Offered exclusively by

CONTENTS
Executive Summary Property Description Location Overview Hotel Market Analysis Value Enhancement Opportunities Financial Analysis 2 4 12 16 22 23

EXECUTIVE SUMMARY
Jones Lang LaSalle Hotels, as sole and exclusive agent for Starwood Hotels & Resorts Worldwide, Inc. (“Owner”), is pleased to offer for sale the fee-simple interest in the 179-room St. Regis Aspen (“Hotel” or “Property”), an icon of unprecedented luxury in a world renowned ski resort destination.

STRONG OPERATING PERFORMANCE WITH UPSIDE POTENTIAL
Building on the 10.4% and 13.0% RevPAR increases achieved in calendar years 2006 and 2007, respectively, the Property’s competitive set attained strong RevPAR growth of 9.1% year-to-date through October 2008, fueled by occupancy growth of 0.2% and ADR growth of 8.9%. The Property also offers numerous value enhancement opportunities including reprogramming the F&B operations and retail space as well as ROI-driven upgrades to the guestrooms and meeting facilities.

OVERVIEW
The Property is a AAA-rated, Four Diamond, one-of-a-kind asset located in Aspen, Colorado, one of the most exclusive ski resorts in the world. The Hotel, offered with the highly-coveted St. Regis brand and Starwood management intact, has been recognized by Conde Nast Traveler as one of the Top 50 resorts in the United States (2007) and one of the top hotels in Aspen by Travel + Leisure. A summary of the key investment highlights are as follows: ◆ 179 luxurious rooms including 17 over-sized suites ◆ 20,000 square feet of meeting space including a 9,146-square foot ballroom ◆ Three food and beverage outlets including a signature restaurant ◆ 13,000-square foot Reméde Spa, leased and operated by Bliss World ◆ Since 2003, approximately $19.7 million has been invested in capital projects

ICONIC LUXURY BRAND AND WORLDCLASS MANAGEMENT AFFILIATION
The Hotel benefits from its exclusive St. Regis brand affiliation, which confers an iconic dimension of luxury, service and refined elegance associated with the leading addresses of the world. The Hotel is being offered subject to world-class Starwood management, the largest operator of five-star hotels in the world. Starwood currently operates 16 St. Regis Hotels and Resorts across the world with an additional 22 in development scheduled to open by 2014.

HIGH BARRIERS-TO-ENTRY
Much of the hotel product in Aspen was constructed when the destination was in its infancy. Recent years have seen very limited additions to supply due to prohibitive construction costs, the lack of entitled land and restrictive zoning regulations. These formidable barriers to entry insulate the market from dilutive supply additions, allowing it to perform at superlative levels.

UNPARALLELED RESORT DESTINATION LOCATION
Aspen has become one of the most sought-after resort destinations in the United States. The charm of the town of Aspen and the scenic beauty of its four ski mountains are unparalleled. Due to its unique location and stunning surroundings, Aspen is home to a number of high-end resorts, including the Property, that create a critical mass of luxury accommodations attracting a wealthy clientele base from around the world. The Hotel is located at the base of Aspen Mountain, which hosts up to 330,000 skiers annually (among the 1.5 million total skiers of the entire Aspen area), and is just three blocks west of the Silver Queen Gondola, which travels 2.5 miles and more than 3,000 vertical feet from the heart of Aspen to the 11,212-foot summit of Aspen Mountain. Diverse, world-class outdoor activities including naturalist programs, biking, disc golf, paragliding, hiking, camping, fishing, horseback riding, golf, tennis, rafting and kayaking add to the popularity of Aspen as a summer destination, allowing the market to expand beyond traditional seasonal market dynamics and function as a successful year-round destination. 2

EXECUTIVE SUMMARY

St. Regis: Combining timeless sophistication with bespoke luxur y
A CELEBRATED LEGACY
The St. Regis brand is uncompromising in its commitment to excellence. St. Regis Hotels & Resorts is known for delivering an unrivaled dimension of luxury, bespoke service and refined elegance at the best addresses in the world. A favorite among discerning travelers, the St. Regis brand builds its reputation on the pillars of style, innovation and service, creating an unparalleled experience in some of the world’s most celebrated destinations. St. Regis Hotels & Resorts is taking the brand to uncharted heights, crossing international borders to proudly open the doors of the world’s most exclusive addresses. Part of Starwood’s fast-growing luxury group, the brand is poised to more than double its reach within the next decade, leveraging its celebrated legacy of personalized service and amenities, enviable locations and luxurious localized design. The list of existing St. Regis Hotels & Resorts is presented in the following table:
Americas & The Caribbean Atlanta Bahia Beach Bal Harbour Buenos Aires Dallas Deer Crest Mexico City Puerto Los Cabos EXISTING ST. REGIS HOTELS & RESORTS Americas & The Caribbean Aspen Houston New York San Francisco Europe & Middle East London Mallorca Asia Pacific Bali Bora Bora Singapore Beijing Shanghai Rome Hawaii Monarch Beach Punta Mita Washington, D.C. Europe & Middle East Abu Dhabi Bahrain Cairo Doha Dubai Asia Pacific Bangkok Jakarta Kuala Lumpur Lhasa Macao Nanjing Osaka Tianjin 2010 2011 2014 2010 2010 2013 2010 2011 2011 2012 2012 2010 2012 2009 2010 2011 2010 2011 2009 2009 2010 UPCOMING ST. REGIS HOTELS & RESORTS YEAR

Upcoming St. Regis Hotels & Resorts are presented below:

3

PROPERTY DESCRIPTION

4

PROPERTY DESCRIPTION
A PREMIER RESORT DESTINATION
The Property is located at the base of Aspen Mountain, three blocks west of the Silver Queen Gondola. The Property is a perfect blend of European alpine charm and modern sophistication providing the superstructure for a cozy, intimate interior supported by first-class service.

LOBBY AND ENTRANCE AREAS
The Hotel’s porte cochere leads to the blonde wood, river rock walls and ornate rugs of the lobby. The Property’s European chateau-type construction blends perfectly with the landscape and surroundings. The warm wood tones accented with rough-hewn stone set the stage for a one-of-a-kind destination resort experience.

ST. REGIS ASPEN – SUMMARY OF EXISTING FACILITIES AND AMENITIES COMPONENT Guestrooms Food and Beverage DESCRIPTION • 179 guestrooms, including 17 suites • Signature restaurant • Shadow Mountain Lounge • Pool Lounge (Seasonal) • 20,000 square feet of meeting space • Includes the 9,146-square foot Grand Ballroom • 13,000-square foot Reméde Spa • 15 treatment rooms • One couples room • Heated outdoor pool • Ski valet • Aspen Outfitting Company, offering fly fishing and shooting sports goods • Aspen Sports, offering ski and snowboard equipment, rentals and apparel • Aspen Back Institute, world leader in non-medical back care • Ski butler • Business center • Gift shop Fee simple
Source: Hotel Management

The Resort’s concierge service and front desk reception areas are located to the left of the entrance. The remainder of the lobby remains open and centered on a glowing fireplace and comfortable seating arrangements.

Meeting Facilities Spa Facilities

Other Facilities & Amenities

Tenure

5

PROPERTY DESCRIPTION
GUESTROOMS
The Property boasts a total of 179 hotel rooms located in two separate wings. Guestrooms are decorated in refined dark woods with a rich red, gold and brown color scheme with contemporary alpine decor. Guestrooms also feature a working area, complete with an oversized desk and a seating area with uniquely designed plaid or leather club chairs. Guest bathrooms are adorned with top-of-the-line fixtures, marble floors and countertops accented with dark woods. All guestrooms feature LCD televisions and St. Regis beds with luxurious Pratesi linens. The following illustrates the guestroom configuration.
ST. REGIS ASPEN HOTEL GUESTROOM CONFIGURATION ROOM TYPE Superior – King Superior – Double Deluxe – King Deluxe – Double Grand Deluxe – King Grand Deluxe – Double Junior Suite – King One-Bedroom Suite – King Loft Suite – King Two-Bedroom Presidential Suite – King Total NUMBER OF ROOMS 17 5 73 28 19 13 5 15 2 2 179 SIZE (SQUARE FEET) 400 400 400 400 400 400 690 820 1,100 2,300

FOOD AND BEVERAGE FACILITIES
The following represents the food and beverage outlets at the Hotel.

SIGNATURE RESTAURANT
The Property’s signature restaurant combines traditional American recipes and merges them with Mediterranean inspiration, creating an ever-changing menu rich with flavor and imagination. The decor features warm pine floors, a mix of antique furniture and cozy deco-inspired booths, wrought iron sconces, ochre walls and fabrics in soft earth tones. Currently affiliated with Todd English, the restaurant offers repositioning opportunities in April 2009.

SHADOW MOUNTAIN LOUNGE
Shadow Mountain Lounge is a casual gathering spot featuring views of Aspen Mountain, a granite fireplace and live music. A light menu is offered with cocktails, aperitifs, wines and a selection of domestic and imported beers.

POOL LOUNGE
The Property also has food and beverage service at the pool, which is open on a seasonal basis.

In addition to exceptional furnishings, turndown service is standard in all rooms. The following shows a representative sampling of the first-class amenities available at the Hotel: ◆ Flat panel TVs in guestrooms and bathrooms ◆ Two-line telephones ◆ Fireplace ◆ Wireless high speed internet access ◆ In-room merchandise bar 6 ◆ In-room coffee maker ◆ DVD/VHS player ◆ CD player/radio ◆ Digital music ◆ Personalized stocked refrigerator

PROPERTY DESCRIPTION

7

PROPERTY DESCRIPTION
MEETING FACILITIES
The Property offers a total of 20,000 square feet of flexible, state-of-the-art meeting space anchored by the 9,146-square-foot Grand Ballroom. This allows the Hotel to accommodate groups of up to 1,200 guests for receptions. Each of the Hotel’s meeting rooms offer stunning views of the scenic mountain vistas which act as an excellent backdrop for weddings.

ST. REGIS ASPEN MEETING SPACE CAPACITY ROOM NAME LOBBY LEVEL Aspen Room Mountain Plaza Fountain Courtyard Mill Street Courtyard LOWER LEVEL Pre Function Grand Ballroom Salon 1 Salon 2 Salon 2A Salon 2B Salon 2C Salon 2AB Salon 2BC Boardroom Capitol Pyramid Maroon Bells Maroon Bells 1 Maroon Bells 2 115' x 27' 101' x 96' 101' x 48' 101' x 48' 31' x 48' 26' x 48' 43' x 47' 57' x 48' 69' x 48' 27' x 19' 29' x 20' 29' x 25' 28' x 61' 28' x 30' 28' x 30' 3,645 9,146 4,557 4,557 1,428 1,235 1,894 2,663 3,118 513 574 721 1,519 758 758 10' 12' 12' 12' 12' 12' 12' 12' 12' 10' 10' 10' 10' 10' 10' 120 600 300 300 110 60 120 180 170 – 40 50 100 50 50 – 920 400 400 156 120 250 345 414 – 60 84 190 80 80 450 1,200 600 600 140 125 200 265 325 – 50 65 150 75 75 – – – – 36 36 36 48 54 18 20 24 50 20 20 – 540 270 270 96 72 108 162 207 – 30 36 90 45 45 57 93 93 39 42 51 54 75 – – 27 – 27 27 24 60 102 102 42 48 60 66 84 – – 30 – 33 33 28 54' x 54' 40' x 60' 101' x 100' 63' x 40' 2,111 2,294 7,461 2,087 9' 20' 20' 20' 100 140 350 80 120 200 720 – 150 150 400 120 48 – 60 – 100 – 216 – – – – 57 – – – 78 DIM. L x W AREA HEIGHT ROUNDS OF 10 THEATER RECEPTION CONFERENCE CLASSROOM U-SHAPE HOLLOW SQ

8

PROPERTY DESCRIPTION

1. ENTRANCE 2. FRONT DESK 3. ELEVATORS

HOT TUB

POOL

HOT TUB

MOUNTAIN PLAZA
FITNESS ROOM OLIVES RESTAURANT & BAR

SALON 2C

PYRAMID

GRAND BALLROOM 6. SALON 1 SALON 2B

5B. 5

FOUNTAIN COURTYARD
REMÈDE SPA

SALON 2A

5A.

MILL STREET COURTYARD

SHADOW MOUNTAIN LOUNGE

ASPEN ROOM

PRE FUNCTION

CAPITOL

1.
3. 2.

2. 4. 3.

1. PORTE COCHERE

1. 2. 3. 4.

REMÈDE SPA RECEPTION BOARDROOM FOYER BOARDROOM BUSINESS CENTER

5. 5A. 5B. 6.

MAROON BELLS MAROON BELLS 1 MAROON BELLS 2 CONFLUENCE POOL

LOBBY LEVEL FUNCTION SPACES

LOWER LEVEL FUNCTION SPACES

9

PROPERTY DESCRIPTION
REMÈDE SPA
The 13,000-square-foot Remède Spa is the first resort spa in Aspen. The Remède Spa, operated by Bliss, offers clients a customized selection of highly effective facials, body treatments, massages, waxing and nail services, based exclusively on the results-oriented Laboratoire Remède skincare line. The following details the amenities at the Remède Spa: ◆ 15 treatment rooms ◆ One couples room ◆ Exquisite menu of treatments ◆ Spa boutique ◆ Men’s and women’s locker facilities ◆ Sauna and warm and cold plunge pools ◆ Movement studio for yoga and group classes ◆ Fitness center, accessible 24 hrs/7days ◆ Consultation service ◆ Fitness assessment and counseling

OTHER AMENITIES AND FACILITIES
SKI BUTLER
Ski Butlers make the transition from guest room to ski slope seamless. They assist with ski and snowboard equipment, instruction and transportation to the ski mountain of the guest’s choice.

ASPEN SPORTS
Guests who prefer ski and snowboard equipment waiting upon arrival have the option of making advanced ski and snowboard rental reservations through Aspen Sports, a retailer located within the property offering ski and snowboard rentals and apparel.

Remède Spa is leased by Bliss World. The following summarizes the lease agreement:
ST. REGIS ASPEN – REMÈDE SPA LEASE AGREEMENT Lessor: Lessee: Area Size: Permitted Use: Effective Date: Expiration Date: Renewals: Current Minimum Rent: Starwood Hotels & Resorts Worldwide, Inc. Bliss World, LLC 13,322 square feet Spa and fitness center December 1, 2004 September 30, 2014 Two 3-year extensions $342,253 per year; $407,986 for the year beginning January 1, 2009

ASPEN OUTFITTING COMPANY
Located on the lobby level of the Hotel, Aspen Outfitting Company offers fly fishing and shooting sports goods. In addition, the shop arranges, fishing, hunting, and shooting trips and instructional classes.

ASPEN BACK INSTITUTE
The Aspen Back Institute is a world leader in non-medical back care and wellness. Programs offered include back relief, surgery prevention, core development and perfect posture.

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PROPERTY DESCRIPTION
ST. REGIS RESIDENCE CLUB
In addition to the pure hotel keys, the Property also manages the St. Regis Residence Club which has nine residences on floors five and six that are Fixed Club interests and 16 residences on floors two, three, four and six that are Premier Club interests. Two- and three-bedroom Residences range from 1,600 to 2,200 square feet. Each club interest entitles the member to occupy a Club Residence for 28 days. The time and length of occupancy depends on the type of Club interest purchased and each member’s requested reservation period. Members with Fixed Club interests have pre-assigned club weeks and residence. Members with Premiere Club interests may request reservations using the priority use schedule, which ensures all Premiere Club interest members of an equitable right to use the Premier Club Residences. The St. Regis Residence Club is not included in the Property that is offered for sale. Upon a transfer of ownership, the new owner will enter into a third-party management agreement with Starwood Vacation Ownership ("SVO"), which will continue to own the Residence Club.
2007 2008 $900 $1,428 2005 2006 $7,309 $4,034 2004 $5,612 YEAR 2003 ST. REGIS ASPEN 2003 - 2008 CAPITAL PROJECTS AMOUNT ($,000S) $423 MAJOR PROJECTS Club lounge renovation, pneumatic controls, guestroom carpet replacement Reconstruction of lower courtyard, hydronic snowmelt system, 2nd floor balconies water-proofing, guestroom renovation Building C roof membrane replacement, laundry equipment, guestroom renovation Lower courtyard renovation, mattress replacement, chiller plant upgrades, purchase of airport shuttle buses Building A roof replacement, elevator control panels, select furniture replacements in lower lobby Building A roof replacement, facade precast panel replacement, solar hot water tube installation, renovation planning for upper courtyard deck, guestrooms and F&B outlets

CAPITAL UPGRADES
Since 2003, more than $19 million has been invested in capital projects to maintain the Property’s physical condition, as summarized in the following table:

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LOCATION OVERVIEW
789

80

Albin
215

Oshkosh Gurley

61

Ryan Park
530

130

Laramie Federal Albany Red Buttes Kimball
30

191
430

W y o m i n g
70

230

Riverside
230

Cheyenne
Carpenter Harriman

N e b r a s k a
Sidney Lorenzo

27

92

Lemoyne

Pine Bluffs

80

Sutherla Chappell
30

McKinnon Manila Hiawatha
318

Baggs Dixon Powder Wash Kings Canyon

Jelm
230

Ogallala
61

80

Julesburg
71

287

Carr
85

44

Grover Padroni

113

Crook Proctor

138

Glendevey
125

Grant
23

Red Feather Lakes Poudre Park Fort Collins
14

23

Graint
61

Walden
13 14

Amherst Briggsdale
14

Greystone

318

Buckingham

Raymer
52

14

Sterling
61

Dailey

Haxtun

176

Holyoke
6 76
63

Maybell Whiterocks
40

40

Craig

Hayden

Vernal Jensen
13

Steamboat Springs
14

Cornish Rand
34

Imperial Wauneta

Hamilton
131 125

Estes Park
7

Windsor Loveland Berthoud Longmont
25

392

Greeley
71

Evans

Ballard Dinosaur
64

Massadona
64

Axial Phippsburg Yampa
134

36

34

Orchard

Weldona Brush Fort Morgan Akron

59

385

61

Allenspark
72

Ouray Bonanza

Rangely Meeker
131

Kremmling

Fort Lupton
52

Keenesburg
52 71

34

Yuma Wray Haigler Vernon
59

34

Hot Sulphur Springs
40

Boulder Lafayette Broomfield
72

Hoyt
79

Benkelman
161

Woodrow

63

13

Burns Rio Blanco

Bond
9

Central City
119 139

Westminster Arvada Golden Lakewood

Brighton Northglenn Thornton

27

Denver
Aurora

Bennett
70

Last Chance Deer Trail

Anton
36

Saint Francis Cope Kirk
59

Bird City

36

Eagle

Vail Minturn Breckenridge

Georgetown

U t a h
Mack Fruita Westwater Grand Junction Thompson Springs
70

Rifle Parachute

70

Glenwood Springs
82

Englewood Littleton Greenwood Village Centennial Parker
83

Hale
27

Carbondale

285

Agate
71

El Jebel Meredith
91 9

Jefferson

Pine Castle Rock Kiowa
86

Collbran
65

Woody Creek Snowmass Village
133

Leadville

Limon Simla Hugo

70

Arriba

Seibert

Stratton Burlington

70

Goodland

Aspen
24

Fairplay
67 9

Elbert Westcreek
83

Palisade
65

Twin Lakes
82

Garo Monument Woodland Park Falcon Calhan
24

385
71

27

Grand Mesa

40

Win Boyero
40

Whitewater Paonia Crested Butte
135

Buena Vista
9

Manitou Springs Colorado Springs
67

Ellicott

94

Rush Karval

94

Wild Horse

Cheyenne Wells

Arapahoe

Sharon Springs

25

191

141

Delta
348

92

Lazear Crawford

Nathrop Pitkin

Gateway Moab

Cripple Creek Fountain

Almont Gunnison Salida
115

C o l o r a d o
71

27

92

Wigwam Texas Creek Canon City Pueblo West
69 67

Montrose
50

Haswell Arlington
96

Eads
96

Sheridan Lake

Towner 96

Tribune

Leoti

9

Uravan
46

50

Sargents Coaldale Powderhorn Villa Grove
114

La Sal

90

Colona Naturita
145

Wetmore 96
78

Pueblo
96

Ordway
50

385

K a n s a s
25 27

149

285
62

Westcliffe Crestone
69 17

96

Slick Rock

141

Sawpit
145

Ouray Telluride

Lake City

Saguache

Rosita

165

Beulah Cedarwood
10

Rocky Ford

Las Animas
194

Lamar

Hartman

La Junta Rye
101

Syracuse
50

Monticello
491

Lak Timpas
109

Ucolo Silverton Dove Creek Cahone Stoner Yellow Jacket Dolores
145

Creede Wagon Wheel Gap

La Garita Center 112
112 69

Gardner

Toonerville

287
89

27

Rico
550

25

Blanding
95

Del Norte Monte Vista
150 17

Walsenburg
160

Delhi Deora
350
116

Tacoma
15

Lycan

Johnson

Ulysses

La Veta Alamosa Blanca Cuchara
159 371

160

Tyrone Springfield Gulnare
12

262 261

Vallecito Cortez
160

160

27

Mayday Durango Pagosa Springs Chimney Rock
140

Bluff Aneth Mexican Hat
163

Hoehne Trinidad

Villegreen Kim
160

25

Utleyville Edler

Stonington

Richfield
51 27

Towaoc

San Luis
142

Oxford Marvel

172

Ignacio
151

Stonewall Mesita
159

Hugoton

84

Conejos
17

Segundo
25

389

Campo Elkhart
456

Pagosa Junction Cedar Hill Aztec Dulce Monero

Trinchera Raton

56

Mexican Water
160

Teec Nos Pos
64

La Plata Shiprock Kirtland

Los Pinos Chama
522

Costilla
72

Kenton

Dennehotso
170

Folsom Koehler
406 38

Castaneda Burton

95

Mouser

285 64

Eva Guymon

H

A r i z o n a
Red Rock Rough Rock

Farmington Bloomfield

Questa Tierra Amarilla Tres Piedras
522 112

Wheeless

Boise City

64

A

Grande Grenville
64

O k l a h o m a
95

12

Round Rock
191

N e w
44

M e x i c o

El Vado Valdez Canjilon
111

Taos Ski Valley Cimarron
58

Maxwell Sofia Springer

Felt Kerrick Clayton
385

Goodwell

64

Texhoma
54

Hitchlan

Sanostee
84 491

La Madera

Taos

Angel Fire Miami

T

St tf d

LOCATION OVERVIEW
ASPEN
Aspen ranks among North America’s most exclusive destinations, offering world class skiing, high-end shopping, and a number of outstanding cultural events. Located in Pitkin County, Colorado, Aspen is 220 miles southwest of Denver and is situated in the midst of the White River National Forest. The town occupies only 3.66 square miles in a high mountain valley, surrounded on three sides by the Colorado Rockies. With a year-round population of just 5,900, the population increases dramatically during winter and summer peak seasons, creating a lively and entertaining environment.

A RICH HISTORY
In 1879, the discovery of silver led to the first mining camp in Aspen. The camp soon became a boomtown, with a population that grew to more than 12,000 within a decade. When the silver deposits dwindled, Aspen was all but abandoned, leading to the inadvertent preservation of the Victorian-era village. In 1946, shortly after World War II, the Aspen Skiing Company was founded. The installation of the first chair lifts laid the foundation of Aspen’s preeminence as a world-class recreational destination. Through the decades, numerous music, art and food festivals have taken root in Aspen, greatly enhancing the town’s quality of life. In the 1970’s, Aspen
ASPEN FACTS

began its gradual transformation into the luxury resort and second home market that exists today.

Average Snow Fall: Average Annual Skiers 1998-2008: Number of Lifts: Skiable Terrain: Total Trails: Summer Temperatures: Winter Temperatures:

300 inches 1.37 million 46 5,300 acres 336 65’s(low) – 85’s(high) 20’s(low) – 40’s(high)
Source: Colorado Ski Country USA

HIGH BARRIERS-TO-ENTRY REAL ESTATE MARKET
Aspen’s land costs and natural boundaries surrounded by the White River National Forest have created one of the highest barriers-to-entry real estate markets in the United States. With little new land left on which to build and the passing of a 2006 Pitkin County measure that set a residential building limit of 5,750 square feet, the demand for large homes, particularly those ranging from 10,000 to 15,000 square feet, is especially strong. As a result, the average home price in Aspen is $5.3 million, or as much as $2,000 per square foot.

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LOCATION OVERVIEW
SKIING
World-renowned for its skiing, Aspen enjoys heavy traffic from skiers of all levels who frequent Aspen Mountain (Ajax), Aspen Highlands, Buttermilk and Snowmass Mountains. The ski season generally runs from late November to mid-April. Each of Aspen’s four ski mountains are managed and operated by the Aspen Skiing Company. The Aspen Skiing Company provides experienced management and the resources necessary to preserve and develop Aspen’s world-class skiing environment. Aspen Mountain, with its base situated in the town of Aspen, is served by a number of lifts in addition to the Silver Queen Gondola. The gondola provides comfortable and high-speed access to the top of the mountain in both winter and summer. Aspen Mountain caters to a wide audience of all skier types and abilities and is home to multiple World Cup race events. Common ownership of the Aspen ski areas has resulted in the popular four-mountain pass which allows skiers to explore the terrain offered by each of the mountains during their stay. Over $35 million in capital improvements have been invested for the 2008-2009 ski season, including two new restaurants at Snowmass, a new high-speed quad Sheer Bliss lift, 22-foot Olympic-sized halfpipe at Buttermilk and additional terrain at Aspen Highlands. In addition, the new Snowmass base village being under development will reveal new restaurants, ski-in/ski-out condos and new conference space.

Aspen Area Ski Visits
1,600 1,400 Visitors (in thousands) 1,200 1,000 800 600 400 200 0 1998-1999 1999-2000 2000-2001 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 Snowmass Buttermilk Aspen Mountain Aspen Highlands
Source: Colorado Ski Country USA

14

LOCATION OVERVIEW
OTHER RECREATIONAL ACTIVITIES
WINTER ACTIVITIES
◆ Alpine skiing ◆ Snowmobiling ◆ Ice skating ◆ Cross country skiing ◆ Snowboarding ◆ Sleigh rides

RETAIL ACTIVITY
Despite a population of less than 6,000, Aspen has over 235 stores and boutiques. Shoppers are able to find the latest in designer fashion along with one-of-a-kind items and clothing in locally owned boutiques. High-end designer retail outlets include: ◆ Fendi ◆ Dior ◆ Louis Vuitton ◆ Ermenegildo Zegna ◆ Gucci ◆ Prada ◆ Ralph Laure ◆ Theory

SUMMER ACTIVITIES
◆ Hiking ◆ Bicycling ◆ Whitewater rafting ◆ Horseback riding ◆ Hot air ballooning ◆ Hang-gliding ◆ Golfing ◆ Canoeing and kayaking ◆ Fly-fishing

ACCESS
Considered by many to be one of the most conveniently located airports near a major resort destination, Aspen is accessible from any worldwide location through convenient air travel. The airport offers non-stop service from San Francisco, Los Angeles and Chicago on United Airlines, from Salt Lake City and Atlanta on Delta Air Lines, and from Phoenix on US Airways. In addition, Aspen is a 45-minute flight from Denver International Airport (“DEN”) via United Express, which offers up to 15 daily flights. During peak season, the airport handles up to 200 flights per day. Aspen is also served by the larger but more distant Eagle County Airport, which is located approximately one hour away. Year-round highway access to Aspen is available via Interstate 70 and State Highway 82. By car, Aspen is a scenic three and one half-hour trip from Denver.

ARTS AND CULTURE
Aspen is home to a variety of cultural and fine arts events, typically showcased during the summer months. Cultural events include: ◆ The Aspen Music Festival ◆ Aspen Dance Festival ◆ Aspen Theatre in the Park ◆ Aspen Summer Words Literary Festival Cultural organizations include: ◆ The Aspen Historical Society ◆ International Design Conference ◆ Anderson Ranch Arts Center ◆ The Aspen Institute ◆ Aspen Art Museum ◆ Aspen Writers Foundation ◆ Aspen Snowmass Council for the Arts ◆ The Given Institute of the University of Colorado ◆ Food & Wine Magazine Classic in Aspen ◆ Music on the Mountains ◆ Aspen Filmfest

POPULATION
The total population for Pitkin County is estimated at 15,100 people, with approximately 5,900 year-round residents in Aspen. During the peak winter and summer seasons, the population of the greater Aspen region increases to an estimated 25,000, including visitors. Continuing strength in the Colorado and Rocky Mountain economies is projected to fuel continuing population growth at an estimated rate of 1.5% per year.

15

HOTEL MARKET ANALYSIS

16

HOTEL MARKET ANALYSIS
The hotel supply in Aspen ranges from small inns and motels to high-end luxury properties that include the St. Regis Aspen. Despite its relatively small size, the Aspen hotel market is arguably one of the most successful and recognized luxury resort markets in the world. Aspen has a total of 47 lodging properties with approximately 3,700 rooms; this is compared to approximately 70 properties and nearly 5,000 rooms in 1995. This decrease in inventory is attributed to the conversion of numerous hotels and lodges into residential real estate, namely fractional/timeshare product. Falling hotel rooms supply paired with stable demand has resulted in dramatic increases in average daily rate. The peak winter (December to March) occupancy level is historically six percentage-points higher than that achieved during the summer months (June to August). The highest occupancy levels are achieved in the winter months of January, February, and March and the summer months of July and August. Due to Aspen’s increasing fair weather appeal, the seasonality of this market has become less pronounced. The diminished reliance on the ski season has been a function of the diversification of the recreational activities available coupled with a new and better designed/capitalized hotel inventory.
$250 $200 $150 $100 $50 $0 2005 2006 RevPAR Occupancy 2007
Source: Rocky Mountain Lodging Report

In the last several years, the Aspen lodging market has experienced tremendous growth in occupancy and average daily rate. In 2007, the market achieved occupancy levels of 65.8% and an average daily rate of $366.10, representing increases of 2.2% and 10.8%, respectively. This has fueled an impressive RevPAR growth of 13.2% compared to 2006 figures.

Aspen Lodging Market Trends
$400 $350 $300 68% 66% 64% 62% 60% 58% 56% 54% 52%

2007 Aspen Monthly Occupancy
90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Source: Aspen Chamber Resort Association (ACRA)

ADR

17

HOTEL MARKET ANALYSIS
CURRENT COMPETITIVE SET PERFORMANCE
St. Regis Aspen is the only internationally-branded luxury resort of its stature in the town of Aspen. As a result, the competitive hotel market for the St. Regis Aspen comprises six destination resorts in renowned ski resorts in the Rocky Mountain region, totaling 920 rooms. These hotels were selected based upon similarities in market positioning and size. Note that the competitive set excludes the Property.
ST. REGIS ASPEN COMPETITIVE SUPPLY PROPERTY LOCATION NO. OF ROOMS
$400 $350 $300

The Property ended 2007 with an occupancy of 66.5 % and an ADR of $490. The Property’s impressive 9.8% increase in ADR resulted in a RevPAR of $326 or a 4.9% increase compared to 2006 figures. During this period, the Property achieved a RevPAR index of 112.6 for the year ending in 2007, the second highest in the competitive set. Year-to-date through October, the Property has continued to grow rate, reaching an ADR of $488 or a 9.2% increase over the prior year. Coupled with a strong occupancy of 66%, the Property has experienced RevPAR growth of 6.7% to $332.

Current Competitive Set RevPAR Comparison
180% 160% 140% 120% 100% 80% 60% 40% 20% 2004 2005 2006 Comp. Set 2007 2007 YTD Oct RevPAR Penetration 2008 YTD Oct

St. Regis Aspen
Competitive Set Preferred Stein Eriksen Lodge The Little Nell Sonnenalp Resort Of Vail Park Hyatt Beaver Creek Resort & Spa Ritz-Carlton Bachelor Gulch Four Seasons Resort Jackson Hole Competitive Set Total

Aspen, Colorado

179

Park City, Utah Aspen, Colorado Vail, Colorado Avon, Colorado Avon, Colorado Teton Village, Wyoming 920

180 92 127 190 180 151

$250 $200 $150 $100 $50 $0

St. Regis Aspen

Source: Smith Travel Research

Note: The Property is included in the above table only for reference. Competitive set data excludes the performance of the Property.

Source: Smith Travel Research

18

HOTEL MARKET ANALYSIS

19

HOTEL MARKET ANALYSIS
COMPETITIVE SET PROPERTIES
1

PREFERRED STEIN ERIKSEN LODGE
Stein Erikson Lodge is named after the Norwegian Olympic Gold Medalist skier and located mid-mountain at Deer Valley Resort. The five star, five-diamond Lodge contains 180 rooms, three executive boardrooms, 14,000 square feet of indoor meeting space, including the 4,000-square-foot Olympic Ballroom. The Lodge is well known for its luxurious accommodations, Glitretind Restaurant and housemade chocolates.

4

PARK HYATT BEAVER CREEK RESORT & SPA
The 190-room Park Hyatt Beaver Creek Resort is located in Avon, Colorado and contains over 20,000 square feet of indoor and outdoor event space highlighted by three elegant boardrooms and a ballroom with floor to ceiling windows. The Resort’s food and beverage outlets include Bivans and Antler Hall.

2

THE LITTLE NELL
The 92-room Little Nell is located three blocks from the St. Regis Aspen and has direct access to the Silver Queen Gondola. The hotel opened in 1989 and is owned and operated by the Aspen Skiing Company. The opulent and oversized guestrooms contain a mini-bar, two-line telephones, fireplace and marble bathroom. Hotel guests also have access to the indoor health club, outdoor pool and Jacuzzi,

5

RITZ-CARLTON BACHELOR GULCH
The Ritz-Carlton Bachelor Gulch is located near the Park Hyatt Beaver Creek in Avon and consists of 180 guestrooms including 40 suites with ski-in ski-out access on Beaver Creek Mountain. The property contains 13,000 square feet of meeting space, a Spago restaurant and has access to the private Red Sky Golf Club.

and the hotel bar and restaurant.

3

SONNENALP RESORT OF VAIL
Located in Vail, Colorado, the Sonnenalp Resort contains 127 rooms comprised of 115 suites and 12 standard guestrooms. The Resort includes 4,821 square feet of meeting space, the 18-hole Sonnenalp Golf Club and four restaurants. The Sonnenalp Resort of Vail traces its history back to 1919, when the Sonnenalp Resort of Bavaria was opened by the Faessler Family in Germany’s Allgau Alps. In 1986, another

6

FOUR SEASONS RESORT JACKSON HOLE
Offering 151 guestrooms with an average size of 550 square feet, the Four Seasons Resort Jackson Hole is the newest hotel in the competitive set and is located in the Jackson Hole, Wyoming resort market. Opened in December 2003, the hotel offers 8,000 square feet of meeting space (the most of any hotel in Teton Village), a full-service restaurant and lounge, an outdoor pool and three whirlpools, ski valet

generation of Faesslers purchased the Kiandra Lodge, the current site of the Sonnenalp. The resort completed a renovation and expansion in 2006 which included the addition of 29 rooms and suites (bringing its total room count to the current 127 rooms), along with an underground parking garage and retail and restaurant outlets along Vail’s Meadow Drive. 20

services and a children’s activity center. This property also offers oversized, multi-bedroom condominium and timeshare units in addition to the standard guestroom inventory.

HOTEL MARKET ANALYSIS
Weiser Payette Ontario Emmett
93

Red Lodge
287 310 89

Challis
15

Broadus

Buffalo
85

Bison
212

1 Preferred Stein Eriksen Lodge
Idaho City Little Nell

20

20 14A 14A 310

CaldwellThe 2 Nampa Boise Murphy

I d a h o
Dubois
26

20

14 14 89

Sheridan
14 14

Ruthie' s Run

Cody

Mount Hayden

3 Sonnenalp Resort of Vail 4 Park Hyatt Beaver Creek Resort & Spa 5 Ritz-Carlton20Bachelor Gulch Fairfield
Hailey
20

Aspen Mountain

Saint Anthony Arco
20 26

Basin
16

Rexburg Rigby Driggs
t Bri g e F oo
d
CRYSTAL LAKE

Buffalo Worland
UTE AV ENUE

Gwyn's on Aspen

Belle Fourche Sturgis

14

Sundance
16
Silver Queen Gondola

90

6 Four Seasons Resort Jackson Hole Mountain Home 26 Snake R . Gooding I d a h o Shoshone
30

Gillette
The Little Nell Quad Chair Aspen Grove Mall
Rubey Park Transit Ctr Cooper Ave Mall

Lift 1A

Deadwood
85 385

S o u t h

Idaho Falls Blackfoot

6

26

2
T L S TRE E
G S TREE T

The St. Regis
DURANT AVENUE 16

Jackson
189

26

Rapid City

Thermopolis
STRE

MONARCH STRE ET

EN D

PA R

D

LAN

LAN

HUN TER

CLE VE

WE ST

MID

t Bridg e Fo o

ORIG

Twin Falls
30

American Falls Burley Rupert

SPRIN

86

Pocatello Pinedale Lander
91 89 26

INA

Jerome

D

93

25

MILL STR EET

ET

K

20

Inn

GARMISCH STREET

GALEN A STRE ET

ASPEN STREET

Wagner Park

The

COOPER AVENUE

Newcastle
16

Hyman Ave Mall

HYMAN AVENUE

Custer
HOPKINS AVENUE

85

Wheeler Opera House

30

Soda Springs

Riverton ER RK
PA

AL NE

EET S TR

Hot Springs
18 18
FIRST STREET

20
Pitkin County Courthouse

MAIN STREET • HIGHWAY 82 BLEEKER18 STREET
STREET SECOND

FOURT

THIRD

84

Malad City Preston
89

287

W y o m i n g
N

Casper
SO

FIFTH

Paris
89 189 30 191

G IB

i ke
UE

HALLAM STREET

18

REET H ST

ET STRE

STREET

B
N
AV EN

Trai l

Douglas
18

Red Brick Arts & Recreation Center

385

Lusk

FRANCIS STREET

Chadron
20

93

20
RED

Harrison
SMUGGLER STREET

Rushville

Logan Brigham City Randolph
189

LO

Kemmerer
287

NE

P I N E RO A D

oa

R
O
UN

r in g F o r k R iv e r

85 26

NORTH STREET

M

TAIN

R

Hallam Lake Nature Preserve

Elko

Great North Ogden Salt Lake Ogden Clinton Layton
Farmington
93A

Wheatland

N
Alliance Scottsbluff Gering Bridgeport

AD O

Green River Rock Springs Evanston Manila

Rawlins
80
30

Torrington
26

25

West Valley City West Jordan

Salt Lake City
1

Laramie

85

Harrisburg
385

26

Sandy Orem Provo
40 191

Cheyenne
Vernal Duchesne
40 287

Oshkosh

Kimball Sidney

93

Lehi
Payson

Walden Craig Fort Collins Steamboat Springs 34 Loveland Meeker
36 85 138

Chappell Julesburg

Eureka

Sterling
Greeley
34

Ely

6

Nephi
89

Holyoke Fort Morgan

191

Imperia
76
385

Price

Hot Sulphur Springs
40

Longmont Boulder Arvada Golden Lakewood
285

15
6 50

Lafayette
Thornton Aurora

Akron
34

Manti Castle Dale Glenwood Springs
6

Wray

Fillmore
93

Eagle

Vail

70

3,4,5
Leadville

Richfield

U t a h
191

Aspen
Grand Junction Moab Delta

Breckenridge

Denver
Parker
Kiowa
24

36

Saint Francis

Castle Rock

2
C o l o r a d o
Gunnison

24

Fairplay

Burlington Hugo
385 40

Go

Beaver Pioche Parowan Cedar City Junction

Loa

Montrose
50

Cripple Creek Salida
50

Colorado Springs
Fountain Cheyenne Wells
40

Sha

21
Cit

Panguitch

C

VALUE ENHANCEMENT OPPORTUNITIES
GUESTROOM AND MEETING SPACE RENOVATION
The St. Regis Aspen has benefited from numerous capital projects over the last several years. A new owner will have the opportunity to take the Hotel to an even higher level through a soft goods and meeting space renovation. This enhancement will enable the Property to increase rates due to the upgraded product which will ultimately close the RevPAR gap with competitors such as the Little Nell, and drive further profitability to the bottom line. A strategic investment is validated in such a high-barriers-to-entry market such as Aspen and will provide long term returns.

OPTIMIZE RETAIL SPACE PROGRAM
The St. Regis Aspen is an iconic asset whose profile is enhanced through high-end retail tenants that complement the Property's dimension of luxury while concurrently being indigenous to the Aspen surroundings. Current tenants include Aspen Sports, the area’s premiere ski rental provider, and Aspen Outfitting, the preeminent provider of fly fishing and shooting sports for nearly 40 years. Ownership is in the process of considering additional retail leases which a new owner will benefit from the added cachet and retail income. Potential tenants include: ◆ European-branded coffee shop ◆ Nationally-recognized, high-end gift shop The Property also contains underutilized retail space that could be converted to a higher revenue producing use such as food and beverage or meeting space.

REPROGRAM FOOD AND BEVERAGE OUTLETS
Several opportunities exist to reprogram the Property's current food and beverage outlets, resulting in higher average checks as well as enhanced operating efficiency.

ASSET MANAGEMENT
A new owner will have the opportunity to implement aggressive asset management strategies to drive revenues and further enhance the Property’s operating margins.

22

FINANCIAL ANALYSIS
OVERVIEW
The following financial projections are based on 2007 year-end and November 2008 year-to-date performance.

RENTAL & OTHER INCOME
Rental and Other Income includes Remede Spa rental, concessions, cancellation and attrition fees, in-room movies and other miscellaneous income. This line item has been stabilized at $61 POR in 2008 dollars with no associated expense.

ROOMS
JLL estimates average daily rate to stabilize at $532 in 2008 dollars at a 67% occupancy. This level of ADR can be achieved through a soft goods and meeting space renovation in 2009, and thus, the Hotel will experience a heightened level of rate growth thereafter. The stabilized ADR is further supported by the strong rate lift in the resort ski market being generated by newly renovated hotels such as the Park Hyatt Beaver Creek. Rooms expense has been stabilized at approximately $138 per occupied room (“POR”) in 2008 dollars, or approximately 26% of rooms revenue.

ADMINISTRATIVE AND GENERAL
Administrative and General expenses have been stabilized at $15,400 on a per available room (“PAR”) basis in 2008 dollars, factoring in 1.8% of the total annual sales in credit card discount. This is approximately 8.0% of total revenues stabilized and is in line with other comparable hotels.

SALES AND MARKETING
Sales and Marketing expenses have been stabilized at $13,200 PAR in 2008 dollars, in line with historical performance and comparable properties.

FOOD AND BEVERAGE
An amount of $219 POR has been projected for food and beverage, which includes revenue from banquets and catering of the Hotel’s 20,000 square feet of meeting space, restaurant, Shadow Mountain Lounge and the seasonal Pool Lounge. Food and beverage expense has been stabilized at 86% expense margin that is in-line with historical performance.

UTILITIES AND REPAIRS AND MAINTENANCE
Utilities expenses have been stabilized at 2.5% and are in line with the historical results of the Property. Repairs and Maintenance has been stabilized at $7,100 PAR. This is slightly lower than the Hotel’s historical levels and in line with comparables.

MINOR OPERATING DEPARTMENTS
Minor Operating Departments include Telecommunications, Garage, Gift Shop, Business Center and Guest Laundry Departments. An amount of $18 POR in 2008 dollars has been projected for this line item with an associated expense of 110% based on historical performance.

MANAGEMENT FEES, CAPITAL RESERVES AND INCENTIVE MANAGEMENT FEES
Base management fees and capital reserves have both been estimated at 4% of total revenues. In addition to the base management fee, an incentive management fee has been calculated as 20% of Adjusted Gross Operating Profit (calculated as Gross Operating Profit less Management Fees, Real Estate Taxes, Insurance, Rent and FF&E Reserve) after an 8% owner’s priority return (calculated as 8% of purchase price).

23

FINANCIAL ANALYSIS
ST. REGIS ASPEN HISTORICAL CASH FLOWS 2004 Available hotel rooms Available room nights Occupied room nights Occupancy Average Daily Rate RevPAR ($,000s) REVENUES Rooms Food & Beverage Minor Operating Dept Rent & Other Total Revenues DEPARTMENTAL EXPENSES Rooms Expense Food & Beverage Expense Minor Operating Dept Expense Rent & Other Expense Total Departmental Expenses Total Departmental Income UNDISTRIBUTED OPERATING EXPENSES Administrative & General Sales & Marketing Property Operations and Maintenance Utilities Total Undistributed Expenses Gross Operating Profit Management Fee Income Before Fixed Charges FIXED CHARGES Real Estate Taxes Insurance Rent Total Fixed Charges EBITDA* Less: Replacement Reserves (FF&E) Net Operating Income**
*USALI 10th Edition refers to "EBITDA" as "NOI"

2005 174 63,535 38,188 60.1% $416.90 $250.58 Amount $15,921 8,109 1,361 1,847 27,237 Ratio% 58.5% 29.8% 5.0% 6.8% 100.0%

2006 179 65,335 42,385 64.9% $446.34 $289.55 Amount $18,918 8,055 1,295 2,232 30,501 Ratio% 62.0% 26.4% 4.2% 7.3% 100.0%

2007 179 65,335 43,456 66.5% $490.13 $326.00 Amount $21,299 9,115 1,450 2,362 34,226 Ratio% 62.2% 26.6% 4.2% 6.9% 100.0%

2008 A/F through Nov 179 65,514 41,692 63.6% $514.28 $327.28 Amount $21,441 9,207 1,167 2,785 34,601 Ratio% 62.0% 26.6% 3.4% 8.0% 100.0%

137 50,050 34,853 69.6% $431.94 $300.79 Amount $15,054 6,276 1,580 1,206 24,116 Ratio% 62.4% 26.0% 6.6% 5.0% 100.0%

4,597 6,378 1,821 132 12,929 11,187

30.5% 101.6% 115.3% 11.0% 53.6% 46.4%

5,326 7,278 1,461 179 14,244 12,993

33.5% 89.8% 107.3% 9.7% 52.3% 47.7%

5,639 7,480 1,451 332 14,901 15,599

29.8% 92.9% 112.0% 14.9% 48.9% 51.1%

6,055 7,872 1,390 538 15,855 18,371

28.4% 86.4% 95.9% 22.8% 46.3% 53.7%

5,808 8,029 1,320 0 15,156 19,445

27.1% 87.2% 113.1% 0.0% 43.8% 56.2%

2,268 1,860 1,599 536 6,263 4,924 965 3,959

9.4% 7.7% 6.6% 2.2% 26.0% 20.4% 4.0% 16.4%

2,145 1,900 1,277 663 5,985 7,009 1,089 5,919

7.9% 7.0% 4.7% 2.4% 22.0% 25.7% 4.0% 21.7%

2,720 2,039 1,408 651 6,818 8,782 1,220 7,562

8.9% 6.7% 4.6% 2.1% 22.4% 28.8% 4.0% 24.8%

2,771 2,381 1,460 567 7,179 11,191 1,369 9,822

8.1% 7.0% 4.3% 1.7% 21.0% 32.7% 4.0% 28.7%

2,931 2,401 1,352 720 7,404 12,040 1,384 10,656

8.5% 6.9% 3.9% 2.1% 21.4% 34.8% 4.0% 30.8%

589 166 125 880 $3,080 965 $2,115

2.4% 0.7% 0.5% 3.6% 12.8% 4.0% 8.8%

683 138 158 979 $4,940 1,089 $3,850

2.5% 0.5% 0.6% 3.6% 18.1% 4.0% 14.1%

415 159 168 742 $6,819 1,220 $5,599

1.4% 0.5% 0.6% 2.4% 22.4% 4.0% 18.4%

622 269 197 1,088 $8,734 1,369 $7,365

1.8% 0.8% 0.6% 3.2% 25.5% 4.0% 21.5%

665 240 217 1,121 $9,535 1,384 $8,151

1.9% 0.7% 0.6% 3.2% 27.6% 4.0% 23.6%

**USALI 10th Edition refers to "NOI" as "Adjusted NOI"

Source: Hotel Management

24

FINANCIAL ANALYSIS
ST. REGIS ASPEN 5 YEAR PRO FORMA 2009 Available hotel rooms Available room nights Occupied room nights Occupancy Average Daily Rate RevPAR ($,000s) REVENUES Rooms Food & Beverage Minor Operating Dept Rent & Other Total Revenues DEPARTMENTAL EXPENSES Rooms Expense Food & Beverage Expense Minor Operating Dept Expense Total Departmental Expenses Total Departmental Income UNDISTRIBUTED OPERATING EXPENSES Administrative & General Sales & Marketing Property Operations and Maintenance Utilities Total Undistributed Expenses Gross Operating Profit Management Fee Income Before Fixed Charges FIXED CHARGES Real Estate Taxes Insurance Rent Incentive Management Fee Total Fixed Charges EBITDA* Less: Replacement Reserves (FF&E) Net Operating Income**
*USALI 10th Edition refers to "EBITDA" as "NOI"

2010 179 65,335 40,508 62.0% $543.54 $336.99 Amount $22,017 9,399 786 2,515 34,718 Ratio% 63.4% 27.1% 2.3% 7.2% 100.0%

2011 179 65,335 41,814 64.0% $576.15 $368.74 Amount $24,091 9,994 836 2,656 37,577 Ratio% 64.1% 26.6% 2.2% 7.1% 100.0%

2012 179 65,514 43,239 66.0% $599.19 $395.47 Amount $25,909 10,644 890 2,812 40,255 Ratio% 64.4% 26.4% 2.2% 7.0% 100.0%

2013 179 65,335 43,774 67.0% $617.17 $413.50 Amount $27,016 11,099 928 2,918 41,962 Ratio% 64.4% 26.5% 2.2% 7.0% 100.0%

179 65,335 38,482 58.9% $527.71 $310.82 Amount $20,307 8,669 725 2,344 32,046 Ratio% 63.4% 27.1% 2.3% 7.3% 100.0%

5,585 8,193 870 14,648 17,399

27.5% 94.5% 119.9% 45.7% 54.3%

5,967 8,279 865 15,111 19,607

27.1% 88.1% 110.0% 43.5% 56.5%

6,283 8,632 920 15,834 21,743

26.1% 86.4% 110.0% 42.1% 57.9%

6,692 9,194 979 16,865 23,390

25.8% 86.4% 110.0% 41.9% 58.1%

6,978 9,587 1,021 17,586 24,376

25.8% 86.4% 110.0% 41.9% 58.1%

2,755 2,217 1,314 819 7,106 10,292 1,282 9,010

8.6% 6.9% 4.1% 2.6% 22.2% 32.1% 4.0% 28.1%

2,869 2,404 1,353 880 7,506 12,101 1,389 10,712

8.3% 6.9% 3.9% 2.5% 21.6% 34.9% 4.0% 30.9%

3,010 2,581 1,394 935 7,921 13,822 1,503 12,319

8.0% 6.9% 3.7% 2.5% 21.1% 36.8% 4.0% 32.8%

3,152 2,776 1,436 996 8,360 15,031 1,610 13,421

7.8% 6.9% 3.6% 2.5% 20.8% 37.3% 4.0% 33.3%

3,255 2,894 1,479 1,039 8,667 15,709 1,678 14,031

7.8% 6.9% 3.5% 2.5% 20.7% 37.4% 4.0% 33.4%

666 227 283 0 1,176 $7,834 1,282 $6,552

2.1% 0.7% 0.9% 0.0% 3.7% 24.4% 4.0% 20.4%

686 234 291 182 1,394 $9,318 1,389 $7,929

2.0% 0.7% 0.8% 0.5% 4.0% 26.8% 4.0% 22.8%

707 241 300 474 1,721 $10,598 1,503 $9,094

1.9% 0.6% 0.8% 1.3% 4.6% 28.2% 4.0% 24.2%

728 248 309 665 1,950 $11,470 1,610 $9,860

1.8% 0.6% 0.8% 1.7% 4.8% 28.5% 4.0% 24.5%

750 256 318 766 2,089 $11,941 1,678 $10,263

1.8% 0.6% 0.8% 1.8% 5.0% 28.5% 4.0% 24.5%

**USALI 10th Edition refers to "NOI" as "Adjusted NOI"

Source: Jones Lang LaSalle Hotels

25

DISCLAIMER
This Confidential Offering Memorandum (“Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement (the “Confidentiality Agreement”) signed by you and constitutes part of the Evaluation Material (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose of evaluating the possible investment in or acquisition of the St. Regis Aspen, located in Aspen, Colorado (the “Hotel” or “Property”), and is not to be used for any other purpose or made available to any other party without the prior written consent of Starwood Hotels & Resorts Worldwide, Inc. (“Owner”), or its exclusive broker, Jones Lang LaSalle Hotels (“JLLH”). This Memorandum was prepared by JLLH based on information supplied by Owner and JLLH. It contains select information about the Properties and the real estate market but does not contain all the information necessary to evaluate the acquisition of the Properties. The financial projections contained herein (or in any other Evaluation Material, including any computer diskettes) are for general reference only. They are based on assumptions relating to the overall economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or a legal analysis of such documents. While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither JLLH nor Owner guarantee its accuracy or completeness. Because of the foregoing and since the Properties are being offered on an “As Is, Where Is” basis, a prospective investor or other party authorized by the prospective investor to use such material solely to facilitate the prospective purchaser’s investigation, must make its independent investigations, projections and conclusions regarding the acquisition of the Properties without reliance on this Memorandum or any other Evaluation Material. Although additional Evaluation Material, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing period proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers and environmental experts. Neither JLLH nor Owner guarantee the accuracy or completeness of the information contained in this Memorandum or any other Evaluation Material provided by JLLH and Owner. Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase either of the Properties or to terminate any negotiations with any party at any time with or without written notice. Owner shall have no legal commitment or obligations to any prospective purchaser unless and until a written sale agreement has been fully executed, delivered and approved by Owner and any conditions to Owner’s obligations thereunder have been satisfied or waived. Owner has retained JLLH as its exclusive broker and will be responsible for any commission due to JLLH in connection with a transaction of either Property pursuant to a separate agreement. JLLH is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissions by any other broker in connection with a sale of the Properties if such claims arise from acts of such prospective purchaser or its broker. This Memorandum is the property of Owner and JLLH and may be used only by parties approved by Owner or JLLH. No portion of this Memorandum may be copied or otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.

26

Arthur Adler Tel +1 212 812-5830 arthur.adler@am.jll.com

Thomas Fisher Tel +1 312 228-2972 thomas.fisher@am.jll.com

John Strauss Tel +1 213 680-7954 john.strauss@am.jll.com

ATLANTA Monarch Plaza, Suite 1505 3414 Peachtree Road NE Atlanta, GA 30326 Tel + 1 404 995-8970 Fax + 1 404 995-8971

CHICAGO 200 East Randolph Drive 43rd Floor Chicago, IL 60601 Tel + 1 312 782-5800 Fax + 1 312 782-4339

LOS ANGELES 355 South Grand Avenue Suite 3100 Los Angeles, CA 90071 Tel + 1 213 680-7900 Fax + 1 213 680-4933

MIAMI 2 Alhambra Plaza Suite 1220 Coral Gables, FL 33134 Tel + 1 786 662-6900 Fax + 1 786 662-6901

NEW YORK 153 East 53rd Street 32nd Floor New York, NY 10022 Tel + 1 212 812-5700 Fax + 1 212 421-5640

SAN FRANCISCO One Front Street #300 San Francisco, CA 94111 Tel + 1 415 395-4900 Fax + 1 415 955-1150

New York • Los Angeles • Atlanta • Chicago • Miami • San Francisco • Mexico City • Sao Paulo • London • Frankfurt • Munich Paris • Milan • Barcelona • Madrid • Singapore • Jakarta • Tokyo • Beijing • Shanghai • Moscow • Dubai • Sydney • Brisbane

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