News for the Hospitality Executive
Las Vegas Sands Signs Starwood Hotels & Resorts to
Operate the St. Regis Residences
at the Venetian Palazzo; The $600 million Tower Located Between the Palazzo and
Venetian Resorts Will Contain 398 Luxury Condos
LAS VEGAS, Sept. 4, 2008 - Las Vegas Sands (NYSE:LVS) announced today that the company has reached an agreement with Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) to develop The St. Regis Residences at the Venetian Palazzo, Las Vegas, a collection of 398 private luxury residences, introducing the renowned St. Regis brand to Las Vegas, Nevada. The residential project is currently under construction between Las Vegas Sands' Palazzo and Venetian resorts on the Las Vegas Strip.
Palazzo on the left and the Venetian Resorts
"The St. Regis name is synonymous with luxury and when it is combined with preferred access to the world-class amenities of The Venetian and The Palazzo, there is little doubt that this residential product is one of the most compelling and exciting in the world," said Sheldon G. Adelson, chairman and chief executive officer of Las Vegas Sands Corp. "Those fortunate enough to purchase at The St. Regis Residences will have the rare opportunity to own a residence that is part of two world-class resorts in the heart of one of the most famous streets in the world."
Addressing would-be skeptics, Adelson said quality and luxury sell in any type of financial environment and, when combined with the premium location of these residences, he believes the company has a surefire winner. He cited August 2008 occupancy numbers for the Venetian and Palazzo -- nearly 95 percent -- as further proof of luxury offerings being able to prevail even during the traditionally "slower" summer months and in what is currently perceived as an overall difficult market for Las Vegas.
"We are delighted to introduce the St. Regis brand to Las Vegas, and what a spectacular debut it will be," said Frits van Paasschen, president and chief executive officer of Starwood Hotels & Resorts Worldwide, Inc. "With a premiere location, excellent partner and a shared vision to create the most luxurious residences, amenities and services in Las Vegas, this truly is a one of a kind endeavor."
Anticipated to open in March 2010, the St. Regis Residences(R) will offer owners the famed hallmarks of the St. Regis brand including, the Signature St. Regis Butler Service, custom tailored experiences, and luxury accommodations in the best addresses in the world. The legendary St. Regis Butler Service offers unparalleled round-the-clock personal attention to every resident. Trained in the English tradition, the butlers provide ever-present yet unobtrusive services while anticipating each resident's needs, custom tailored to his or her specific tastes and preferences.
The interiors of the residences are being meticulously designed to exceed the standards of the most discerning customers. Buyers will have the option to purchase a fully-furnished "move-in ready" residence with furniture packages from several world-renowned designers. Residences will range in size from 1,700 to over 10,000 square feet for a duplex villa with private pool. Total sales for all units could reach as much as $2 billion.
"The interiors of these units will be among the finest in the world, with no detail overlooked, no expense spared, and each created by an all-star branded design team," said Adelson. "Along with superior design and the property's exclusive amenities, every one of these residences will be further enhanced by the breathtaking views each will have of the Strip and the surrounding Las Vegas valley."
Mr. Adelson said in addition to the amazing views, which will come from
as high as 600 feet above street level, one of the most compelling reasons
for owning one of the residences is the instant and preferred access to
two of Las Vegas' most popular resorts. The Venetian and The Palazzo feature
a broad variety of dining and entertainments options, and are also home
to fashion icons like Barneys New York, Bottega Veneta, Burberry, Christian
Louboutin, Diane Von Furstenberg, Catherine Malandrino, Tory Burch, Fendi
The team responsible for the sales and marketing of the residences has already begun receiving interest from all over the world, and will begin accepting VIP reservations this month and open a preview gallery in October. For more information, please visit http://www.stregisvegas.com/.
Statements in this press release, which are not historical facts, are "forward looking" statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to general economic conditions, competition, new ventures, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. and Starwood Hotels & Resorts Worldwide, Inc. with the Securities and Exchange Commission.
ABOUT LAS VEGAS SANDS CORP.
ABOUT ST. REGIS HOTELS & RESORTS
Las Vegas Sands
|Also See:||Las Vegas Sands Corp. Opens the 3,068 All Suite Palazzo; the $1.9 billion Resort is the First new Casino to Open on the Las Vegas Strip in Three Years / January 2008|
|Starwood and Las Vegas Sands Corporation to Develop Two Hotels on the COTAI Strip in Macao: The 4,000 room Sheraton Macao Hotel and The 460 room St. Regis Hotel & Residences, Macao / March 2007|