1 EXHIBIT 10.32 LEHMAN BROTHERS HOLDINGS, INC. 200 Vesey Street New York, NY 10285 July 16, 1996 Mr. Barry Sternlicht Chairman and Chief Executive Officer Starwood Lodging Trust 11845 West Olympic Boulevard Suite 550 Los Angeles, CA 90064 RE: SLT...

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                                                                EXHIBIT 10.32



                         XXXXXX BROTHERS HOLDINGS, INC.
                                000 Xxxxx Xxxxxx
                               Xxx Xxxx, XX 00000


                                 July 16, 1996


Mr. Xxxxx Xxxxxxxxxx
Chairman and Chief Executive Officer
Starwood Lodging Trust
00000 Xxxx Xxxxxxx Xxxxxxxxx
Xxxxx 000
Xxx Xxxxxxx, XX 00000


        RE: SLT REALTY LIMITED PARTNERSHIP

Dear Xxxxx:

        We hereby agree to extend the maturity of the Mortgage Loan Funding
Facility in the amount of approximately $71 million, dated July 25, 1995 and as
amended October 1995, due January 1997 for a six month period, to July 1997,
upon terms and conditions to be documented at a later date.





                                        Sincerely,



                                        XXXXXX BROTHERS HOLDINGS, INC.

                                        By /s/ Xxxxxxx Xxxx
                                           ---------------------------

                                        Its    Managing Director
                                            --------------------------