Grande Equity Signs Le Meridien to Manage Resort in Pattaya, Thailand
SINGAPORE, February 14, 2006. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) newest global hotel brand Le Meridien Hotels & Resorts, continues to expand its presence in Asia Pacific with the signing of Le Meridien Pattaya Resort, Thailand. Starwood Hotels & Resorts and Grande Equity Development Company Limited announced the agreement today to manage this brand new resort along Jomtien Beach in Pattaya, which will open in January 2009.
The Le Meridien Pattaya Resort will be part of one of Pattaya's foremost upscale beachfront resort developments, which comprises unbranded condominiums and the resort. The development is strategically located in a prime position, only 150 km or 1.5 hours' drive from Bangkok and less than an hour's drive from Bangkok's new International Airport when it officially opens in 2006. The resort will feature 250 rooms, 11,000 square feet of meeting space, three food and beverage outlets, an outdoor swimming pool and a full service spa.
"We are thrilled to be announcing a new Le Meridien hotel in Pattaya - especially as this is the first hotel signing in Asia Pacific for Le Meridien since they became part of Starwood Hotels & Resorts in late November 2005," said Michael Wale, Senior Vice President Le Meridien Operations. "This new resort further reinforces our commitment to grow and enhance our newest brand globally with particular emphasis in Asia-Pacific, Latin America and the United States. The brand has a healthy development pipeline already in place, with over 10 hotels planned to open in 2006 in destinations such as India and China, including Le Royal Meridien Shanghai. We see great potential for the Le Meridien brand and it is a perfect complement to the Starwood portfolio, with its European heritage, international footprint and unique guest culture."
"Le Meridien Pattaya Resort marks Starwood's second resort in Pattaya and its 17th in Thailand. This latest addition to the Le Meridien portfolio is an exciting and significant development for Starwood. Besides reflecting our focus to grow this brand, Le Meridien Pattaya Resort also strengthens Starwood's commitment to Thailand, while further expanding on the wonderful Le Meridien resorts we can offer our guests around the world," said Miguel Ko, President, Starwood Hotels & Resorts Asia Pacific.
Starwood currently operates 12 hotels in Thailand - Bangkok, Chiangmai, Samui, Pattaya, Krabi and Phuket, with 5 under development in Bangkok, Chiangmai, Pattaya, Phuket and Hua Hin.
This press release contains forward-looking statements within the meaning of federal securities regulations. Forward-looking statements are not guarantees of future performance or events and involve risks and uncertainties and other factors that may cause actual results or events to differ materially from those anticipated at the time the forward-looking statements are made.
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