$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. |