Starwood Sells St Regis Aspen for US$70 Million

Starwood Hotels & Resorts has sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co..

The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA.

As Starwood will maintain a 50 year management agreement and continue to operate the resort under its St. Regis flag, guest services and hotel operations will continue uninterrupted.

In addition to the purchase price, the buyer has committed to a major renovation of the resort, including the refurbishment of all hotel guest rooms and public areas and incorporating the extensive courtyard space into dining outlets for year-round offerings, including enhanced après-ski use.

Simon Turner, President of Global Development, Starwood Hotels & Resorts, said, "Asset sales such as this are illustrative of Starwood's strategic disposition of owned real estate. We are committed to our strategy of systematically moving toward a more asset light operating model over time, taking advantage of when opportunities to sell our owned real estate are in the best interests of our shareholders."

Located at the base of Aspen Mountain, the St. Regis Aspen Resort is situated between the mountain's two primary base ski lifts and within walking distance to all of Aspen's shops, restaurants and entertainment. The hotel is just ten minutes from Aspen's airport and offers convenient access to all four ski areas as well as area golf courses.

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