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Ty Warner Acquires Las Ventanas al Paraiso Resort in Los Cabos, Mexico from Dallas-based JTL Capital, LLC; 
Rosewood Continues as Operator

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DALLAS, TEXAS - September 23, 2004 - Ty Warner Hotels & Resorts, LLC announced today the purchase of the acclaimed Las Ventanas al Paraiso Resort in Los Cabos, Mexico. Ty Warner purchased Las Ventanas from Dallas-based JTL Capital, LLC, with the seller being represented by Secured Capital and the buyer by Solid Rock Advisors.

The Las Ventanas al Paraiso joins Ty Warner’s distinctive collection of individually unique and upscale destinations including the San Ysidro Ranch in Santa Barbara, California and the Kona Village Resort on the Big Island of Hawaii.

According to Ty Warner, the goal as the new owner is to extend and enhance the incredible beauty and amenities that define Las Ventanas today.

“Anyone who has had the great privilege of experiencing Las Ventanas would likely say that it’s impossible to improve upon perfection,” said Ty Warner. “We look forward to continuing the resort’s tremendous legacy and reputation, and perhaps achieving the impossible by bringing Las Ventanas to a greater level of distinction worthy of a six star classification.”

Ty Warner believes the essential component to achieving that goal is in Rosewood Hotels and Resort’s continued operation of the resort.

“Las Ventanas al Paraiso represents the pinnacle of international luxury resorts,” said John Scott, CEO & President of Rosewood Hotels & Resorts. “With the commitment that Ty Warner has made to the luxury hotel industry and will be making to the Los Cabos property, we are confident that Las Ventanas will continue to raise the standard for all luxury resorts world wide.

“Our first priority is to maintain the high service standards that we have established, and for which Las Ventanas has won worldwide acclaim,” Scott stated. “We are also excited that Mr. Warner is committed to investing in several service and facility additions that will position the property for continued success,” he explained.

ABOUT LAS VENTANAS
Las Ventanas, which was recently awarded Best International Resort by esteemed Andrew Harper’s Hideaway and has won multiple accolades since 1997, is heralded for its world-class spa, unparalleled service, exquisite accommodations and superb dining. Dramatically located at the tip of Mexico’s Baja Peninsula, nestled on fine white sands along the sparkling-blue Sea of Cortez, Las Ventanas has set new standards for luxury and service in Latin America.

Las Ventanas features 61 exceptionally spacious suites with exquisite furnishings, breathtaking infinity-plunge pools, unique appointments hand-crafted by Mexican artisans, individual telescopes for stargazing, and magnificent panoramic views; a world-class spa known for its signature treatments derived from the Baja desert and an extensive menu of therapies from around the world; signature Baja -Mediterranean cuisine served at the resort’s two world-class restaurants; a Tequila & Ceviche Bar and world-class golf at the exclusive and private Querencia Golf Course.

ABOUT TY WARNER
Ty Warner is ranked by Forbes Magazine as the 30th wealthiest individual in the U.S. with a net worth of six billion. He is known for his generosity, most recently donating $6 million to the Andre Agassi Charitable Foundation for his underprivileged children’s school in Las Vegas. He also completed the $8.1 million building fund for the Ty Warner Sea Center in Santa Barbara, California. Other charities benefiting from Ty Warner estimated $75 million in donations during the last five years include the American and International Red Crosses, the Elizabeth Glaser Pediatric Aids Foundation, the Ronald McDonald House, and Agassi Foundation for At Risk Youth.

ABOUT TY INC.
Founded in 1986 by Ty Warner, creator of the wildly popular Beanie Babies®, Ty is the world leader in the sale of plush toys. In Japan, collectors have been known to wait in line overnight to purchase some of Ty Inc.’s exclusive new releases. In addition to the Beanie Baby® line, which is celebrating its 11th anniversary, the company’s product line includes: Beanie Buddies®, Classic®, Beanie Boppers®, Punkies®, Pluffies® and Teenie Beanie Boppers®. The Ty Heart Logo®, recognized around the world, can be found on all Ty products available at finer specialty gift retailers.

ABOUT TY WARNER HOTELS AND RESORTS
Ty Warner Hotels & Resorts, LLC was founded and is solely owned by Ty Warner. Properties owned by the company include the Four Seasons Hotel New York located on 57thStreet. I.M. Pei, the world renowned architect who also designed the Miho Museum in Kyoto, Japan and the Pyramide du Louvre in Paris, France, designed this hotel. Other properties include the 75 year-old Four Seasons Biltmore, the Coral Casino Beach and Cabana Club and the romantic 500-acre San Ysidro Ranch retreat, all located in the affluent Montecito community in beautiful California. Just added to his unique collection of properties - the enchanting Kona Village Resort located on the Kona Coast of the Big Island of Hawaii, and the Montecito Country Club located in Santa Barbara, California. Mr. Warner also owns the magnificent Sandpiper Golf Course which is situated on a Pacific Ocean bluff.

All of the properties are currently involved in extensive renovation programs according to Mr. Warner’s vision.

ABOUT ROSEWOOD HOTELS & RESORTS
Headquartered in Dallas, Texas, Rosewood Hotels & Resorts manages properties worldwide including The Mansion on Turtle Creek and Hotel Crescent Court in Dallas; The Carlyle in New York; Hotel Seiyo Ginza in Tokyo, Japan; The Dharmawangsa in Jakarta, Indonesia; Al Faisaliah Hotel and Hotel Al Khozama in Riyadh, Saudi Arabia and a triumvirate of world-class Caribbean properties B Little Dix Bay on Virgin Gorda; Caneel Bay on St. John and Jumby Bay on Antigua. 


 
Contact:
Greg Rice
805-695-8887 ext 21
http://www.ty.com
Also See: Ty Warner Hotels & Resorts, LLC Acquires the Kona Village Resort / July 2004
Ty Warne Acquires the Montecito Country Club; 86-year old Clubhouse Structure a Stately Santa Barbara Icon / August 2004
Andres Araya Named Resort Manager of Rosewood's Las Ventanas al Paraiso, Los Cabos / January 2004


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