Offered exclusively by

CONTENTS

Executive Summary 2

Property Description 4

Location Overview 12

Hotel Market Analysis 16

Value Enhancement Opportunities 22

Financial Analysis 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.
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
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.
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.
ICONIC LUXURY BRAND AND WORLD-
CLASS 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.

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 Upcoming St. Regis Hotels & Resorts are presented below:

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 UPCOMING ST. REGIS HOTELS & RESORTS

refined elegance at the best addresses in the world. A favorite among discerning travelers, YEAR
the St. Regis brand builds its reputation on the pillars of style, innovation and service, Americas & The Caribbean
creating an unparalleled experience in some of the world’s most celebrated destinations. Atlanta 2009

St. Regis Hotels & Resorts is taking the brand to uncharted heights, crossing international Bahia Beach 2010

borders to proudly open the doors of the world’s most exclusive addresses. Part of Bal Harbour 2011
Starwood’s fast-growing luxury group, the brand is poised to more than double its reach Buenos Aires 2010
within the next decade, leveraging its celebrated legacy of personalized service and Dallas 2011
amenities, enviable locations and luxurious localized design. Deer Crest 2009
The list of existing St. Regis Hotels & Resorts is presented in the following table: Mexico City 2009
Puerto Los Cabos 2010
EXISTING ST. REGIS HOTELS & RESORTS Europe & Middle East
Americas & The Caribbean Abu Dhabi 2011
Aspen Hawaii Bahrain 2012
Houston Monarch Beach Cairo 2012
New York Punta Mita Doha 2010
San Francisco Washington, D.C. Dubai 2012
Europe & Middle East Asia Pacific
London Rome Bangkok 2010
Mallorca Jakarta 2011
Asia Pacific Kuala Lumpur 2014
Bali Beijing Lhasa 2010
Bora Bora Shanghai Macao 2010
Singapore Nanjing 2013
Osaka 2010
Tianjin 2011

3
 PROPERTY DESCRIPTION

4
 PROPERTY DESCRIPTION

A PREMIER RESORT DESTINATION LOBBY AND ENTRANCE AREAS

The Property is located at the base of Aspen Mountain, three blocks west of the Silver Queen The Hotel’s porte cochere leads to the blonde wood, river rock walls and ornate rugs of
Gondola. The Property is a perfect blend of European alpine charm and modern sophistication the lobby. The Property’s European chateau-type construction blends perfectly with the
providing the superstructure for a cozy, intimate interior supported by first-class service. 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 The Resort’s concierge service and front desk reception areas are located to the left of the
COMPONENT DESCRIPTION entrance. The remainder of the lobby remains open and centered on a glowing fireplace
Guestrooms • 179 guestrooms, including 17 suites and comfortable seating arrangements.
Food and Beverage • Signature restaurant
• Shadow Mountain Lounge
• Pool Lounge (Seasonal)
Meeting Facilities • 20,000 square feet of meeting space
• Includes the 9,146-square foot Grand Ballroom
Spa Facilities • 13,000-square foot Reméde Spa
• 15 treatment rooms
• One couples room
Other Facilities & Amenities • 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
Tenure Fee simple
Source: Hotel Management

5
 PROPERTY DESCRIPTION

GUESTROOMS FOOD AND BEVERAGE FACILITIES

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.
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.

ST. REGIS ASPEN HOTEL GUESTROOM CONFIGURATION

SHADOW MOUNTAIN LOUNGE
ROOM TYPE NUMBER OF ROOMS SIZE (SQUARE FEET)
Shadow Mountain Lounge is a casual gathering spot featuring views of Aspen Mountain, a
Superior – King 17 400
granite fireplace and live music. A light menu is offered with cocktails, aperitifs, wines and
Superior – Double 5 400
a selection of domestic and imported beers.
Deluxe – King 73 400
Deluxe – Double 28 400 POOL LOUNGE
Grand Deluxe – King 19 400 The Property also has food and beverage service at the pool, which is open on a seasonal basis.
Grand Deluxe – Double 13 400
Junior Suite – King 5 690
One-Bedroom Suite – King 15 820
Loft Suite – King 2 1,100
Two-Bedroom Presidential Suite – King 2 2,300
Total 179

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 ◆ In-room coffee maker

◆ Two-line telephones ◆ DVD/VHS player
◆ Fireplace ◆ CD player/radio
◆ Wireless high speed internet access ◆ Digital music
◆ In-room merchandise bar ◆ Personalized stocked refrigerator

6
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 DIM. L x W AREA HEIGHT ROUNDS OF 10 THEATER RECEPTION CONFERENCE CLASSROOM U-SHAPE HOLLOW SQ
LOBBY LEVEL
Aspen Room 54' x 54' 2,111 9' 100 120 150 48 100 – –
Mountain Plaza 40' x 60' 2,294 20' 140 200 150 – – – –
Fountain Courtyard 101' x 100' 7,461 20' 350 720 400 60 216 – –
Mill Street Courtyard 63' x 40' 2,087 20' 80 – 120 – – 57 78
LOWER LEVEL
Pre Function 115' x 27' 3,645 10' 120 – 450 – – 57 60
Grand Ballroom 101' x 96' 9,146 12' 600 920 1,200 – 540 93 102
Salon 1 101' x 48' 4,557 12' 300 400 600 – 270 93 102
Salon 2 101' x 48' 4,557 12' 300 400 600 – 270 39 42
Salon 2A 31' x 48' 1,428 12' 110 156 140 36 96 42 48
Salon 2B 26' x 48' 1,235 12' 60 120 125 36 72 51 60
Salon 2C 43' x 47' 1,894 12' 120 250 200 36 108 54 66
Salon 2AB 57' x 48' 2,663 12' 180 345 265 48 162 75 84
Salon 2BC 69' x 48' 3,118 12' 170 414 325 54 207 – –
Boardroom 27' x 19' 513 10' – – – 18 – – –
Capitol 29' x 20' 574 10' 40 60 50 20 30 27 30
Pyramid 29' x 25' 721 10' 50 84 65 24 36 – –
Maroon Bells 28' x 61' 1,519 10' 100 190 150 50 90 27 33
Maroon Bells 1 28' x 30' 758 10' 50 80 75 20 45 27 33
Maroon Bells 2 28' x 30' 758 10' 50 80 75 20 45 24 28

8
 PROPERTY DESCRIPTION

1. ENTRANCE HOT TUB

2. FRONT DESK
3. ELEVATORS
POOL HOT TUB
MOUNTAIN
PLAZA SALON 2C
FITNESS PYRAMID
ROOM
OLIVES
RESTAURANT GRAND BALLROOM 5B.
& BAR
6. SALON 2B
SALON 1
5
FOUNTAIN
COURTYARD SALON 2A 5A.

REMÈDE
ASPEN SPA CAPITOL
ROOM PRE FUNCTION
SHADOW
MOUNTAIN
MILL STREET LOUNGE
COURTYARD 1. 2.
4.
3. 3.
2.

1.

PORTE COCHERE

1. REMÈDE SPA RECEPTION 5. MAROON BELLS

2. BOARDROOM FOYER 5A. MAROON BELLS 1
3. BOARDROOM 5B. MAROON BELLS 2
4. BUSINESS CENTER 6. CONFLUENCE POOL

LOBBY LEVEL FUNCTION SPACES LOWER LEVEL FUNCTION SPACES

9
 PROPERTY DESCRIPTION

REMÈDE SPA OTHER AMENITIES AND FACILITIES

The 13,000-square-foot Remède Spa is the first resort spa in Aspen. The Remède Spa, SKI BUTLER
operated by Bliss, offers clients a customized selection of highly effective facials, body
Ski Butlers make the transition from guest room to ski slope seamless. They assist with
treatments, massages, waxing and nail services, based exclusively on the results-oriented
ski and snowboard equipment, instruction and transportation to the ski mountain of the
Laboratoire Remède skincare line. The following details the amenities at the Remède Spa:
guest’s choice.
◆ 15 treatment rooms ◆ Sauna and warm and cold plunge pools
◆ One couples room ◆ Movement studio for yoga and group classes ASPEN SPORTS
◆ Exquisite menu of treatments ◆ Fitness center, accessible 24 hrs/7days Guests who prefer ski and snowboard equipment waiting upon arrival have the option of
◆ Spa boutique ◆ Consultation service making advanced ski and snowboard rental reservations through Aspen Sports, a retailer
◆ Men’s and women’s locker facilities ◆ Fitness assessment and counseling located within the property offering ski and snowboard rentals and apparel.

Remède Spa is leased by Bliss World. The following summarizes the lease agreement: ASPEN OUTFITTING COMPANY
Located on the lobby level of the Hotel, Aspen Outfitting Company offers fly fishing and
ST. REGIS ASPEN – REMÈDE SPA LEASE AGREEMENT shooting sports goods. In addition, the shop arranges, fishing, hunting, and shooting trips
Lessor: Starwood Hotels & Resorts Worldwide, Inc. and instructional classes.
Lessee: Bliss World, LLC
ASPEN BACK INSTITUTE
Area Size: 13,322 square feet
Permitted Use: Spa and fitness center 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.
Effective Date: December 1, 2004
Expiration Date: September 30, 2014
Renewals: Two 3-year extensions
Current Minimum Rent: $342,253 per year; $407,986 for the year beginning January 1, 2009

10
 PROPERTY DESCRIPTION

ST. REGIS RESIDENCE CLUB CAPITAL UPGRADES

In addition to the pure hotel keys, the Property also manages the St. Regis Residence Club Since 2003, more than $19 million has been invested in capital projects to maintain the
which has nine residences on floors five and six that are Fixed Club interests and 16 residences Property’s physical condition, as summarized in the following table:
on floors two, three, four and six that are Premier Club interests. Two- and three-bedroom
Residences range from 1,600 to 2,200 square feet. Each club interest entitles the member to ST. REGIS ASPEN 2003 - 2008 CAPITAL PROJECTS
occupy a Club Residence for 28 days. The time and length of occupancy depends on the
YEAR AMOUNT ($,000S) MAJOR PROJECTS
type of Club interest purchased and each member’s requested reservation period.
2003 $423 Club lounge renovation, pneumatic controls, guestroom carpet
Members with Fixed Club interests have pre-assigned club weeks and residence. Members replacement
with Premiere Club interests may request reservations using the priority use schedule, 2004 $5,612 Reconstruction of lower courtyard, hydronic snowmelt system,
2nd floor balconies water-proofing, guestroom renovation
which ensures all Premiere Club interest members of an equitable right to use the Premier
Club Residences. 2005 $7,309 Building C roof membrane replacement, laundry equipment,
guestroom renovation
The St. Regis Residence Club is not included in the Property that is offered for sale. Upon 2006 $4,034 Lower courtyard renovation, mattress replacement, chiller plant
a transfer of ownership, the new owner will enter into a third-party management agreement upgrades, purchase of airport shuttle buses
with Starwood Vacation Ownership ("SVO"), which will continue to own the Residence Club. 2007 $900 Building A roof replacement, elevator control panels, select
furniture replacements in lower lobby
2008 $1,428 Building A roof replacement, facade precast panel replacement,
solar hot water tube installation, renovation planning for upper
courtyard deck, guestrooms and F&B outlets

11
 LOCATION OVERVIEW
789
80 Albin Oshkosh 61

215
Ryan Park 130 Laramie Gurley
191 92

N e b r a s k a
530
430
W y o m i n g 230

Riverside
Federal
Kimball 30
27
Lemoyne

230
Albany Red Buttes
Cheyenne Pine Bluffs 80
Sidney Sutherla
70 Chappell Ogallala 80
Jelm 30
McKinnon Baggs Dixon 230
Carpenter Lorenzo
Manila Harriman Julesburg 61
Hiawatha Powder Wash 71
Kings Canyon
287 Carr 113
138
318 Grover Crook
44 Grant 23
Glendevey Red Feather Lakes Proctor
125 85 Padroni 23
Graint
Walden
14
Poudre Park Amherst 61
13
Briggsdale 14 Buckingham Sterling Dailey Haxtun 176
Greystone 318 Fort Collins Raymer 14

14
Holyoke
61
Maybell Craig Cornish 6 Imperial
40 Hayden Steamboat Springs 52
Whiterocks Vernal 14 Rand Windsor
392

Greeley 76 63

40 34 Loveland 71
Wauneta
Jensen Hamilton Estes Park 59

131 Evans Weldona

13
Berthoud 34 Orchard 385 61
Ballard Axial 125
7
36
Massadona Brush
Dinosaur Phippsburg
Allenspark Fort Morgan
Yampa 72
Longmont Akron
64
64
Keenesburg 34 Yuma 34
Rangely 25
Ouray 134
Kremmling Fort Lupton Wray
Meeker Hot Sulphur Springs 52 52
71
Benkelman
Bonanza Boulder Hoyt 63 Haigler
131
Lafayette Woodrow
40 Brighton Vernon
Broomfield 59
161

Burns Bond 72 Northglenn 79

27
13
9
Westminster Thornton
Central City
Rio Blanco
119

Golden
Arvada
Denver Bennett
Last Chance Anton
Saint Francis
Bird City 36
139 Aurora
Eagle Vail Georgetown Lakewood 70 36 Cope
Englewood Deer Trail Kirk Hale
Littleton Greenwood Village 27

70 Glenwood Springs Minturn

Rifle Centennial
U t a h Parachute 82
Breckenridge
Parker
83
Agate
59

285
Carbondale El Jebel Pine
Meredith Jefferson 71
9
Castle Rock Goodland
91
Kiowa Stratton 70
Arriba Seibert
Woody Creek Limon 70 Burlington
Collbran Leadville 86

Mack Fairplay Elbert

Fruita
65
Snowmass Village
Aspen 9
Westcreek
67
83
Simla Hugo
Palisade 24 Garo 385
Westwater 133
Twin Lakes
82
Monument 24
27

Grand Mesa 40
Grand Junction 65
Calhan 71 Win
Thompson Springs Woodland Park
Whitewater Boyero 40
70
Falcon
Paonia Manitou Springs Arapahoe Sharon Springs
Crested Butte Buena Vista Ellicott 94
Rush 94 Wild Horse Cheyenne Wells 25

9
Colorado Springs
92 67
191
141
Delta Lazear 135 Nathrop Karval
Crawford Cripple Creek
Gateway 348
Almont
Pitkin
Fountain C o l o r a d o 27

Moab
92
Gunnison Salida Wigwam
Montrose 115 Eads Sheridan Lake Towner Tribune Leoti
50 Canon City
71
Haswell 96 96
9

Sargents Texas Creek

Uravan 50 Coaldale Pueblo West 96
Arlington
La Sal 90 Colona 69
46

Naturita
Powderhorn
Villa Grove
67

Wetmore 96
Pueblo
Ordway 385
K a n s a s
27
25

149 96

114 78
145 285 Westcliffe 96
Hartman
Rosita 50 Lamar
62
Saguache 165 Beulah Las Animas
Slick Rock Rocky Ford
141 Ouray Lake City 194

Sawpit Crestone La Junta Syracuse

145 69
Rye Cedarwood 101 50
Telluride 17
Lak
Monticello Ucolo 10
Creede La Garita
491 Timpas
Silverton
Dove Creek Wagon Wheel Gap Gardner 109
Toonerville 287 27
Center 112 89

112
Rico 69
25

Cahone Delhi
Blanding 550 Del Norte Walsenburg
Stoner Monte Vista
150
Deora Johnson Ulysses
145 17
160 Lycan
95 Yellow Jacket Tacoma La Veta
350 116

15
Dolores 160 Alamosa
Blanca Tyrone
262
Vallecito Springfield 160 27

261 Cuchara
Cortez Mayday 159
160 Gulnare 25
371 Villegreen Stonington
Bluff Durango Pagosa Springs
12
Hoehne Utleyville Richfield
Kim 51
Aneth Towaoc Chimney Rock San Luis
140
142 Trinidad Edler Hugoton
Mexican Hat Oxford
172 Stonewall 27

163 Ignacio 84 Conejos Mesita 160 Campo

Marvel 151 Segundo 389

159
Pagosa Junction 17
25
Trinchera 56
Elkhart
Mexican Water Los Pinos Costilla
160 La Plata Cedar Hill Dulce
Teec Nos Pos Chama Raton 456
Kenton
Monero 522
72
Castaneda 95
Mouser
Dennehotso Folsom H
64 Aztec
Shiprock 170
Burton Eva
285
Kirtland Koehler A
Farmington 64
Wheeless Boise City 64
Questa
A r i z o n a Bloomfield Tierra Amarilla Tres Piedras 38 Grande
406

O k l a h o m a Guymon
Red Rock
N e w M e x i c o
95
El Vado Taos Ski Valley Grenville Goodwell
Felt
522
Valdez 64 Maxwell
Round Rock 112 Cimarron 64
Kerrick Hitchlan
12 191
Sanostee
44 Canjilon
58 Sofia Clayton
Texhoma
54
Rough Rock 111
Angel Fire
84 La Madera Taos 385
491 Miami Springer
T St tf d
 LOCATION OVERVIEW

ASPEN A RICH HISTORY

Aspen ranks among North America’s most exclusive destinations, offering world class In 1879, the discovery of silver led to the first mining camp in Aspen. The camp soon became
skiing, high-end shopping, and a number of outstanding cultural events. Located in Pitkin a boomtown, with a population that grew to more than 12,000 within a decade. When
County, Colorado, Aspen is 220 miles southwest of Denver and is situated in the midst of the the silver deposits dwindled, Aspen was all but abandoned, leading to the inadvertent
White River National Forest. The town occupies only 3.66 square miles in a high mountain preservation of the Victorian-era village.
valley, surrounded on three sides by the Colorado Rockies. With a year-round population of
In 1946, shortly after World War II, the Aspen Skiing Company was founded. The installation
just 5,900, the population increases dramatically during winter and summer peak seasons,
of the first chair lifts laid the foundation of Aspen’s preeminence as a world-class
creating a lively and entertaining environment.
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
Average Snow Fall: 300 inches exists today.
Average Annual Skiers 1998-2008: 1.37 million
Number of Lifts: 46 HIGH BARRIERS-TO-ENTRY
Skiable Terrain: 5,300 acres REAL ESTATE MARKET
Total Trails: 336 Aspen’s land costs and natural boundaries surrounded by the White River National Forest
Summer Temperatures: 65’s(low) – 85’s(high) have created one of the highest barriers-to-entry real estate markets in the United States.
Winter Temperatures: 20’s(low) – 40’s(high) With little new land left on which to build and the passing of a 2006 Pitkin County measure
Source: Colorado Ski Country USA 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.

13
 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

1,200
Visitors (in thousands)

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 RETAIL ACTIVITY

WINTER ACTIVITIES Despite a population of less than 6,000, Aspen has over 235 stores and boutiques. Shoppers
◆ Alpine skiing ◆ Cross country skiing are able to find the latest in designer fashion along with one-of-a-kind items and clothing in
◆ Snowmobiling ◆ Snowboarding locally owned boutiques. High-end designer retail outlets include:
◆ Ice skating ◆ Sleigh rides ◆ Fendi ◆ Gucci
◆ Dior ◆ Prada
SUMMER ACTIVITIES
◆ Louis Vuitton ◆ Ralph Laure
◆ Hiking ◆ Hang-gliding
◆ Ermenegildo Zegna ◆ Theory
◆ Bicycling ◆ Golfing
◆ Whitewater rafting ◆ Canoeing and kayaking
◆ Horseback riding ◆ Fly-fishing ACCESS
◆ Hot air ballooning 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
ARTS AND CULTURE
travel. The airport offers non-stop service from San Francisco, Los Angeles and Chicago
Aspen is home to a variety of cultural and fine arts events, typically showcased during the
on United Airlines, from Salt Lake City and Atlanta on Delta Air Lines, and from Phoenix on
summer months. Cultural events include:
US Airways. In addition, Aspen is a 45-minute flight from Denver International Airport
◆ The Aspen Music Festival ◆ Food & Wine Magazine Classic in Aspen
(“DEN”) via United Express, which offers up to 15 daily flights. During peak season, the
◆ Aspen Dance Festival ◆ Music on the Mountains
airport handles up to 200 flights per day.
◆ Aspen Theatre in the Park ◆ Aspen Filmfest
◆ Aspen Summer Words Literary Festival 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
Cultural organizations include:
Interstate 70 and State Highway 82. By car, Aspen is a scenic three and one half-hour trip
◆ The Aspen Historical Society ◆ The Aspen Institute
from Denver.
◆ Aspen Snowmass Council for the Arts ◆ The Given Institute of the University of Colorado
◆ International Design Conference ◆ Aspen Art Museum
◆ Anderson Ranch Arts Center ◆ Aspen Writers Foundation 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 In the last several years, the Aspen lodging market has experienced tremendous growth
that include the St. Regis Aspen. Despite its relatively small size, the Aspen hotel market is in occupancy and average daily rate. In 2007, the market achieved occupancy levels of
arguably one of the most successful and recognized luxury resort markets in the world. 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 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
Aspen Lodging Market Trends
attributed to the conversion of numerous hotels and lodges into residential real estate,
$400 68%
namely fractional/timeshare product. Falling hotel rooms supply paired with stable demand
$350 66%
has resulted in dramatic increases in average daily rate.
$300 64%
The peak winter (December to March) occupancy level is historically six percentage-points
$250 62%
higher than that achieved during the summer months (June to August). The highest
$200 60%
occupancy levels are achieved in the winter months of January, February, and March and
$150 58%
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 $100 56%

season has been a function of the diversification of the recreational activities available $50 54%

coupled with a new and better designed/capitalized hotel inventory. $0 52%

2005 2006 2007

ADR RevPAR Occupancy Source: Rocky Mountain Lodging Report

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)

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.
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.

ST. REGIS ASPEN COMPETITIVE SUPPLY Current Competitive Set RevPAR Comparison
$400 180%
PROPERTY LOCATION NO. OF ROOMS
$350 160%
St. Regis Aspen Aspen, Colorado 179
$300 140%
Competitive Set
Preferred Stein Eriksen Lodge Park City, Utah 180 $250 120%

The Little Nell Aspen, Colorado 92 $200 100%

Sonnenalp Resort Of Vail Vail, Colorado 127 $150 80%

Park Hyatt Beaver Creek Resort & Spa Avon, Colorado 190 $100 60%

Ritz-Carlton Bachelor Gulch Avon, Colorado 180 $50 40%

Four Seasons Resort Jackson Hole Teton Village, Wyoming 151 $0 20%
2004 2005 2006 2007 2007 YTD Oct 2008 YTD Oct
Competitive Set Total 920
St. Regis Aspen Comp. Set RevPAR Penetration Source: Smith Travel Research
Note: The Property is included in the above table only for reference. Source: Smith Travel Research
Competitive set data excludes the performance of the Property.

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.
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 over-
sized 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,
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 guest-
rooms. 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
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
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.
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.
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
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 Red Lodge Buffalo
93 Broadus
Challis 287 310 Bison
Payette
15 89
85
Ontario 20

Emmett
1 Preferred Stein Eriksen Lodge 20
212
14A 14A
Idaho City I d a h o Sheridan Ruthie'
2 The
Caldwell Little Nell 20 14
Cody 310
s Run
Mount Hayden
Dubois 14
26
Nampa
Boise
3 Sonnenalp Resort of Vail Aspen Mountain
14 14

89 Basin Gwyn's Belle Fourche

4 Park Hyatt Beaver Creek Resort & Spa Saint Anthony on Aspen
Murphy Hailey Rexburg Buffalo 14
Arco 90
5 Ritz-Carlton20Bachelor
Fairfield Gulch 16 Sundance Sturgis
Rigby Driggs 16
Worland Silver Queen Gillette Deadwood S o u t h
t Bri g
6 Four Seasons Resort
Mountain HomeJackson Hole 20 20
F oo
Lift 1A

d
e UTE AV Gondola
26 ENUE The Little Nell The St. Regis

CRYSTAL LAKE
Snake R
26
Idaho Falls 6 26 2 Quad Chair 85
Rapid City
I d a h o . Gooding Jackson 26
Thermopolis Aspen Rubey Park
DURANT AVENUE 16
385
Shoshone Blackfoot Grove Transit Ctr Wagner The
Mall Cooper Park Newcastle
COOPER AVENUE

ET

GARMISCH STREET
ASPEN STREET
E

ET
20

EET
T

ET
25 Ave Mall Inn

TRE

TREE
93

MONARCH STRE
A STRE
STRE
D
R

D
Custer

D
30 189
Jerome

MILL STR
PA

EN

L S
LAN
LAN
Hyman

G S
HYMAN AVENUE 16
Ave Mall

INA
Pocatello

TER
VE

ST
MID
85
86

GALEN
SPRIN
Twin Falls American Falls

CLE

WE

ORIG

HUN
t Bridg e Wheeler
Fo o Opera HOPKINS AVENUE
House
30 Rupert 26 EET Hot Springs
Burley S TR
30 Soda Springs Pinedale NE
AL MAIN STREET • HIGHWAY 82
20
Lander Riverton
RK
ER
Pitkin County
18
PA BLEEKER18 STREET

SECOND
Courthouse 18

FOURT
THIRD
Casper

FIRST STREET

FIFTH
91 89
W y o m i n g 18

H ST
287 HALLAM STREET
84 Malad City i ke

STRE
STREET
STREET
B
G IB Trai
Paris Douglas 385

REET
SO l Red Brick Arts
N

ET
89 191 N AV
EN 18 Lusk
& Recreation Center
FRANCIS STREET Chadron
UE
93 Preston 189 Harrison
20
SMUGGLER STREET
20
Rushville
30
89

RED
LO
Logan oa

R
NE r in g F o r k R iv e r 85 NORTH STREET
P I N E RO A D O

M
Kemmerer UN
TAIN Hallam Lake
Randolph 287 R 26 Nature Preserve
Brigham City N

O
AD
Wheatland
Elko Great North Ogden
189
Rawlins
Torrington Alliance
Green River
Salt Lake Ogden Rock Springs 80
26
Scottsbluff
Clinton Layton Evanston 30
25 Gering
Bridgeport
Farmington
93A
West Valley City
Salt Lake City Manila Laramie
85
Harrisburg 26
385
Oshkosh
West Jordan 1 Cheyenne Kimball
Sandy
191 Sidney
93 Lehi Orem 287
Chappell
Vernal Walden Julesburg
Eureka Provo 40 40 Craig 85 138
Payson Duchesne Fort Collins
Steamboat Springs Sterling
34
Loveland Greeley Holyoke
6 Nephi 191
34 Imperia
Ely Meeker 36

Hot Sulphur Springs Longmont Fort Morgan

89
Price 385
15 76 Akron
40
Boulder Lafayette 34
6 50 Manti Thornton Wray
Arvada
Castle Dale Glenwood Springs Vail Golden Aurora
Fillmore Eagle
70 3,4,5
93

Richfield U t a h
6
Breckenridge
Lakewood Denver 36
Saint Francis

Aspen Leadville 285 Castle Rock Parker

191
Grand Junction 2 24 Fairplay Kiowa Burlington Go
Beaver Loa Delta 24
Hugo
Pioche Junction Moab
C o l o r a d o 385
Colorado Springs
Montrose Cripple Creek 40
Gunnison Fountain Sha
Parowan Cheyenne Wells 40
Salida
Cedar City
50
50
21
Panguitch
C Cit
 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.
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.
22
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.
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.

OVERVIEW
The following financial projections are based on 2007 year-end and November 2008
year-to-date performance.
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.
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.
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.
FINANCIAL ANALYSIS
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.
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.
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.
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 2005 2006 2007 2008 A/F through Nov
Available hotel rooms 137 174 179 179 179
Available room nights 50,050 63,535 65,335 65,335 65,514
Occupied room nights 34,853 38,188 42,385 43,456 41,692
Occupancy 69.6% 60.1% 64.9% 66.5% 63.6%
Average Daily Rate $431.94 $416.90 $446.34 $490.13 $514.28
RevPAR $300.79 $250.58 $289.55 $326.00 $327.28

($,000s) Amount Ratio% Amount Ratio% Amount Ratio% Amount Ratio% Amount Ratio%

REVENUES
Rooms $15,054 62.4% $15,921 58.5% $18,918 62.0% $21,299 62.2% $21,441 62.0%
Food & Beverage 6,276 26.0% 8,109 29.8% 8,055 26.4% 9,115 26.6% 9,207 26.6%
Minor Operating Dept 1,580 6.6% 1,361 5.0% 1,295 4.2% 1,450 4.2% 1,167 3.4%
Rent & Other 1,206 5.0% 1,847 6.8% 2,232 7.3% 2,362 6.9% 2,785 8.0%
Total Revenues 24,116 100.0% 27,237 100.0% 30,501 100.0% 34,226 100.0% 34,601 100.0%

DEPARTMENTAL EXPENSES
Rooms Expense 4,597 30.5% 5,326 33.5% 5,639 29.8% 6,055 28.4% 5,808 27.1%
Food & Beverage Expense 6,378 101.6% 7,278 89.8% 7,480 92.9% 7,872 86.4% 8,029 87.2%
Minor Operating Dept Expense 1,821 115.3% 1,461 107.3% 1,451 112.0% 1,390 95.9% 1,320 113.1%
Rent & Other Expense 132 11.0% 179 9.7% 332 14.9% 538 22.8% 0 0.0%
Total Departmental Expenses 12,929 53.6% 14,244 52.3% 14,901 48.9% 15,855 46.3% 15,156 43.8%
Total Departmental Income 11,187 46.4% 12,993 47.7% 15,599 51.1% 18,371 53.7% 19,445 56.2%

UNDISTRIBUTED OPERATING EXPENSES

Administrative & General 2,268 9.4% 2,145 7.9% 2,720 8.9% 2,771 8.1% 2,931 8.5%
Sales & Marketing 1,860 7.7% 1,900 7.0% 2,039 6.7% 2,381 7.0% 2,401 6.9%
Property Operations and Maintenance 1,599 6.6% 1,277 4.7% 1,408 4.6% 1,460 4.3% 1,352 3.9%
Utilities 536 2.2% 663 2.4% 651 2.1% 567 1.7% 720 2.1%
Total Undistributed Expenses 6,263 26.0% 5,985 22.0% 6,818 22.4% 7,179 21.0% 7,404 21.4%
Gross Operating Profit 4,924 20.4% 7,009 25.7% 8,782 28.8% 11,191 32.7% 12,040 34.8%
Management Fee 965 4.0% 1,089 4.0% 1,220 4.0% 1,369 4.0% 1,384 4.0%
Income Before Fixed Charges 3,959 16.4% 5,919 21.7% 7,562 24.8% 9,822 28.7% 10,656 30.8%

FIXED CHARGES
Real Estate Taxes 589 2.4% 683 2.5% 415 1.4% 622 1.8% 665 1.9%
Insurance 166 0.7% 138 0.5% 159 0.5% 269 0.8% 240 0.7%
Rent 125 0.5% 158 0.6% 168 0.6% 197 0.6% 217 0.6%
Total Fixed Charges 880 3.6% 979 3.6% 742 2.4% 1,088 3.2% 1,121 3.2%
EBITDA* $3,080 12.8% $4,940 18.1% $6,819 22.4% $8,734 25.5% $9,535 27.6%
Less: Replacement Reserves (FF&E) 965 4.0% 1,089 4.0% 1,220 4.0% 1,369 4.0% 1,384 4.0%
Net Operating Income** $2,115 8.8% $3,850 14.1% $5,599 18.4% $7,365 21.5% $8,151 23.6%
*USALI 10th Edition refers to "EBITDA" as "NOI" **USALI 10th Edition refers to "NOI" as "Adjusted NOI" Source: Hotel Management

24
 FINANCIAL ANALYSIS

ST. REGIS ASPEN 5 YEAR PRO FORMA

2009 2010 2011 2012 2013
Available hotel rooms 179 179 179 179 179
Available room nights 65,335 65,335 65,335 65,514 65,335
Occupied room nights 38,482 40,508 41,814 43,239 43,774
Occupancy 58.9% 62.0% 64.0% 66.0% 67.0%
Average Daily Rate $527.71 $543.54 $576.15 $599.19 $617.17
RevPAR $310.82 $336.99 $368.74 $395.47 $413.50

($,000s) Amount Ratio% Amount Ratio% Amount Ratio% Amount Ratio% Amount Ratio%

REVENUES
Rooms $20,307 63.4% $22,017 63.4% $24,091 64.1% $25,909 64.4% $27,016 64.4%
Food & Beverage 8,669 27.1% 9,399 27.1% 9,994 26.6% 10,644 26.4% 11,099 26.5%
Minor Operating Dept 725 2.3% 786 2.3% 836 2.2% 890 2.2% 928 2.2%
Rent & Other 2,344 7.3% 2,515 7.2% 2,656 7.1% 2,812 7.0% 2,918 7.0%
Total Revenues 32,046 100.0% 34,718 100.0% 37,577 100.0% 40,255 100.0% 41,962 100.0%

DEPARTMENTAL EXPENSES
Rooms Expense 5,585 27.5% 5,967 27.1% 6,283 26.1% 6,692 25.8% 6,978 25.8%
Food & Beverage Expense 8,193 94.5% 8,279 88.1% 8,632 86.4% 9,194 86.4% 9,587 86.4%
Minor Operating Dept Expense 870 119.9% 865 110.0% 920 110.0% 979 110.0% 1,021 110.0%
Total Departmental Expenses 14,648 45.7% 15,111 43.5% 15,834 42.1% 16,865 41.9% 17,586 41.9%
Total Departmental Income 17,399 54.3% 19,607 56.5% 21,743 57.9% 23,390 58.1% 24,376 58.1%

UNDISTRIBUTED OPERATING EXPENSES

Administrative & General 2,755 8.6% 2,869 8.3% 3,010 8.0% 3,152 7.8% 3,255 7.8%
Sales & Marketing 2,217 6.9% 2,404 6.9% 2,581 6.9% 2,776 6.9% 2,894 6.9%
Property Operations and Maintenance 1,314 4.1% 1,353 3.9% 1,394 3.7% 1,436 3.6% 1,479 3.5%
Utilities 819 2.6% 880 2.5% 935 2.5% 996 2.5% 1,039 2.5%
Total Undistributed Expenses 7,106 22.2% 7,506 21.6% 7,921 21.1% 8,360 20.8% 8,667 20.7%
Gross Operating Profit 10,292 32.1% 12,101 34.9% 13,822 36.8% 15,031 37.3% 15,709 37.4%
Management Fee 1,282 4.0% 1,389 4.0% 1,503 4.0% 1,610 4.0% 1,678 4.0%
Income Before Fixed Charges 9,010 28.1% 10,712 30.9% 12,319 32.8% 13,421 33.3% 14,031 33.4%

FIXED CHARGES
Real Estate Taxes 666 2.1% 686 2.0% 707 1.9% 728 1.8% 750 1.8%
Insurance 227 0.7% 234 0.7% 241 0.6% 248 0.6% 256 0.6%
Rent 283 0.9% 291 0.8% 300 0.8% 309 0.8% 318 0.8%
Incentive Management Fee 0 0.0% 182 0.5% 474 1.3% 665 1.7% 766 1.8%
Total Fixed Charges 1,176 3.7% 1,394 4.0% 1,721 4.6% 1,950 4.8% 2,089 5.0%
EBITDA* $7,834 24.4% $9,318 26.8% $10,598 28.2% $11,470 28.5% $11,941 28.5%
Less: Replacement Reserves (FF&E) 1,282 4.0% 1,389 4.0% 1,503 4.0% 1,610 4.0% 1,678 4.0%
Net Operating Income** $6,552 20.4% $7,929 22.8% $9,094 24.2% $9,860 24.5% $10,263 24.5%
*USALI 10th Edition refers to "EBITDA" as "NOI" **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 Thomas Fisher John Strauss
Tel +1 212 812-5830 Tel +1 312 228-2972 Tel +1 213 680-7954
arthur.adler@am.jll.com thomas.fisher@am.jll.com john.strauss@am.jll.com

ATLANTA CHICAGO LOS ANGELES MIAMI NEW YORK SAN FRANCISCO

Monarch Plaza, Suite 1505
3414 Peachtree Road NE
Atlanta, GA 30326
Tel + 1 404 995-8970
Fax + 1 404 995-8971
200 East Randolph Drive
43rd Floor
Chicago, IL 60601
Tel + 1 312 782-5800
Fax + 1 312 782-4339
355 South Grand Avenue
Suite 3100
Los Angeles, CA 90071
Tel + 1 213 680-7900
Fax + 1 213 680-4933
2 Alhambra Plaza
Suite 1220
Coral Gables, FL 33134
Tel + 1 786 662-6900
Fax + 1 786 662-6901
153 East 53rd Street One Front Street
32nd Floor #300
New York, NY 10022 San Francisco, CA 94111
Tel + 1 212 812-5700 Tel + 1 415 395-4900
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