Flag Luxury Properties(TM), LLC and St. Regis Resort, Temenos Anguilla, to Open Internationally Acclaimed Blanchard's Restaurant at Greg Norman-Designed Temenos Golf Club.

NEW YORK -- Boasting Breathtaking Oceanfront Views and New Blanchard's Restaurant Temenos Golf Club, The Caribbean's Ultimate Luxury Golf Experience, Opens November 2006

Manhattan-based Flag Luxury Properties(TM), LLC and St. Regis Hotels & Resorts announced today a partnership with Bob and Melinda Blanchard, successful entrepreneurs, authors and lifestyle experts and owners of world-renowned Blanchard's Restaurant in Anguilla, British West Indies, for St. Regis Resort, Temenos Anguilla.

Best known for their unique and innovative cuisine, as well as their current book, Live What You Love, Bob and Melinda will open a second Blanchard's location in November 2006 in the architecturally stunning 28,000-square foot Clubhouse at Temenos Golf Club to coincide with the grand opening of the island's first-ever golf course which is destined to be one of the world's finest.

Created and designed by golf legend Greg Norman, the 18-hole championship course is an integral component of the magnificent St. Regis Resort, Temenos Anguilla, scheduled for completion in winter 2008. This ultra-luxe hotel, residential and golf oasis is nestled along a mile of pristine beach on the sun-kissed Caribbean island of Anguilla known for its gorgeous sunsets and romantic getaways. The exclusive Temenos Golf Club will be enjoyed by both owners of the resort's spectacular residences and St. Regis guests alike, with access to the course provided to local Anguillians and guests of other hotels in the area if availability permits.

"We are thrilled that the Blanchards' have selected Temenos Golf Club as the location for their second restaurant on Anguilla - their superlative cuisine is renowned not only on the island but throughout the Caribbean," said Paul Kanavos, developer and CEO of Flag Luxury Properties, LLC. "Temenos Golf Club is taking the art of the game to the next level with Greg Norman's team's carefully crafted design to raise the bar on the whole luxury golf experience."

"The pairing of the restaurant with this prestigious resort combines a natural synergistic element that captures the beauty, spirit and essence that is Anguilla," stated Bob Blanchard. "I cannot think of a better location for diners to enjoy our cuisine - the golf course provides a magnificent setting for visitors wanting to experience the island's vibe of refined luxury."

Temenos Golf Club is distinguished by panoramic views and vistas of nearby St. Maarten and the Caribbean Sea incorporating physical and environmental characteristics of the island's natural terrain including dramatic elevation changes and water features on 13 holes. The course is managed by Troon Golf, the leader in upscale golf course management, development and marketing.

"I am honored to have been selected to design Anguilla's first-ever golf course," stated Norman. "The opening of Temenos Golf Club is a testament to the integrity and support of the Anguilla government, Flag Luxury Properties and St. Regis Hotels & Resorts in their commitment to this project. I am thrilled to have been involved in such a monumental occasion in the island's history."

Dana Schmid, Temenos Golf Club Manager, has over nine years of experience in resort golf management, with such notable resorts as Daufuskie Island Club and Resort, Hilton Head, South Carolina, The Diplomat Country Club & Spa in Hallandale, Florida and The Westin Savannah Harbor Golf Resort in Savannah, Georgia. Ms. Schmid has earned Class A PGA professional status and was nominated as Troon Golf's "2002 Associate of the Year" with special distinction of being selected out of a total of 6,000 associates. Ms. Schmid is also a member of the Executive Women's Golf Association.

In planning the course, significant environmental efforts have been undertaken to preserve and to enhance the island's natural habitats. Most significant is the renewal of Merrywing Salt Pond, an island landmark. Featured predominantly in the course, the pond's water has been reinvigorated, giving rebirth to its natural organisms. New flushing channels permit sea water to flow out the pond during high tide. The pond is being stocked with bonefish and coral reefs are being re-established.

"Flag Luxury's commitment to the environmental preservation of Anguilla includes enhancements that are integral to the golf course project," added Paul Kanavos. "The revitalization of the Merrywing Salt Pond is illustrative of the steps we are taking to preserve the island's natural ecosystems."

Temenos Golf Club offers a course where sand, wind and water blend seamlessly with Anguilla's natural environment to present a golfer's paradise. Additional course highlights include:

--Golfers are greeted by a spectacular vista of St. Maarten and the Caribbean Sea at the tee box of the 390-yard starting hole. The fairway descends over 40-feet to a narrow, two-tiered green sitting precariously on the edge of a saltwater lagoon.

--Playing dead into the trade winds, the perilous drive on the 440 yard sixteenth hole is framed by large sand dunes on the left and the Merrywing salt pond on the right. The elevated green is surrounded by water and protected by deep bunkers, and offers sweeping views of Rendezvous Bay.

--The drive for the finishing hole carries the edge of the mangrove thicket in a vast stretch of saltmarsh that winds through eight of the course holes. The narrowing fairway ascends forty feet through rugged terrain to a narrow green carved out of the native shrub.

All of the 18 holes of the 7,100-yard course have now been shaped, by establishing sub-grades, including bunkers, greens and tees. The course includes an 18,000-square-foot double green, situated on the dunes of an adjacent white-sand beach, which is shared by holes #2 (Par 3, 181 yd.) and #10 (Par 5, 582 yd.), as well as an 80-foot-high elevated tee on hole #6 (Par 5, 600 yd.). The October, 2004 Robb Report called the first hole, "The Caribbean's answer to the 18th at Pebble Beach."

Temenos Golf Club is an integral component of St. Regis Resort, Temenos Anguilla, which is destined to become the Caribbean's most exclusive and sought-after luxury destination when completed in winter 2008. Situated on a mile of unspoiled beach, the 286-acre residential oasis of St. Regis Resort, Temenos Anguilla, will include 18 magnificent Estate Homes with four- and five-bedroom suites, many of which are oceanfront, 10 extraordinary Temenos Villas with three- and four-bedroom suites, featuring vistas of both the golf course as well as the Caribbean Sea, and 64 St. Regis Oceanfront Residences. The centerpiece will include a world-class St. Regis Resort Hotel and indulgent Remede Spa. Majestic architecture and interior design are blended with one-of-a-kind amenities including personal butlers, with prices ranging from $1.4 million to $13.2 million. The project was inspired by three existing St. Regis Temenos Villas, an award winning, ultra-exclusive boutique resort.

Flag Luxury Properties, based in New York City, was founded in 1946 with a commitment to owning and developing branded world class hotels, residences, retail, and golf course complexes. Through strategic partnerships, innovative architectural execution, and unparalled locations Flag Luxury has become a leader in its industry. In addition to the St. Regis Resort, Temenos Anguilla, current projects include The Ritz-Carlton, South Beach; The Ritz-Carlton Golf Club & Spa, Jupiter; an 18-acre site to be master planned on the Las Vegas Strip; and the first Jack Nicklaus designed championship golf course in New York City, Ferry Point Park Golf and Conference Center. For more information about Flag Luxury Properties, please visit: www.flagluxury.com.

St. Regis Hotels & Resorts includes the most celebrated properties in the world. Founded by John Jacob Astor with landmark St. Regis Hotel, New York over a century ago, the company will unveil highly anticipated St. Regis properties in Bora Bora, French Polynesia (2006) Fort Lauderdale (2006), Mexico City (2007), Punta Mita, Mexico (2007), Singapore (2007), Anguilla (2008), Atlanta (2008), Bahia Beach, Puerto Rico (2008) Costa Rica (2008) Deer Valley, UT (2008), Puerto Rico (2008) and Bal Harbour, FL (2009) that will further enhance the brand's legacy. Personalized service and amenities, enviable locations and luxuriously localized design are recognized worldwide as hallmarks of the St. Regis experience. For more information on St. Regis Hotels & Resorts, please visit www.stregis.com.