WHITE PLAINS, NY— Starwood Hotels & Resorts Worldwide, Inc. has sold the 179-room St. Regis Aspen for $70 million to 315 East Dean Associates Inc., a Delaware Corporation represented by Bangkok-based OptAsia Capital Co.

The sales price is immediately accretive to earnings and represents a multiple of 17 times anticipated 2010 EBITDA. Starwood will maintain a 50-year management agreement and continue to operate the resort under its ultra-luxury St. Regis flag; guest service and hotel operations will continue uninterrupted.

In addition to the purchase price, the buyer has committed to a major renovation of the resort, including the refurbishment of all hotel guest rooms and public areas and incorporating the extensive courtyard space into dining outlets for year-round offerings, including enhanced après-ski use.

"Asset sales such as this are illustrative of Starwood’s strategic disposition of owned real estate, "said Simon Turner, president of global development, Starwood Hotels & Resorts. "We are committed to our strategy of systematically moving toward a more asset light operating model over time, taking advantage of when opportunities to sell our owned real estate are in the best interests of our shareholders.”

Nestled into the base of Aspen Mountain, the St. Regis Aspen Resort is located just ten just ten minutes from Aspen’s airport, situated between the mountain's two primary base ski lifts and within walking distance to all of Aspen's shops, restaurants and entertainment.