Steiner Leisure Limited Announces Agreement to Operate a New Spa at the Cinnamon Coral Garden Resort in the Maldives
NASSAU, The Bahamas--Steiner Leisure Limited (NASDAQ:STNR) announced today that its premier luxury spa division, Mandara Spa, has entered into an agreement to operate a luxury spa facility on Alidhoo Island in the Haa Alifu Atoll, at the Cinnamon Coral Garden Resort in the Maldive Islands.
The term of the lease is for seven years, with two renewal periods of two years each, at the option of either of the parties.
The resort will be a five-star property with a focus on the unique attributes and culture of the Maldives. Accommodations will consist of 46 Beach Bungalows, 45 Duplex Villas, one Water Villa and one Presidential Suite. Facilities will include three restaurants and two bars.
The spa will be set amidst a lotus pond in the heart of the island, blending the tranquility of a lagoon setting with Mandaras signature contemporary-Balinese elements. The facility will feature a wide array of massages, scrubs and baths, as well as signature treatments including ayurvedic and herbal therapies. The property also boasts its own spa garden with a large collection of local medicinal plants and dispensary as complementary services.
Mandara estimates that the new spa will open in the second quarter of 2007.
Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure said, We are very excited to be expanding our presence in the beautiful Maldive Islands at this top flight resort.
Steiner Leisure Limited is a worldwide provider of spa services. The Company's operations include spas and salons on 125 cruise ships, and in 57 resort spas and two luxury day spas. Our cruise line and land-based resort customers include Carnival Cruise Lines, Caesars Entertainment, Celebrity Cruises, Crystal Cruises, Cunard/Seabourn Cruise Lines, Hilton Hotels, Holland America Line, Kerzner International, Marriott Hotels, Norwegian Cruise Lines, Princess Cruises, Royal Caribbean Cruises and Silversea Cruises. Our Elemis Limited subsidiary manufactures its Elemis® brand products for use in our cruise ship and land-based spas. This top quality European line of beauty products is also distributed worldwide to exclusive hotels, salons, health clubs and destination spas. Elemis®, as well as other Steiner products, including La Therapie®, Ionithermie, and Steiner Hair Care, are available at http://www.timetospa.com.
Steiner Leisure owns and operates four post secondary schools (comprised of a total of 14 campuses) located in Miami, Orlando, Pompano Beach and Sarasota, Florida; Baltimore, Maryland; Charlottesville, Virginia; York, Pennsylvania; Salt Lake City and Lindon, Utah; Las Vegas, Nevada; Tempe and Phoenix, Arizona; and Westminster and Aurora, Colorado. Offering degree and non-degree programs in massage therapy and, in some cases, skin care, these schools train and qualify spa professionals for health and beauty positions within the Steiner family of companies or other industry entities.
Steiner Leisures statements with respect to the proposed facilities and services and the estimated opening date of its operations at the above resort may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements do not guarantee the timely construction or final characteristics of this new resort or the spa located therein, as known and unknown risks and other factors may preclude results that match these statements. Such risks and factors include uncertainties beyond our control that could adversely affect the timely construction and final characteristics of land based resorts such as the Cinnamon Coral Garden Resort and spas located therein, including Steiner Leisures lack of control over the construction and the venue where the spas will be located and possible weather-related, or other, delays. We undertake no obligation to publicly update or revise any of the forward-looking information contained herein. Other risks are described in the Companys filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for 2005.