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                                                                    EXHIBIT 10.1

                     ELEVENTH AMENDMENT TO CREDIT AGREEMENT


            ELEVENTH AMENDMENT TO CREDIT AGREEMENT (this "AMENDMENT"), dated as
of November 20, 2001, among STARWOOD HOTELS & RESORTS, a Maryland real estate
investment trust ("STARWOOD REIT"), SLT REALTY LIMITED PARTNERSHIP, a Delaware
limited partnership ("SLT RLP"), STARWOOD HOTELS & RESORTS WORLDWIDE, INC., a
Maryland corporation (the "CORPORATION"), SHERATON HOLDING CORPORATION, a Nevada
corporation (f/k/a ITT Corporation) ("ITT" and, together with Starwood REIT, SLT
RLP and the Corporation, the "ORIGINAL BORROWERS"), the other Credit Parties (as
defined in the Credit Agreement referred to below), the lenders from time to
time party to the Credit Agreement referred to below (the "LENDERS"), BANKERS
TRUST COMPANY and THE CHASE MANHATTAN BANK, as Administrative Agents (in such
capacity, the "ADMINISTRATIVE AGENTS") and LEHMAN COMMERCIAL PAPER INC. and BANK
OF MONTREAL, as Syndication Agents (in such capacity, the "SYNDICATION AGENTS")
and BANKERS TRUST COMPANY, as Collateral Agent (in such capacity, the
"COLLATERAL AGENT"). Unless otherwise defined herein, all capitalized terms used
herein shall have the respective meanings provided such terms in the Credit
Agreement referred to below.


                              W I T N E S S E T H:
                              - - - - - - - - - -


            WHEREAS, the Original Borrowers, the Lenders, the Administrative
Agents and the Syndication Agents are parties to that certain Credit Agreement,
dated as of February 23, 1998 (as amended, modified or supplemented to the date
hereof, the "CREDIT AGREEMENT");

            WHEREAS, the Corporation and its Subsidiaries desire to (i) modify
certain Tranche II Scheduled Repayment Dates and Tranche II Scheduled Repayment
amounts set forth in Section 4.02(b)(ii) of the Credit Agreement for Tranche II
Term Loan repayments, (ii) modify certain mandatory repayment requirements,
based upon voluntary prepayments of Senior Notes, set forth in Section 4.02(k)
of the Credit Agreement, (iii) obtain a waiver of the limits under Section
9.03(a)(ii) of the Credit Agreement with respect to Starwood REIT's Dividend
payment to its shareholders for the fourth quarter of Fiscal Year 2001 in an
amount not to exceed $42,000,000; (iv) provide for certain conditions in Section
9.03(a)(iv) of the Credit Agreement with respect to the ability of Starwood REIT
and/or the Corporation to repurchase shares of their common stock or make
payments in respect of Forward Equity Transactions, (v) reduce the maximum
dollar amount for aggregate Capitalized Lease Obligations and the aggregate
principal amount of Non-Recourse Indebtedness permitted to be incurred under
Section 9.04(iv) of the Credit Agreement, (vi) reduce the maximum dollar amount
for aggregate investments for the purpose of obtaining management contracts set
forth in Section 9.05(xi) of the Credit Agreement, (vii) reduce the maximum
dollar amount for the aggregate amount permitted to be invested to purchase
mortgage notes under Section 9.05(xii) of the Credit Agreement, (viii) reduce
the maximum dollar amount for aggregate Capital Expenditures set forth in
Section 9.07(c) of the Credit Agreement, (ix) modify the required Combined
Interest Coverage Ratio set forth in Section 9.08 of the Credit Agreement for
the period from and including April 1, 2001 and thereafter, (x) modify the
maximum Combined Leverage Ratio set forth in Section 9.09 of

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the Credit Agreement for the period from and including July 1, 2000 and
thereafter, (xi) modify the Combined Adjusted Interest Coverage Ratio set forth
in Section 9.10 of the Credit Agreement for the period from and including April
1, 2001 and thereafter, (xii) increase the dollar threshold set forth in Section
10.04 of the Credit Agreement for cross defaults under other agreements and
(xiii) modify the Euro Rate Loan Margin percentages set forth in the definition
of "Applicable Commitment Commission Percentage and Applicable Margin" under
Section 11.01 of the Credit Agreement;

            WHEREAS, the Corporation and its Subsidiaries desire also to modify
the Credit Agreement and the other Credit Documents so that, from and after the
Guarantor Release Date, if such date occurs, (i) certain Guarantors shall be
released from the Guaranty and certain Pledge and Security Collateral shall be
released from the Pledge and Security Agreement, all as more particularly
described in this Amendment, and (ii) the Corporation and its Subsidiaries may
enter into certain intercompany transactions with the released Guarantors;

            WHEREAS, Sheraton International, Inc., a Delaware corporation
("SHERATON INTERNATIONAL") owns one hundred percent (100%) of the Capital Stock
of Starwood Italia SRL, an Italian company ("NEW CIGA OWNER");

            WHEREAS, (i) Sheraton International and New CIGA Owner and (ii)
Starwood CIGA Holdings, LLC, a Delaware limited liability company ("CIGA
BORROWER"), currently own, respectively, thirty-four percent (34%) and sixty-six
percent (66%) of the Ordinary Shares of CIGA Compagnia Italiana Grandi Alberghi
S.p.A., an Italian company ("CIGA");

            WHEREAS, CIGA owns one hundred percent (100%) of the Capital Stock
of CIGA Hotels Italia, SRL, an Italian company ("CIGA ITALIA HOLDINGS");

            WHEREAS, CIGA Italia Holdings owns one hundred percent (100%) of the
Capital Stock of various Subsidiaries which own the CIGA hotel assets in Italy,
including real property and hotel improvements, the "going concern" assets,
personal property and leasing and management agreements relating to the
operation of the CIGA hotel assets in Italy (such assets being referred to,
collectively, as the "CIGA ASSETS");

            WHEREAS, the Corporation and its Subsidiaries desire to transfer all
of the Ordinary Shares and any other Capital Stock in CIGA owned by CIGA
Borrower and Sheraton International to New CIGA Owner, so that after giving
effect to such transfers, CIGA shall become a Wholly-Owned Foreign Subsidiary of
New CIGA Owner (such transfers being referred to, collectively, as the "CIGA
STOCK TRANSFER");

            WHEREAS, in connection with the CIGA Stock Transfer, the Corporation
and its Subsidiaries desire the flexibility to cause New CIGA Owner (i) to issue
to CIGA Borrower and Sheraton International, proportionate to their respective
contributions, new Capital Stock in New CIGA Owner and (ii) to incur
intercompany Indebtedness, which, when combined with (a) the fair market value
of the newly-issued Capital Stock in New CIGA Owner and (b) the New CIGA Owner
Financing (as defined below), if any, will be equal to the fair market value in
respect of the Capital Stock transferred in the CIGA Stock Transfer (such new
Capital Stock in New CIGA Owner being referred to herein as the "NEW CIGA OWNER
SHARES", and the


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transactions contemplated thereby being referred to, collectively, as the "NEW
CAPITAL STOCK TRANSACTION");

            WHEREAS, in connection with the CIGA Stock Transfer and the New
Capital Stock Transaction, the Corporation and its Subsidiaries desire the
flexibility to incur, or cause New CIGA Owner to incur, Indebtedness, or to
cause CIGA Borrower to amend and modify the CIGA Bridge Loan, PROVIDED, such
Indebtedness is to be incurred, or such amendment or modification of the CIGA
Bridge Loan is to be made, only to the extent such Indebtedness is permitted
under Section 9.04(xvii) of the Credit Agreement and Section 12 of Part I of
this Amendment (such new Indebtedness or modification and amendment to the CIGA
Bridge Loan, the "NEW CIGA OWNER FINANCING");

            WHEREAS, the Corporation and its Subsidiaries agree that, as a
condition to the consummation of the New CIGA Owner Financing, the CIGA Bridge
Loan shall be permanently repaid in full and all commitments thereunder shall be
terminated;

            WHEREAS, the New CIGA Owner Financing may require, among other
things, that the New CIGA Owner pledge for the benefit of the lenders under the
New CIGA Owner Financing (such lenders being referred to herein as the "NEW CIGA
LENDERS") all of New CIGA Owner's right, title and interest in and to the
Ordinary Shares of CIGA as security for the New CIGA Owner Financing;

            WHEREAS, in connection with, and after giving effect to, the CIGA
Stock Transfer and the New Capital Stock Transaction, the Corporation and its
Subsidiaries desire the flexibility to transfer the CIGA Assets between and
among certain of the Wholly-Owned Foreign Subsidiaries to facilitate future
sales from time to time of all or a portion of the CIGA Assets to third party
buyers (the transfers and dispositions contemplated thereby being referred to,
collectively, as the "NEW CIGA OWNER RESTRUCTURING");

            WHEREAS, the Original Borrowers desire to modify the Credit
Agreement so that the ability to incur Alternate Currency Revolving Loans
denominated in French Francs shall be replaced with the ability to incur
Alternate Currency Revolving Loans denominated in Euros; and

            WHEREAS, in connection with the foregoing, the Borrowers wish to
request certain modifications to provisions in the Credit Agreement and the
Credit Documents and certain waivers from restrictions set forth in certain
sections of the Credit Agreement and the Credit Documents in order to permit the
matters described herein, subject to all of the terms and provisions contained
in this Amendment and only to the extent set forth in this Amendment.

            NOW, THEREFORE, it is agreed:

PART I. WAIVERS, AMENDMENTS AND AGREEMENTS WITH RESPECT TO THE CREDIT AGREEMENT
AND THE OTHER CREDIT DOCUMENTS.

            SECTION 1. MANDATORY REPAYMENTS; SECTIONS 4.02(b)(ii), 4.02(e) AND
4.02(k). (a) From and after the Section 1 Effective Date (as defined in Part II
hereof), Section 4.02(b)(ii) of the Credit Agreement shall be amended by (i)
deleting the Tranche II Scheduled Repayment


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Dates and corresponding Tranche II Scheduled Repayment amounts for the period
following and including "November 23, 2001" and (ii) inserting in lieu thereof
the following:

            "February 23, 2002                  $25,000,000

            May 23, 2002                        $25,000,000
            August 23, 2002                     $75,000,000
            November 23, 2002                   $75,000,000
            Tranche II Maturity Date            $600,000,000".

            (b) From and after the Eleventh Amendment Effective Date, Section
4.02(e) of the Credit Agreement shall be amended by inserting after the last
word of the last sentence thereof the following text:

            "and any Net Sale Proceeds from any Asset Sales occurring after the
            Eleventh Amendment Effective Date (other than Asset Sales involving
            the Assets of Foreign Subsidiaries (including the CIGA Assets))
            shall not be permitted to be reinvested pursuant to this Section
            4.02(e)".

            (c) From and after the Eleventh Amendment Effective Date, Section
4.02(k) of the Credit Agreement shall be amended by inserting immediately after
the phrase "requirements of the Eighth Amendment" appearing therein the
following text:

            "and excluding any payment of Series A Convertible Senior Notes on
            or about May 25, 2002 as a result of any exercise of the purchase
            rights by the holders thereof requiring the Corporation to purchase
            such holders' outstanding Series A Convertible Senior Notes on such
            date".

            SECTION 2. RESTRICTED PAYMENTS; SECTIONS 9.03(a)(ii) AND
9.03(a)(iv). (a) Notwithstanding anything in the Credit Agreement to the
contrary and so long as no Specified Default and no Event of Default then exists
or would exist after giving effect to this Amendment, the Lenders hereby waive
any violation of the limits under Section 9.03(a)(ii) of the Credit Agreement
that may result from Starwood REIT's fourth quarter Dividend payment to its
shareholders for Fiscal Year 2001, PROVIDED such Dividend payment shall not
exceed $42,000,0000.

            (b) Section 9.03(a)(iv) of the Credit Agreement is hereby amended by
inserting immediately after the last parenthesis at the end of the paragraph
therein the following proviso:

                  "; PROVIDED that (i) from and after the Eleventh Amendment
            Effective Date to and including March 31, 2002, Starwood REIT and/or
            the Corporation will not be permitted to repurchase shares of their
            own common stock or make payments in respect of Forward Equity
            Transactions pursuant to this Section 9.03(a)(iv) and (ii)
            thereafter, Starwood REIT and/or the Corporation will not


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            be permitted to repurchase shares of their own common stock or make
            payments in respect of Forward Equity Transactions pursuant to this
            Section 9.03(a)(iv) without the consent of the Required Lenders if,
            at the time of the respective stock repurchase or Forward Equity
            Transaction pursuant to this Section 9.03(a)(iv) and after giving
            effect thereto, the Combined Leverage Ratio is greater than
            4.5:1.0".

            SECTION 3. INDEBTEDNESS; SECTIONS 9.04(iv), 9.04(vii) AND 9.04(x).
(a) Section 9.04(iv) of the Credit Agreement shall be amended by (i) deleting
the dollar amount "$300,000,000" therein and (ii) inserting in lieu thereof the
dollar amount "$150,000,000".

            (b) From and after the New CIGA Owner Financing Date, Section
9.04(vii) of the Credit Agreement shall be amended by (i) deleting the phrase
"or Section 9.05(xvii)" appearing therein and (ii) inserting in lieu thereof the
phrase "Section 9.05(xvii) or Section 9.05(xviii)".

            (c) Section 9.04(x) of the Credit Agreement shall be amended by (i)
deleting both references to the dollar amount "$300,000,000" appearing therein
and (ii) inserting in lieu thereof the dollar amount "$150,000,000".

            SECTION 4. INVESTMENTS; SECTIONS 9.05(xi) AND 9.05(xii). (a) Section
9.05(xi) of the Credit Agreement is hereby amended by (i) deleting the text
"$400,000,000 in any Fiscal Year" therein and (ii) inserting in lieu thereof the
following text: "$300,000,000 for the period from and including January 1, 2001
to and including September 30, 2001, $100,000,000 for the period from and
including October 1, 2001 to the Final Maturity Date or $400,000,000 in any
Fiscal Year ended prior to January 1, 2001".

            (b) Section 9.05(xii) of the Credit Agreement is hereby amended by
(i) deleting the dollar amount "$150,000,000" therein and (ii) replacing said
amount with "$100,000,000".

            SECTION 5. CAPITAL EXPENDITURES; SECTION 9.07(c). Section 9.07(c) of
the Credit Agreement is hereby amended by (i) deleting the phrase "and for any
Fiscal Year thereafter, $400,000,000" appearing therein and (ii) inserting in
lieu thereof the following text: ", for Fiscal Year 2000, $400,000,000, for the
period from and including January 1, 2001 to and including September 30, 2001,
$300,000,000 and for the period from and including October 1, 2001 to the Final
Maturity Date, $250,000,000".

            SECTION 6. COMBINED INTEREST COVERAGE RATIO; SECTION 9.08. From and
after the Eleventh Amendment Effective Date, Section 9.08 of the Credit
Agreement shall be amended by (i) deleting the reference periods and
corresponding ratios for the periods including and following "April 1, 2001 to
and including March 31, 2002" and (i) inserting in lieu thereof the following:

            "April 1, 2001 to and including                       2.75:1.00
            December 31, 2001


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            From and including January 1, 2002 to                 2.50:1.00
            and including June 30, 2002

            July 1, 2002 and thereafter                           2.75:1.00".

            SECTION 7. MAXIMUM COMBINED LEVERAGE RATIO; SECTION 9.09. From and
after the Eleventh Amendment Effective Date, Section 9.09 of the Credit
Agreement shall be amended by (i) deleting the text "From and including July 1,
2000 and thereafter" thereof and the ratio "4.50:1.00" therein and (ii)
inserting in lieu thereof the following reference periods and corresponding
ratios:

            "From and including July 1, 2000 to the Eleventh      4.50:1.00
            Amendment Effective Date

            From and including the Eleventh Amendment             5.5:1.00
            Effective Date to and including December 31, 2001

            From and including January 1, 2002                    5.75:1.00
            to and including March 31, 2002

            From and including April 1, 2002                      6.25:1.00
            to and including June 30, 2002

            From and including July 1, 2002                       5.75:1.00
            to and including September 30, 2002

            From and including October 1, 2002                    4.75:1.00
            and thereafter".

            SECTION 8. COMBINED ADJUSTED INTEREST COVERAGE RATIO; SECTION 9.10.
From and after the Eleventh Amendment Effective Date, Section 9.10 of the Credit
Agreement shall be amended by (i) deleting the Combined Adjusted Interest
Coverage Ratios for the Test Periods appearing therein for the period from and
including April 1, 2001 and thereafter and (ii) inserting in lieu thereof the
following periods and corresponding ratios:

            "April 1, 2001 to and including                       1.25:1.00
            June 30, 2002

            July 1, 2002 and thereafter                           1.30:1.00".

            SECTION 9. CROSS DEFAULTS; SECTION 10.04. Section 10.04 of the
Credit Agreement is amended by (i) deleting the amount "$10,000,000" in clause
(A) of the proviso thereof and replacing the same with the amount "$50,000,000"
and (ii) deleting the amount "$20,000,000" in the three instances it appears in
clause (B) of the proviso thereof and replacing each such reference with the
amount "$50,000,000".

            SECTION 10. EURO RATE LOAN MARGINS; SECTION 11.01. The Euro Rate
Loan Margin percentages set forth in the definition of "Applicable Commitment
Commission


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Percentage and Applicable Margin" under Section 11.01 of the Credit Agreement
shall be modified, prospectively only and for all periods after the Eleventh
Amendment Effective Date, by increasing each Euro Rate Loan Margin percentage
therein for each corresponding Level by ten basis points (.10%).

            SECTION 11. RELEASE OF CERTAIN GUARANTORS AND PLEDGORS.
Notwithstanding anything to the contrary contained in the Credit Agreement or
the other Credit Documents (including without limitation, Sections 8.13, 8.14,
8.15 and 9.16(b) of the Credit Agreement and the Sixth, Eighth, Ninth and Tenth
Amendments), upon and subject to the occurrence of the Guarantor Release Date,
each of the following shall occur and thereafter apply:

            (a) PROVISIONS RELATING TO THE GUARANTY. With respect to the
Guaranty, the following provisions shall apply and control:

            (i) each existing Released Guarantor shall be released as a
      Guarantor under the Guaranty; all of the obligations, duties and
      liabilities of any existing Released Guarantor under the Guaranty shall be
      forever discharged; except for certain Subsidiaries of the Corporation for
      which the election described in clause (iii) below has been made, no
      Released Guarantor shall at any time be (or at any time be required to
      become) a Guarantor under the Guaranty; and the Guaranty shall, as to each
      such Released Guarantor, have no force or effect;

            (ii) the only Guarantors required to remain or become, as the case
      may be, a Guarantor under the Guaranty shall be the Remaining Guarantors,
      which shall consist of the Principal Guarantors and the Other Remaining
      Guarantors; and

            (iii) if any Subsidiary of the Corporation is a Released Guarantor
      as a result of the application of this Section, the Corporation may elect
      (but is under no obligation to make such election), at any time and from
      time to time, by written notice to the Lead Agents, to designate such
      Subsidiary as a Guarantor under the Credit Documents, in which case such
      designated Subsidiary shall execute and deliver counterparts of the
      Guaranty and the Pledge and Security Agreement in accordance with the
      provisions of Section 8.15 of the Credit Agreement and take all other
      required actions pursuant to said Section, and from and after the date of
      the taking of such required actions, such designated Subsidiary shall be
      deemed to be a Remaining Guarantor and shall thereafter comply with all of
      the liabilities, duties, and obligations under the Guaranty and the other
      Credit Documents applicable to a Guarantor, including, without limitation,
      the requirement to pledge to the Collateral Agent all of the Equity
      Interests owned by such Remaining Guarantor to the extent required by the
      Credit Agreement and the other Credit Documents;

      PROVIDED that, notwithstanding anything in this clause (a) to the
      contrary, in no event shall any Principal Guarantor be released from any
      of its obligations pursuant to the Guaranty or any of the other Credit
      Documents as a result of the provisions of this Section (except as may be
      expressly provided in this Amendment).


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            (b) RELEASE FROM PLEDGE AND SECURITY AGREEMENT. With respect to the
Pledge and Security Agreement and the Pledge and Security Agreement Collateral
pledged thereunder, the following provisions shall apply and control:

            (i) upon the release of any Released Guarantor from the Guaranty in
      accordance with the provisions of the preceding clause (a), each such
      Released Guarantor shall, in accordance with the provisions of Section 21
      of the Pledge and Security Agreement, be simultaneously released as a
      Pledgor from the Pledge and Security Agreement; all of the obligations,
      duties and liabilities of any Released Guarantor under the Pledge and
      Security Agreement or any applicable Credit Document shall be forever
      discharged; and the Pledge and Security Agreement shall, as to such
      Released Guarantor only, have no further force or effect;

            (ii) no Released Guarantor (except if such Person ceases to
      constitute a Released Guarantor in accordance with the proviso to the
      definition thereof) shall at any time be required to (x) become a Pledgor
      under the Pledge and Security Agreement, (y) execute and deliver
      counterparts of the Pledge and Security Agreement, or (z) cause all or any
      portion of the Equity Interests owned by such Released Guarantor to be
      pledged to the Collateral Agent under the Pledge and Security Agreement or
      otherwise; PROVIDED that, except as may be expressly provided in this
      Amendment with respect to the release of certain Released Collateral, in
      no event shall any Principal Guarantor be released as a Pledgor pursuant
      to the Pledge and Security Agreement as a result of the provisions of this
      Section; and

            (iii) all of the Released Collateral shall be released from the
      Pledge and Security Agreement, which shall, as to such Released Collateral
      only, have no further force or effect; and no Released Collateral shall at
      any time constitute Pledge and Security Agreement Collateral or be
      required to be pledged to the Collateral Agent under the Pledge and
      Security Agreement or any other Credit Document; provided that if any
      Subsidiary becomes a Guarantor pursuant to the provisions of preceding
      Section 11(a)(iii) of this Amendment, the Equity Interests owned by such
      Guarantor shall be required to be pledged in accordance with the
      requirements of preceding Section 11(a)(iii) and the applicable provisions
      of the Pledge and Security Agreement.

            (c) NEGATIVE PLEDGE AGREEMENT RELATING TO RELEASED COLLATERAL;
AMENDMENT TO CREDIT AGREEMENT; SECTION 9.01. To induce the Lenders to agree to
the provisions contained in the preceding clauses (a) and (b), the parties
hereto agree that the Credit Agreement is hereby amended by inserting,
immediately after the last word of clause (xix) of Section 9.01 (as new
paragraphs after said clause (xix) thereof), the following new paragraphs:

            "In addition to the restrictions contained above in this Section
            9.01, and notwithstanding anything to the contrary contained
            elsewhere in this Credit Agreement or in any other Credit Document,
            no Borrower will, nor will any Borrower permit any of its
            Subsidiaries to, create, incur, assume or suffer to exist any Lien
            upon or with respect to any Restricted Asset other than Liens on
            Restricted Assets to the extent such Liens are permitted under


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            Section 9.01(i) or (xi).

            As used herein, the term "RESTRICTED ASSET" means any of the
            following: (x) any Released Collateral, (y) any Pledge and Security
            Agreement Collateral or other similar Assets constituting Equity
            Interests owned by any Released Guarantor which would have been
            required to be delivered as Collateral pursuant to the Pledge and
            Security Agreement or any other Credit Document but for the
            provisions of Section 11 of Part I of the Eleventh Amendment and (z)
            the Capital Stock of CIGA Borrower, New CIGA Owner and CIGA,
            PROVIDED, (1) the term "RESTRICTED ASSET" shall not include (i) any
            Released Collateral described in SCHEDULE 3C to the Eleventh
            Amendment or (ii) except for the Capital Stock described in
            preceding clause (z), any Asset which is not required to be
            delivered as Collateral pursuant to the Pledge and Security
            Agreement or any other Credit Document as a result of any
            amendments, modifications or waivers heretofore or hereafter entered
            into (other than the amendment and waivers pursuant to Section 11 of
            Part I of the Eleventh Amendment); (2) so long as the CIGA Bridge
            Loan remains outstanding, same may be secured by the Capital Stock
            of CIGA in accordance with, and to the extent expressly permitted
            by, the terms of the Tenth Amendment; and (3) the Corporation and
            its Subsidiaries shall be permitted to create, incur, assume or
            suffer to exist any Lien upon or with respect to the Capital Stock
            of CIGA or New CIGA Owner, in either case, to secure the New CIGA
            Owner Financing to the extent permitted under Section 12 of Part I
            of the Eleventh Amendment, PROVIDED any such Liens upon the Capital
            Stock of New CIGA Owner shall be limited to up to sixty-six (66%)
            percent of such Capital Stock and shall be permitted only if the
            CIGA Bridge Loan is restructured, modified and amended as the "New
            CIGA Owner Financing"."

            (d) TECHNICAL AMENDMENTS TO REFLECT RELEASE OF GUARANTORS AND
PLEDGORS.

            (i) The Credit Agreement is amended by (1) inserting SCHEDULE 7.35
      attached to this Amendment as a new SCHEDULE 7.35 to the Credit Agreement
      and (2) inserting, immediately after the last word of Section 7.34 thereof
      (as a new Section 7.35), the following new Section 7.35:

            "7.35 RESTRICTED ASSETS. As of the date of the Eleventh Amendment,
            SCHEDULE 7.35 lists all Restricted Assets."

            (ii) Section 8.01(e) of the Credit Agreement shall be amended by (1)
      deleting the word "Furthermore," from the last sentence thereof and
      replacing same with "Furthermore, (x)" and (2) inserting, immediately
      after the last word of the last sentence of said Section 8.01(e), the
      following:


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            "and (y) from and after the Guarantor Release Date, each certificate
            delivered pursuant to this clause (e) shall also include an updated
            SCHEDULE 7.35 to the Credit Agreement which Schedule shall show any
            changes from the previously delivered certificate and which revised
            Schedule shall be certified as being true and correct in all
            material respects as of the date of such certificate."

            (iii) Section 8.13(a) of the Credit Agreement is amended by
      inserting, immediately after the last word of the first sentence thereof,
      the following proviso:

            "; PROVIDED that, notwithstanding anything contained hereunder or
            the other Credit Documents to the contrary, no Released Guarantor
            shall at any time be required to comply with the foregoing
            provisions of this Section 8.13."

            (iv) Section 8.14 of the Credit Agreement is amended by inserting,
      immediately after the last word thereof, the following proviso:

            "; PROVIDED that, notwithstanding anything contained hereunder or
            the other Credit Documents to the contrary, no Released Guarantor
            shall at any time be required to comply with the foregoing
            provisions of this Section 8.14."

            (v) Section 8.15(a) of the Credit Agreement is amended by inserting,
      immediately after the last word thereof, the following proviso:

            "; PROVIDED that, notwithstanding anything contained hereunder or
            the other Credit Documents to the contrary, no Released Guarantor
            shall at any time be required to comply with the foregoing
            provisions of this Section 8.15."

            (vi) Section 9.01 of the Credit Agreement is hereby amended by
      inserting in clause (xiv) thereof the phrase "or Released Guarantor"
      immediately after each reference to the phrase "Credit Party" in said
      clause (xiv).

            (vii) Section 9.02 of the Credit Agreement is hereby amended by:

                  (1) deleting the phrase "any Original Borrower or any
            Wholly-Owned Domestic Subsidiary of any Original Borrower which is a
            Credit Party" in each instance it appears in clause (xiii) of said
            Section 9.02 and by replacing said phrase in each such instance with
            the following phrase:

            "any Original Borrower, any Wholly-Owned Domestic Subsidiary of any
            Original Borrower which is a Credit Party, or any Released
            Guarantor",

                  (2) deleting the phrase "thereof; and" in the last line of
            said clause (xiii) of Section 9.02 and replacing same with the
            following phrase:


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            "thereof; PROVIDED that (w) the aggregate value of all transfers,
            conveyances, purchases, sales, loans, advances, leases, dispositions
            and other transactions (in each case determined without regard to
            any write-down or write-offs) actually made (or deemed made)
            pursuant to this clause (xiii) by, from, to or in all Released
            Guarantors (taken as a whole) shall not exceed one hundred million
            dollars ($100,000,000) at any time (but without duplication of any
            such amounts); (x) any transfer, conveyance, purchase, sale, loan,
            advance, lease, disposition or other transaction (in each case
            determined without regard to any write-downs or write-offs) actually
            made pursuant to this clause (xiii) from the date of the Eleventh
            Amendment through the Guarantor Release Date by, from, to or in any
            Credit Party which subsequently becomes a Released Guarantor on the
            Guarantor Release Date pursuant to the Eleventh Amendment shall, for
            the purpose of calculating the availability of the $100,000,000
            basket referred to in preceding clause (w), be deemed to have been
            made by a Released Guarantor on the Guarantor Release Date (but
            without duplication of any such amounts); (y) the $100,000,000
            basket referred to in preceding clause (w) shall be reduced dollar
            for dollar (but without duplication of any amounts) by the aggregate
            amount (in each case determined without regard to any write-downs or
            write-offs) of all Investments, loans, advances, and other
            transactions actually made (or deemed made) pursuant to Section
            9.05(viii) hereof by, from, to or in any Released Guarantor on the
            Guarantor Release Date and thereafter; and (z) the transfers,
            conveyances, purchases, sales, loans, advances, leases, dispositions
            and other transactions actually made (or deemed made) pursuant to
            this Section 9.02(xiii) shall be permitted only if the $100,000,000
            basket referred to in preceding clause (w) would not be reduced
            below $0, and", and

                  (3) deleting the phrase "Credit Parties" appearing in clause
            (iv) in the first sentence of the first paragraph immediately
            following clause (xiv) of Section 9.02 and inserting the phrase
            "Credit Party Subsidiary" in its place.

            (viii) Section 9.04 of the Credit Agreement is hereby amended by (1)
      inserting "(x)" immediately preceding the first reference to the phrase
      "Affiliate Debt" in the first sentence following clause (xvi) of said
      Section 9.04 and (2) inserting, immediately following the last word of
      said sentence, the following phrase:

            "and (y) in no event and at no time shall the Released Guarantors
            incur any Indebtedness pursuant to Section 9.04 from and after
            September 30, 2001 (but excluding any Indebtedness incurred by any
            Released Guarantor under clause (z) of Section 9.04(vii))."

            (ix) Section 9.05(viii) of the Credit Agreement is hereby amended
      and restated to read as follows:


                                      -11-
<Page>

            "(viii) after the Initial Borrowing Date and subject to Section
            9.03, (I) the Corporation, any Subsidiary of the Corporation which
            is a Guarantor or any Released Guarantor may make intercompany loans
            and advances of cash to the Corporation, any other Subsidiary of the
            Corporation which is a Guarantor, or any Released Guarantor and (II)
            provided no Specified Default and no Event of Default then exists or
            would result therefrom, the Corporation, any Original Borrower, any
            Released Guarantor or any Wholly-Owned Domestic Subsidiary of any
            Original Borrower which is a Credit Party may (x) make Investments
            or intercompany loans and advances, in each case, resulting from
            intercompany Asset transfers made in accordance with the
            requirements of Section 9.02(xiii) and (y) cancel, forgive,
            eliminate, exchange, prepay, redeem or otherwise reduce the amount
            of any intercompany loans or advances of cash or any other Assets
            owed to it by any other Credit Party or Released Guarantor; PROVIDED
            that all intercompany loans and advances made pursuant to this
            clause (viii) are subject to the provisions of validly executed
            Subordination Agreements as required by the last paragraph of
            Section 9.04; and PROVIDED FURTHER that (w) the aggregate value of
            all outstanding Investments, loans, advances, and other transactions
            (in each case determined without regard to any write-downs or
            write-offs thereof) actually made (or deemed made) pursuant to this
            clause (viii) by, from, to, or in all Released Guarantors (taken as
            a whole) shall not exceed one hundred million dollars
            ($100,000,0000) at any time (but without duplication of any such
            amounts); (x) any Investment, loan, advance or other transaction
            actually made pursuant to this clause (viii) from the date of the
            Eleventh Amendment through the Guarantor Release Date by, from, to,
            or in any Credit Party which subsequently becomes a Released
            Guarantor on the Guarantor Release Date pursuant to the Eleventh
            Amendment shall, for the purpose of calculating the availability of
            the $100,000,000 basket referred to in preceding clause (w), be
            deemed to have been made by, from, to or in (as the case may be) a
            Released Guarantor on the Guarantor Release Date (but without
            duplication of any such amounts); (y) the $100,000,000 basket
            referred to in preceding clause (w) shall be reduced dollar for
            dollar (but without duplication of any amounts) by the aggregate
            value of all transfers, conveyances, purchases, sales, loans,
            advances and other transactions actually made (or deemed made)
            pursuant to Section 9.02(xiii) hereof by, from, to, or in any
            Released Guarantor; and (z) the Investments, loans, advances, and
            other transactions actually made (or deemed made) pursuant to this
            Section 9.05(viii) shall be permitted only if the $100,000,000
            basket referred to in preceding clause (w) would not be reduced
            below $0;"


                                      -12-
<Page>

            (x) Section 9.16 of the Credit Agreement is amended by inserting,
      immediately after the last word of subsection (b) thereof, the following
      new subsection (as a new subsection (c) therein):

            "(c) Notwithstanding anything contained hereunder or the other
            Credit Documents to the contrary (but subject to the provisions of
            Section 11(a)(iii) of Part I of the Eleventh Amendment to the extent
            applicable), no Released Guarantor shall at any time be required to
            comply with the foregoing provisions of this Section and none of the
            Corporation or any of its Subsidiaries shall be required to pledge
            any Restricted Assets pursuant to the Pledge and Security Agreement
            or otherwise."

            (xi) Section 9.18 of the Credit Agreement is amended by inserting,
      immediately following the last word of the second sentence thereof, the
      following phrase:

            "(subject to the relevant provisions of the Eleventh Amendment)."

            (xii) Section 10.08 of the Credit Agreement is hereby amended by
      inserting, immediately following the word "Except" in the first line
      thereof, the following:

            "in accordance with the release provisions of the Credit Agreement
            (including, without limitation, the terms and provisions of the
            Eleventh Amendment) and except".

            (xiii) The definition of "Authorized Officer" in Section 11.01 of
      the Credit Agreement is amended by inserting the phrase "or Released
      Guarantor" immediately following each reference to the phrase "Credit
      Party" appearing therein. In addition, the following definitions in
      Section 11.01 of the Credit Agreement shall be amended and restated to
      read as follows:

            "Credit Party" shall mean each Borrower and each Guarantor (but
            specifically excluding any Released Guarantor).

            "Guarantor" shall mean and include each Principal Guarantor and each
            Subsidiary of the Corporation which executes and delivers the
            Guaranty, or a counterpart thereof, as (x) required by Section 5.11,
            8.15 or any other provision of this Agreement or (y) permitted by
            the relevant provisions of this Agreement or the Eleventh Amendment;
            PROVIDED that any such Subsidiary shall cease to be a Guarantor
            (although, in accordance with the provisions of the Eleventh
            Amendment, a Subsidiary which ceases to be a Guarantor may, at the
            option of the Corporation and the respective such Subsidiary,
            subsequently become a Guarantor, in which case this proviso shall no
            longer be applicable to the respective such Subsidiary) at such
            time, if any, as it is released from the Guaranty in accordance with
            the express provisions thereof or hereof


                                      -13-
<Page>

            (including, without limitation, by application of the Eleventh
            Amendment). As of the Initial Borrowing Date, the Guarantors are
            listed in Part I of Schedule 7.16. As of the Eleventh Amendment
            Effective Date, the Guarantors are the Remaining Guarantors as
            described in the Eleventh Amendment."

            (e) AUTHORIZATION OF COLLATERAL AGENT ACTIONS. From and after the
Guarantor Release Date, the Lenders hereby authorize the Collateral Agent, upon
the request of any Credit Party or one or more of the Released Guarantors, and
at the joint and several expense of the Credit Parties and the Released
Guarantors, to (x) deliver to the Corporation or the respective Released
Guarantors such Released Collateral as is then in possession of the Collateral
Agent and (y) execute such other documents, notices and assurances as may be
reasonably requested of the Collateral Agent, and in each case in form and
substance satisfactory to the Collateral Agent, to effect or evidence the
releases expressly authorized by this Section 11.

            (f) EFFECTIVENESS OF THE PROVISIONS OF THIS SECTION 11.
Notwithstanding anything to the contrary contained elsewhere in this Amendment,
the provisions of this Section 11 shall only become effective, and the releases
contemplated hereby shall only occur, upon the date (the "GUARANTOR RELEASE
DATE") upon which each and every condition set forth below is satisfied to the
reasonable satisfaction of the Administrative Agents, PROVIDED such Guarantor
Release Date shall not occur in any event prior to January 31, 2002:

            (i) the Eleventh Amendment Effective Date (as defined below) shall
      have occurred;

            (ii) (A) all Senior Secured Bridge Notes outstanding on the date of
      the Eleventh Amendment Effective Date shall have been permanently repaid
      in full or (B) the holders of all the outstanding principal amount of such
      Notes shall have consented to this Amendment, including the release of the
      Released Guarantors and the Released Collateral;

            (iii) since the date of the Eleventh Amendment, there has been no
      material amendment or modification to paragraph (f) of Rule 3-10 or Rule
      3-16 of Regulation S-X of the Securities and Exchange Commission;

            (iv) no Subsidiary of the Corporation (other than the Principal
      Guarantors and any other Remaining Guarantor) shall be obligated (as
      guarantor or otherwise) with respect to any outstanding ITT Notes or
      Senior Notes, and no outstanding ITT Notes or Senior Notes shall under any
      circumstance (other than the respective Subsidiary subsequently furnishing
      guarantees in respect of Indebtedness pursuant to this Agreement) require
      that any Subsidiaries of the Corporation (other than the Principal
      Guarantors and any other Remaining Guarantor) execute and deliver any
      guaranty or other Contingent Obligation in respect of the ITT Notes or
      such Senior Notes;

            (v) no Default or Event of Default shall exist on the Guarantor
      Release Date or immediately after giving effect thereto;


                                      -14-
<Page>

            (vi) all representations and warranties contained in the Credit
      Agreement and in the other Credit Documents shall be true and correct in
      all material respects on the Guarantor Release Date (and immediately after
      giving effect thereto) with the same effect as though such representations
      and warranties had been made on the Guarantor Release Date (both before
      and after giving effect thereto); provided that any representation or
      warranty which by its terms is made as of a specified date shall be true
      and correct in all material respects only as of such specified date;

            (vii) the Corporation shall have delivered to the Administrative
      Agents (each dated the Guarantor Release Date) (A) an officers'
      certificate in form and substance, and executed by officers, reasonably
      satisfactory to the Administrative Agents, certifying the satisfaction of
      all conditions to the occurrence of the Guarantor Release Date as
      contained herein and (B) the Opinion Certificate, which shall be addressed
      to the Lenders, executed by an Authorized Officer of the Corporation and
      which shall be in the form of the Opinion Certificate attached as Exhibit
      A to the form of opinion from Sidley Austin Brown & Wood attached hereto
      as Exhibit A, with any modifications thereto to be reasonably satisfactory
      to the Administrative Agents, and with the blanks therein to be filled out
      to the reasonable satisfaction of the Administrative Agents; and

            (viii) the Administrative Agents shall have received a legal
      opinion, addressed to the Lenders and dated the Guarantor Release Date,
      from each of (A) Sidley Austin Brown & Wood, (B) Ballard Spahr Andrews and
      Ingersoll, LLP as to certain matters of Maryland law, and (C) in-house
      counsel of the Corporation, in each case, covering such matters as may
      have been reasonably requested by the Administrative Agents; it being
      acknowledged that the opinion from Sidley Austin Brown & Wood shall be in
      the form of opinion attached hereto as EXHIBIT A.

            The Paying Agent shall give the Lenders and the Corporation prompt
written notice of the Guarantor Release Date.

            SECTION 12. CIGA RESTRUCTURING TRANSACTIONS.

            (a) CONSENT. (1) Subject to compliance with the applicable
provisions of the Credit Agreement (as amended hereby), the Lenders hereby
consent to the incurrence of the New CIGA Owner Financing so long as each of the
following conditions is satisfied:

            (i) the aggregate principal amount of New CIGA Owner Financing shall
      at no time outstanding exceed the Maximum New CIGA Owner Financing Amount
      as then in effect;

            (ii) the aggregate principal amount of New CIGA Owner Financing from
      time to time outstanding (or $400,000,000 thereof, if the aggregate
      principal amount outstanding is greater than $400,000,000) shall be deemed
      to constitute a utilization of the Recourse Basket, with the New CIGA
      Owner Financing being permitted to be incurred or remain outstanding, as
      the case may be, only if the aggregate principal amount thereof (or
      $400,000,000 thereof, if the aggregate principal amount outstanding is
      greater than $400,000,000) is justified as being incurred or outstanding
      pursuant to, and is


                                      -15-
<Page>


      permitted in accordance with the relevant terms of, Section 9.04(xii) of
      the Credit Agreement;

            (iii) at the time of, or prior to, the incurrence of the New CIGA
      Owner Financing, the CIGA Stock Transfer shall have occurred;

            (iv) all terms and conditions of the New CIGA Owner Financing shall
      be reasonably satisfactory to the Lead Agents (including, without
      limitation, the financial covenants contained therein, the required
      repayments with asset sale proceeds contained therein and the maturity
      date thereof, which date shall not occur in any event earlier than the
      Final Maturity Date);

            (v) the only Persons permitted to be obligated with respect to the
      New CIGA Owner Financing (whether directly or indirectly, contingently or
      otherwise, and including any obligors, guarantors or Persons which grant a
      security interest in any of their assets) shall be (x) CIGA Borrower, New
      CIGA Owner, CIGA and Subsidiaries of CIGA, each of whom may be obligated
      as a direct obligor and/or as a guarantor and (y) the Corporation and
      Starwood REIT, each of whom may provide an unsecured guarantee in respect
      of the New CIGA Owner Financing;

            (vi) the only security for the New CIGA Owner Financing shall
      consist of assets and/or property of CIGA Borrower, New CIGA Owner, CIGA
      and Subsidiaries of CIGA;

            (vii) at the time of, or immediately after, the first incurrence of
      Indebtedness pursuant to the New CIGA Owner Financing, either (x) the CIGA
      Bridge Loan shall have been permanently repaid in full and all commitments
      thereunder shall have been permanently terminated or (y) the CIGA Bridge
      Loan shall have been modified and amended as the "New CIGA Owner
      Financing" in a manner satisfying the conditions of this Amendment
      applicable to the New CIGA Owner Financing;

            (viii) all net cash proceeds received by the Corporation or any of
      its Subsidiaries pursuant to the New CIGA Owner Financing shall be used,
      if such New CIGA Owner Financing consists of new Indebtedness (as opposed
      to a modification and amendment of the CIGA Bridge Loan) or if such new
      modification of the CIGA Bridge Loan provides net cash proceeds in excess
      of the outstanding Indebtedness of the CIGA Bridge Loan, (x) first, if
      such New CIGA Owner Financing consists of new Indebtedness (as opposed to
      a modification and amendment of the CIGA Bridge Loan), to permanently
      repay in full the CIGA Bridge Loan and (y) to the extent in excess of the
      amounts used as described in preceding clause (x), promptly (but in any
      event within fifteen (15) days after the New CIGA Owner Financing Date)
      dividended or loaned, in accordance with the applicable provisions of
      Section 9.05(xviii), to the CIGA Borrower and/or Sheraton International,
      PROVIDED that all net cash proceeds applied pursuant to preceding clause
      (y) shall also be deemed to constitute Debt Proceeds which shall further
      be required to be applied in accordance with the requirements of Section
      4.02(d) of the Credit Agreement (it being understood and agreed that the
      maximum amount of Debt Proceeds as described above in this proviso which
      shall be permitted to be reinvested in accordance with clause (z) of the


                                      -16-
<Page>

      proviso to Section 4.02(d) of the Credit Agreement shall be equal to the
      remainder (if greater than $0) of (a) the amount of the New CIGA Owner
      Financing deemed to constitute a utilization of the Recourse Basket
      pursuant to Section 9.04(xvii) of the Credit Agreement less (b) the
      aggregate amount of such Debt Proceeds used pursuant to sub-clause (x) of
      this clause (viii)) and PROVIDED further, that under no circumstance shall
      any excess cash proceeds pursuant to the New CIGA Owner Financing be used
      to repay the Senior Secured Bridge Notes;

            (ix) at the time of the incurrence of the New CIGA Owner Financing
      and immediately after giving effect thereto, no Specified Default or Event
      of Default shall be in existence, and the Corporation shall have delivered
      a certificate to the Paying Agent establishing compliance with the
      financial covenants contained in Sections 9.08 through 9.11 inclusive, and
      Sections 9.23 and 9.27 for the Reference Period, on a Pro Forma Basis;

            (x) if the New CIGA Owner Financing consists of new Indebtedness
      incurred by an entity other than CIGA Borrower, the CIGA Borrower shall
      have taken, to the reasonable satisfaction of the Paying Agent and the
      Collateral Agent, all actions described in Section 8.15 of the Credit
      Agreement so that the CIGA Borrower becomes a Guarantor pursuant to the
      Guaranty and for purposes of the Credit Agreement, on the date of the
      first incurrence of any Indebtedness pursuant to the New CIGA Owner
      Financing; and

            (xi) prior to the modification and amendment of the CIGA Bridge Loan
      as the "New CIGA Owner Financing," the Corporation shall have delivered a
      notice to the Lead Agents, specifying that the CIGA Bridge Loan, as
      amended and modified, constitutes the New CIGA Owner Financing and that
      the final maturity date of the CIGA Bridge Loan, as so modified and
      amended, and constituting the New CIGA Owner Financing, shall extend up to
      or beyond the Final Maturity Date.

            (2) Notwithstanding anything to the contrary contained in the Credit
Agreement (including without limitation, Sections 9.02 and 9.05 thereof) or the
other Credit Documents, the Lenders consent to (x) the Corporation and its
Subsidiaries entering into and consummating the CIGA Stock Transfer and the New
Capital Stock Transaction and (y) the consummation of the New CIGA Owner
Restructuring, in each case described in clause (x) or (y) above, subject to the
conditions of this Amendment and so long as no Specified Default and no Event of
Default then exists.

            (b) PLEDGE AND SECURITY AGREEMENT COLLATERAL; SECTIONS 8.13,
9.02(xiii) AND 9.16. Notwithstanding anything to the contrary contained in the
Credit Agreement (including, without limitation, Sections 8.13, 9.02(xiii) and
9.16 thereof and the Tenth Amendment) or the other Credit Documents, the
Corporation and its Subsidiaries shall be permitted to do the following: (i) the
Corporation, CIGA Borrower, Sheraton International and New CIGA Owner or any of
the other Subsidiaries of the Corporation shall not be required to pledge all or
any portion of their respective interests in the Capital Stock of CIGA to the
Collateral Agent for the benefit of the Secured Creditors; (ii) after giving
effect to the CIGA Stock Transfer and the New Capital Stock Transaction, (a)
CIGA Borrower and Sheraton International shall not be required


                                      -17-
<Page>

to pledge all or any portion of their respective interests in the Capital Stock
of New CIGA Owner to the Collateral Agent for the benefit of the Secured
Creditors and (b) any Capital Stock in New CIGA Owner previously pledged to the
Collateral Agent for the benefit of the Secured Creditors shall be released; and
(iii) the New CIGA Owner may instead pledge all or any portion of its right,
title and interest in the Capital Stock of CIGA to the New CIGA Lenders or CIGA
Borrower shall be permitted to pledge all or any portion of its right, title and
interest in up to sixty-six percent (66%) of the Capital Stock of New CIGA Owner
to the New CIGA Lenders, in either case, to secure obligations pursuant to the
New CIGA Owner Financing.

            (c) DELETION OF CERTAIN PROVISIONS IN TENTH AMENDMENT. Upon the
occurrence of the New CIGA Owner Financing Date, the provisos to Section 1(b) of
the Tenth Amendment shall be deemed deleted in their entirety.

            (d) LIENS; SECTION 9.01(xix). Section 9.01(xix) of the Credit
Agreement is hereby amended by deleting the proviso thereto (and the comma
immediately preceding said proviso) and inserting the following new text in lieu
thereof:

            "and (xvii), provided that (x) the New CIGA Owner Financing may only
            be secured by assets owned by New CIGA Owner, CIGA and Subsidiaries
            of CIGA and up to sixty-six (66%) percent of the Capital Stock of
            New CIGA Owner owned by CIGA Borrower and (y) prior to the
            incurrence of any such Indebtedness the Corporation shall deliver a
            certificate to the Paying Agent establishing compliance with the
            financial covenants contained in Sections 9.08 through 9.11,
            inclusive, and Sections 9.23 and 9.27, for the Reference Period, on
            a Pro Forma Basis".

            (e) NEW CIGA OWNER FINANCING; SECTION 9.04. Section 9.04 of the
Credit Agreement is hereby amended by (i) deleting the word "and" immediately
following the clause (xv) thereof, (ii) deleting the period appearing at the end
of clause (xvi) thereof and inserting "; and" in lieu thereof and (iii)
inserting the following new clause (xvii) immediately after clause (xvi)
thereof:

            "(xvii) in addition to all other permitted Indebtedness described in
            clauses (i) through (xvi) of this Section 9.04 (except as otherwise
            provided in clause (x) of the proviso hereto), additional
            Indebtedness of CIGA Borrower (but only with respect to the
            amendment and modification of the CIGA Bridge Loan as the "New CIGA
            Owner Financing"), New CIGA Owner, CIGA and/or Subsidiaries of CIGA
            (which may be guaranteed on an unsecured basis by the Corporation
            and Starwood REIT) pursuant to the New CIGA Owner Financing may be
            incurred and remain outstanding in an aggregate principal amount
            which shall at no time exceed the Maximum New CIGA Owner Financing
            Amount as then in effect; provided that (x) the aggregate principal
            amount of New CIGA Owner Financing from time to time outstanding (or
            $400,000,000 thereof, if the aggregate principal amount outstanding
            is greater


                                      -18-
<Page>

            than $400,000,000) shall be deemed to constitute a utilization of
            the Recourse Basket, with the New CIGA Owner Financing being
            permitted to be incurred or remain outstanding, as the case may be,
            only if the aggregate principal amount thereof (or $400,000,000
            thereof, if the aggregate principal amount outstanding is greater
            than $400,000,000) is justified as being incurred or outstanding
            pursuant to, and is permitted in accordance with the relevant terms
            of, Section 9.04(xii) above and (y) all other conditions to the
            incurrence of the New CIGA Owner Financing as set forth in Section
            12(a)(1) of the Eleventh Amendment have been satisfied."

            (f) INVESTMENTS: SECTION 9.05.

                  (i) From and after the Eleventh Amendment Effective Date,
            Section 9.05 of the Credit Agreement shall be amended by (i)
            deleting the word "and" appearing at the end of clause (xvi)
            thereof, (ii) deleting the period appearing at the end of clause
            (xvii) and inserting "; and" in lieu thereof and (iii) inserting the
            following new clause (xviii) immediately after clause (xvii)
            thereof:

            "(xviii) Subject to Section 9.03 hereof and so long as no Specified
            Default and no Event of Default then exists or would exist
            immediately after giving effect thereto, in addition to other
            investments permitted hereunder, the Corporation and its
            Subsidiaries shall be permitted to do any of the following, in each
            case in accordance with the requirements of the Eleventh Amendment:
            (A) effect the CIGA Stock Transfer, the New Capital Stock
            Transaction and the New CIGA Owner Restructuring and (B) Sheraton
            International and/or the CIGA Borrower may receive promissory notes
            from New CIGA Owner as partial consideration for the CIGA Stock
            Transfer (so long as no cash or other assets, other than the Capital
            Stock conveyed pursuant to the CIGA Stock Transfer, are conveyed or
            loaned in connection therewith).".

                  (ii) From and after the New CIGA Owner Financing Date, Section
            9.05 of the Credit Agreement shall be amended by deleting clauses
            (xvii) and (xviii) thereof (which clause (xviii) shall have been
            added pursuant to preceding clause (i)) in their entirety and by
            inserting the following new text in lieu thereof:

            "(xvii) (A) the creation and establishment of the CIGA Borrower and
            the transfer of up to sixty-six percent (66%) of the Ordinary Shares
            of CIGA to the CIGA Borrower prior to the New CIGA Owner Financing
            Date in accordance with the provisions of the Tenth Amendment is
            permitted and (B) any intercompany loans and advances between CIGA
            Borrower and Sheraton International and outstanding on the New CIGA
            Owner Financing Date shall be


                                      -19-
<Page>

            permitted to remain outstanding thereafter so long as same comply
            with the requirements of (and are thereafter permitted pursuant to)
            Section 9.05(viii); and

            (xviii) Subject to Section 9.03 hereof and so long as no Specified
            Default and no Event of Default then exists or would exist
            immediately after giving effect thereto, in addition to any other
            investments permitted hereunder, the Corporation and its
            Subsidiaries shall be permitted to do any of the following: (A)
            effect the CIGA Stock Transfer, the New Capital Stock Transaction
            and the New CIGA Owner Restructuring, in each case in accordance
            with the requirements of the Eleventh Amendment and (B)(i) Sheraton
            International and/or the CIGA Borrower may receive promissory notes
            from New CIGA Owner as partial consideration for the CIGA Stock
            Transfer (so long as no cash or other assets, other than the Capital
            Stock conveyed pursuant to the CIGA Stock Transfer, are conveyed or
            loaned in connection therewith), (ii) the New CIGA Owner may make
            one or more intercompany loans, distributions (in addition to, and
            not in limitation of, the payment of any Dividends to the extent
            permitted under Section 9.03 hereof) and advances of cash to
            Sheraton International and/or the CIGA Borrower, and Sheraton
            International and/or the CIGA Borrower may repay any such
            distributions, advances and loans (together with any interest due
            thereon) so long as the proceeds of such distributions, advances and
            loans are promptly used to repay or prepay any amounts owing under
            the New CIGA Owner Financing and (iii) Sheraton International and/or
            the CIGA Borrower may make one or more distributions, advances,
            intercompany loans and such other Investments in or to New CIGA
            Owner under the preceding clause (B)(ii) for the following: (x) to
            pay any amounts due under the New CIGA Owner Financing so long as
            such amounts are promptly used for such purposes and (y) for the
            ordinary working capital of New CIGA Owner so long as (i) such
            amounts are not further distributed, advanced or loaned to CIGA or
            any other Subsidiary of the New CIGA Owner and (ii) any such
            Investment otherwise complies with Section 9.26; and PROVIDED that
            all intercompany loans and advances made pursuant to this clause
            (xviii) shall be subject to the provisions of validly executed
            Subordination Agreements as required by the last paragraph of
            Section 9.04.".

            (g) LIMITATION ON VOLUNTARY PAYMENTS AND MODIFICATIONS OF NEW CIGA
OWNER FINANCING; SECTION 9.12. (i) Section 9.12 of the Credit Agreement is
hereby amended by inserting immediately after the phrase "any Senior Note
(except that" appearing in clause (iii) thereof the following text:


                                      -20-
<Page>

            "(i) the Series A Convertible Senior Notes may be repaid by the
            Corporation on or about May 25, 2002 as a result of any exercise of
            certain purchase rights by the holders thereof requiring the
            Corporation to purchase such holders' outstanding Series A
            Convertible Senior Notes on such date and (ii)".

            (ii) Section 9.12 of the Credit Agreement is also hereby amended by
(i) deleting the phrase ", or any other Senior Note Documents," appearing in
subclause (ii)(w) thereof and by inserting in lieu thereof the phrase "or any
New CIGA Owner Financing, or any other Senior Note Document," in lieu thereof
and (ii) deleting the phrase "Maximum QPS Scheduled Asset Sale Credit Amount.)"
appearing in subclause (iii) thereof and by inserting in lieu thereof the
following new text:

            "Maximum QPS Scheduled Asset Sale Credit Amount) or any New CIGA
            Owner Financing (except that the New CIGA Owner Financing may be
            repaid so long as no Specified Default and no Event of Default then
            exists or would exist after giving effect to the respective
            repayment)".

            (h) CERTAIN RESTRICTIONS ON SUBSIDIARIES; SECTION 9.13. From and
after the New CIGA Owner Financing Date, Section 9.13 of the Credit Agreement
shall be amended by deleting clause (xiv) thereof in its entirety and by
inserting in lieu thereof the following new clause (xiv):

            ", (xiv) restrictions (and, under certain circumstances,
            prohibitions) contained in any of the documents evidencing, securing
            or otherwise relating to the New CIGA Owner Financing, with respect
            to (A) the payment or distribution of any Dividends, (B) the making
            of any intercompany loans or advances or (C) the transfer of any
            property or Assets, in each case, by CIGA Borrower (but only with
            respect to the amendment and modification of the CIGA Bridge Loan as
            the "New CIGA Owner Financing"), the New CIGA Owner and/or any of
            their respective Subsidiaries on the one hand, to the Corporation
            and/or any of its Subsidiaries (other than CIGA Borrower, New CIGA
            Owner and their respective Subsidiaries) on the other hand, if such
            prohibition or restriction arises only after the occurrence (but
            only during the existence) of an event of default under the New CIGA
            Owner Financing (which event of default does not arise solely as a
            result of the breach of a covenant prohibiting the taking of any of
            the actions described in preceding clauses (A), (B) or (C) (unless
            such action would cause a breach of a material financial covenant
            thereunder))."

            (i) ISSUANCE OF CAPITAL STOCK; SECTION 9.14(B). Section 9.14(b) of
the Credit Agreement is amended by (i) deleting the romanette number "(vi)"
before the word "issuances" and replacing said romanette number with "(vii)",
(ii) deleting the word "and" immediately


                                      -21-
<Page>

preceding subclause (vi) thereof and replacing said word with a comma and (iii)
inserting, immediately after the last word of clause (vii) (after giving effect
to the changes contemplated by clause (i) above), the following:

            ", and (viii) issuances of Capital Stock by New CIGA Owner and/or
            its Subsidiaries to any other Subsidiary of the Corporation (each of
            which Subsidiaries, in the case of issuances of Capital Stock by New
            CIGA Owner, shall be (or immediately thereafter become) a Guarantor,
            except for CIGA Borrower, which shall only be required to become a
            Guarantor if the CIGA Bridge Loan has been repaid in full and has
            not otherwise been modified or amended as the "New CIGA Owner
            Financing") in connection with the CIGA Stock Transfer, the New
            Capital Stock Transaction, the New CIGA Owner Restructuring and the
            transactions contemplated thereby".

            (j) CIGA TRANSACTIONS RESTRICTIONS; SECTION 9.26. (i) From and after
the New CIGA Owner Financing Date and provided only if the New CIGA Owner
Financing consists of an amendment and modification of the CIGA Bridge Loan (and
not the incurrence of new Indebtedness by an entity other than CIGA Borrower),
Section 9.26 of the Credit Agreement shall be amended by deleting same in its
entirety and replacing the text thereof with the following new text:

            "9.26 CIGA TRANSACTIONS RESTRICTIONS. (a) The CIGA Borrower shall
            own no Assets other than (i) its ownership interest in the Capital
            Stock of New CIGA Owner in an amount up to sixty-six percent (66%)
            of such Capital Stock, (ii) cash and Cash Equivalents held for
            general corporate and administrative purposes or otherwise in the
            ordinary course of CIGA Borrower's business (but in no event shall
            CIGA Borrower hold cash or Cash Equivalents in an amount in excess
            of $5,000,000 (such amount, the "CIGA BORROWER WORKING CAPITAL
            AMOUNT") for a period longer than five (5) consecutive Business
            Days), or (iii) intercompany Indebtedness owed to CIGA Borrower
            which is expressly permitted pursuant to Section 9.05(xviii), and
            (b) CIGA Borrower shall not acquire any Assets (other than as
            described in preceding clause (a)) without the prior written consent
            of the Required Lenders; PROVIDED, this Section 9.26 shall be deemed
            to be deleted in its entirety and shall be of no further force or
            effect from and after the date of the permanent repayment of the New
            CIGA Owner Financing."

            (ii) From and after the New CIGA Owner Financing Date and provided
only if the New CIGA Owner Financing consists of new Indebtedness incurred by an
entity other than CIGA Borrower, Section 9.26 of the Credit Agreement shall be
amended by deleting same in its entirety and replacing the text thereof with the
following new text:


                                      -22-
<Page>

            "9.26 NEW CIGA OWNER RESTRICTIONS. (a) New CIGA Owner shall own no
            Assets other than (i) either its one hundred percent (100%)
            ownership interest in the Capital Stock of CIGA or its direct or
            indirect one hundred percent (100%) ownership interest in the CIGA
            Assets or the equity in the Subsidiaries owning such CIGA Assets,
            (ii) cash and Cash Equivalents held for general corporate and
            administrative purposes or otherwise in the ordinary course of New
            CIGA Owner's business (but in no event shall New CIGA Owner hold
            cash or Cash Equivalents in an amount in excess of $5,000,000 (such
            amount, the "NEW CIGA OWNER WORKING CAPITAL AMOUNT") for a period
            longer than five (5) consecutive Business Days), (iii) intercompany
            Indebtedness owed to New CIGA Owner which is expressly permitted
            pursuant to Section 9.05(xviii), or (iv) existing Assets which
            consist solely of certain management agreements, as described on
            SCHEDULE 9.26 to the Eleventh Amendment; and (b) New CIGA Owner
            shall not acquire any Assets (other than as described in preceding
            clause (a)) without the prior written consent of the Required
            Lenders; PROVIDED, this Section 9.26 shall be deemed to be deleted
            in its entirety and shall be of no further force or effect from and
            after the date of the permanent repayment of the New CIGA Owner
            Financing."

            (k) CIGA LEVERAGE RATIO; SECTION 9.27. Section 9 of the Credit
Agreement is hereby further amended by inserting the following new Section 9.27
immediately after the Section 9.26 thereof:

            "9.27 MAXIMUM CIGA LEVERAGE RATIO. From the time, and only for so
            long as, the New CIGA Owner Financing is outstanding, the Borrowers
            will not permit the CIGA Leverage Ratio at any time (x) prior to
            December 31, 2002, to be greater than 6.25:1.00 and (ii) at any time
            on or after December 31, 2002, to be greater than 5.00:1:00."

            SECTION 13. REPLACEMENT OF RIGHT TO INCUR FRENCH FRANC REVOLVING
LOANS WITH RIGHT TO INCUR EURO REVOLVING LOANS. From and after the Eleventh
Amendment Effective Date, the provisions permitting the incurrence of French
Franc Revolving Loans from Lenders (if any) having French Franc Revolving Loan
Sub-Commitments shall be replaced with the right of the respective Alternate
Currency Revolving Loan Borrower to incur Euro Revolving Loans from such Lenders
(if any) that from time to time have Euro Revolving Loan Sub-Commitments. To
effectuate same, the following modifications are hereby made to the Credit
Agreement:

            (a) Section 1.06(a) of the Credit Agreement is hereby amended by
deleting clause (vi) thereof in its entirety and by inserting in lieu thereof
the following new clause (vi):

            "(vi) if Euro Revolving Loans, by a promissory note duly executed
            and delivered by the respective Alternate Currency


                                      -23-
<Page>

            Revolving Loan Borrower substantially in the form of Exhibit C-6
            with blanks appropriately completed in conformity herewith (each a
            "EURO REVOLVING NOTE" and, collectively, the "EURO REVOLVING NOTES")
            and".

            (b) Section 1.06 of the Credit Agreement is hereby further amended
by deleting clause (g) thereof in its entirety and by inserting in lieu thereof
new clause (g):

            "(g) The Euro Revolving Note issued by each Alternate Currency
            Revolving Loan Borrower that desires to incur Euro Revolving Loans
            to each Lender that has a Euro Revolving Loan Sub-Commitment or
            outstanding Euro Revolving Loans shall (i) be executed by the
            respective Alternate Currency Revolving Loan Borrower, (ii) be
            payable to the order of such Lender (or an affiliate designated by
            such Lender) and be dated the Initial Borrowing Date (or, if issued
            thereafter, the date of issuance), (iii) be in a stated principal
            amount (expressed in Euros) which exceeds by 25% the Euro Equivalent
            (as of the date of issuance) of the respective Lender's Euro
            Revolving Loan Sub-Commitment, PROVIDED that if, because of
            fluctuations in exchange rates after the Initial Borrowing Date, the
            amount of the Euro Revolving Note of any Alternate Currency
            Revolving Loan Borrower held by any Lender would not be at least as
            great as the outstanding principal amount of Euro Revolving Loans
            made by such Lender at any time outstanding and evidenced thereby,
            the respective Lender may request (and in such case the respective
            Alternate Currency Revolving Loan Borrower shall promptly execute
            and deliver) a new Euro Revolving Note in an amount equal to the
            greater of (x) that amount (expressed in Euros) which at that time
            exceeds by 25% the Euro Equivalent of the respective Lender's Euro
            Revolving Loan Sub-Commitment or (y) the then outstanding principal
            amount of all Revolving Loans made by such Lender to such Alternate
            Currency Revolving Loan Borrower, (iv) be payable in Euros in the
            outstanding principal amount of the Euro Revolving Loans evidenced
            thereby, (v) mature on the Revolving Loan Maturity Date, (vi) bear
            interest as provided in the appropriate clause of Section 1.09 in
            respect of the Euro Revolving Loans made to the respective Alternate
            Currency Revolving Loan Borrower and evidenced thereby, (vii) be
            subject to voluntary prepayment as provided in Section 4.01, and
            mandatory repayment as provided in Section 4.02, and (viii) be
            entitled to the benefits of this Agreement and the other Credit
            Documents."

            (c) Section 1.09(f) of the Credit Agreement is hereby amended by
deleting in its entirety and by inserting in lieu thereof the following new
clause (f):


                                      -24-
<Page>

            "(f) Each Alternate Currency Revolving Borrower hereby agrees to pay
            interest in respect of the unpaid principal amount of each Euro
            Revolving Loan made to such Borrower from the date the proceeds
            thereof are made available to such Borrower until the maturity
            thereof (whether by acceleration or otherwise) at a rate per annum
            which shall, during each Interest Period applicable thereto, be
            equal to the sum of the Applicable Margin plus the Euro LIBOR Rate
            for such Interest Period."

            (d) Section 1.09(h) of the Credit Agreement is hereby amended by
deleting the text of clause (3) thereof in its entirety and by inserting in lieu
thereof the following new text:

            "(3) in the case of overdue principal of, and interest or other
            amounts owing in respect of, Euro Revolving Loans, equal to 2% per
            annum in excess of the Applicable Margin (calculated based on level
            8 pricing as shown in the definition of Applicable Margin) plus the
            Euro LIBOR Rate for such successive periods not exceeding three
            months as the Paying Agent may determine from time to time in
            respective amounts comparable to the amount not paid and".

            (e) Section 1.11(b) of the Credit Agreement is hereby amended by
deleting the term "French Franc Euro Rate" appearing therein and by inserting in
lieu thereof the term "Euro Rate."

            (f) The following defined terms contained in Section 11 of the
Credit Agreement shall be modified as described below:

            (i) The definitions of "Canadian Dollar Revolving Loan
      Sub-Commitment" and "Pounds Sterling Revolving Loan Sub-Commitment" are
      hereby amended by deleting the phrase "French Franc Revolving Loan
      Sub-Commitment" in each place appearing therein and by substituting
      therefor the term "Euro Revolving Loan Sub-Commitment".

            (ii) The definition of "Majority Euro Lenders" is hereby modified by
      deleting the phrase "French Franc Revolving Loans" contained therein and
      by inserting in lieu thereof the phrase "Euro Revolving Loans".

            (iii) The definition of "Payment Office" is hereby modified by
      amending and restating clause (iv) appearing in said definition to read as
      follows:

            "(iv) in respect of Euro Revolving Loans, to Deutsche Bank AG,
            Frankfurt, Account: Deutsche Bank London, Account #: 9257999, Ref:
            Starwood Lodging, Attention: Loans Agency, or in each case such
            other office as the Paying Agent may hereafter designate in writing
            as such to the other parties hereto."

                                      -25-

<Page>

            (iv) The definition of "Revolving Notes" is hereby modified by
      deleting the term "French Franc Revolving Note" appearing therein and by
      inserting in lieu thereof the term "Euro Revolving Notes."

            (v) The definition of "Type" is hereby modified by deleting the term
      "French Franc Revolving Loan" appearing therein and by inserting in lieu
      thereof the term "Euro Revolving Loan."

            (g) Section 11 of the Credit Agreement is hereby amended by deleting
the defined terms "Alternate Currency", "Alternate Currency Equivalent",
"Alternate Currency Revolving Loan Sub-Commitment", "Euro Rate", "Euro Rate
Loan", "French Franc Equivalent", "French Franc Euro Rate", "French Franc
Revolving Loan", "French Franc Revolving Loan Sub-Commitment", "French Franc
Revolving Notes" and "French Francs" appearing therein in their entirety and by
inserting in Section 11 of the Credit Agreement the following new defined terms
in appropriate alphabetical order:

            "Alternate Currency" shall mean each of Canadian Dollars, Euros and
Pounds Sterling.

            "Alternate Currency Equivalent" shall mean the Canadian Dollar
Equivalent, Euro Equivalent or Sterling Equivalent, as the case may be.

            "Alternate Currency Revolving Loan Sub-Commitment" means, as to any
Alternate Currency Lender, the Pounds Sterling Revolving Loan Sub-Commitment,
Canadian Dollar Revolving Loan Sub-Commitment and/or Euro Revolving Loan
Sub-Commitment, as appropriate, of the respective Alternate Currency Lender.

            "Euro Rate" shall mean and include each of the Eurodollar Rate, the
Euro LIBOR Rate and the Sterling Euro Rate.

            "Euro Rate Loan" shall mean each Eurodollar Loan, each Euro
Revolving Loan and each Sterling Revolving Loan.

            "Euro Equivalent" shall mean, at any time for the determination
thereof, the amount of Euros which could be purchased with the amount of Dollars
involved in such computation at the spot exchange rate therefore as quoted by
the Paying Agent as of 11:00 A.M. (London time) on the date two Business Days
prior to the date of any determination thereof for purchase on such date.

            "Euro LIBOR Rate" shall mean (i) the rate per annum that appears on
page 3740 of the Dow Jones Markets Screen (or any successor page) for deposits
in Euros with maturities comparable to the Interest Period applicable to the
Euro Revolving Loans subject to the respective Borrowing commencing two Business
Days thereafter as of 11:00 A.M. (London time) on the date which is two Business
Days prior to the commencement of the respective Interest Period or (ii) if such
a rate does not appear on page 3740 of the Dow Jones Markets Screen (or any
successor page), the offered quotation to first-class banks in the London
interbank market by BTCo for deposits in Euros of amounts in immediately
available funds comparable to the outstanding principal amount of the Euro Loan
of BTCo with maturities comparable to the


                                      -26-
<Page>

Interest Period applicable to such Euro Revolving Loan commencing two Business
Days thereafter as of 11:00 A.M. (London time) on the date which is two Business
Days prior to the commencement of such Interest Period; provided, that in the
event the Paying Agent has made any determination pursuant to Section 1.11(a)(i)
in respect of Euro Revolving Loans, or in the circumstances described in clause
(i) to the proviso to Section 1.11(b) in respect of Euro Revolving Loans, the
Euro LIBOR Rate determined pursuant to this definition shall instead be the rate
determined by BTCo as the all-in-cost of funds for BTCo to fund such Euro
Revolving Loan with maturities comparable to the Interest Period applicable
thereto.

            "Euro Revolving Loan" shall mean each Alternate Currency Revolving
Loan denominated in Euros at the time of the incurrence thereof.

            "Euro Revolving Loan Sub-Commitment" means, as to any Alternate
Currency Lender, (i) the amount, if any, set forth opposite such Alternate
Currency Lender's name in Schedule I-B directly below the column entitled "Euro
Revolving Loan Sub-Commitment", as same may be (x) reduced from time to time
pursuant to Sections 1.17, 3.02, 3.03 and/or 10 or (y) adjusted from time to
time as a result of assignments to or from such Lender pursuant to Section 1.14
or 13.04(b). The Euro Revolving Loan Sub-Commitment of each Alternate Currency
Lender is a sub-limit of the Revolving Loan Commitment of the respective
Alternate Currency Lender (or its respective affiliate which is a Lender with
the related Revolving Loan Commitment) and not an additional commitment and, in
no event, may exceed at any time, when added to the Canadian Dollar Revolving
Loan Sub-Commitment and Pounds Sterling Revolving Loan Sub-Commitment Loan
Commitment of such Alternate Currency Lender (or its respective affiliate which
is a Lender with the related Revolving Loan Commitment).

            "Euro Revolving Notes" shall have the meaning provided in Section
1.06(a).

            "Euros" and the designation "[EUROS]" shall mean the currency
introduced on January 1, 1999 at the start of the third stage of European
economic and monetary union pursuant to the Treaty (expressed in Euros).

            "Treaty" means the Treaty establishing the European Community being
the Treaty of Rome of March 25, 1957, as amended by the Single European Act
1986, the Maastricht Treaty (which was signed at Maastricht on February 7, 1992)
and the Treaty of Amsterdam (which was signed in Amsterdam on October 2, 1997).

            (h) Section 13.12 (d) of the Credit Agreement is hereby amended by
deleting the term "French Franc Revolving Loan Sub-Commitments" appearing
therein and by inserting in lieu thereof the term "Euro Revolving Loan
Sub-Commitments."

            (i) Schedule I-B of the Credit Agreement is hereby amended by
deleting the heading "French Franc Alternate Currency Lenders" appearing therein
and by inserting in lieu thereof the heading "Euro Alternate Currency Lenders".

            (j) Exhibit C-6 to the Credit Agreement is hereby deleted and
replaced with a new Exhibit C-6 in the form attached as Exhibit C-6 to this
Eleventh Amendment.

                                      -27-
<Page>


            (k) It is acknowledged and agreed that no Lender shall, by reason of
this Amendment, have any Alternate Revolving Loan Sub-Commitment. Any such
Alternate Revolving Loan Sub-Commitment (including with respect to Euro
Revolving Loans) shall only be provided from time to time in accordance with the
provisions of the Credit Agreement (including without limitation the relevant
provisions of Section 13.12(d) of the Credit Agreement).

            SECTION 14. CERTAIN DEFINITIONS. The following defined terms, as
used in this Amendment, shall have the following meanings and Section 11 of the
Credit Agreement is hereby amended by deleting the defined terms "CIGA", "ITT"
and "ITT Sheraton" contained therein and by inserting in said Section 11, in
appropriate alphabetical order, the following defined terms; provided that the
defined terms "Guarantor Release Date", "Other Remaining Guarantors", "Principal
Guarantors", "Released Collateral", "Released Guarantors", "Remaining
Guarantors" and "Restricted Assets" shall only be inserted in said Section 11
upon the occurrence of the Guarantor Release Date in accordance with the
requirements of the Eleventh Amendment:

            "CIGA" shall mean CIGA Compagnia Italiana Grandi Alberghi S.p.A., an
Italian company.

            "CIGA Assets" shall have the meaning assigned that term in the
Eleventh Amendment.

            "CIGA Leverage Ratio" shall mean the Combined Leverage Ratio,
calculated for New CIGA Owner, CIGA and their respective Subsidiaries as if same
constituted the Parent Companies and their Subsidiaries, in each case with any
necessary reference changes to the component defined terms as used therein.

            "CIGA Stock Transfer" shall have the meaning assigned that term in
the Eleventh Amendment.

            "Eleventh Amendment" shall mean that certain Eleventh Amendment to
Credit Agreement, dated as of November 20, 2001.

            "Eleventh Amendment Effective Date" shall mean the date upon which
the Eleventh Amendment becomes effective in accordance with its terms.

            "Equity Interests" of any Person means, collectively, all of the
Stock, Limited Liability Company Interests, and Partnership Interests (each such
term as defined in the Pledge and Security Agreement) owned by such Person.

            "Guarantor Release Date" shall have the meaning assigned that term
in the Eleventh Amendment.

            "ITT" shall mean Sheraton Holding Corporation, a Nevada corporation
formerly known as ITT Corporation.



                                      -28-
<Page>

            "ITT Sheraton" shall mean The Sheraton Corporation, a Delaware
corporation formerly known as ITT Sheraton Corporation, with ITT Sheraton being
a direct Wholly-Owned Subsidiary of ITT.

            "Maximum New CIGA Owner Financing Amount" at any time shall mean (x)
$550,000,000 less (y) the aggregate amount of all principal repayments of the
New CIGA Owner Financing actually made after the incurrence thereof.

            "New Capital Stock Transaction" shall have the meaning assigned that
term in the Eleventh Amendment.

            "New CIGA Lenders" shall have the meaning assigned that term in the
Eleventh Amendment.

            "New CIGA Owner" shall have the meaning assigned that term in the
Eleventh Amendment.

            "New CIGA Owner Financing" shall have the meaning assigned that term
in the Eleventh Amendment.

            "New CIGA Owner Financing Date" shall mean the first date upon which
(x) (i) Indebtedness is incurred pursuant to the New CIGA Owner Financing or
(ii) the CIGA Bridge Loan is amended and modified as the "New CIGA Owner
Financing" and notice thereof is provided to the Lead Agents in accordance with
Section 12(a)(1) of Part I of the Eleventh Amendment and (y) all conditions
thereto as specified in Section 12(a)(1) of Part I of the Eleventh Amendment
have been satisfied.

            "New CIGA Owner Restructuring" shall have the meaning assigned that
term in the Eleventh Amendment.

            "New CIGA Owner Shares" shall have the meaning assigned that term in
the Eleventh Amendment.

            "Other Remaining Guarantors" means, collectively, (i) each of the
existing Subsidiaries of the Corporation (other than the Principal Guarantors)
listed on SCHEDULE 2 to the Eleventh Amendment, (ii) any Wholly-Owned Domestic
Subsidiary (or under the circumstances described in Section 8.14 of the Credit
Agreement, any Wholly-Owned Foreign Subsidiary) created, established, or
acquired by any Borrower which is required to become a Guarantor under the
Credit Documents (after taking into account the Eleventh Amendment), (iii) any
Subsidiary which would be a Released Guarantor but becomes a Guarantor in
accordance with the provisions of Section 11(a)(iii) of Part I of the Eleventh
Amendment and (iv) from and after the New CIGA Owner Financing Date, CIGA
Borrower.

            "Pledgor" means the Corporation and each of its Subsidiaries which
is a party to the Pledge and Security Agreement.

            "Principal Guarantors" shall mean the Corporation, Starwood
Holdings, ITT, Starwood REIT, SLT RLP, SLC OLP, Starwood Vacation, and ITT
Sheraton.


                                      -29-
<Page>

            "Released Collateral" shall mean, collectively, (i) the Pledge and
Security Agreement Collateral at one time pledged by the Released Guarantors (as
further described in SCHEDULE 3A attached to the Eleventh Amendment) and
released from the Pledge and Security Agreement pursuant to the Eleventh
Amendment on the Guarantor Release Date, (ii) certain additional Pledge and
Security Agreement Collateral at one time pledged by certain Remaining
Guarantors (as further described in SCHEDULE 3B attached to the Eleventh
Amendment) and also released from the Pledge and Security Agreement pursuant to
the Eleventh Amendment, and (iii) certain additional Pledge and Security
Agreement Collateral as further described in SCHEDULE 3C attached to the
Eleventh Amendment; provided that any Equity Interests pledged pursuant to
Section 11(a)(iii) of Part I of the Eleventh Amendment shall cease to constitute
Released Collateral.

            "Released Guarantors" means, collectively, (i) each of the existing
Subsidiaries of the Corporation listed on SCHEDULE 1 to the Eleventh Amendment
and (ii) any Subsidiary of the Corporation (other than any Principal Guarantor)
acquired, created or established after the date of the Eleventh Amendment which
is not a Wholly-Owned Subsidiary of the Corporation and which would otherwise be
required to become a Guarantor pursuant to the Credit Documents (but for the
application of the Eleventh Amendment); PROVIDED that (x) any Released Guarantor
shall cease to constitute a Released Guarantor if such Person is designated as a
Guarantor pursuant to Section 11(a)(iii) of Part I of the Eleventh Amendment and
(y) in no event shall any of (A) the CIGA Borrower, (B) any Vistana Restricted
Subsidiaries or (C) any Subsidiary which has incurred any indebtedness pursuant
to a CMBS Transaction, constitute a Released Guarantor.

            "Remaining Guarantors" shall mean the Principal Guarantors and the
Other Remaining Guarantors.

            "Restricted Assets" shall have the meaning assigned such term in
Section 9.01.

            "Restricted Vistana Subsidiaries" shall have the meaning assigned
that term in the Ninth Amendment.

            "Series A Convertible Senior Notes" shall mean the Series A Zero
Coupon Convertible Senior Notes due May 25, 2021, issued by the Corporation.

            "Starwood Holdings" means Starwood Hotels & Resorts Holdings, Inc.,
an Arizona corporation, which is the company referred to as the New Intermediate
Holding Company in the Eighth Amendment.

            "Starwood Vacation" shall mean Starwood Vacation Ownership, Inc., a
Florida corporation previously known as Vistana, Inc.

PART II.    MISCELLANEOUS PROVISIONS

            A. Each Guarantor and each Borrower, by their signatures below,
hereby confirms that (x) the Guaranty shall remain in full force and effect and
the Guaranty covers the obligations of each of the Borrowers under the Credit
Agreement, as


                                      -30-
<Page>

modified and amended by this Amendment and (y) the Pledge and Security Agreement
(as modified by this Amendment) shall remain in full force and effect as
security for the obligations under the Credit Agreement, as modified and amended
by this Amendment, and the Guaranty. Notwithstanding anything to the contrary
contained in the immediately preceding sentence, it is acknowledged and agreed
that, from and after the occurrence of the Guarantor Release Date (if same
occurs), the releases of Guarantors and Pledgors who are Released Guarantors
from the Guaranty and the Pledge and Security Agreement shall be effected in
accordance with the provisions of Section 11 of Part I of this Amendment. Each
Remaining Guarantor agrees that, from and after the occurrence of any releases
of Guarantors pursuant to the Guaranty and/or Pledge and Security Agreement, in
accordance with the provisions of Section 11 of Part I of the Eleventh Amendment
or otherwise, the provisions of the Guaranty and the Pledge and Security
Agreement shall continue in full force and effect with respect to each such
Remaining Guarantor, and each such Remaining Guarantor shall remain obligated
for all of its other obligations pursuant to each Credit Document to which it is
a party.

            B. The Corporation represents and warrants to the Lenders that, on
the Eleventh Amendment Effective Date, before, as of and after giving effect to
the execution, delivery and performance by the Corporation of this Amendment and
the transactions contemplated hereby, and on the Guarantor Release Date, if same
occurs, after giving effect to the execution, delivery and performance by the
Corporation of this Amendment and the transactions contemplated hereby, (i)
there shall exist no Default or Event of Default and (ii) all representations
and warranties contained in the Credit Agreement and in the other Credit
Documents, as modified hereby, shall be true and correct in all material
respects with the same effect as though such representations and warranties had
been made on the Eleventh Amendment Effective Date or the Guarantor Release
Date, as the case may be (it being understood and agreed that any representation
or warranty which by its terms is made as of a specified date shall be true and
correct in all material respects only as of such specified date).

            C. The Corporation further represents and warrants to the Lenders as
of the Eleventh Amendment Effective Date, to the best of its knowledge (assuming
for the purpose of this representation only that Section 10.04 of the Credit
Agreement has not been amended as set forth herein), the Corporation is not
aware of any circumstance that would result in the likelihood of any payment or
other default by the Corporation and its Subsidiaries under any agreement that
would cause an Event of Default as described in Section 10.04 of the Credit
Agreement.

            D. The Corporation further represents and warrants to the Lenders as
of the date hereof that, assuming (x) this Amendment became effective and the
Guarantor Release Date occurred, in each case as of the date hereof, and (y)(i)
the Released Guarantors were released from the Guaranty, (ii) the Released
Guarantors were released as Pledgors from the Pledge and Security Agreement and
(iii) the Released Collateral was released from the Pledge and Security
Agreement, SCHEDULE 4 sets forth a true and correct description in all material
respects of the Collateral of the Remaining Guarantors, which, after the date
hereof, would be pledged under the Pledge and Security Agreement after giving
effect to this Amendment and the occurrence of the Guarantor Release Date and
the consummation of the transactions contemplated hereunder.

            E. The Corporation further represents and warrants to the Lenders
that, to the best of its knowledge, all unaudited information furnished by it to
the Administrative Agents prior to the Eleventh Amendment Effective Date with
respect to the EBITDA directly attributable to the Remaining Guarantors (as
opposed to other Subsidiaries of the Corporation)


                                      -31-
<Page>

and the Collateral of the Remaining Guarantors (as opposed to other Subsidiaries
of the Corporation), as well as all other related financial information with
respect to the Remaining Guarantors (as opposed to the other Subsidiaries of the
Corporation), is true and correct in all material respects, and fairly and
accurately presents the relevant financial results directly attributable to the
Remaining Guarantors (as opposed to the other Subsidiaries of the Corporation)
and the Collateral of the Remaining Guarantors (as opposed to the other
Subsidiaries of the Corporation).

            F. This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

            G. This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrowers and the Paying Agent.

            H. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE
STATE OF NEW YORK.

            I. This Amendment shall become effective on the date (the "ELEVENTH
AMENDMENT EFFECTIVE DATE") when each of the Borrowers, each Guarantor and the
Required Lenders shall have signed a counterpart hereof (whether the same or
different counterparts) and shall have delivered (including by way of facsimile
transmission) the same to the Paying Agent (or its designee); PROVIDED, HOWEVER,
notwithstanding the foregoing, Section 1(a) of this Amendment shall not become
effective until the first day occurring on or after the Eleventh Amendment
Effective Date upon which the Supermajority Lenders of the Tranche II Term Loans
shall have signed a counterpart hereof (whether the same or different
counterparts) and shall have delivered (including by way of facsimile
transmission) the same to the Paying Agent (or its designee) (with the date
described in this proviso being herein called the "SECTION 1 EFFECTIVE DATE");
PROVIDED further that if the Section 1 Effective Date does not occur prior to
November 23, 2001, same shall not occur. Agent shall promptly deliver notice to
the Corporation of any occurrence of the Eleventh Amendment Effective Date
and/or the Section 1 Effective Date.

            J. From and after the Eleventh Amendment Effective Date, all
references in the Credit Agreement and each of the other Credit Documents to the
Credit Agreement shall be deemed to be references to the Credit Agreement as
modified hereby.

            K. The Borrowers hereby covenant and agree that, so long as the
Eleventh Amendment Effective Date occurs, they shall pay (and shall be jointly
and severally obligated to pay) each Lender which executes and delivers to the
Paying Agent (or its designee) a counterpart hereof by the later to occur of (x)
the close of business on the Eleventh Amendment Effective Date or (y) 12:00 p.m.
(New York time) on Tuesday, November 20, 2001 (the "OUTSIDE DATE"), or which is
an immediate or successive assignee of any Lender described above (with respect
to amounts obtained, directly or indirectly, by assignment from such Lender), a
non-refundable


                                      -32-
<Page>

cash fee in an amount equal to twenty basis points (.20%) of an amount equal to
the sum of the outstanding principal amount of Term Loans of such Lender and the
Revolving Loan Commitment of such Lender, in each case as same is in effect on
the Eleventh Amendment Effective Date, which fees shall be paid by the Borrowers
to the Paying Agent for distribution to the Lenders not later than the fifth
Business Day following the Outside Date.




                            [SIGNATURE PAGES FOLLOW]






                                      -33-
<Page>

            IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Amendment as of the date first
above written.

                                    STARWOOD HOTELS & RESORTS
                                    WORLDWIDE, INC., a Maryland corporation


                                    By: /s/ Jeff S. Drew
                                       -------------------
                                    Name:  Jeff S. Drew
                                    Title: Senior Vice President & Treasurer

                                    STARWOOD HOTELS & RESORTS,
                                    a Maryland real estate investment trust


                                    By: /s/ Jeff S. Drew
                                       --------------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Treasurer

                                    SLT REALTY LIMITED PARTNERSHIP,
                                    a Delaware limited partnership

                                    By:   Starwood Hotels & Resorts,
                                          Maryland real estate investment trust,
                                          its general partner


                                          By: /s/ Jeff S. Drew
                                             -------------------------
                                          Name:  Jeff S. Drew
                                          Title: Vice President & Treasurer

                                    SHERATON HOLDING CORPORATION
                                    (f/k/a ITT Corporation), a Nevada
                                    corporation


                                    By: /s/ Jeff S. Drew
                                    ------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant Treasurer



                  [Signature Page to Eleventh Amendment - p. 1]

<Page>

                                    STARWOOD HOTELS & RESORTS HOLDINGS, INC.,
                                    an Arizona corporation


                                    By: /s/ Jeff S. Drew
                                    ------------------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant Treasurer

                                    CHARLESTON HOTEL ASSOCIATES, LLC,
                                    a New Jersey limited liability company,

                                    CRYSTAL CITY HOTEL ASSOCIATES, LLC,
                                    a New Jersey limited liability company,

                                    LONG BEACH HOTEL ASSOCIATES, LLC,
                                    a New Jersey limited liability company,

                                    SANTA ROSA HOTEL ASSOCIATES, LLC,
                                    a New Jersey limited liability company,

                                    SLT ALLENTOWN LLC,
                                    a Delaware limited liability company,

                                    SLT ARLINGTON LLC,
                                    a Delaware limited liability company,

                                    SLT ASPEN DEAN STREET, LLC,
                                    a Delaware limited liability company,

                                    SLT BLOOMINGTON LLC,
                                    a Delaware limited liability company,

                                    SLT DANIA LLC,
                                    a Delaware limited liability company,

                                    SLT DC MASSACHUSETTS AVENUE, LLC,
                                    a Delaware limited liability company,

                                    SLT INDIANAPOLIS LLC,
                                    a Delaware limited liability company,

                                    SLT KANSAS CITY LLC,
                                    a Delaware limited liability company,

                                    SLT LOS ANGELES LLC,
                                    a Delaware limited liability company,


                  [Signature Page to Eleventh Amendment - p. 2]
<Page>


                                    SLT MINNEAPOLIS LLC,
                                    a Delaware limited liability company,

                                    SLT PALM DESERT LLC,
                                    a Delaware limited liability company,

                                    SLT PHILADELPHIA LLC,
                                    a Delaware limited liability company,

                                    SLT REALTY COMPANY, LLC,
                                    a Delaware limited liability company,

                                    SLT SAN DIEGO LLC,
                                    a Delaware limited liability company,

                                    SLT SOUTHFIELD LLC,
                                    a Delaware limited liability company,

                                    SLT ST. LOUIS LLC,
                                    a Delaware limited liability company,

                                    SLT TUCSON LLC,
                                    a Delaware limited liability company,

                                    STARLEX LLC,
                                    a New York limited liability company,

                                    STARWOOD ATLANTA II LLC,
                                    a Delaware limited liability company,

                                    STARWOOD ATLANTA LLC,
                                    a Delaware limited liability company,

                                    STARWOOD MISSION HILLS, L.L.C.,
                                    a Delaware limited liability company,

                                    STARWOOD NEEDHAM LLC,
                                    a Delaware limited liability company,


                  [Signature Page to Eleventh Amendment - p. 3]
<Page>



                                    STARWOOD WALTHAM LLC,
                                    a Delaware limited liability company,

                                    By:   SLT Realty Limited Partnership,
                                          a Delaware limited partnership, the
                                          managing member of each of the above
                                          listed entities

                                          By:   Starwood Hotels & Resorts,
                                                a Maryland real estate
                                                investment trust, its general
                                                partner


                                                By: /s/ Jeff S. Drew
                                                   -------------------------
                                                   Name:  Jeff S. Drew
                                                   Title:Vice President
                                                      & Assistant Treasurer

                                    BW HOTEL REALTY, LP,
                                    a Maryland limited partnership,

                                    CP HOTEL REALTY, LP,
                                    a Maryland limited partnership,

                                    EDISON HOTEL ASSOCIATES, LP,
                                    a New Jersey limited partnership,

                                    NOVI HOTEL ASSOCIATES, LP,
                                    a Delaware limited partnership,

                                    PARK RIDGE HOTEL ASSOCIATES LP,
                                    a Delaware limited partnership,

                                    SLT FINANCING PARTNERSHIP,
                                    a Delaware general partnership,

                                    SLT HOUSTON BRIAR OAKS, LP,
                                    a Delaware limited partnership,

                                    VIRGINIA HOTEL ASSOCIATES, LP,
                                    a Delaware limited partnership,


                  [Signature Page to Eleventh Amendment - p. 4]
<Page>


                                    PRUDENTIAL HEI JOINT VENTURE,
                                    a Georgia general partnership,

                                    By:   SLT Realty Limited Partnership,
                                          a Delaware limited partnership, the
                                          general partner of each of the above
                                          listed entities

                                          By:   Starwood Hotels & Resorts,
                                                a Maryland real estate
                                                investment trust, its general
                                                partner


                                                By: /s/ Jeff S. Drew
                                                   -------------------------
                                                Name:  Jeff S. Drew
                                                Title: Vice President
                                                       & Assistant Treasurer

                                    HEI HOTELS, L.L.C.,
                                    a Delaware limited liability company,

                                    SLC CENTRAL PARK SOUTH, LLC,
                                    a Delaware limited liability company,

                                    SLC INDIANAPOLIS LLC,
                                    a Delaware limited liability company,

                                    STARWOOD MANAGEMENT COMPANY, LLC, a
                                    Delaware limited liability company,

                                    By:   SLC Operating Limited Partnership,
                                          a Delaware limited partnership, the
                                          managing member of each of the above
                                          listed entities

                                          By:   Starwood Hotels & Resorts
                                                Worldwide, Inc., a Maryland
                                                corporation, its general partner


                                                By: /s/ Jeff S. Drew
                                                   --------------------
                                                Name:  Jeff S. Drew
                                                Title: Senior Vice President
                                                       & Treasurer


                  [Signature Page to Eleventh Amendment - p. 5]
<Page>

                                    SLC OPERATING LIMITED PARTNERSHIP,
                                    a Delaware limited partnership,

                                    By:   Starwood Hotels & Resorts Worldwide,
                                          Inc., a Maryland corporation, its
                                          general partner


                                          By: /s/ Jeff S. Drew
                                             --------------------
                                          Name:  Jeff S. Drew
                                          Title: Senior Vice President &
                                                 Treasurer

                                    MILWAUKEE BROOKFIELD LP,
                                    a Wisconsin limited partnership,

                                    By:   SLC Operating Limited Partnership,
                                          a Delaware limited partnership, the
                                          general partner of each of the above
                                          listed entities

                                          By:   Starwood Hotels & Resorts
                                                Worldwide, Inc., a Maryland
                                                corporation, its general partner


                                                By: /s/ Jeff S. Drew
                                                   --------------------
                                                Name:  Jeff S. Drew
                                                Title: Senior Vice President
                                                       & Treasurer

                                    ITT BROADCASTING CORP.,
                                    a Delaware corporation

                                    By: /s/ Jeff S. Drew
                                       --------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant Treasurer

                                    THE SHERATON CORPORATION
                                    (f/k/a ITT Sheraton Corporation), a
                                    Delaware corporation,

                                    DESTINATION SERVICES OF SCOTTSDALE, INC.,
                                    a Delaware corporation,




                  [Signature Page to Eleventh Amendment - p. 6]
<Page>

                                    GENERAL FIDUCIARY CORPORATION,
                                    a Massachusetts corporation,

                                    GLOBAL CONNEXTIONS INC.,
                                    a Delaware corporation,

                                    STARWOOD RESERVATIONS CORPORATION (f/k/a
                                    ITT Sheraton Reservations Corporation),
                                    a Delaware corporation,

                                    MANHATTAN SHERATON CORPORATION,
                                    a New York corporation,

                                    SAN DIEGO SHERATON CORPORATION,
                                    a Delaware corporation,

                                    SAN FERNANDO SHERATON CORPORATION,
                                    a Delaware corporation,

                                    SHERATON 45 PARK CORPORATION,
                                    a Delaware corporation,

                                    SHERATON ASIA-PACIFIC CORPORATION,
                                    a Delaware corporation,

                                    SHERATON BOSTON CORPORATION
                                    a Massachusetts corporation,

                                    SHERATON CALIFORNIA CORPORATION,
                                    a Delaware corporation,

                                    SHERATON FLORIDA CORPORATION,
                                    a Delaware corporation,

                                    SHERATON HARBOR ISLAND CORPORATION,
                                    a Delaware corporation,

                                    SHERATON HAWAII HOTELS CORPORATION,
                                    a Hawaii corporation,

                                    SHERATON INTERNATIONAL DE MEXICO, INC., a
                                    Delaware corporation,



                  [Signature Page to Eleventh Amendment - p. 7]
<Page>


                                    SHERATON WARSAW CORPORATION,
                                    a Delaware corporation,

                                    SHERATON MIAMI CORPORATION,
                                    a Delaware corporation,

                                    SHERATON MIDDLE EAST MANAGEMENT CORP.,
                                    a Delaware corporation,

                                    SHERATON NEW YORK CORPORATION,
                                    a New York corporation,

                                    SHERATON OVERSEAS TECHNICAL SERVICES
                                    CORPORATION,
                                    a Delaware corporation,

                                    SHERATON PEACHTREE CORPORATION,
                                    a Delaware corporation,

                                    SHERATON PHOENICIAN CORPORATION,
                                    a Delaware corporation,

                                    SHERATON SAVANNAH CORPORATION,
                                    a Delaware corporation,

                                    ST. REGIS SHERATON CORPORATION,
                                    a New York corporation,

                                    WORLDWIDE FRANCHISE SYSTEMS, INC.,
                                    a Delaware corporation,

                                    SHERATON VERMONT CORPORATION,
                                    a Vermont corporation


                                    By: /s/ Jeff S. Drew
                                       --------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant Treasurer


                  [Signature Page to Eleventh Amendment - p. 8]
<Page>


                                    SHERATON INTERNATIONAL, INC.,
                                    a Delaware corporation,


                                    By: /s/ Jeff S. Drew
                                       --------------------
                                    Name:  Jeff S. Drew
                                    Title: Senior Vice President & Treasurer

                                    SHERATON MANAGEMENT, LLC
                                    (f/k/a Sheraton Management Corporation),
                                    a Delaware limited liability company,

                                    By:   Sheraton International, Inc.,
                                          a Delaware corporation, its sole
                                          member

                                          By: /s/ Jeff S. Drew
                                             --------------------
                                          Name:  Jeff S. Drew
                                          Title: Senior Vice President &
                                                 Treasurer

                                    SHERATON OVERSEAS MANAGEMENT CORPORATION,
                                    a Delaware corporation,


                                    By: /s/ Jeff S. Drew
                                       --------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Treasurer

                                    HUDSON SHERATON CORPORATION LLC,
                                    a Delaware limited liability company

                                    By:   The Sheraton Corporation
                                          (f/k/a ITT Sheraton Corporation), a
                                          Delaware corporation, its managing
                                          member


                                          By: /s/ Jeff S. Drew
                                             --------------------
                                          Name:  Jeff S. Drew
                                          Title: Senior Vice President &
                                                 Treasurer


                  [Signature Page to Eleventh Amendment - p. 9]
<Page>

                                    ITT MSG, INC.,
                                    a Delaware corporation

                                    By: /s/ Jeff S. Drew
                                       --------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant Treasurer

                                    W&S DENVER CORP.,
                                    a Delaware corporation,

                                    W&S REALTY CORPORATION OF DELAWARE,
                                    a Delaware corporation,

                                    BENJAMIN FRANKLIN HOTEL, INC.,
                                    a Washington corporation,

                                    LAUDERDALE HOTEL COMPANY,
                                    a Delaware corporation,

                                    WESTIN BAY HOTEL COMPANY,
                                    a Delaware corporation,

                                    CINCINNATI PLAZA COMPANY,
                                    a Delaware corporation,

                                    SOUTH COAST WESTIN HOTEL COMPANY,
                                    a Delaware corporation,

                                    TOWNHOUSE MANAGEMENT INC.,
                                    a Delaware corporation,

                                    WVC RANCHO MIRAGE, INC.,
                                    a Delaware corporation,

                                    WESTIN ASSET MANAGEMENT COMPANY,
                                    a Delaware corporation,

                                    W&S ATLANTA CORP.,
                                    a Delaware corporation,


                                    By: /s/ Jeff S. Drew
                                       --------------------
                                    Name:  Jeff S. Drew
                                    Title: Vice President & Assistant Treasurer


                  [Signature Page to Eleventh Amendment - p. 10]
<Page>

                                    WESTIN SEATTLE HOTEL COMPANY,
                                    a Washington general partnership,

                                    By:   Benjamin Franklin Hotel, Inc.,
                                          its general partner


                                          By: /s/ Jeff S. Drew
                                             --------------------
                                          Name:  Jeff S. Drew
                                          Title: Vice President & Assistant
                                                 Treasurer

                                    By:   W&S Realty Corporation of Delaware,
                                          its general partner


                                          By: /s/ Jeff S. Drew
                                             --------------------
                                          Name:  Jeff S. Drew
                                          Title: Vice President & Assistant
                                                 Treasurer

                                    WESTIN PREMIER, INC.,
                                    a Delaware corporation,

                                    WESTIN VACATION MANAGEMENT CORPORATION,
                                    a Delaware corporation,

                                    STARWOOD VACATION EXCHANGE COMPANY (f/k/a
                                    Westin Vacation Exchange Company), a
                                    Delaware corporation

                                    By:   Starwood Hotels & Resorts Worldwide,
                                          Inc., a Maryland corporation, the sole
                                          stockholder of each of the above
                                          listed entities


                                          By: /s/ Jeff S. Drew
                                             --------------------
                                          Name:  Jeff S. Drew
                                          Title: Senior Vice President &
                                                 Treasurer

                                    W&S LAUDERDALE CORP.,
                                    a Delaware corporation,



                  [Signature Page to Eleventh Amendment - p. 11]
<Page>

                                    W&S SEATTLE CORP.,
                                    a Delaware corporation,

                                    By:   SLT Realty Limited Partnership,
                                          a Delaware limited partnership, the
                                          sole stockholder of each of the above
                                          listed entities

                                          By:   Starwood Hotels & Resorts,
                                                a Maryland real estate
                                                investment trust, its general
                                                partner


                                                By: /s/ Jeff S. Drew
                                                   --------------------
                                                Name:  Jeff S. Drew
                                                Title: Vice President &
                                                       Treasurer

                                    DATA MARKETING ASSOCIATES EAST, INC.,
                                    a Florida corporation,

                                    STARWOOD VACATION SERVICES, INC. (f/k/a
                                    Vacation Marketing Services, Inc.), a
                                    Florida corporation,

                                    VACATION TITLE SERVICES, INC.,
                                    a Florida corporation,

                                    VACATIONWORKS, INC.,
                                    a Florida corporation,

                                    VCH COMMUNICATIONS, INC.,
                                    a Florida corporation,

                                    VCH CONSULTING, INC.,
                                    a Florida corporation,

                                    VCH PORTFOLIO SERVICES, INC.,
                                    a Florida corporation,

                                    VCH SALES, INC.,
                                    a Florida corporation,

                                    VCH SYSTEMS, INC.,
                                    a Florida corporation,


                  [Signature Page to Eleventh Amendment - p. 12]
<Page>


                                    VCH TRADEMARK, INC.,
                                    a Florida corporation,

                                    VCM OAKS, INC.,
                                    a Florida corporation,

                                    SVO VISTANA VILLAGES, INC.
                                    (f/k/a VDI2, Inc.),
                                    a Florida corporation,

                                    VISTANA ACCEPTANCE CORP.,
                                    a Florida corporation,

                                    VISTANA CAVE CREEK, INC.
                                    an Arizona corporation,

                                    VISTANA DEVELOPMENT, INC.,
                                    a Florida corporation d/b/a
                                    Vistana Development, Ltd.,

                                    SVO EAST, INC. (f/k/a Vistana East, Inc.),
                                    a Florida corporation,

                                    SVO INTERNATIONAL, INC.
                                    (f/k/a Vistana International, Inc.),
                                    a Florida corporation,

                                    SVO MANAGEMENT, INC.
                                    (f/k/a Vistana Management, Inc.), a
                                    Florida corporation d/b/a Vistana
                                    Management, Ltd.,

                                    SVO MB MANAGEMENT, INC., (f/k/a Vistana
                                    MB Management, Inc.),
                                    a South Carolina corporation,

                                    VISTANA NJ, INC.,
                                    a New Jersey corporation,

                                    VISTANA OP INVESTMENT, INC.,
                                    a Florida corporation,

                                    VISTANA PSL, INC.,
                                    a Florida corporation,


                  [Signature Page to Eleventh Amendment - p. 13]
<Page>


                                    VISTANA SCOTTSDALE MANAGEMENT, INC., an
                                    Arizona corporation,

                                    SVO WEST, INC. (f/k/a Vistana West, Inc.),
                                    a Florida corporation,

                                    POINTS OF COLORADO, INC.,
                                    a Colorado corporation,

                                    SVO PACIFIC, INC.
                                    (f/k/a Vistana Pacific, Inc.), a Florida
                                    corporation

                                    SVO ARIZONA, INC.,
                                    an Arizona corporation

                                    SVO CALIFORNIA, INC.,
                                    a California corporation

                                    SVO CALIFORNIA MANAGEMENT, INC.,
                                    a California corporation

                                    STARWOOD VACATION OWNERSHIP, INC.
                                    (f/k/a Vistana, Inc.), a Florida
                                    corporation, the sole stockholder of each
                                    of the above listed entities


                                    By: /s/ Ronald C. Brown
                                       --------------------
                                    Name:  Ronald C. Brown
                                    Title: Vice President and Assistant
                                           Treasurer

                                    P.O.C. REALTY, INC.,
                                    a Colorado corporation,


                                    By: /s/ Ronald C. Brown
                                       --------------------
                                    Name:  Ronald C. Brown
                                    Title: Vice President and Assistant
                                           Treasurer

                                    SUCCESS OF ARIZONA, L.L.C.,
                                    an Arizona limited liability company,

                                    SUCCESS OF COLORADO, L.L.C.,
                                    a Nevada limited liability company,


                  [Signature Page to Eleventh Amendment - p. 14]
<Page>

                                    FIESTA VACATIONS, L.L.C.,
                                    an Arizona limited liability company,

                                    By:   SVO West, Inc. (f/k/a Vistana West,
                                          Inc.), a Florida corporation, its
                                          Manager


                                          By: /s/ Ronald C. Brown
                                             --------------------
                                             Name:  Ronald C. Brown
                                             Title: Vice President and Assistant
                                                    Treasurer

                                    SUCCESS DEVELOPMENTS, L.L.C.,
                                    an Arizona limited liability company

                                    By:   Points of Colorado, Inc., a Colorado
                                          corporation, its Manager

                                          By: /s/ Ronald C. Brown
                                             --------------------
                                             Name:  Ronald C. Brown
                                             Title: Vice President and Assistant
                                                    Treasurer

                                    SUCCESS OF COLORADO REALTY, L.L.C.,
                                    a Nevada limited liability company

                                    By:   Success of Colorado, L.L.C., a
                                          Nevada limited liability company, a
                                          member

                                          By:   SVO West, Inc. (f/k/a Vistana
                                                West, Inc.), a Florida
                                                corporation, its Manager


                                                By: /s/ Ronald C. Brown
                                                   --------------------
                                                Name:  Ronald C. Brown
                                                Title: Vice President and
                                                       Assistant Treasurer


                  [Signature Page to Eleventh Amendment - p. 15]
<Page>

                                    STRONG ADVANTAGE FUND, A SERIES OF STRONG
                                    ADVANTAGE FUND, INC.

                                          By:   /s/ Gilbert L. Southwell, III
                                                ----------------------------
                                          Name:  Gilbert L. Southwell, III
                                          Title: Associate Counsel

                                    THE ROYAL BANK OF SCOTLAND PLC

                                          By:   /s/ Peter M. Anscomb
                                                --------------------
                                          Name:  Peter M. Anscomb
                                          Title: Corporate Director,
                                                 Leisure, and Head of Travel &
                                                 Hotels

                                    OAK HILL SECURITIES FUND, L.P.

                                          By:   Oak Hill Securities GenPar, L.P.
                                                Its General Partner

                                                By:   Oak Hill Securities MGP,
                                                      Inc.
                                                      Its General Partner

                                                      By: /s/ Scott D. Krase
                                                         -------------------
                                                      Name:  Scott D. Krase
                                                      Title: Vice President

                                    OAK HILL SECURITIES FUND II, L.P.

                                          By:   Oak Hill Securities GenPar II,
                                                L.P.
                                                Its General Partner

                                                By:  Oak Hill Securities MGP II,
                                                     Inc.
                                                     Its General Partner

                                                     By: /s/ Scott D. Krase
                                                        -------------------
                                                     Name: Scott D. Krase
                                                     Title: Vice President


                  [Signature Page to Eleventh Amendment - p. 16]
<Page>

                                    CREDIT SUISSE FIRST BOSTON

                                          By: /s/ Bill O'Daly
                                             ----------------
                                          Name:  Bill O'Daly
                                          Title: Vice President

                                          By: /s/ Cassandra Droogan
                                             ----------------------
                                          Name:  Cassandra Droogan
                                          Title: Associate

                                    CIBC INC.

                                          By:   /s/ Dean J. Decker
                                                ------------------
                                          Name:  Dean J. Decker
                                          Title: Managing Director
                                                 CIBC World Markets Corp., as
                                                 Agent

                                    BANK LEUMI USA

                                          By:   /s/ Joung Hoe Hong
                                                ------------------
                                          Name:  Joung Hoe Hong
                                          Title: Vice President

                                    SEQUILS I, LTD.

                                          By:   TCW Advisors, Inc. as its
                                                Collateral Manager

                                                By:   /s/ Jonathan R. Insull
                                                      ----------------------
                                                Name:  Jonathan R. Insull
                                                Title: Senior Vice President

                                                By:   /s/ Jonathan I. Berg
                                                      --------------------
                                                Name:  Jonathan I. Berg
                                                Title: Assistant Vice President

                                    WELLS FARGO BANK
                                    formerly First Security Bank

                                          By:   /s/ Gary M. Rigby
                                                -----------------
                                          Name:  Gary M. Rigby
                                          Title: RM


                  [Signature Page to Eleventh Amendment - p. 17]
<Page>


                                    FIRST DOMINION FUNDING I

                                          By:   /s/ Andrew H. Marshak
                                                ---------------------
                                          Name:  Andrew H. Marshak
                                          Title: Authorized Signatory

                                    FIRST DOMINION FUNDING II

                                          By:   /s/ Andrew H. Marshak
                                                --------------------
                                          Name:  Andrew H. Marshak
                                          Title: Authorized Signatory

                                    FIRST DOMINION FUNDING III

                                          By:   /s/ Andrew H. Marshak
                                                --------------------
                                          Name:  Andrew H. Marshak
                                          Title: Authorized Signatory

                                    CSAM FUNDING I

                                          By:   /s/ Andrew H. Marshak
                                                ---------------------
                                          Name:  Andrew H. Marshak
                                          Title: Authorized Signatory

                                    CREDIT INDUSTRIEL ET COMMERCIAL

                                          By: /s/ Marcus Edward /s/ Sean Mounier
                                             -----------------------------------
                                          Name:   Marcus Edward   Sean Mounier
                                          Title:  Vice President  First Vice
                                                                  President

                                    SUMITOMO TRUST & BANKING CO., LTD.
                                    New York Branch

                                          By:   /s/ Frances E. Wynne
                                                -------------------
                                          Name:  Frances E. Wynne
                                          Title: Vice President

                                    SOUTHERN PACIFIC BANK

                                          By:   /s/ Mun Young Kim
                                                -----------------
                                          Name:  Mun Young Kim
                                          Title: Vice President


                  [Signature Page to Eleventh Amendment - p. 18]
<Page>


                                    ARAB BANK PLC

                                          By:   /s/ John Korthuis
                                                -----------------
                                          Name:  John Korthuis
                                          Title: Vice President

                                       GENERAL ELECTRIC CAPITAL CORPORATION

                                          By:   /s/ GREGORY HONG
                                                ----------------
                                          Name:  Gregory Hong
                                          Title: Duly Authorized Signatory

                                    CARLYLE HIGH YIELD PARTNERS III, LTD.

                                          By:   /s/ Linda M. Pace
                                                -----------------
                                          Name:  Linda M. Pace
                                          Title: Vice President

                                    CARLYLE HIGH YIELD PARTNERS II, LTD.

                                          By:   /s/ Linda M. Pace
                                                -----------------
                                          Name:  Linda M. Pace
                                          Title: Vice President

                                    CARLYLE HIGH YIELD PARTNERS, L.P.

                                          By:   /s/ Linda M. Pace
                                                -----------------
                                          Name:  Linda M. Pace
                                          Title: Vice President

                                    BANK OF MONTREAL

                                          By:   /s/ David M. Rubin
                                                ------------------
                                          Name:  David M. Rubin
                                          Title: Managing Director

                                    BANK OF SCOTLAND

                                          By:   /s/ Joseph Fratus
                                                -----------------
                                          Name:  Joseph Fratus
                                          Title: Vice President


                  [Signature Page to Eleventh Amendment - p. 19]
<Page>

                                    BOS (USA) INC.

                                          By:   Bank of Scotland
                                                as Administrative Agent

                                                By: /s/ Joseph Fratus
                                                   ------------------
                                                Name:  Joseph Fratus
                                                Title: Vice President

                                    FIRST HAWAIIAN BANK

                                          By: /s/ Charles L. Jenkins
                                             -----------------------
                                          Name:  Charles L. Jenkins
                                          Title: Vice President, Manager

                                    BANK ONE, NA

                                          By: /s/ Dennis J. Redpath
                                             ----------------------
                                          Name:  Dennis J. Redpath
                                          Title: Director, Capital Markets

                                    THE BANK OF NOVA SCOTIA
                                    NEW YORK AGENCY

                                          By: /s/ Bruce G. Ferguson
                                             ----------------------
                                          Name:  Bruce G. Ferguson
                                          Title: Managing Director

                                    CITICORP NORTH AMERICA, INC.

                                          By: /s/ MICHAEL CHLOPAK
                                             ----------------------
                                          Name:  Michael Chlopak
                                          Title: Vice President

                                    BANCA NAZIONALE DEL LAVORO S.P.A.
                                    NEW YORK BRANCH

                                          By: /s/ Leonardo Valentini
                                             -----------------------
                                          Name:  Leonardo Valentini
                                          Title: First Vice President

                                          By: /s/ Stefano Carsetti
                                             ---------------------
                                          Name:  Stefano Carsetti
                                          Title: Vice President


                  [Signature Page to Eleventh Amendment - p. 20]
<Page>

                                    KZH CNC LLC

                                          By: /s/ Susan Lee
                                             ----------------------
                                          Name:  Susan Lee
                                          Title: Authorized Agent

                                    SOCIETE GENERALE

                                          By: /s/ Carina T. Huynh
                                             --------------------
                                          Name:  Carina T. Huynh
                                          Title: Vice President

                                    FLEET NATIONAL BANK

                                          By: /s/ Kathleen M. Ahern
                                             ----------------------
                                          Name:  Kathleen M. Ahern
                                          Title: Director

                                    FLEET NATIONAL BANK
                                    (f/k/a BANKBOSTON, N.A.)

                                          By: /s/ Kathleen M. Ahern
                                             ----------------------
                                          Name:  Kathleen M. Ahern
                                          Title: Director

<Table>
<S>                                       <C>
                                    BNP PARIBAS

                                          By: /s/ Janice S. H. Ho   /s/ Tjalling Terpstra
                                             --------------------------------------------
                                          Name:  Janice S. H. Ho        Tjalling Terpstra
                                          Title: Director               Director
</Table>

                                    JPMORGAN CHASE BANK (formerly known as
                                    THE CHASE MANHATTAN BANK)

                                          By: /s/ John F. Mix
                                             ----------------
                                          Name:  John F. Mix
                                          Title: Vice President

                                    LEHMAN COMMERCIAL PAPER INC.

                                          By: /s/ Michele Swanson
                                             --------------------
                                          Name:  Michele Swanson
                                          Title: Authorized Signatory


                  [Signature Page to Eleventh Amendment - p. 21]
<Page>

                                    CREDIT LYONNAIS
                                    NEW YORK BRANCH

                                          By: /s/ Rodrick Rohrbach
                                             ---------------------
                                          Name:  Rodrick Rohrbach
                                          Title: Senior Vice President

                                    BANK OF AMERICA, N.A.

                                          By: /s/ Ansel Mcdowell
                                             -------------------
                                          Name:  Ansel McDowell
                                          Title: Principal

                                    RIVIERA FUNDING LLC

                                          By: /s/ Ann E. Morris
                                             ------------------
                                          Name:  Ann E. Morris
                                          Title: Asst. Vice President

<Table>
<S>                                 <C>
                                    DEUTSCHE BANK AG
                                    NEW YORK BRANCH

                                          By: /s/ Hans-Josef Thiele  /s/ Oliver Schwartz
                                             -------------------------------------------
                                          Name:  Hans-Josef Thiele    Oliver Schwartz
                                          Title: Director             Vice President
</Table>

                                    BANKERS TRUST COMPANY

                                          By: /s/ Linda Wang
                                             ---------------
                                          Name:  Linda Wang
                                          Title: Vice President

                                    CARAVELLE INVESTMENT FUND II, L.L.C.

                                          By:   Trimaran Advisors, L.L.C.

                                                By: /s/ Dean T. Criares
                                                   --------------------
                                                Name:  Dean T. Criares
                                                Title: Managing Director


                  [Signature Page to Eleventh Amendment - p. 22]
<Page>

                                    APEX (TRIMARAN) CDO I, LTD.

                                          By:   Trimaran Advisors, L.L.C.

                                                By: /s/ Dean T. Criares
                                                   --------------------
                                                Name:  Dean T. Criares
                                                Title: Managing Director

                                    SENIOR DEBT PORTFOLIO

                                          By:   Boston Management and Research
                                                as Investment Advisor

                                                By: /s/ Payson F. Swaffield
                                                   ------------------------
                                                Name:  Payson F. Swaffield
                                                Title: Vice President

                                    INDOSUEZ CAPITAL FUNDING IIA, LIMITED

                                          By:   Indosuez Capital
                                                as Portfolio Advisor

                                                      By:   /S/JACK C. HENRY
                                                            ----------------
                                                      Name: Jack C. Henry
                                                      Title:      Principal

                                    INDOSUEZ CAPITAL FUNDING IV, L.P.

                                          By:   Indosuez Capital
                                                as Portfolio Advisor

                                                      By: /s/ Jack C. Henry
                                                         ------------------
                                                      Name:  Jack C. Henry
                                                      Title: Principal

                                    INDOSUEZ CAPITAL FUNDING VI, LIMITED

                                          By:   Indosuez Capital
                                                as Collateral Manager

                                                      By: /s/ Jack C. Henry
                                                         ------------------
                                                      Name:  Jack C. Henry
                                                      Title: Principal


                  [Signature Page to Eleventh Amendment - p. 23]
<Page>

                                    FIRST COMMERCIAL BANK
                                    NEW YORK AGENCY

                                          By: /s/ Bruce M. J. Ju
                                             -------------------
                                          Name:  Bruce M. J. Ju
                                          Title: Vice President & General
                                                 Manager

                                    ELT LTD.

                                          By:   /s/ Ann E. Morris
                                                -----------------
                                          Name:  Ann E. Morris
                                          Title: Authorized Agent

                                    WINDSOR LOAN FUNDING, LIMITED

                                          By:   Stanfield Capital Partners LLC
                                                as its Investment Manager

                                                By: /s/ Gregory L. Smith
                                                   ---------------------
                                                Name:  Gregory L. Smith
                                                Title: Partner

                                    STANFIELD ARBITRAGE CDO, LTD.

                                          By:   Stanfield Capital Partners LLC
                                                as  its Collateral Manager

                                                By: /s/ Gregory L. Smith
                                                   ---------------------
                                                Name:  Gregory L. Smith
                                                Title: Partner

                                    NORTH AMERICAN SENIOR FLOATING RATE FUND
                                      INC.

                                          By:   Stanfield Capital Partners LLC
                                                as Subadvisor

                                                By: /s/ Gregory L. Smith
                                                   ---------------------
                                                Name:  Gregory L. Smith
                                                Title: Partner


                  [Signature Page to Eleventh Amendment - p. 24]
<Page>



                                    STANFIELD/RMF TRANSATLANTIC CDO LTD.

                                          By:   Stanfield Capital Partners LLC
                                                as its Collateral Manager

                                                By: /s/ Gregory L. Smith
                                                   ---------------------
                                                Name:  Gregory L. Smith
                                                Title: Partner

                                    STANFIELD CLO LTD.

                                          By:   Stanfield Capital Partners LLC
                                                as its Collateral Manager

                                                By: /s/ Gregory L. Smith
                                                   ---------------------
                                                Name:  Gregory L. Smith
                                                Title: Partner

                                    KZH LANGDALE LLC

                                          By: /s/ Susan Lee
                                             --------------
                                          Name:  Susan Lee
                                          Title: Authorized Agent

                                    THE DAI-ICHI KANGYO BANK, LTD.

                                          By: /s/ Chimie T. Pemba
                                             --------------------
                                          Name:  Chimie T. Pemba
                                          Title: Account Officer




                  [Signature Page to Eleventh Amendment - p. 25]

<Page>

                         EXHIBIT A TO ELEVENTH AMENDMENT


    [Attach Form of Opinion to be Delivered from Sidley Austin Brown & Wood]



<Page>

                                                                     EXHIBIT C-6


                         FORM OF EURO REVOLVING NOTE(1)


______                                                       New York, New York
                                                             _____________, 199_


            FOR VALUE RECEIVED, [NAME OF ALTERNATE CURRENCY REVOLVING LOAN
BORROWER], a _______________ corporation (the "Borrower"), hereby promises to
pay to the order of _______________ or its registered assigns (the "Lender"), in
the single currency of participating member states of the European union
(expressed in euros), in immediately available funds, at the appropriate Payment
Office (as defined in the Agreement referred to below) of Bankers Trust Company
(the "Paying Agent") on the Revolving Loan Maturity Date (as defined in the
Agreement) the principal sum of ____________ EUROS ([EUROS]______) or, if less,
the unpaid principal amount of all Euro Revolving Loans (as defined in the
Agreement) made by the Lender pursuant to the Agreement. Except as specifically
provided in Section 1.17 of the Credit Agreement (which, in the circumstances
provided therein, shall require payments to be made in U.S. Dollars as provided
therein), all payments hereunder shall be made in Euros.

            The Borrower also promises to pay interest on the unpaid principal
amount hereof in like money at said office from the date hereof until paid at
the rates and at the times provided in Section 1.09 of the Agreement.

            This Note is one of the Euro Revolving Notes referred to in the
Credit Agreement, dated as of February 23, 1998, among the Borrower, Starwood
Hotels & Resorts, SLT Realty Limited Partnership, Starwood Hotels & Resorts
Worldwide, Inc., ITT (as successor in interest to Chess Acquisition Corp.), each
Alternate Currency Revolving Loan Borrower from time to time party thereto, the
lenders from time to time party thereto (including the Lender), Bankers Trust
Company and The Chase Manhattan Bank, as Administrative Agents, and Lehman
Commercial Paper Inc. and Bank of Montreal, as Syndication Agents (as amended,
modified or supplemented from time to time, the "Agreement"), and is entitled to
the benefits thereof and of the other Credit Documents (as defined in the
Agreement). This Note is secured by the Security Documents (as defined in the
Agreement) and is entitled to the benefits of the Guaranty (as defined in the
Agreement). This Note is subject to voluntary prepayment and mandatory repayment
prior to the Revolving Loan Maturity Date, in whole or in part, as provided in
the Agreement.

            In case an Event of Default (as defined in the Agreement) shall
occur and be continuing, the principal of and accrued interest on this Note may
be declared to be due and payable in the manner and with the effect provided in
the Agreement.

----------
(1)   Appropriate adjustments shall be made in the case of any Note evidencing
Alternate Currency Revolving Loans to the Corporate Borrowers, as joint and
several obligors.

<Page>


            The Borrower hereby waives presentment, demand, protest or notice of
any kind in connection with this Note.

            THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY
THE LAW OF THE STATE OF NEW YORK.


                                    [NAME OF ALTERNATE CURRENCY
                                    REVOLVING LOAN BORROWER]


                                    By_____________________________
                                          Title:




<Page>

                                   SCHEDULE 1


                               RELEASED GUARANTORS
                   (AS OF THE DATE OF THE ELEVENTH AMENDMENT)

<Table>
<Caption>

--------------------------------------------------------------------------------------------------------------
                                                           PLACE OF                          REASON FOR
                 NAME OF RELEASED GUARANTOR              ORGANIZATION        PARENT            RELEASE
--------------------------------------------------------------------------------------------------------------
<S>                                                      <C>                   <C>        <C>
   1    BW Hotel Realty, LP                                Maryland            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   2    Charleston Hotel Associates, LLC                  New Jersey           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   3    CP Hotel Realty LP                                 Maryland            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   4    Crystal City Hotel Associates, LLC                New Jersey           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   5    Edison Hotel Associates, LP                       New Jersey           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   6    Long Beach Hotel Associates, LLC                  New Jersey           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   7    Novi Hotel Associates, LP                          Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   8    Park Ridge Hotel Associates, LP                    Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
   9    Prudential HEI Joint Venture                       Georgia             SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  10    Santa Rosa Hotel Associates, LLC                  New Jersey           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  11    SLT Allentown LLC                                  Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  12    SLT Arlington LLC                                  Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  13    SLT Aspen Dean Street, LLC                         Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  14    SLT Bloomington LLC                                Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  15    SLT Dania LLC                                      Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  16    SLT DC Massachusetts Avenue, LLC                   Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  17    SLT Financing Partnership                          Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  18    SLT Houston Briar Oaks, LP                         Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  19    SLT Indianapolis LLC                               Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  20    SLT Kansas City LLC                                Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  21    SLT Los Angeles LLC                                Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  22    SLT Minneapolis LLC                                Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  23    SLT Palm Desert LLC                                Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  24    SLT Philadelphia LLC                               Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  25    SLT Realty Company, LLC                            Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  26    SLT San Diego LLC                                  Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  27    SLT Southfield LLC                                 Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  28    SLT St. Louis LLC                                  Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  29    SLT Tucson LLC                                     Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  30    Starlex LLC                                        New York            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
</Table>

<Page>

<Table>
<Caption>

--------------------------------------------------------------------------------------------------------------
                                                           PLACE OF                          REASON FOR
                 NAME OF RELEASED GUARANTOR              ORGANIZATION        PARENT            RELEASE
--------------------------------------------------------------------------------------------------------------
<S>                                                      <C>                   <C>        <C>
--------------------------------------------------------------------------------------------------------------
  31    Starwood Atlanta II LLC                            Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  32    Starwood Atlanta LLC                               Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  33    Starwood Mission Hills, L.L.C.                     Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  34    Starwood Needham LLC                               Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  35    Starwood Waltham LLC                               Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  36    Virginia Hotel Associates, LP                      Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  37    W&S Denver Corp.                                   Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  38    W & S Seattle Corp.                                Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  39    W & S Realty Corporation of Delaware               Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  40    Benjamin Franklin Hotel, Inc.                     Washington           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  41    Westin Seattle Hotel Company                      Washington           SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  42    W & S Lauderdale Corp.                             Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  43    Lauderdale Hotel Company                           Delaware            SLT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  44    Westin Bay Hotel Company                           Delaware           REIT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  45    Cincinnati Plaza Company                           Delaware           REIT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  46    South Coast Westin Hotel Company                   Delaware           REIT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  47    Townhouse Management, Inc.                         Delaware           REIT        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  48    HEI Hotels, L.L.C.                                 Delaware            SLC        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  49    SLC Central Park South, LLC                        Delaware            SLC        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  50    Starwood Management Company, LLC                   Delaware            SLC        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  51    W&S Atlanta Corp.                                  Delaware            SLC        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  52    Success of Colorado Realty, L.L.C.                  Nevada           Vistana      Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  53    P.O.C. Realty, Inc.                                Colorado          Vistana      Not wholly-owned
--------------------------------------------------------------------------------------------------------------
  54    Starwood Vacation Services, Inc. (f/k/a            Florida           Vistana      Not wholly-owned
        Vacation Marketing Services, Inc.)
--------------------------------------------------------------------------------------------------------------
  55    Milwaukee Brookfield LP                           Wisconsin            SLC        Not wholly-owned
--------------------------------------------------------------------------------------------------------------
</Table>




<Page>

                                   SCHEDULE 2

                              REMAINING GUARANTORS

<Table>
<Caption>

----------------------------------------------------------------------------------------------------------------
                                                                             PLACE OF
                         NAME OF REMAINING GUARANTOR                        ORGANIZATION            PARENT
----------------------------------------------------------------------------------------------------------------
       PRINCIPAL GUARANTORS
----------------------------------------------------------------------------------------------------------------
<S>    <C>                                                                    <C>                   <C>
  1    Starwood Hotels & Resorts Worldwide, Inc.                               Arizona              Corp
----------------------------------------------------------------------------------------------------------------
  2    Sheraton Holding Corporation (f/k/a ITT Corp)                           Nevada               Corp
----------------------------------------------------------------------------------------------------------------
  3    The Sheraton Corporation (f/k/a ITT Sheraton)                          Delaware               ITT
----------------------------------------------------------------------------------------------------------------
  4    Starwood Hotels & Resorts (REIT)                                       Maryland              REIT
----------------------------------------------------------------------------------------------------------------
  5    SLT Realty Limited Partnership                                         Delaware               SLT
----------------------------------------------------------------------------------------------------------------
  6    SLC Operating Limited Partnership                                      Delaware              Corp
----------------------------------------------------------------------------------------------------------------
  7    Starwood Hotels & Resorts Holdings, Inc.                                Arizona              Corp
----------------------------------------------------------------------------------------------------------------
  8    Starwood Vacation Ownership, Inc. (f/k/a Vistana, Inc.)                 Florida              Corp
----------------------------------------------------------------------------------------------------------------
       OTHER REMAINING GUARANTORS
----------------------------------------------------------------------------------------------------------------
  9    Westin Premier, Inc.                                                   Delaware              Corp
----------------------------------------------------------------------------------------------------------------
  10   Westin Vacation Management Corporation                                 Delaware              Corp
----------------------------------------------------------------------------------------------------------------
  11   Starwood Vacation Exchange Company (f/k/a Westin Vacation              Delaware              Corp
       Exchange Company)
----------------------------------------------------------------------------------------------------------------
  12   WVC Rancho Mirage, Inc.                                                Delaware              Corp
----------------------------------------------------------------------------------------------------------------
  13   Westin Asset Management Company                                        Delaware              Corp
----------------------------------------------------------------------------------------------------------------
  14   SLC Indianapolis LLC                                                   Delaware              Corp
----------------------------------------------------------------------------------------------------------------
  15   ITT Broadcasting Corp.                                                 Delaware               ITT
----------------------------------------------------------------------------------------------------------------
  16   ITT MSG, Inc.                                                          Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  17   Destination Services of Scottsdale, Inc.                               Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  18   General Fiduciary Corporation                                        Massachusetts         Sheraton
----------------------------------------------------------------------------------------------------------------
  19   Global Connextions, Inc.                                               Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  20   Hudson Sheraton Corporation LLC                                        Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  21   Starwood Reservations Corporation (f/k/a ITT Sheraton                  Delaware            Sheraton
       Reservations Corp.)
----------------------------------------------------------------------------------------------------------------
  22   Manhattan Sheraton Corporation                                         New York            Sheraton
----------------------------------------------------------------------------------------------------------------
  23   San Diego Sheraton Corporation                                         Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  24   San Fernando Sheraton Corporation                                      Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  25   Sheraton 45 Park Corporation                                           Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  26   Sheraton Asia-Pacific Corporation                                      Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  27   Sheraton Boston Corporation                                          Massachusetts         Sheraton
----------------------------------------------------------------------------------------------------------------
</Table>

<Page>

<Table>
<Caption>

----------------------------------------------------------------------------------------------------------------
                                                                             PLACE OF
                         NAME OF REMAINING GUARANTOR                        ORGANIZATION            PARENT
----------------------------------------------------------------------------------------------------------------
<S>    <C>                                                                    <C>                   <C>
  28   Sheraton California Corporation                                        Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  29   Sheraton Florida Corporation                                           Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  30   Sheraton Harbor Island Corporation                                     Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  31   Sheraton Hawaii Hotels Corporation                                      Hawaii             Sheraton
----------------------------------------------------------------------------------------------------------------
  32   Sheraton International, Inc.                                           Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  33   Sheraton International De Mexico, Inc.                                 Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  34   Sheraton Management, LLC (f/k/a Sheraton Management Corporation)       Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  35   Sheraton Overseas Management Corporation                               Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  36   Sheraton Warsaw Corporation                                            Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  37   Sheraton Miami Corporation                                             Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  38   Sheraton Middle East Management Corporation                            Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  39   Sheraton New York Corporation                                          New York            Sheraton
----------------------------------------------------------------------------------------------------------------
  40   Sheraton Overseas Technical Services Corporation                       Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  41   Sheraton Peachtree Corporation                                         Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  42   Sheraton Phoenician Corporation                                        Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  43   Sheraton Savannah Corporation                                          Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  44   St. Regis Sheraton Corporation                                         New York            Sheraton
----------------------------------------------------------------------------------------------------------------
  45   Worldwide Franchise Systems, Inc.                                      Delaware            Sheraton
----------------------------------------------------------------------------------------------------------------
  46   Sheraton Vermont Corporation                                            Vermont            Sheraton
----------------------------------------------------------------------------------------------------------------
  47   Data Marketing Associates East, Inc.                                    Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  48   Points of Colorado, Inc.                                               Colorado             Vistana
----------------------------------------------------------------------------------------------------------------
  49   Vacation Title Services, Inc.                                           Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  50   vacationWorks, Inc.                                                     Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  51   VCH Communications, Inc.                                                Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  52   VCH Consulting, Inc.                                                    Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  53   VCH Portfolio Services, Inc.                                            Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  54   VCH Sales, Inc.                                                         Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  55   VCH Systems, Inc.                                                       Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  56   VCH Trademark, Inc.                                                     Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  57   VCM Oaks, Inc.                                                          Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  58   SVO Vistana Villages, Inc. (f/k/a VDI2, Inc.)                           Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  59   Vistana Acceptance Corp.                                                Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  60   Vistana Cave Creek, Inc.                                                Arizona             Vistana
----------------------------------------------------------------------------------------------------------------
  61   Vistana Development, Inc. (d/b/a Vistana Development, Ltd.)             Florida             Vistana
----------------------------------------------------------------------------------------------------------------
</Table>

<Page>

<Table>
<Caption>

----------------------------------------------------------------------------------------------------------------
                                                                             PLACE OF
                         NAME OF REMAINING GUARANTOR                        ORGANIZATION            PARENT
----------------------------------------------------------------------------------------------------------------
<S>    <C>                                                                    <C>                   <C>
----------------------------------------------------------------------------------------------------------------
  62   SVO East, Inc. (f/k/a Vistana East, Inc.)                               Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  63   SVO International, Inc. (f/k/a Vistana International, Inc.)             Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  64   SVO Management, Inc. (f/k/a Vistana Management, Inc. (d/b/a             Florida             Vistana
       Vistana Management, Ltd.))
----------------------------------------------------------------------------------------------------------------
  65   SVO MB Management, Inc. (f/k/a Vistana MB Management, Inc.)         South Carolina          Vistana
----------------------------------------------------------------------------------------------------------------
  66   Vistana NJ, Inc.                                                      New Jersey            Vistana
----------------------------------------------------------------------------------------------------------------
  67   Vistana OP Investment, Inc.                                             Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  68   Vistana PSL, Inc.                                                       Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  69   Vistana Scottsdale Management, Inc.                                     Arizona             Vistana
----------------------------------------------------------------------------------------------------------------
  70   SVO West, Inc. (f/k/a Vistana West, Inc.)                               Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  71   Fiesta Vacations, L.L.C.                                                Arizona             Vistana
----------------------------------------------------------------------------------------------------------------
  72   Success Developments, L.L.C.                                            Arizona             Vistana
----------------------------------------------------------------------------------------------------------------
  73   Success of Colorado, L.L.C.                                             Nevada              Vistana
----------------------------------------------------------------------------------------------------------------
  74   Success of Arizona, L.L.C.                                              Arizona             Vistana
----------------------------------------------------------------------------------------------------------------
  75   SVO Pacific, Inc. (f/k/a Vistana Pacific, Inc.)                         Florida             Vistana
----------------------------------------------------------------------------------------------------------------
  76   SVO Arizona, Inc.                                                       Arizona             Vistana
----------------------------------------------------------------------------------------------------------------
  77   SVO California, Inc.                                                  California            Vistana
----------------------------------------------------------------------------------------------------------------
  78   SVO California Management, Inc.                                       California            Vistana
----------------------------------------------------------------------------------------------------------------
</Table>

<Page>

                                   SCHEDULE 3A

            The following describes the Pledge and Security Agreement Collateral
owned by Released Guarantors which is being released from the Pledge and
Security Agreement pursuant to this Amendment:

<Table>
<Caption>

--------------------------------------------------------------------------------------------------------------------------
                      NAME OF PLEDGOR/                     PLACE OF
                     RELEASED GUARANTOR                  ORGANIZATION                COLLATERAL BEING RELEASED
--------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                               <C>                 <C>
  1.    W & S Seattle Corp.                                Delaware           W & S Realty Corporation of Delaware/
                                                                                   Westin Seattle Hotel Company
--------------------------------------------------------------------------------------------------------------------------
  2.    W & S Realty Corporation of Delaware               Delaware                Benjamin Franklin Hotel, Inc.
--------------------------------------------------------------------------------------------------------------------------
  3.    Benjamin Franklin Hotel, Inc.                     Washington               Westin Seattle Hotel Company
--------------------------------------------------------------------------------------------------------------------------
</Table>



<Page>

                                   SCHEDULE 3B

            The following describes certain Pledge and Security Agreement
Collateral owned by certain Remaining Guarantors which is being released from
the Pledge and Security Agreement pursuant to this Amendment:

<Table>
<Caption>

------------------------------------------------------------------------------------------------------------------------------
             NAME OF ENTITY WHOSE EQUITY INTERESTS            PLACE OF                                       REASON FOR
                          CONSTITUTE                        ORGANIZATION               PLEDGOR                 RELEASE
                      RELEASED COLLATERAL
------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                                   <C>                <C>                        <C>
   1    HEI Hotels, L.L.C.                                    Delaware                   SLC                Value of equity
------------------------------------------------------------------------------------------------------------------------------
   2    SLC Central Park South, LLC                           Delaware                   SLC                Value of equity
------------------------------------------------------------------------------------------------------------------------------
   3    SLT Aspen Dean Street, LLC                            Delaware                   SLT                Value of equity
------------------------------------------------------------------------------------------------------------------------------
   4    Westin Seattle Hotel Company                         Washington                  SLT                Value of equity
------------------------------------------------------------------------------------------------------------------------------
   5    SLC Operating Limited Partnership                     Delaware                   Corp               Value of equity
------------------------------------------------------------------------------------------------------------------------------
   6    Starwood Hotels & Resorts Holdings, Inc.              Arizona                    Corp               Value of equity
------------------------------------------------------------------------------------------------------------------------------
   7    Starwood Ciga Holdings, LLC                           Delaware           Sheraton Int'l, Inc.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
   8    Starwood Management Company                           Delaware                   SLC                Value of equity
------------------------------------------------------------------------------------------------------------------------------
   9    Sheraton Holding Corporation (f/k/a ITT Corp)          Nevada                    Corp               Value of equity
------------------------------------------------------------------------------------------------------------------------------
  10    The Sheraton Corporation (f/k/a ITT Sheraton)         Delaware                   ITT                Value of equity
------------------------------------------------------------------------------------------------------------------------------
  11    ITT Broadcasting Corp.                                Delaware                   ITT                Value of equity
------------------------------------------------------------------------------------------------------------------------------
  12    ITT MSG, Inc.                                         Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  13    Starwood Reservations Corporation (f/k/a ITT          Delaware                 Sheraton             Value of equity
        Sheraton Reservations Corporation)
------------------------------------------------------------------------------------------------------------------------------
  14    Hudson Sheraton Corporation                           Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  15    Manhattan Sheraton Corporation                        Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  16    Sheraton 45 Park Corporation                          Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  17    Sheraton Boston Corporation                        Massachusetts               Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  18    Sheraton California Corporation                       Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  19    Sheraton Florida Corporation                          Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  20    Sheraton Harbor Island Corporation                    Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  21    Sheraton International, Inc.                          Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  22    Sheraton O'Hare Corporation                           Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  23    Sheraton Savannah Corporation                         Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  24    Sheraton Management, LLC (f/k/a Sheraton              Delaware           Sheraton Int'l, Inc.       Value of equity
        Management Corporation)
------------------------------------------------------------------------------------------------------------------------------
  25    Sheraton Overseas Management Corporation              Delaware           Sheraton Int'l, Inc.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
  26    Sheraton Warsaw Corporation                           Delaware           Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  27    Sheraton New York Corporation                         New York                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
</Table>

<Page>

<Table>
<Caption>

------------------------------------------------------------------------------------------------------------------------------
             NAME OF ENTITY WHOSE EQUITY INTERESTS            PLACE OF                                       REASON FOR
                          CONSTITUTE                        ORGANIZATION               PLEDGOR                 RELEASE
                      RELEASED COLLATERAL
------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                                   <C>                <C>                        <C>
  28    Sheraton Phoenician Corporation                       Delaware                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  29    St. Regis Sheraton Corporation                        New York                 Sheraton             Value of equity
------------------------------------------------------------------------------------------------------------------------------
  30    WD Parent Corporation                                 Delaware                   ITT                Value of equity
------------------------------------------------------------------------------------------------------------------------------
  31    Aerhotel S.p.A.                                        Italy             Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  32    Companhia Palmares Hotels E. Turismo**                 Brazil            Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  33    Sheraton (Bermuda) Limited                            Bermuda            Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  34    Sheraton International Gesellschaft mbH               Austria            Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  35    Sheraton Management Company Limited                   Bermuda            Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  36    Sheraton Paris Investment LP                          Bermuda            Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  37    Sheraton Phillippines Corporation                   Phillippines         Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  38    Sheraton Warsaw Hotel S.P.Z.O.O.**                     Poland           Sheraton Warsaw Corp.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
  39    Hoteles Sheraton de Argentina S.A.C.**               Argentina           Sheraton Int'l, Inc        Value of equity
------------------------------------------------------------------------------------------------------------------------------
  40    Hoteles Sheraton S.A. de C.V.**                        Mexico            Sheraton Int'l, Inc.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
  41    Starwood Canada Corp. (f/k/a ITT Sheraton              Canada            Sheraton Int'l, Inc.       Value of equity
        Canada Ltd.)**
------------------------------------------------------------------------------------------------------------------------------
  42    ITT Sheraton International Ltd.**                    Hong Kong           Sheraton Int'l, Inc.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
  43    Sheraton Hotels (UK) Plc**                         United Kingdom        Sheraton Int'l, Inc.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
  44    Sheraton Roissy SA**                                   France            Sheraton Int'l, Inc.       Value of equity
------------------------------------------------------------------------------------------------------------------------------
  45    Starwood Vacation Ownership, Inc. (f/k/a              Florida                    Corp               Value of equity
        Vistana, Inc.)
------------------------------------------------------------------------------------------------------------------------------
  46    SVO Arizona, Inc.                                     Arizona                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  47    SVO California Management, Inc.                      California                  SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  48    SVO California, Inc.                                 California                  SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  49    SVO East, Inc.                                        Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  50    SVO West, Inc.                                        Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  51    Starwood Vacation Services, Inc. (f/k/a               Florida                    SVO                 Non-reporting
        Vacation Marketing Services, Inc.)                                                                      entity
------------------------------------------------------------------------------------------------------------------------------
  52    VCH Consulting, Inc.                                  Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  53    VCH Systems, Inc.                                     Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  54    VCH Trademark, Inc.                                   Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
</Table>

<Page>

<Table>
<Caption>

------------------------------------------------------------------------------------------------------------------------------
             NAME OF ENTITY WHOSE EQUITY INTERESTS            PLACE OF                                       REASON FOR
                          CONSTITUTE                        ORGANIZATION               PLEDGOR                 RELEASE
                      RELEASED COLLATERAL
------------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                                   <C>                <C>                        <C>
------------------------------------------------------------------------------------------------------------------------------
  55    VCM Oaks, Inc.                                        Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  56    Vistana Acceptance Corp.                              Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  57    Vistana Cave Creek, Inc.                              Arizona                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  58    Vistana OP Investment, Inc.                           Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  59    Data Marketing Associates East, Inc.                  Florida                    SVO                 Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  60    P.O.C. Realty, Inc.                                   Colorado         Points of Colorado, Inc.      Non-reporting
                                                                                                                entity
------------------------------------------------------------------------------------------------------------------------------
  61    W&S Seattle Corp.                                     Delaware                   SLT                Value of equity
------------------------------------------------------------------------------------------------------------------------------
  62    Milwaukee Brookfield LP                              Wisconsin                   SLC                Value of equity
------------------------------------------------------------------------------------------------------------------------------
</Table>

<Page>

                                   SCHEDULE 3C


            The following describes certain additional Pledge and Security
Agreement Collateral which is being released pursuant to this Amendment:

<Table>
<Caption>

--------------------------------------------------------------------------------------------------------------------------
          NAME OF ENTITY WHOSE EQUITY INTERESTS CONSTITUTE         PLACE OF                       PLEDGOR
                        RELEASED COLLATERAL                      ORGANIZATION                 (NON-GUARANTOR)
--------------------------------------------------------------------------------------------------------------------------
<S>     <C>                                                        <C>            <C>
   1    Westin Hotels Ireland                                      Ireland           WHR Ireland Holding Company, Ltd.
--------------------------------------------------------------------------------------------------------------------------
   2    Westin Asia Management Company                             Delaware       Westin Asia Management Holding Company
--------------------------------------------------------------------------------------------------------------------------
   3    Westin Ottawa Management Company                           Delaware          Westin Canada Management Company
--------------------------------------------------------------------------------------------------------------------------
   4    Dubbo, Ltd.                                                  Fiji                     Farleigh, Ltd.
--------------------------------------------------------------------------------------------------------------------------
   5    Barton, Ltd.                                                 Fiji                     Farleigh, Ltd.
--------------------------------------------------------------------------------------------------------------------------
</Table>



<Page>

                                   SCHEDULE 4


            The following describes the Collateral of the Remaining Guarantors,
which, after the date hereof, would continue to be pledged under the Pledge and
Security Agreement after giving effect to this Amendment and the occurrence of
the Guarantor Release Date:

<Table>
<Caption>

I.       STARWOOD/WESTIN REALTY ENTITIES

---------------- ----------------------------------------------- ------------------------------------------------------
                                     ENTITY                                      PLACE OF ORGANIZATION
---------------- ----------------------------------------------- ------------------------------------------------------
<S>              <C>                                                                  <C>
      1.         Starwood Hotels & Resorts                                             Maryland
---------------- ----------------------------------------------- ------------------------------------------------------
      2.         BW Hotel Realty, LP                                                   Maryland
---------------- ----------------------------------------------- ------------------------------------------------------
      3.         Charleston Hotel Associates, LLC                                     New Jersey
---------------- ----------------------------------------------- ------------------------------------------------------
      4.         CP Hotel Realty LP                                                    Maryland
---------------- ----------------------------------------------- ------------------------------------------------------
      5.         Crystal City Hotel Associates, LLC                                   New Jersey
---------------- ----------------------------------------------- ------------------------------------------------------
      6.         Edison Hotel Associates, LP                                          New Jersey
---------------- ----------------------------------------------- ------------------------------------------------------
      7.         Long Beach Hotel Associates, LLC                                     New Jersey
---------------- ----------------------------------------------- ------------------------------------------------------
      8.         Novi Hotel Associates, LP                                             Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      9.         Park Ridge Hotel Associates, LP                                       Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      10.        Prudential HEI Joint Venture                                           Georgia
---------------- ----------------------------------------------- ------------------------------------------------------
      11.        Santa Rosa Hotel Associates, LLC                                     New Jersey
---------------- ----------------------------------------------- ------------------------------------------------------
      12.        SLT Allentown LLC                                                     Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      13.        SLT Arlington LLC                                                     Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      14.        SLT Bloomington LLC                                                   Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      15.        SLT Dania LLC                                                         Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      16         SLT DC Massachusetts Avenue, LLC                                      Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      17         SLT Financing Partnership                                             Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      18.        SLT Houston Briar Oaks, LP                                            Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      19.        SLT Indianapolis LLC                                                  Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      20.        SLT Kansas City LLC                                                   Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      21.        SLT Los Angeles LLC                                                   Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      22.        SLT Minneapolis LLC                                                   Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      23.        SLT Palm Desert LLC                                                   Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      24.        SLT Philadelphia LLC                                                  Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      25.        SLT Realty Company, LLC                                               Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      26.        SLT Realty Limited Partnership                                        Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      27.        SLT San Diego LLC                                                     Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      28.        SLT Southfield LLC                                                    Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      29.        SLT St. Louis LLC                                                     Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      30.        SLT Tucson LLC                                                        Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      31.        Starlex LLC                                                           New York
---------------- ----------------------------------------------- ------------------------------------------------------
      32.        Starwood Atlanta II LLC                                               Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      33.        Starwood Atlanta LLC                                                  Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      34.        Starwood Mission Hills, L.L.C.                                        Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      35.        Starwood Needham LLC                                                  Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      36.        Starwood Waltham LLC                                                  Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
</Table>

<Page>

<Table>
<Caption>

---------------- ----------------------------------------------- ------------------------------------------------------
                                     ENTITY                                      PLACE OF ORGANIZATION
---------------- ----------------------------------------------- ------------------------------------------------------
<S>              <C>                                                                  <C>
      37.        Virginia Hotel Associates, LP                                         Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      38.        W&S Denver Corp.                                                      Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      39.        W & S Lauderdale Corp.                                                Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      40.        Lauderdale Hotel Company                                              Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      41.        Westin Bay Hotel Company                                              Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      42.        Cincinnati Plaza Company                                              Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      43.        South Coast Westin Hotel Company                                      Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      44.        Townhouse Management, Inc.                                            Delaware
---------------- ----------------------------------------------- ------------------------------------------------------
      45.        SLT Cabo San Lucas S. de R.L. de C.V.**                                Mexico
---------------- ----------------------------------------------- ------------------------------------------------------
      46.        SLT Cancun S. de R.L. de C.V. **                                       Mexico
---------------- ----------------------------------------------- ------------------------------------------------------
      47.        SLT Puerto Vallarta S. de R.L. de C.V.**                               Mexico
---------------- ----------------------------------------------- ------------------------------------------------------
      48.        SLT Mexico S. de R.L. de C.V.**                                        Mexico
---------------- ----------------------------------------------- ------------------------------------------------------
</Table>



<Page>

II.      STARWOOD/WESTIN OPERATING ENTITIES

<Table>
<Caption>

---------------- --------------------------------------------------------- --------------------------------------------
                                          ENTITY                                      PLACE OF ORGANIZATION
---------------- --------------------------------------------------------- --------------------------------------------
<S>              <C>                                                                        <C>
      1.         SLC Indianapolis LLC                                                       Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      2.         Westin Premier, Inc.                                                       Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      3.         Westin Vacation Management Corporation                                     Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      4.         Starwood Vacation Exchange Company                                         Delaware
                 (f/k/a Westin Vacation Exchange Company)
---------------- --------------------------------------------------------- --------------------------------------------
      5.         WVC Rancho Mirage, Inc.                                                    Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      6.         Westin Asset Management Company                                            Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      7.         W&S Atlanta Corp.                                                          Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      8.         Westin License Company                                                     Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      9.         Westin International Services Company                                      Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      10.        Westin Asia Pacific Management PTE, Ltd.**                                 Singapore
---------------- --------------------------------------------------------- --------------------------------------------
      11.        Westin Asia Pacific Marketing PTE, Ltd.**                                  Singapore
---------------- --------------------------------------------------------- --------------------------------------------
      12.        Westin International (U.K.) Ltd.**                                           U.K.
---------------- --------------------------------------------------------- --------------------------------------------
      13.        Westin Hotels Japan Company**                                                Japan
---------------- --------------------------------------------------------- --------------------------------------------
      14.        Westin International (Canada) Ltd.**                                        Ontario
---------------- --------------------------------------------------------- --------------------------------------------
      15.        Westin Hotels Morocco SARL**                                                Morocco
---------------- --------------------------------------------------------- --------------------------------------------
      16.        Westin Call Centre Europe**                                                 Ireland
---------------- --------------------------------------------------------- --------------------------------------------
      17.        Westin Ontario (London) Hotel Company**                                    Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      18.        Westin London Hotel Company**                                             Nova Scotia
---------------- --------------------------------------------------------- --------------------------------------------
      19.        Westin International Europe B.V.**                                        Netherlands
---------------- --------------------------------------------------------- --------------------------------------------
      20.        Westin Hotels Germany GmbH**                                                Germany
---------------- --------------------------------------------------------- --------------------------------------------
      21.        Westin Hotels Guam **                                                        Guam
---------------- --------------------------------------------------------- --------------------------------------------
      22.        Westin Hotels France SARL**                                                 France
---------------- --------------------------------------------------------- --------------------------------------------
      23.        Westin Hotels Australia Pty, Ltd.**                                        Australia
---------------- --------------------------------------------------------- --------------------------------------------
      24.        Westin Mexico S.A. de C.V.**                                                Mexico
---------------- --------------------------------------------------------- --------------------------------------------
      25.        Westin International (Malta) Ltd.**                                          Malta
---------------- --------------------------------------------------------- --------------------------------------------
      26.        Westin Asia Management Holding Company                                     Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      27.        Westin Canada Management Company                                           Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      28.        Westin Mexico Management Company                                           Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      29.        Westin Charlotte Management Company                                        Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      30.        Westin River North Management Company                                      Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      31.        Westin Maui Management Company                                             Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      32.        Westin International Management Company                                    Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      33.        Westin France Management Company                                           Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      34.        Westin Peachtree Management Company                                        Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      35.        Westin Dallas Management Company                                           Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      36.        Westin Representation Company                                              Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      37.        Westin License Company South                                               Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      38.        Westin License Company North                                               Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      39.        Westin License Company East                                                Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      40.        Westin License Company West                                                Delaware
---------------- --------------------------------------------------------- --------------------------------------------
      41.        Westin Franchise Company                                                   Delaware
---------------- --------------------------------------------------------- --------------------------------------------
</Table>

<Page>

**PLEDGE OF UP TO 65% OF VOTING STOCK AND 100% OF NON-VOTING STOCK


<Page>

III.     ITT CORPORATION ENTITIES

<Table>
<Caption>

----------------- ------------------------------------------------------ ----------------------------------------------
                                         ENTITY                                      PLACE OF ORGANIZATION
----------------- ------------------------------------------------------ ----------------------------------------------
                  A.  ACTIVE NON-GAMING SUBSIDIARIES
----------------- ------------------------------------------------------ ----------------------------------------------
<S>               <C>                                                                    <C>
       1.         Destination Services of Scottsdale, Inc.                                 Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
       2.         General Fiduciary Corporation                                          Massachusetts
----------------- ------------------------------------------------------ ----------------------------------------------
       3.         Global Connextions, Inc.                                                 Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
       4.         San Diego Sheraton Corporation                                           Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
       5.         San Fernando Sheraton Corporation                                        Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
       6.         Sheraton Asia-Pacific Corporation                                        Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
       7.         Sheraton Hawaii Hotels Corporation                                        Hawaii
----------------- ------------------------------------------------------ ----------------------------------------------
       8.         Sheraton International De Mexico, Inc.                                   Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
       9.         Sheraton Miami Corporation                                               Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
      10.         Sheraton Middle East Management Corporation                              Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
      11.         Sheraton Overseas Technical Services Corporation                         Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
      12.         Sheraton Peachtree Corporation                                           Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
      13.         Worldwide Franchise Systems, Inc.                                        Delaware
----------------- ------------------------------------------------------ ----------------------------------------------
      14.         Sheraton Vermont Corporation                                              Vermont
----------------- ------------------------------------------------------ ----------------------------------------------
      15.         Hotels Sheraton de Portugal, SARL**                                      Portugal
----------------- ------------------------------------------------------ ----------------------------------------------
       16         Hoteles Sheraton del Peru S.A.**                                           Peru
----------------- ------------------------------------------------------ ----------------------------------------------
       17         ITT Industries Belgium, S.A.**                                            Belgium
----------------- ------------------------------------------------------ ----------------------------------------------
      18.         ITT Sheraton Singapore Pte. Ltd.**                                       Singapore
----------------- ------------------------------------------------------ ----------------------------------------------
      19.         MH Limited**                                                          United Kingdom
----------------- ------------------------------------------------------ ----------------------------------------------
      20.         Operadora Interamericana de Hoteles S.A. de C.V.**                        Mexico
----------------- ------------------------------------------------------ ----------------------------------------------
      21.         Operadora Sheraton S.A. de C.V.**                                         Mexico
----------------- ------------------------------------------------------ ----------------------------------------------
      22.         Sheraton de Venezuela C.A.**                                             Venezuela
----------------- ------------------------------------------------------ ----------------------------------------------
      23.         Sheraton Intercontinental Limited**                                       Bahamas
----------------- ------------------------------------------------------ ----------------------------------------------
      24.         Sheraton Management GmbH**                                                Germany
----------------- ------------------------------------------------------ ----------------------------------------------
      25.         Sheraton Overseas Company, Ltd.**                                         Bahamas
----------------- ------------------------------------------------------ ----------------------------------------------
      26.         Sheraton Pacific Hotels Pty. Ltd.**                                      Australia
----------------- ------------------------------------------------------ ----------------------------------------------
      27.         Sociedad Immobiliara San Cristobal S.A.**                                  Chile
----------------- ------------------------------------------------------ ----------------------------------------------
</Table>

**PLEDGE OF UP TO 65% VOTING STOCK AND 100% OF NON-VOTING STOCK



<Page>

IV.      VISTANA ENTITIES

<Table>
<Caption>

----------------- ------------------------------------------------------ ----------------------------------------------
                                         ENTITY                                      PLACE OF ORGANIZATION
----------------- ------------------------------------------------------ ----------------------------------------------
<S>               <C>                                                                       <C>
       1.         Vacation Title Services, Inc.                                             Florida
----------------- ------------------------------------------------------ ----------------------------------------------
       2.         Vacationworks, Inc.                                                       Florida
----------------- ------------------------------------------------------ ----------------------------------------------
       3.         VCH Communications, Inc.                                                  Florida
----------------- ------------------------------------------------------ ----------------------------------------------
       4.         VCH Portfolio Services, Inc.                                              Florida
----------------- ------------------------------------------------------ ----------------------------------------------
       5.         VCH Sales, Inc.                                                           Florida
----------------- ------------------------------------------------------ ----------------------------------------------
       6.         SVO Vistana Villages, Inc. (f/k/a VDI2, Inc.)                             Florida
----------------- ------------------------------------------------------ ----------------------------------------------
       7.         Vistana Development, Inc. (d/b/a Vistana                                  Florida
                  Development, Ltd.)
----------------- ------------------------------------------------------ ----------------------------------------------
       8.         SVO International, Inc. (f/k/a Vistana                                    Florida
                  International, Inc.)
----------------- ------------------------------------------------------ ----------------------------------------------
       9.         SVO Management, Inc. (f/k/a Vistana Management, Inc.                      Florida
                  (d/b/a Vistana Management, Ltd.))
----------------- ------------------------------------------------------ ----------------------------------------------
      10.         Vistana MB Management, Inc.                                           South Carolina
----------------- ------------------------------------------------------ ----------------------------------------------
      11.         Vistana NJ, Inc.                                                        New Jersey
----------------- ------------------------------------------------------ ----------------------------------------------
      12.         Vistana PSL, Inc.                                                         Florida
----------------- ------------------------------------------------------ ----------------------------------------------
      13.         Vistana Scottsdale Management, Inc.                                       Arizona
----------------- ------------------------------------------------------ ----------------------------------------------
      14.         Fiesta Vacations, L.L.C.                                                  Arizona
----------------- ------------------------------------------------------ ----------------------------------------------
      15.         Success Developments, L.L.C.                                              Arizona
----------------- ------------------------------------------------------ ----------------------------------------------
      16.         Success of Colorado, L.L.C.                                               Nevada
----------------- ------------------------------------------------------ ----------------------------------------------
      17.         Success of Arizona, L.L.C.                                                Arizona
----------------- ------------------------------------------------------ ----------------------------------------------
      18.         Success of Colorado Realty, L.L.C.                                        Nevada
----------------- ------------------------------------------------------ ----------------------------------------------
      19.         SVO Pacific, Inc. (f/k/a Vistana Pacific, Inc.)                           Florida
----------------- ------------------------------------------------------ ----------------------------------------------
</Table>




<Page>


                                  SCHEDULE 7.35


                                RESTRICTED ASSETS
                   (AS OF THE DATE OF THE ELEVENTH AMENDMENT)

1. The Released Collateral described in Schedules 3A and 3B to the Eleventh
Amendment and the Equity Interests in CIGA Borrower, New CIGA Owner and CIGA.




<Page>

                                  SCHEDULE 9.26


                              MANAGEMENT CONTRACTS
                   (AS OF THE DATE OF THE ELEVENTH AMENDMENT)

1.    Management Contract, between New CIGA Owner and Ciga Immobiliare Sardegna
      Srl for Sardinian owned assets.

2.    Management Contract, between New CIGA Owner and Ciga Gestioni Srl for
      mainland Italy owned assets.

3.    Management Contract, between New CIGA Owner and Milano Uno Srl for Europa
      & Regina in Venice.

4.    Management Contract, between New CIGA Owner and Aerhotel Spa for Sheraton
      Rome.