the COTAI Strip in Macao: The 4,000 room Sheraton Macao Hotel
and The 460 room St. Regis Hotel & Residences, Macao
|Singapore – 1st March 2007 – Starwood Hotels & Resorts Worldwide,
Inc. (NYSE: HOT) today announced that it has reached an agreement with
Las Vegas Sands Corporation to develop two hotels on the COTAI Strip development
in Macao: The Sheraton Macao Hotel and The St. Regis Hotel & Residences,
Macao. The 4,000-room Sheraton Macao Hotel is expected to open in
2008 and the 460-room St. Regis Hotel and over 400 St. Regis Residences
will open in 2009. The Sheraton hotel will be the largest hotel to
be built on the strip, as well as Starwood’s largest hotel globally.
The two-hotel project is poised to provide a major presence for Starwood in Macao, as well as being an integral part of a new flagship development in the new “Las Vegas of Asia.” The COTAI Strip is a master planned development of resort casino properties on COTAI, an area of reclaimed land between the islands of Taipa and Coloane in Macao.
"Starwood is excited to bring two of its renowned brands to the fast-growing COTAI Strip. The Sheraton and St. Regis brands each bring to life their own distinct brand positionings, delivering a differentiated travel experience for travelers,” commented Miguel Ko, President of Starwood Hotels & Resorts, Asia Pacific. “With the growth in demand for gaming in Macao and the government’s active plans to promote Macao as a top destination, we expect demand in travel to grow steadily,” added Ko.
“Starwood is a well-respected international company and the Sheraton and St. Regis brands are synonymous with superior quality and service,” said William P. Weidner, president and chief operating officer of Las Vegas Sands Corp. “Their presence on the Cotai Strip speaks volumes to the commitment we all have of establishing Macao as a true leisure and business travel destination.”
Macao is a Special Administrative Region of People’s Republic of China. It is located on the Southeast coast of China and the western bank of the Pearl River Delta. Bordering on Guangdong Province, it is located 60km from Hong Kong and 145km from the city of Guangzhou. Macao has had an annual growth rate of close to 20% since 1998, with tourist arrivals expected to grow at an aggressive average of 18% annually. With the removal of the casino gaming monopoly in Macao in December 2001, new casino developments are quickly establishing the COTAI Strip as the ‘new Asian Las Vegas.’
The Sheraton Macao Hotel’s facilities will be located within two towers and will include approximately 4,000 rooms, 5 restaurants, over 140,000 square feet of meeting space, one health club in each tower, a spa, and two outdoor swimming pools. At the hotel, guests will experience Sheraton's warm, intuitive service and signature amenities designed to provide travelers with a sense of community while on the road.
The St. Regis Hotel will offer guests approximately 460 rooms, including 341 standard rooms and 119 suites, 4 restaurants, meeting space, a health club, a Remède Spa, and a swimming pool. The St. Regis Residences will feature over 400 residential units, ranging from one-bedroom to four-bedroom units, a residence-only swimming pool and its own health club. The St. Regis Hotel & Residences will offer guests and residence owners the famed hallmarks of St. Regis hotels - butler service and luxury accommodation for worldly travelers. Trained in the English tradition, the butlers provide ever-present yet unobtrusive service while anticipating guest needs and customizing each guest's stay according to his or her specific tastes and preferences.
About Starwood Hotels & Resorts Worldwide, Inc.
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. Starwood® Hotels is a fully integrated owner, operator and franchisor of hotels and resorts with the following internationally renowned brands: St. Regis®, The Luxury Collection®, Sheraton®, Westin®, Four Points® by Sheraton, W®, Le Méridien® and the recently announced ALOFTSM and ELEMENTSM Hotels. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
About Las Vegas Sands Corporation
Las Vegas Sands Corporation (NYSE: LVS) is one of the leading international developers of multi-use integrated resorts. The Las Vegas, Nevada-based company owns and operates The Venetian Resort-Hotel-Casino and the Sands Expo and Convention Center in Las Vegas and the Sands Macao in the People’s Republic of China (PRC) Special Administrative Region of Macao. The company is currently constructing four additional integrated resorts: The Venetian Macao Resort-Hotel in Macao; The Palazzo Resort-Hotel-Casino in Las Vegas; Sands Bethworks™ in Bethlehem, Pennsylvania; and The Marina Bay Sands™ in Singapore.
LVS is also creating The Cotai Strip™, a master-planned development of resort-casino properties in Macao. Additionally, the company is working with the Zhuhai Municipal People’s Government of the PRC to master-plan the development of a leisure resort and convention complex on Hengqin Island in the PRC.
This press release contains forward-looking statements within the meaning
of federal securities regulations.
|Also See:||Las Vegas Sands Corp. and Starwood Hotels Reach Agreement on Management Deal; Starwood to Manage Planned 1,200-room Sheraton and a 300-room St. Regis on the Cotai Strip, Macao / February 2006|
|First Phase of Macao's COTAI Strip Scheduled to Open in 2007 -- Includes Seven Resort Hotels Comprising of 10,000 Guest Rooms; The $1.8 billion Venetian Macao will Serve as the Anchor / March 2005|