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Press Release: Starwood Hotels & Resorts Worldwide, Inc.
March 25, 2005
WHITE PLAINS, NY and MIAMI, FL -- Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) and The Related Group
of Florida announce that they have signed a letter of intent to form a joint venture to develop a new build St.
Regis Resort & Residences in South Florida's most exclusive enclave, Bal Harbour. The St. Regis Resort &
Residences, Bal Harbour, to be built on the existing site of the Sheraton Bal Harbour, will be located on the white,
pristine sands of the Atlantic Ocean directly across the street from the legendary Bal Harbour Shops. The renowned
Lucien Lagrange Architects has been selected for the project. The proposed transaction is subject to the negotiation
and execution of definitive agreements and other approvals and customary closing conditions.
"Related's innovative development expertise in project conceptualization, mixed-use development, and sales
and marketing of upscale residential projects in the South Florida market is a perfect complement to Starwood's
ultra-luxury brand, loyal customer base and its existing untapped real estate holdings," said Steven Heyer,
CEO, Starwood Hotels & Resorts. "We expect that this relationship will allow us to maximize the unrealized
potential of our land assets while enhancing the strength of Starwood's presence in this affluent market."
"We see a huge potential in developing the St. Regis Resort & Residences, Bal Harbour as a preeminent
address for first-class luxury living in Miami," said Jorge M. Perez, chairman, The Related Group of Florida.
"The powerful combination of the St. Regis brand, the distinguished reputation of Lucien Lagrange Architects',
and Related's integrated development approach will make the St. Regis Resort & Residences, Bal Harbour a spectacular
new addition to the seaside Bal Harbour village."
Only a select few of the world's luxury hotels merit the St. Regis name, offering unprecedented excellence in standards
of hospitality and elegance. The St. Regis Resort & Residences, Bal Harbour will feature an array of sumptuous
amenities, including the brand's signature butler service, renowned concierge service, a world-class spa and a
signature restaurant.
The Bal Harbour Shops, ranked "the number one shopping center in the U.S." by Women's Wear Daily and
home to 100 flagship stores including Hermes, Gucci, Prada, Dolce and Gabbana, Chanel, Louis Vuitton, Saks Fifth
Avenue and Neiman Marcus. The Bal Harbour Shops also offer their patrons services such as valet parking, personal
shoppers, as well as an array of first-rate fine dining options.
The Sheraton Bal Harbour will plan promotional activities throughout the year prior to its anticipated closing
in June 2006 to celebrate the hotel's 50 year fabled history. "We anticipate that thousands of guests who
have stayed with us over these past 50 years will want to come back and stay with us one last time," said
the Resort's Managing Director, Hans B. Altenhoff. "This will be an exciting year for our property; not only
will we commemorate our 50th anniversary but we will also provide our guest the opportunity to own their dream
home on the beach they have enjoyed all these years." The Sheraton Bal Harbour's 50 year anniversary celebration
which kicks off this spring, will incorporate promotions with the luxury brand emporiums located at the Bal Harbour
Shops via an exclusive "Passport to Bal Harbour" offering available only at www.sheraton.com.
The Related Group of Florida has 25 years of residential development and construction experience of condominiums
and urban mixed-use properties, primarily in Florida. Some of Related's landmark projects in South Florida include
the Icon, Murano, Murano Grande, Portofino Towers and Oceans I, II and III. The company works closely with its
New York affiliate to acquire commercial and residential real estate throughout the US. Related's marketing partnership
with RCRS (Related Cervera Realty Services) will offer years of selling expertise in the luxury South Florida real
estate market.
Lucien Lagrange Architects has roots in both the innovative architectural legacy of Chicago and the classic design
heritage of Mr. Lagrange's native France. The dichotomy results in a firm that is uniquely creative yet sensitive
to a timeless aesthetic. In a relatively short time, Lagrange has made a significant mark on the Chicago skyline.
Its projects - new buildings and comprehensive renovations - are prominent both in the Loop and on the Near North
Side. One of the latest is the new 67-story Park Tower hotel and luxury condominium development on North Michigan
Avenue.
Local architect, Sieger Suarez, has been selected as the architect of record and has long been unrivaled as South
Florida's leading architectural firm specializing in luxury residential high-rise design. Taft Bradshaw, the original
landscape designer for the Village of Bal Harbour and the Bal Harbour Shops, has been chosen as the landscape architect.
To receive updated information regarding sales offerings on the project, please call 305-867-2700 or visit www.stregisresidences.com.
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with
more than 750 properties in more than 80 countries and 110,000 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.
(Note: This press release contains forward-looking statements within the meaning of federal securities regulations.
Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties
and other factors that may cause actual results or events to differ materially from those anticipated at the time
the forward-looking statements are made. These risks and uncertainties are presented in detail in our filings with
the Securities and Exchange Commission. Although we believe the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained
or that results and events will not materially differ. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new information, future events or otherwise.)
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CONTACT: Starwood Hotels & Resorts Worldwide, Inc. Ellen Gallo 914-640-8167
SOURCE: Starwood Hotels & Resorts Worldwide, Inc.