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THE ST. REGIS RESORT, SPA & RESIDENCES BREAKS GROUND IN FORT LAUDERDALE

St. Regis's 12th Hotel and First Residence Will Feature 33 Penthouse Condominium Units

The following information is provided courtesy of the St. Regis Resort

FORT LAUDERDALE, Fla. – Ground has been broken on what will be the most luxurious resort and private residences in Florida. Castillo Grand, L.L.C. of Ft. Lauderdale announced today that they have closed financing with Canadian Imperial Bank of Commerce (CIBC) and Deutsche Bank for the highly-anticipated St. Regis Resort, Spa and Residences, Fort Lauderdale Beach, Florida. The 23-story oceanfront resort is scheduled to open in May 2005.

The 750,000 square foot project includes the 169-room St. Regis Resort, 33 penthouse condominium residences and 25 private residence club suites all in a 23-story tiered tower.

Facilities and amenities will include: undulating terraces with stunning ocean views, a two-story 22,000 square foot St. Regis spa, a five-star restaurant and cocktail lounge facing the ocean, an outdoor café, a 10,595 square foot ballroom, a 29,000 square foot landscaped pool deck with an infinity pool and whirlpools, beach cabanas and water sports activities center. Both residents and guests will enjoy 24-hour room service, professionally-trained and accredited butler services, concierge services, maid and personal services, valet and transportation services and a business center.

“We are thrilled with the prospect of a new St. Regis hotel opening in Fort Lauderdale,” noted Atef Mankarios, President of St. Regis Hotels & Resorts, the world’s newest luxury hotel brand. “Florida’s Gold Coast is a choice location for our first hotel in Florida as we continue to aggressively grow the brand in the United States and abroad. The hotel will feature the St. Regis brand’s unparalleled quality of five-star excellence, including butler service.”

Nicki Grossman, president of the Greater Fort Lauderdale Convention & Visitors Bureau notes, “The residential demand is certainly there. With St. Regis’ reputation for exceptional service and exclusivity, we also anticipate attracting a new level of business and leisure travelers to the area.”

The stunning architectural design, inspired by the theme “on the beach; out of this world,” is the creation of the internationally celebrated architectural firm, Arquitectonica. The property is located between the Atlantic Ocean and the Intracoastal Waterway, thereby allowing guests access to both the beach as well as the many navigable inland waterways that have given Fort Lauderdale the nickname “The Venice of America.”

An 18-hole championship golf course, to be developed in conjunction with the hotels, is expected to open in May 2005 as well. Access to the Resort’s amenities and venues will be offered through a limited number of memberships in the “St. Regis Private Membership Club.”

“We have worked tirelessly to choose the perfect timing, financing structure and financiers for the project. The financing commitment from Canadian Imperial Bank of Commerce and Deutsche Bank is for a total of seven years, including a 30-month construction period, and will help to insure the long term success of the project,” said John McDonald, Developer.

The St. Regis Resort, Spa & Residences is the largest project financed in Fort Lauderdale for both Canadian Imperial Bank of Commerce, one of the 10 largest financial institutions in North America, and Deutsche Bank, one of the largest banks in the world with $912 billion in assets.

There are 11 St. Regis hotels currently in operation, all named for the 1904 Beaux Arts landmark hotel in New York City, which was built by Colonel John Jacob Astor. The legendary flagship is consistently ranked as one of the world’s finest. There also are St. Regis hotels in Los Angeles, Aspen, Shanghai, Beijing, Houston, London, Rome, Washington, D.C., and Dana Point, California. Each is unique to its surroundings, and each offers guests a high level of customized service. Another new St. Regis hotel is currently under development in San Francisco.

Designed to capitalize on the extraordinary reputation of The St. Regis New York, the St. Regis brand is the first new luxury hotel brand in nearly 20 years. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) is one of the leading hotel and leisure companies in the world with more than 740 properties in more than 80 countries and 105,000 employees at its owned and managed properties.

With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: St. Regis, The Luxury Collection, Sheraton, Westin, Four Points by Sheraton, W brands, as well as Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts.

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