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Starwood to Assume Management of the Radisson Cable Beach
in Nassau, Bahamas, and Convert the 691 room
Resort into a Sheraton
$80 million Renovation Project Concluding

Nassau, The Bahamas – December 11, 2006 – Starwood Hotels & Resorts Worldwide, Inc.® (NYSE:HOT) and Baha Mar Resorts Ltd. today announced an agreement for Starwood® to assume management of the Radisson Cable Beach property in Nassau, Bahamas, and convert the luxury resort into a Sheraton®. The Sheraton Resort at Cable Beach will open in spring 2007, as the resort nears its completion of an extensive $80 million renovation project. The Sheraton Resort at Cable Beach will be the first of four renowned Starwood brands to open its doors as part of Baha Mar’s mega resort project. 
 
The Sheraton Resort at Cable Beach is undergoing a top-to-bottom face-lift, including renovations to the guest rooms, lobby, restaurants and public spaces. The conversion is the first phase of a dramatic capital investment program undertaken by Baha Mar Resorts Ltd.  In November 2005, Baha Mar announced that it had formed an unprecedented relationship to develop a mega-resort on magnificent Cable Beach with two of the world’s best-known gaming and hospitality companies – Harrah’s Entertainment, Inc. (NYSE:HET) and Sheraton’s parent company, Starwood Hotels & Resorts Worldwide, Inc. 
 
“Since acquiring the Wyndham, Radisson and Nassau Beach hotels in 2005, we have made it our primary goal to raise service standards and dramatically improve the guest experience across all three existing Cable Beach Resort properties. We are excited that Starwood is bringing its distinguished Sheraton brand and hospitality expertise to Cable Beach in order to provide our guests with the highest standard of service,” said Don Robinson, President of Baha Mar Resorts, Ltd. “The signing of this management agreement also marks an important milestone in the development of the highly anticipated Baha Mar mega resort project.”
 
About Baha Mar
Baha Mar – a 1,000-acre, mixed-use, one-of-a-kind project – represents a quantum leap forward in the continued success of The Bahamas, ushering in a new era for Nassau’s Cable Beach area of New Providence Island. Expected to establish a new blueprint for resort development, Baha Mar is creating a unique mega resort experience in its setting, design, operation and services.  Baha Mar will feature Caribbean-inspired design elements that fuse the area’s Colonial, European and African influences with the region’s lush natural landscapes and waterscapes. In addition to the four Starwood brand hotels, and Starwood branded spas, Baha Mar will also feature a new 1,000-room Caesars Resort Hotel and 95,000-square foot Caesar’s Palace casino as well as a free-standing luxury spa facility – the largest in the Caribbean. Additional amenities will include an 18-hole Jack Nicklaus Signature Golf Course, 175,000 square feet of meeting space, a 20-acre beach and pool experience with 3,000 feet of continuous beachfront, and a 50,000 square foot village with upscale retail, chef-branded restaurants, and entertainment venues. Construction will begin in 2007, with the opening set for late 2010.

About Sheraton
Sheraton, the largest brand of Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) has more than 394 hotels in 65 countries. 

Contact:

Baha Mar Resorts Ltd. 
www.bahamar.com

 

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Also See: Cable Beach Resorts Targets $85 million Capital Investment Program for its Radisson and Wyndham Properties in Nassau, The Bahamas; Includes Complete Renovation and Re-branding of the 691-room Radisson Cable Beach / February 2006
Nicklaus Design Building 18-hole Jack Nicklaus Signature Course in Baha Mar’s Planned $1.6 billion Mega-resort on Nassau’s Cable Beach in The Bahamas / September 2005
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