| Montecito, CA, April 29, 2005 - Ty Warner Hotels & Resorts, LLC
announced today the final purchase of the vacant Miramar by the Sea � located
in the exclusive coastal community of Montecito, just south of Santa Barbara,
California.
Miramar by the Sea is located right on the sand in Montecito, just steps
from the Pacific, with the lush foothills of the Santa Ynez Mountains as
a backdrop. With plans approved in 2000 to renovate the century-old
beachfront resort�s 213 rooms, create a new restaurant, spa and boardwalk,
Miramar by the Sea is destined to be one of California�s most coveted resorts.
Miramar by the Sea joins Ty Warner�s distinctive collection of individually
unique and upscale destinations, including the San Ysidro Ranch and Four
Seasons Biltmore also located in Montecito, the Kona Village Resort on
the Big Island of Hawaii, and Las Ventanas al Paraiso Resort in Los Cabos,
Mexico.
The all-embracing renovation plans for the Miramar, approved by Santa
Barbara County in 2000, were never completed by the previous owner due
to financial complications resulting from the aftermath of 9/11.
The renovation plans for the time honored hotel were halted following demolition
in 2001.
According to Greg Rice, Executive Vice President of Development for
Ty Warner Hotels & Resorts, the purchase was recorded Friday.
�We are excited about the opportunity to complete the Miramar renovation
to bring new life and beauty back to this treasure. The Miramar will
become one of America�s premier resorts with its oceanfront location in
Montecito.�
The purchase price for the Miramar was not disclosed.
ABOUT THE MIRAMAR
The Miramar history began in 1876 when Josiah and Emmeline Doulton
purchased the 20 acre ocean front property in Montecito. In 1889
the Doultons built a separate cottage for visiting friends, which soon
served to accommodate outside guests. Originally called Ocean View
Farm, a friend/guest at the hotel suggested that the name of the destination
be changed to �Miramar�, meaning �behold the sea.� Mrs. Doulton was
immediately taken with the name and ordered signs the following day.
Over the years, the hotel was expanded and by 1910 there were 29 structures
on the property. The Miramar struggled during the Depression and
the Doultons eventually sold the hotel to Paul Gawzner on November 3, 1939.
Gawzner owned the Miramar until September 1998, when Ian Schrager purchased
it for $31.7 million. The hotel closed its doors on September 10,
2000 to begin renovations and was set to reopen in about 18 months.
Five years later, the partially demolished Miramar Hotel still sits vacant
on one of the most valuable and beautiful beachfront properties in Southern
California.
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. Visit Ty on the Internet at
<http://www.ty.com>.
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 57th Street. 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, the Las Ventanas
Resort in Los Cabos Mexico, 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.
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