and dinner meetings.

The Century Plaza's 15 penthouse suites will be redesigned with luxurious furnishings and the latest innovations in business technologies, all perfectly tailored to the needs of business travelers. The hotel's 712 guest rooms were completely redesigned as part of a $25 million renovation completed in 1998.

For the ultimate in comfort, all of the suites and guest rooms feature Westin Hotels & Resorts' star attraction, the Heavenly BedÔ , offering layer upon layer of down and crisp, custom-designed linens.

Plans for the hotel's conference and meeting areas include a thorough renovation to the entire California level conference area, as well as the addition of two new junior ballrooms. All of the hotel's 33 meeting rooms will be redecorated and will undergo technical enhancements to provide conference attendees with the latest presentation and communication technologies.

Originally conceived in 1961 as a showpiece in what was then the new Century City, the property was billed "the world's most beautiful hotel." Renowned architect Minoru Yamasaki, designer of New York's World Trade Center, worked with Westin Hotels & Resorts to ensure that no detail was overlooked in the construction of the hotel as the ultimate modern destination, years ahead of the other great hotels of the world. Opened in 1966, the hotel has since played host to every U.S. president, as well as an array of historic and important events.

Frequent guests of the Century Plaza will be able to earn their way toward free travel in the Starwood Preferred Guest program, the industry's most global rewards program, which offers a structure focused on simplicity, flexibility in redemption options and inclusion of all of Starwood's brands.

Conveniently located at 2025 Avenue of the Stars in Century City, the Century Plaza Hotel & Spa is situated adjacent to Beverly Hills in the heart of Los Angeles' fashionable Westside. The Century Plaza has been operated by Westin since its opening. Westin Hotels & Resorts, with more than 110 hotels and resorts in 25 countries, is owned by Starwood Hotels & Resorts Worldwide, Inc. Starwood Hotels & Resorts Worldwide, Inc., through its St. Regis, Luxury Collection, Westin, Sheraton, Four Points and W brands, is one of the leading hotel and leisure companies in the world with more than 700 hotels in 80 countries and 120,000 employees at its owned and managed properties.

For more information or to make reservations call (800) - Westin - 1, contact your travel counselor or visit www.westin.com.

Pivotal Century Plaza Hotel, LLC, based in Phoenix, is a real estate partnership comprised by three prominent firms: Pivotal Group, DMB and AEW Partners .

For more information about Pivotal Private Equity, visit www.pivotalgroup.com