Starwood Hotels & Resorts Announces the New St. Regis Residence Club, Aspen

Industry News

STARWOOD HOTELS & RESORTS ANNOUNCES THE NEW ST. REGIS RESIDENCE CLUB ASPEN

St. Regis Residence Club and 15,000 sq. ft. Spa to Open December 2004; Sales Reservations Accepted Beginning January 2004

The following information provided courtesy of Starwood Hotels & Resorts.

Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today plans to launch The St. Regis Residence Club Aspen, the first fractional residential property under Starwood's renowned St. Regis group of luxury hotels.

The St. Regis Residence Club Aspen, which will debut in December 2004, is the first hotel-affiliated luxury fractional project in Aspen. Members will enjoy the exclusive environment of a Residence Club combined with superior services and amenities of a luxury hotel.

"Aspen is one of the greatest vacation destinations in the world, and is the ideal location for our first St. Regis Residence Club," said Barry S. Sternlicht, Starwood's Chairman and CEO. "Aspen has some of the most stringent development guidelines in the nation that have preserved the uniqueness and authenticity of this remarkable town. Unlike other properties located in the Aspen area, this product will be Aspen's first that is located in and affiliated with the St. Regis Hotel and our new 15,000 square foot, state-of-the-art spa.

"There is strong demand for luxury fractional residences that also offer members the exceptional services of a hotel like The St. Regis Aspen. Prices of homes in the town of Aspen are extraordinary. This is an opportunity for a select few to own an interest in a landmark property at a fraction of the cost of a home. There will only be one."

The St. Regis Residence Club Aspen will be comprised of 25 spacious two- and three-bedroom residences in the East Wing of the existing St. Regis Aspen hotel, occupying a premium location at the base of world-famous Aspen Mountain. The St. Regis Residence Club Aspen is also in the center of the historic Victorian-era mining town of Aspen, steps from more than 300 shops and galleries and 80 restaurants and clubs. Residences will be sold in 11th shares, offering members either a winter preferred or summer preferred package.

The St. Regis Residence Club Aspen will include one premier residence, which will be sold outright. This trophy two-bedroom residence will be located on the 5th floor of The St. Regis Residence Club Aspen with breath-taking views of the mountains. The buyers will have the option of customizing the residence to fit their preferences.

Residences will be spacious, with sizes of approximately 2,200 square feet for the three-bedroom residences and approximately 1,700 square feet for the two-bedroom residences. While the residences will be unmistakably luxurious, the design concept is based upon a mountain lodge theme that provides a sense of place in keeping with the Western mountain environment of Aspen.

The St. Regis Residence Club members will be entitled use of the new St. Regis Aspen Spa, slated to open in late November 2004. The 15,000-square-foot spa will be one of the finest hotel spas in the world, and will feature a substantial fitness area, yoga/Pilates room and 15 treatment rooms.

The St. Regis Residence Club Aspen members will have access to all of the superior services available at The St. Regis Aspen, including private concierge, ski butler, and in-room dining from Olives Aspen, which includes breakfast, lunch, apres ski, dinner, parties and more. Residences will include private underground valet parking, and storage services will be provided to each member for clothing, sporting equipment and personal items.

The St. Regis Residence Club Aspen is part of a complete reinvention of The St. Regis Aspen. By late November 2004, the new St. Regis Aspen will have 170 guestrooms, including 20 brand new hotel rooms and suites with fireplaces; 150 guestrooms and suites with all new decor; a luxurious 15,000-square-foot destination spa; 17,000 square feet of event and meeting space; Olives Aspen restaurant; as well as the 25 new fractional residences.

Zimmer Associates International LLC of Santa Fe and London will decorate the interior spaces at The St. Regis Residence Club Aspen. Zimmer Associates has a reputation for creating highly elegant, powerfully distinctive and truly memorable properties. The architect of The St. Regis Residence Club Aspen is J. G. Johnson Architects, a Denver-based architectural firm specializing in hospitality, historic, recreation and large-scale residential projects. The general contractor is Shaw Construction, and the project manager is the Tynan Group, a national leader in construction consultation to the hospitality industry.

The St. Regis Aspen was named one of the top five mountain resorts and top 20 hotels in North America by Conde Nast Traveler 2003, and one of the top 25 resorts in North America by the 2003 Zagat Survey of Fine Hotels & Resorts. With an elegant mountain decor and the trademark superlative service for which The St. Regis group of hotels is known, guests enjoy the best that this mountain retreat has to offer.

There are 11 St. Regis hotels currently in operation, all named for the 1904 Beaux Arts landmark hotel in New York City. 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.

New St. Regis hotels are currently under development in San Francisco, Ft. Lauderdale and Singapore. 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 franchiser 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 on the St. Regis Residence Club Aspen or Starwood Hotels & Resorts Worldwide, please call Condo Hotel Center (305) 944-3090 or send an e-mail to info@condohotelcenter.com.