Tribute Portfolio® Expands Presence in Florida with Signing of The Paramount, a Tribute Portfolio Hotel, Tampa

Tribute Portfolio, part of Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), today announced the signing of its fourth Floridian property, The Paramount, a Tribute Portfolio Hotel, Tampa. With an ideal location for business travelers in the Westshore district and within close proximity to the white sandy beaches of Tampa, the hotel will complete a full renovation of all 323 guestrooms and suites before joining the Tribute Portfolio system in November 2016.

“The growing demand for independent hotel experiences spans across not only leisure travelers, but business travelers as well, with many road warriors looking to stay at out-of-the-box hotels with creative energy,” said Allison Reid, SVP, North America Development, Starwood Hotels & Resorts. “Having recently been voted one of the top 10 ‘best cities for young entrepreneurs,’ Tampa’s focus on nurturing a millennial business community makes the city a prime market for an independent-minded brand like Tribute Portfolio.”

Mixing Business with Indie

Formerly the InterContinental Tampa, the hotel is currently renovating all of its guestsrooms, suites, corridors and lobby, with plans to complete by November 2016. The refresh incorporates an array of indie design touches, as well as a new color palette, featuring nautical-striped carpet, soft hues of blue, luxurious bedding and pillows, relaxing and comfortable lounge chairs and earth-toned window treatments.

The meeting spaces will be completely transformed and unveiled in summer 2017, enhancing the hotel’s position as the go-to Tampa location for corporate meetings and events. The current and upcoming renovations complement updates made in January 2016, when the hotel unveiled a new, local destination-inspired design, including an expanded bar area and communal tables throughout the lobby for ease of business.

“Given its location in Westshore, upscale amenities, and sought-after culinary experiences at Shula’s Steakhouse, our hotel is a top choice for business and leisure travelers alike,” said Craig A. Spencer, CEO of Arden Group. “We look forward to the added power and unlimited potential of partnering with Starwood to bring the Tribute Portfolio brand to our guests.”

“After thorough research and intense evaluation of potential hotel brands, it was clear that partnering with Tribute Portfolio added the most value to our hotel, offering our guests an array of new amenities with programs like the Starwood Preferred Guest program," said René Bardel, Managing Director of Arden Group. "From an ownership perspective, we now have a significantly enhanced assortment of benefits through Starwood, while retaining our independent spirit.”

Independent by Nature

An answer to both guests’ and owners’ desire to Stay Independent, Tribute Portfolio debuted in April 2015 with its first hotel, the Royal Palm South Beach Miami. Now, just over a year since its inception, guests can enjoy Tribute Portfolio properties internationally in London, UK; Paris, France; Jakarta, Indonesia; and Hokkaido, Japan, as well as in the U.S. in Las Vegas, NV; Palm Springs, CA; and Costa Mesa, CA. The brand will soon open new hotels in Denver, CO; Ft. Lauderdale, FL; Asheville, NC; Nashville, TN; Savannah, GA; Charleston, SC; Coral Gables, FL; and Sarasota, FL, among others. Firmly anchored in the upper upscale category, Tribute Portfolio allows owners of distinct properties to maintain their independent spirit, while benefiting from Starwood’s powerful distribution, loyalty and sales platforms.

For more information, please visit www.tributeportfolio.com.

About Arden Group

ARDEN | group, headquartered in Philadelphia through its discretionary real estate fund platform acquires value-add full-service hotels and class A office properties in major U.S. markets. Since its founding in 1989, Arden Group has purchased $3 billion of real estate and its asset management division has managed more than $5 billion of assets. www.ardengroup.com

About Tribute Portfolio

Launched in April 2015 as Starwood’s 10th brand and second collection of independent hotels, Tribute Portfolio is comprised of exceptional independent hotels around the globe, offering guests and owners the ability to “Stay Independent.” From boutique resorts to urban destination properties, guests can enjoy access to outstanding upper upscale hotels with an indie spirit while benefitting from the award-winning Starwood Preferred Guest® (SPG®) program. For more information on Tribute Portfolio, please visit www.tributeportfolio.com. Follow along to Stay Independent: @TributePortfolio on Instagram, @TributePRTFLO on Twitter, tumblr.com/TributePortfolio and www.facebook.com/TributePortfolio.

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