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05/01/2000

Starwood Financial Changes Name to iStar Financial

NEW YORK, May 1 /PRNewswire/ -- Starwood Financial Inc. today announced that it changed its name to iStar Financial Inc. (NYSE: SFI), effective April 30, 2000. The Company will continue to trade on the New York Stock Exchange under the ticker symbol "SFI".

Jay Sugarman, iStar Financial's Chairman and CEO explained, "We chose the name 'iStar Financial' to reflect our forward-thinking and innovative approach to the structured real estate finance markets. Our new name is symbolic of both the many new strengths of the Company and its many new opportunities."

iStar Financial will host its annual shareholders' meeting at The Sheraton New York Hotel & Towers, 811 Seventh Avenue, New York, New York 10019 on May 23, 2000 at 9:00 a.m. local time.

iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company, which is taxed as a real estate investment trust, provides structured mortgage, mezzanine and lease financing through its proprietary origination, acquisition and servicing platform. The Company's mission is to maximize risk-adjusted returns on equity by providing innovative and value-added financing solutions to private and corporate owners of real estate nationwide. SOURCE iStar Financial Inc.

CONTACT:
Spencer B. Haber, Executive Vice President and CFO
Lianne A. Merchant, Vice President, Investor Relations, 212-930-9400
Susan Brown, Corporate Communications, 415-391-4300
(all of iStar Financial)

or

Media
Adam Weiner
Eric Berman
Sarah Zitter-Milstein
(all of Kekst and Company)

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