St. Regis Residence Club, Aspen Considered a Success

By the Developer, Members and the Local Community

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. October 14, 2008

ASPEN, CO, April 3, 2007. St. Regis Residence Club, Aspen was awarded the prestigious ACE Project of Excellence Award by the American Resort Development Association (ARDA), the trade association for the vacation ownership and resort development industries. The award was presented at the annual ARDA Awards Gala on March 28 in Orlando.

The ACE Project of Excellence Award recognizes one vacation ownership or mixed-use project that has been operational for at least two years and is considered a success by all parties, including the developer, members and the local community.

"We are honored to be given this notable award by our peers," said Matt Avril, president of Real Estate Operations at Starwood Hotels & Resorts Worldwide, Inc. "I applaud all members of the St. Regis Residence Club, Aspen and the Starwood Vacation Ownership teams as well as our architecture, interior design and construction partners that worked so hard to make this project a success to all involved."

The St. Regis Residence Club, Aspen began presales in November 2004. Representing Starwood Hotels and Resorts entry into the fractional market, its combination of luxurious design, record-shattering sales performance, and innovations in the customer service arena has become an embodiment of what fractional resort can achieve.

The St. Regis Residence Club, Aspen was developed within the existing St. Regis Resort, located in the heart of Aspen. The east wing of the building underwent a complete interior demolition and reconstruction to feature 25, two- and three-bedroom residences with a separate Member's Lounge and check-in area.

A major business interest in the small community of Aspen, Starwood worked closely with the City Council and community members to ensure both architectural and business concerns were addressed. As a result, significant design efforts were made to ensure the signature and prominent building facade was not impacted. Additionally, business operations were modified to provide a year-round operating schedule to accommodate community business needs.

The overall construction process was a success for Starwood, as the project was completed under budget and ahead of schedule.

The St. Regis Residence Club, Aspen represented Starwood's fractional industry debut, and its performance in the area of sales and marketing has been powerful. The project was substantially sold out in just over two years. The record-breaking sales pace achieved the single-highest fraction price seen in the industry at the time, selling for just under $1.5M for a four-week fraction. The fractional memberships sold for an average of more than $400,000. The rapid sell-out pace and strong price performance have produced a successful project for Starwood and offer strong motivation to further develop the St. Regis Residence Club network.

The interior spaces represent an uncommon level of luxury. Residences were designed to give members spacious living, dining, kitchen, and bedroom/bathroom spaces. The 15, two-bedroom residences average 1,700 square feet, while 10, three-bedroom residences average 2,200 square feet. Living spaces take advantage of the stunning views of Aspen Mountain or downtown Aspen. Design and finishes honor the mountain setting while providing the amenities and level of finish that members expect in their own homes. Natural wood and stone was used abundantly in built-in millwork details and flooring to reflect the rustic setting of Colorado.

Members of the St. Regis Residence Club enjoy a wealth of amenities at the property including personalized check-in at the Members Lounge and storage of personal items including outdoor gear and clothing. Additional services can include having the residence pre-stocked with the members' favorite foods and wine, as well as personalized airport pickup and more.