Currently, an international guest paying with a credit card, in most cases, can only have their charges posted in the local currency based on the location of our Hotels. The conversion back to a guest’s home currency occurs after the transaction is completed by the card provider. That exchange rate and the actual cost of the bill is not known to the customer until they receive a billing statement from the card provider. Starwood is making an effort, in conjunction with Planet Payment and local banks, to provide the convenience of currency conversion back to the guest’s home currency as they check out of any Hotel in Asia Pacific.

Whether traveling on vacation or business this added service would result in benefits that allow business travelers to simplify the expense accounting when on the road and leisure travelers to know exactly what they spent based on their planned vacation budget in their own currency. The availability of Planet Payment's dynamic currency conversion services provides another reason for Starwood guests to feel more comfortable, more confident, and more satisfied with a stay at any of our Asia Pacific Starwood properties.

Starwood selected Planet Payment as its preferred provider of dynamic currency conversion services based upon Planet Payment’s ability to provide secure, superior multi-currency processing solutions to multi-national hoteliers and retailers. Planet Payment's DCC service is available through credit card "acquiring" banks throughout the Asia-Pacific region, and is integrated with some of the leading POS technology providers, including MICROS Systems, Inc., amongst others. This compatibility with technology providers and acquiring banks ensures that Starwood guests will have a common DCC experience at the front-desk at properties throughout Asia Pacific.

“Starwood is constantly striving to find innovative ways to improve our guest’s experiences. We want this to positively impact their lifestyle and further ease the challenges of international travel. With the tremendous growth in international travel within Asia Pacific over the past few years, we see this as a great solution for frequent international travelers who stay at our hotels. I know how challenging it can be to reconcile my own expenses at the end of the month. We have seen increased demand for this solution and the retail sector has already taken significant steps to provide its international customers this benefit. ” said Chris Scheidt, Vice President of Starwood Asia Pacific’s Six Sigma Organization. “We believe with Planet Payment as our preferred provider we will be able to provide our guests throughout Asia Pacific with this valuable service.”

“The Starwood brand is synonymous with personalized service,” said Philip D. Beck, chief executive officer of Planet Payment. “Starwood’s dynamic currency conversion initiative is just another example of Starwood’s commitment to providing its guests with services that are designed to make them feel more at home. We are excited by our selection as Starwood’s preferred provider of dynamic currency conversion services for the Asia Pacific region, and look forward to implementing our solution across Starwood’s Asia Pacific portfolio.”

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 750 properties in more than 80 countries and 120,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com

Planet Payment helps merchants to sell more products to international customers, while offering increased revenues and reduced costs on the underlying transaction. A specialty payment processor since 1999, Planet Payment is a leading provider of multi-currency processing solutions, including dynamic currency conversion (DCC), for acquirers and their merchants, anywhere in the world. Planet Payment provides a full suite of outsourced and customized multi-currency processing solutions to support the diverse needs of acquirers and merchants for which international cardholders are important to their business. For more information about Planet Payment, please contact Thomas J. DeLuca SVP, Corporate Development at 516.670.3200 or via email at tdeluca@planetpayment.com , or visit www.planetpayment.com .