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Baccarat Hotels And Resorts Debuts in Anguilla

Monday, January 07, 2008
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Flag Luxury Properties, a New York-based developer of luxury resort and residential properties, today announced that it has engaged Baccarat Hotels and Residences, a subsidiary of Starwood Capital Group to operate its exclusive ultra-luxury hotel and residences on the island of Anguilla, British West Indies. The property will be named The Baccarat Hotel and Residences at Temenos, Anguilla and will be the first of its kind in the Caribbean.

The Baccarat Hotel and Residences at Temenos, Anguilla will include a 114-key ultra-luxury hotel and an 18,800-square-foot world-class spa and a fitness center. Within the hotel there will be 50 oceanfront residences. Guests and residents will enjoy personal exclusive services and signature Baccarat aesthetics. The 286-acre resort also includes 18 estate homes, 10 villas, 38 Spa Villas along with a Greg Norman-designed championship golf course -- Anguilla's first and only course.

The Temenos Golf Club, managed by Troon Golf opened in 2006 and has quickly become well known for its breathtaking views of the Caribbean Sea and nearby St. Maarten, along with its dramatic and challenging terrain and other features. The full-service 28,000 square foot clubhouse features Zurra -- a Mediterranean-influenced restaurant managed by famed restaurant operators, authors and lifestyle experts Bob and Melinda Blanchard.

Baccarat brings to the resort its longstanding reputation as one of the world's premier luxury brands -- one of a select few that define and shape luxury. Barry Sternlicht, Chairman and CEO of Starwood Capital Group, is widely recognized as one of the lodging industry's leaders in building great brands, having led the creation of W Hotels and St. Regis brands and the reinvention of Westin when he served as Chairman and CEO of Starwood Hotels & Resorts. In addition to Baccarat Hotels, Starwood Capital is developing two other international luxury brands, Crillon Hotels and 1 Hotels & Residences.

"We are very excited to announce our participation in this outstanding resort which will quickly become one of the Caribbean's and the world's finest resorts," said Mr. Sternlicht. "Nearly every amenity will be provided to our guests which we will combine with a spirit of uncompromising service. Baccarat is a 247 year old global brand. It is synonymous with perfection and beauty. Each Baccarat product is a handmade work of art by craftsmen who dedicate their lives to the creation of these masterpieces. We intend for each Baccarat Hotel to be its own work of art. In Baccarat Hotels, we aspire to be the perfect getaway experience combining memorable design executed in a relaxed, comfortable and inviting atmosphere. The Baccarat Resort in Anguilla is about the quality of light, a sublime elegance which can be appreciated in bare feet."

"We have engaged Baccarat Hotels & Residences to help us take our project to completion and ensure that our vision for this unique property is completely fulfilled," said Paul C. Kanavos, Chairman and CEO of Flag Luxury. "We have always intended Temenos Anguilla to be one of the world's finest and most exclusive resorts -- based not only on having the very best facilities, but also reflecting a superior level of service for our residents and guests that is unsurpassed anywhere. We know that Barry Sternlicht shares our vision and we look forward to working with him and his team to make it a reality."

About Flag Luxury Properties

Flag Luxury Properties, based in New York City, was founded in 1946 with a commitment to owning and developing branded world class hotels, residential properties and gaming assets. Through strategic partnerships, innovative architectural execution, and unparalleled locations, Flag Luxury has become a leader in its industry. Recent developments include The Ritz-Carlton South Beach; The Ritz-Carlton Club & Spa, Jupiter and the Baccarat Hotel and Residences at Temenos, Anguilla. Flag Luxury is affiliated with FX Real Estate and Entertainment, Inc. (FXREE), a company chaired by Robert F.X. Sillerman that was formed in 2007 to engage in the development and ownership of entertainment-themed real estate projects. The latter company's holdings include an 18-acre site to be master planned on the Las Vegas Strip and a substantial ownership interest in Riviera Holdings Inc. For more information on Flag Luxury, please visit: www.flagluxury.com.

About Starwood Capital Group

Starwood Capital Group Global, LLC is a privately-held global real estate investment firm based in Greenwich, CT (with its predecessor Starwood affiliates "Starwood"). Founded in 1991, Starwood specializes in the creation and acquisition of real estate-related investments on behalf of commingled investment vehicles that are sponsored and created by Starwood or its affiliated entities. Such real estate-related investments include residential and commercial land development, multifamily, hotel, office, retail,
mixed-use, industrial, health clubs, golf and mezzanine debt. Starwood's clients include public and private retirement programs, university endowments, foundations, international and high net worth investors. During the past sixteen years Starwood and its affiliates have invested approximately $6 billion of equity capital in transactions representing over $30 billion of asset value.

Starwood is currently building a new luxury hotel management company which will manage its Crillon, Baccarat and 1 luxury hotel brands and expansion. Starwood has announced the development of the Baccarat Wailea, located on the island of Maui in Hawaii, as well as 1 Hotel projects in New York, Seattle, Washington DC and Scottsdale.

Starwood has led the formation and/or growth of several market leading companies including Groupe Taittinger and Societe du Louvre, Europe's second largest hotel network; iStar Financial, the leading publicly traded finance company specializing in commercial real estate mortgage, mezzanine and net lease financing; Starwood Hotels & Resorts Worldwide, a leading global owner/operator of hotels; Equity Residential Properties Trust, one of the premier US multifamily REITs; and National Golf Properties/American Golf Corporation, the largest owner/operator of golf courses and related facilities in the U.S., who, together with its private sister company, owned, leased or managed 255 golf courses.
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