St. Regis Resort, Punta Mita is the second St. Regis luxury property underway in Mexico as part of the company's ongoing focus on international expansion. St. Regis Hotel, Mexico City is projected to open just prior to St. Regis Resort, Punta Mita in late 2007. (Please see below for complete list of St. Regis properties either opening this year or under development.) 

Located 35 miles northwest of Puerto Vallarta on the Pacific Ocean, surrounded by white sand beaches, spectacular ocean views and lush tropical landscape, St. Regis Resort, Punta Mita will feature 120 elegantly appointed guest rooms and suites, each with its own outdoor shower, and approximately 65 luxury villas for both fractional and whole ownership. Both guests and owners will delight in the signature services for which the St. Regis is renowned worldwide, including its renowned St. Regis Butler Service, world-class concierge, exquisite design, and a world-class Remede Spa. 

"We are very proud to bring the addition of this exclusive hotel to Starwood's portfolio, this is a great year for Starwood Latin America Division and we are very pleased to have such strong plans for the development of the brand in the region," said Osvaldo Librizzi, President of Starwood Hotels & Resorts, Latin America. 

The resort will also include Punta Mita's second Jack Nicklaus Signature golf course, with greens meandering through the resort grounds, as well as a 10,000-square-foot spa and fitness center, two full-service restaurants, and a Beach Club with a pool grill and bar. The resort will also offer 7,000 square feet of meeting and function space, ideal for corporate retreats or wedding celebrations. 

"There are few resort destinations in the world that combine the prestige, vision and raw natural beauty of Punta Mita," said Kerry Hatch, president of St. Regis Hotels & Resorts. "This is truly one of the world's most exquisite enclaves and an ideal location for a St. Regis resort." 

Punta Mita is an innovative, master planned resort and residential community covering more than 1,500 acres on a spear-shaped peninsula, surrounded on three sides by white sand beaches, Pacific Ocean waters and lush tropical flora. The resort is a gated, low-density development and has been planned and designed in accordance with the highest quality of international real estate development and environmental standards. The master plan of Punta Mita calls for a variety of exclusive residential offerings and estate lots as well as up to three championship golf courses, a tennis center, beach clubs, spa and wellness center, yacht pier, and a small commercial village. 

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 Bora Bora, French Polynesia (2006), Fort Lauderdale (2006), Anguilla (2007), Mexico City (2007), Singapore (2007), Atlanta (2008), Bal Harbour, FL (2008) and Deer Valley, UT (2008) 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. 

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with approximately 850 properties in more than 95 countries and 145,000 employees at its owned and managed properties. 

About DINE: DINE is Mexico's premier real estate developer with commercial, residential and master planned communities throughout Mexico. DINE is a wholly owned subsidiary of DESC, one of Mexico's largest corporations, with interests in four sectors: real estate, petro-chemicals, auto parts and food products. 

About IDEURBAN: Established in 1974, IDEURBAN is one of Mexico City's leading urban development companies, delivering a complete range of integrated real estate solutions and construction services. Supporting the needs of communities, governments, commerce and industry on a local, national, and international basis, the company has led projects in markets ranging from hospitality, residential, retail and commercial to highway infrastructure, mixed-use developments and urban planning. IDEURBAN is recognized for its skilled professional staff and its commitment to the highest quality and ethical standards. The company is currently involved in the development of the three largest private-sector construction projects in Mexico City, including the St. Regis Hotel. 

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