Aug 16, 2005

New "LXR Luxury Resorts" Collection Formed To Feature 21 Distinguished Luxury Hotels, Resorts and Spals in U.S., Puerto Rico and the Carribean

(New York, NY – August 16, 2005) – Having finalized the acquisition of Wyndham International, Inc., affiliates of Blackstone Real Estate Advisors today announced the formation of LXR Luxury Resorts, an extraordinary new collection of luxury properties that will include some of the most treasured luxury hotels, resorts, spas, golf clubs and marinas in the U.S., Puerto Rico and the Caribbean. LXR Luxury Resorts will be comprised of 14 of Wyndham’s premier owned and operated properties as well as seven hotels and resorts from Blackstone’s Boca Hospitality Collection and Prime Hospitality holdings.

Among the prized hotels, resorts and spas that will join the LXR Luxury Resorts collection from Wyndham are the El Conquistador Resort & Golden Door® Spa, Las Casitas Village, El San Juan Hotel & Casino and Condado Plaza Hotel & Casino in Puerto Rico; The Boulders Resort & Golden Door® Spa in Carefree, Arizona; The Peaks Resort & Golden Door® Spa in Telluride, Colorado; Bel Age in West Hollywood, Carmel Valley Ranch in Carmel, and Golden Door® Spa in Escondido, California; Rose Hall Resort & Country Club in Montego Bay, Jamaica; Park Shore Waikiki in Honolulu, Hawaii; The Reach Resort and Casa Marina Resort in Key West, and Buena Vista Palace in the Walt Disney World® Resort in Lake Buena Vista, Florida. Each of these landmark properties will return to their original names.

The five properties of the Boca Hospitality Collection that will join LXR Luxury Resorts effective immediately are Florida’s famed Boca Raton Resort & Club in Boca Raton, Hyatt Regency Pier 66 Resort and Bahia Mar Beach Resort & Yachting Center in Fort Lauderdale, The Registry Resort & Club and Edgewater Beach Hotel & Club in Naples, and the Rihga Royal in New York City. Also featured in this collection will be premier golf clubs including the renowned Naples Grande Golf Club in Naples and Grande Oaks Golf Club in Fort Lauderdale, Florida, and marinas in Boca Raton and Fort Lauderdale. The Saratoga resort in Saratoga Springs, New York, will also join LXR from Blackstone’s Prime Hospitality group.

Commented Bill Stein, Managing Director of Blackstone’s Real Estate Group, “The creation of LXR Luxury Resorts provides a tremendous opportunity to take an incomparable collection of prized properties, each of which has enormous potential, and turn them into true luxury showpieces.”

Blackstone Real Estate Advisors has a history of significantly reinvesting in its assets and dramatically improving services and facilities. The same is anticipated for LXR Luxury Resorts, with over $400 million anticipated to be invested into these properties over the next several years to ensure that they become or continue to be the finest resorts and hotels in the luxury marketplace. Through its acquisition of London’s Savoy Group in the 1990s, Blackstone transformed some of the city’s most loved yet neglected hotels -- including Claridge’s, The Savoy, The Berkeley, and The Connaught -- into vibrant, thriving properties, commissioning a veritable “who’s who” of internationally-acclaimed architects, interior designers, chefs and restaurateurs to inject a new and exciting energy.

For the prized hotels and resorts that will comprise the LXR Luxury Resorts collection, there will be an equally talented and accomplished roster of creative and culinary talents to help reinvigorate, re-imagine, and reposition each property, evoking its own unique personality and locale. Among the architects and designers already secured include the veritable “dream team” of Thierry Despont, Alexandra Champalimaud, Tony Chi, Andrée Putman and Bentel & Bentel, who are each lending their design mastery to the recreation of the legendary Boca Raton Resort & Club, much of which will be completed by Summer 2006. On the culinary front, some of America’s and Europe’s finest chefs and restaurateurs will be opening outposts in LXR properties in the coming six to eighteen months, details of which will be announced soon.

The seasoned management team of LXR will include co-Presidents Joseph Berger and Jean-Jacques Pergant and President of Sales and Marketing John Tolbert, all of whom had been previously with Boca Hospitality Collection.

“We are incredibly excited at the opportunity to assemble such a unique and stellar collection of properties under the LXR name,” commented Mr. Tolbert. “And with the help of the world’s top creative talents, we will ensure that we offer an extraordinary guest experience that offers unparalleled style as well as substance. The concept of luxury today is not only about the finest quality and most exquisite surroundings, but also the true pleasures of personalized yet unobtrusive service, absolute comfort and unforgettable moments.”

The goal of the aggressive capital investments in each property within LXR will be to help realize the true potential and convey the innate personality of each, including a strong sense of place, an across-the-board upgrade in services and amenities, and, in many cases, a return to the particular property’s original “DNA,” albeit reinterpreted for the 21st century traveler. “We aim to respect the integrity and unique offerings that each of these trophy assets has to offer,” commented Mr. Tolbert, “and will strive to heighten the distinct personality of each while offering our guests an unfailing commitment to excellence and a consistent, highly personalized standard of service throughout each property.”

The new LXR group will benefit from an incredible synergy among its properties, including a streamlined management infrastructure and a dedicated sales and marketing team intensely focused on the luxury business and leisure market, in addition to the meetings and incentive industries.

For more information or sales inquiries regarding LXR Luxury Resorts properties, contact the LXR sales office at 561-347-4242 or visit http://www.LuxuryResorts.com.

About Blackstone

The Blackstone Group, a private investment firm with offices in New York, Boston, Atlanta, Los Angeles, London, Hamburg, Paris and Mumbai, was founded in 1985. Blackstone’s Real Estate Group has raised five funds, representing over $6 billion in total equity, and has a long track record of investing in hotels and other commercial properties. In addition to Real Estate, The Blackstone Group’s core businesses include Private Equity, Corporate Debt Investing, Marketable Alternative Asset Management, Corporate Advisory and Restructuring and Reorganization Advisory. The Blackstone Group can be accessed on the Internet at http://www.Blackstone.com.