SOURCE: Wyndham Worldwide

February 27, 2008 08:00 ET

Wyndham Hotels and Resorts to Enter New Caribbean Market: St. Croix

PARSIPPANY, NJ--(Marketwire - February 27, 2008) - Wyndham Hotels and Resorts today announced it will enter a new Caribbean market with the development of the luxury 400-room Wyndham® St. Croix Golf Resort and Casino, which will become the keystone of a $250 million complex that includes a new 43,000-square foot conference center on St. Croix, U.S. Virgin Islands.

The 294-acre property, scheduled to break ground this spring and open in 2010, will be developed by New Jersey-based Golden Resorts LLLP in joint ownership with Jericho All-Weather Opportunity Fund of Boca Raton, Fla., and managed by Wyndham Hotel Management Company.

The resort will feature a 25,000 square-foot casino; 18-hole Jack Nicklaus signature golf course; 17,000 square-foot world-class spa and fitness center; four restaurants; lounges; retail stores; and kid's club.

The property will be located on the south shore of St. Croix, near downtown Christiansted and 15 minutes from Henry E. Rohlsen International Airport.

Peter Strebel, Wyndham Hotels and Resorts president, said the introduction of the Wyndham brand in St. Croix will build upon its 24-resort portfolio in the Caribbean and Mexico, which includes properties in Puerto Rico, St. Thomas, Dominican Republic, Bahamas, Cozumel and the Riviera Maya.

"This world-class resort will enhance the Wyndham brand's strong position in the Caribbean, promote tourism and introduce thousands of travelers to this wonderful island, with its rich culture, friendly people, pristine beaches and exciting recreational activities," he said.

Paul Golden, Golden Resorts chief executive officer, said construction and operation of the hotel and casino will be an "economic catalyst" for the island and its citizens, "creating more than 1,000 construction jobs and 1,200 permanent jobs."

The U.S. Virgin Islands Public Finance Authority, a public corporation which assists the government in raising capital for essential public projects that promote and sustain economic and social development, awarded Golden Resorts $32.5 million for the construction, operation and management of the St. Croix Conference Center, which will be part of the resort.

The move is designed to stimulate the island's economy through financial support of investment ventures designed to increase tourism and employment.

"Tremendous credit must be given to Gov. John P. deJongh, Jr. of the U.S. Virgin Islands, his administration and the Public Finance Authority for supporting this magnificent project," said Golden.

The conference center will share the resort's amenities and services including entertainment and food and beverage facilities.

Golden said the Wyndham team's Caribbean experience, coupled with its sales, marketing, management and reservations system, make it the "ideal partner to manage and operate the Wyndham St. Croix Golf Resort and Casino."

"We are excited about this development opportunity and are extremely pleased to be working with Golden Resorts, Wyndham Hotels and Resorts and the U.S. Virgin Islands government to bring this resort to St. Croix," said Scott Svirsky, Jericho managing partner.

Wyndham Hotels and Resorts, a subsidiary of Wyndham Worldwide Corporation (NYSE: WYN), offers upscale hotel and resort accommodations throughout the United States, Canada, Mexico and the Caribbean. All hotels are either franchised or managed by Wyndham Hotels and Resorts or an affiliate. Additional information is available at www.wyndhamworldwide.com.

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