�The passionate city of Buenos Aires engages visitors with its energy, enthusiasm and excitement, creating a richly textured cosmopolitan setting perfect for our global St. Regis guests,� said Ross Klein, President of Starwood�s Luxury Brands Group. �Buenos Aires is the perfect choice for the debut of the St. Regis brand into South America, enticing sophisticated, worldly travelers to explore this stylish and sizzling destination. From Bora Bora to Beijing, Monarch Beach to Macau, St. Regis is committed to designing custom-tailored guest experiences in the best addresses around the world.�

�We are absolutely delighted that this development will carry the prestigious St. Regis brand. Since the project�s inception, we knew that this landmark site presented the perfect opportunity to create one of the finest hotel and residences complexes on the South American continent,� said Raul Gonzalez CEO of First South America Investments, the owners and developers of the new hotel. �Management by St. Regis and its inherent promise of quality and service will create the city�s most desirable resort and address and will be the catalyst that enables a redeveloped Puerto Madero to achieve its full potential.�

As one of the world�s most alluring destinations, Buenos Aires is lined with majestic boulevards lined with palatial mansions, beautifully landscaped parks, a dynamic arts scene and vibrant nightlife. The newly constructed St. Regis property will be located in Puerto Madero, a contemporary dock-front neighborhood within walking distance of the financial and commercial heart of the city. In this fast-growing district, old brick warehouses have been renovated and transformed into upscale offices, residences, banks, theaters, and restaurants, with many more residential and commercial developments slated for completion by mid 2009.

�We are thrilled with the entrance of the St. Regis brand in South America following the recent announcements of the St. Regis properties in Mexico City, Punta Mita and Costa Rica. With the addition of the St. Regis, Buenos Aires we consolidate our 4th St Regis property in Latin America and create the first in South America,� said Osvaldo Librizzi, President of Starwood Hotels & Resorts in Latin America. �We continue to aggressively, yet selectively grow the St. Regis brand in the world�s most desirable addresses, and this optimal location in Buenos Aires is a prime example. Here guests will enjoy a supremely luxurious experience at the core of the city�s financial center, as well as a selection of exquisite, world-class cuisine and proximity to one of the world�s most innovative cultural scenes.�

Facilities at the St Regis Hotel & Residences will include more than 16,000 square feet of meeting space, two restaurants, a wine room, lounge, fitness center, swimming pool, business center and exclusive Remède Spa with eight treatments rooms. Residence owners will enjoy full access to the hotel�s services and amenities including the world-renowned St. Regis Butler Service.

Just outside the doors of the hotel, guests will delight in the diversity of offerings in the trendy, fast-growing neighborhood of Puerto Madero, which includes more than 80 restaurants and outdoor cafes, as well as a nature reserve, beautifully landscaped parks, several fascinating museums and proximity to Buenos Aires� leading attractions, including Caminito and Cancha de Boca.

About First South American Investments
First South America Investment (FSA) is the South American investment subsidiary of the Libra Group. The company comprises autonomous divisions focused on real estate, hospitality and construction. FSA has a substantial infrastructure that enables it to develop its business interests across the continent at scale. The company owns commercial, residential and hospitality developments that together form close to 3 million sq ft of prime real estate including the St. Regis Hotel and Residences complex in Buenos Aires. FSA´s parent company the Libra Group (www.libra.com) is a modern conglomerate with global interests spanning real estate, hospitality, construction, transportation, energy and private equity.

About St. Regis Hotels & Resorts
St. Regis Hotels & Resorts includes the most celebrated properties in the world. Founded by John Jacob Astor with the landmark St. Regis Hotel, New York over a century ago, the company will unveil highly anticipated St. Regis properties in Punta Mita, Mexico (2008), Mallorca (2007), Singapore (2007), Anguilla (2008), Bali (2008), Costa Rica (2008), Mexico City (2008), Atlanta (2009), Bahia Beach, Puerto Rico (2009), Bangkok (2009), Deer Crest (2009), Bal Harbour, FL (2010), Lhasa (2010), Osaka (2010), Macao (2009), Baha Mar, The Bahamas (2011), Jakarta (2011), and Tianjin, China (2011) that will further enhance the brand�s legacy. Personalized service and amenities, enviable locations and luxuriously localized design are recognized worldwide as hallmarks of the St. Regis experience. For more information on St. Regis Hotels & Resorts, please visit www.stregis.com.

This press release contains forward-looking statements within the meaning of federal securities regulations.