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 Blackstone Real Estate Advisors Combines 14 Wyndham Properties with
Seven Other Owned Hotels to Form the LXR Luxury Resorts Brand
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NEW YORK, Aug. 16, 2005 - Having finalized the acquisition of Wyndham International, Inc., affiliates of Blackstone Real Estate Advisors today announced the formation of LXR Luxury Resorts, an extraordinary new collection of luxury properties that will include some of the most treasured luxury hotels, resorts, spas, golf clubs and marinas in the U.S., Puerto Rico and the Caribbean.  LXR Luxury Resorts will be comprised of 14 of Wyndham’s premier owned and operated properties as well as seven hotels and resorts from Blackstone’s Boca Hospitality Collection and Prime Hospitality holdings.
    
Among the prized hotels and resorts that will join the LXR Luxury Resorts collection are the 
  • El Conquistador Resort and Las Casitas Village, 
  • El San Juan Hotel & Casino and 
  • Condado Plaza Hotel & Casino in Puerto Rico; 
  • The Boulders Resort in Carefree, Arizona; 
  • The Peaks in Telluride, Colorado; 
  • Bel Age in Los Angeles, 
  • Carmel Valley Ranch in Carmel, California; 
  • Rose Hall Resort & Country Club in Montego Bay, Jamaica; 
  • Park Shore Waikiki in Honolulu, Hawaii; 
  • The Reach Resort and Casa Marina Resort in Key West, and 
  • The Buena Vista Palace in Walt Disney World Resort in Lake Buena Vista, Florida.  
The world-renowned Golden Door Spa brand will also become part of LXR, including its flagship spa in Escondido, California, and its three spas at the El Conquistador, The Boulders and The Peaks.  Each of these landmark properties will return to their original names.
    
The five properties of the Boca Hospitality Collection that will join LXR Luxury Resorts effective immediately are 
  • Florida's famed Boca Raton Resort & Club in Boca Raton, 
  • Hyatt Regency Pier 66 Resort and Bahia Mar Beach Resort & Yachting Center in Fort Lauderdale, 
  • The Registry Resort & Club and 
  • Edgewater Beach Hotel & Club in Naples, and 
  • the Rihga Royal in New York City. 
Also featured in this collection will be premier golf clubs including the renowned Naples Grand Golf Club in Naples and Grand Oaks Golf Club in Fort Lauderdale, Florida, and marinas in Boca Raton and Fort Lauderdale.  The Saratoga resort in Saratoga Springs, New York, will also join LXR from Blackstone's Prime Hospitality group.
 
Commented Bill Stein, Managing Director of Blackstone's Real Estate Group, "The creation of LXR Luxury Resorts provides a tremendous opportunity to take an incomparable collection of prized properties, each of which has enormous potential, and turn them into true luxury showpieces."
    
Blackstone Real Estate Advisors has a history of significantly reinvesting in its assets and dramatically improving services and facilities. The same is anticipated for LXR Luxury Resorts, with over $400 million anticipated to be invested into these properties over the next several years to ensure that they become or continue to be the finest resorts and hotels in the luxury marketplace.  Through its acquisition of London's Savoy Group in the 1990s, Blackstone transformed some of the city's most loved yet neglected hotels -- including Claridge's, The Savoy, The Berkeley, and The Connaught -- into vibrant, thriving properties, commissioning a veritable "who's who" of internationally acclaimed architects, interior designers, chefs and restaurateurs to inject a new and exciting energy.
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Park Shore Waikiki
2586 Kalakaua Avenue
Honolulu, Hawaii
For the prized hotels and resorts that will comprise the LXR Luxury Resorts collection, there will be an equally talented and accomplished roster of creative and culinary talents to help reinvigorate, re-imagine, and reposition each property, evoking its own unique personality and locale. Among the architects and designers already secured include the veritable "dream team" of Thierry Despont, Alexandra Champalimaud, Tony Chi, Andree Putman and Bentel & Bentel, who are each lending their design mastery to the recreation of the legendary Boca Raton Resort & Club, much of which will be completed by Summer 2006.  On the culinary front, some of America's and Europe's finest chefs and restaurateurs will be opening outposts in LXR properties in the coming six to eighteen months, details of which will be announced soon.
    
The seasoned management team of LXR will include co-Presidents Joseph Berger and Jean-Jacques Pergant and President of Sales and Marketing John Tolbert, all of whom had been previously with Boca Hospitality Collection.
    
"We are incredibly excited at the opportunity to assemble such a unique and stellar collection of properties under the LXR name," commented Mr. Tolbert.  "And with the help of the world's top creative talents, we will ensure that we offer an extraordinary guest experience that offers unparalleled style as well as substance.  The concept of luxury today is not only about the finest quality and most exquisite surroundings, but also the true pleasures of personalized yet unobtrusive service, absolute comfort and unforgettable moments."
    
The goal of the aggressive capital investments in each property within LXR will be to help realize the true potential and convey the innate personality of each, including a strong sense of place, an across-the-board upgrade in services and amenities, and, in many cases, a return to the particular property's original "DNA," albeit reinterpreted for the 21st century traveler.

"We aim to respect the integrity and unique offerings that each of these trophy assets has to offer," commented Mr. Tolbert, "and will strive to heighten the distinct personality of each while offering our guests an unfailing commitment to excellence and a consistent, highly personalized standard of service throughout each property."
    
The new LXR group will benefit from an incredible synergy among its properties, including a streamlined management infrastructure and a dedicated sales and marketing team intensely focused on the luxury business and leisure market, in addition to the meetings and incentive industries.
    
About Blackstone
The Blackstone Group, a private investment firm with offices in New York, Boston, Atlanta, Los Angeles, London, Hamburg, Paris and Mumbai, was founded in 1985.  Blackstone's Real Estate Group has raised five funds, representing over $6 billion in total equity, and has a long track record of investing in hotels and other commercial properties.  In addition to Real Estate, The Blackstone Group's core businesses include Private Equity, Corporate Debt Investing, Marketable Alternative Asset Management, Corporate Advisory and
Restructuring and Reorganization Advisory.  The Blackstone Group can be accessed on the Internet at http://www.Blackstone.com.

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Contact:

The Blackstone Group
http://www.Blackstone.com 
http://www.LuxuryResorts.com 

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Also See: The Peaks in Telluride, Colo. Constructing 35 Luxury Cabins (100 rooms); Wyndham Will Manage the Expansion / Jan 2002
Jean-Jacques Pergant Named President of Blackstone Affiliate Responsible for Operations of the Boca Raton Resort & Club; Josephe Berger Will Oversee Resorts Naples and Fort Lauderdale / December 2004
The 1,014 Room Buena Vista Palace Resort Spa to be Renamed the Wyndham Palace Resort Spa in the Walt Disney World Resort / Sept 1998
Florida Panthers Holdings, Inc. Acquires the Edgewater Beach Hotel / April 1998


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