Elsafe Renews Global Agreement with Starwood Hotels & Resorts to Supply In-Room Safes

DALLAS, TX (March 17, 2003) ― Elsafe, the world's leading supplier of in-room electronic safes to the hospitality industry, announced today that they have inked an extended agreement with Starwood Hotels & Resorts Worldwide, Inc. This agreement maintains Elsafe’s current partnership with Starwood to supply in-room Elsafes to more than 750 owned, managed and franchised hotels in 80 countries around the globe. Since the original agreement was signed in November 1999, Elsafe has installed over 40,000 in-room safes in Starwood properties worldwide.

 "This agreement further solidifies our long-standing relationship with Starwood and confirms their staunch commitment to quality security products,” said John Foley, Vice President of the Elsafe Division of ASSA ABLOY Hospitality. “Together, we intend to continue to raise the bar in the industry for security, convenience and guest satisfaction.”

 According to Jay Schwartz, Starwood's Strategic Sourcing Manager, "Over the past three years, Elsafe has proven their commitment to continuous innovation and consistent quality. Quite simply, they offer a superior product coupled with the best service at a very competitive price. They are also the only company that can provide us with a worldwide sales and service network that mirrors our hotel base."

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 105,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, and W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwood.com.