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STARWOOD CAPITAL GROUP UNVEILS BACCARAT HOTELS AND

STARWOOD CAPITAL GROUP UNVEILS BACCARAT HOTELS AND
RESORTS: THE ULTIMATE LUXURY LIVING EXPERIENCE

New Hotel Concept from Barry Sternlicht Will Personify Baccarat’s Endless Pursuit of Flawless Luxury

Brand Will Debut in Wailea, Hawaii with Locations to Follow in the United States, the Caribbean, Europe and the Far East

Greenwich, C.T. – July 3, 2007 – Starwood Capital Group, an international real estate investment
and development firm led by Barry Sternlicht, announced today the creation of Baccarat Hotels
and Resorts, a five-star luxury hotel brand inspired by Baccarat’s global iconic status. Starwood Capital Group’s controlled affiliate owns 86% of the shares of the Baccarat company. For more
than 200 years, Baccarat has been synonymous with luxury, hand-crafted quality and the unending
pursuit of perfection. Baccarat Hotels and Resorts will draw upon those same traits to deliver a
distinctively personalized experience at the world’s most sought-after locations.
Each Baccarat Hotel will be unmistakably unique, designed to draw upon its surroundings while
upholding the passionate attention to detail one would expect from the Baccarat name. From its
impeccably high standards of service to its refined interior and exterior design, guests and
residents will be instantly enveloped by Baccarat’s world-renowned blend of culture and aesthetics
from the moment they walk through the lobby doors. Every shimmering detail will radiate
elegance, from luminous expansive rooms and residences, which will number from 80 to 250 per
property, to luxurious furnishings, which will feature signature Baccarat chandeliers. Other
features will include world-class dining options and exclusive services designed to shape
personalized experiences for every guest.

The first announced Baccarat Hotel project will be located in Wailea, Hawaii, expected to open in
2010, with several other locations to follow, including the Caribbean, Europe and the Far East.
Baccarat Wailea will consist of 193 condominium homes ranging in size from one bedroom, 980
square feet layouts to four-bedroom, 3,330 square feet residences.

“Baccarat Hotels and Resorts will personify the pride and impeccable attention to detail that has
made Baccarat one of the world’s select few names that define and shape luxury,” said Barry
Sternlicht, who serves as Chairman and CEO of Starwood Capital and Chairman of Baccarat. “I
am extremely excited for the opportunity to display Baccarat’s extraordinary and distinctive
pedigree in a new and unique way at some of the most breathtaking locations around the world.
These hotels will serve as living innovation labs for the Baccarat brand as we move the parent
company into today’s fashion and design world.”

“For centuries Baccarat has built a reputation of providing elegant luxury products offering
unparalleled beauty and flawless brilliance, and now we are thrilled to have the opportunity to
produce these same elements on a much grander scale,” said Marc Leclerc, Managing Director of
Baccarat. “Building on our heritage as the provider of crystal to kings, we look forward to creating
a new luxury living experience for sophisticated travelers that will be as unique and personal as
each product we produce. We take great pride in Baccarat’s legendary reputation for excellence,
and look forward to working with Mr. Sternlicht, one of the hotel industry’s great innovators, to
create what we believe will truly be the preeminent name in luxury hotels.”

A Starwood Capital Group controlled affiliate acquired its majority interest in the Baccarat
company as part of its acquisition in late 2005 of Sociètè Du Louvre. Mr. Sternlicht, who is
widely known for revolutionizing the hospitality industry during his tenure at both Starwood
Capital Group and previously as Chairman and CEO of Starwood Hotels and Resorts, also serves
as Chairman of Sociètè Du Louvre.
The Baccarat Hotels and Resorts will join two other international luxury hotel brands under
development by Starwood Capital: Crillon and 1 Hotels & Resorts.

Starwood Capital Group
Starwood Capital Group has been a leader in real estate investments since 1991. Its international
investor base includes some of the United States’ largest state and corporate pension funds,
endowments and foundations and high-net worth families from around the world. During the past
fifteen years, Starwood Capital and its affiliates have invested approximately $6 billion of equity
capital in transactions representing over $30 billion of asset value. Starwood has closed and/or
advised on over 215 transactions ranging in size from $1 million to $14.6 billion, and has acquired
equity interests in residential and multifamily, hotels, office, retail and industrial space, golf and
leisure-related properties. Starwood’s most recent transactions include the $3.2 billion acquisition
of Groupe Taittinger and Societe du Louvre, Europe’s second largest hotel network with a unique
collection of 14 luxury hotels in Europe, including France and Switzerland, in addition to
managing over 800 budget hotels throughout Europe plus the approximately $1 billion acquisition
of 32 Le Meridien luxury, four/five star hotels located primarily across Europe but also in North
America, Africa and South America. Starwood has led the formation and growth of several
market leading companies including iStar Financial (NYSE: SFI), the leading publicly traded
finance company specializing in commercial real estate mortgage, mezzanine and net lease
financing; Starwood Hotels & Resorts Worldwide (NYSE: HOT), a leading global owner/operator
of hotels, with ownership of brands such as Sheraton, Westin, The St. Regis Luxury Collection
and the “W”; and National Golf Properties/American Golf Corporation, the largest owner/operator
of golf courses and related facilities in the U.S. Starwood Capital Group no longer owns an equity
stake in either iStar Financial or Starwood Hotels.