Starwood Hotels & Resorts Worldwide, Inc. (NYSE:HOT) announced today the first St. Regis Resort in French Polynesia. Currently under construction and scheduled to open in April 2006, St. Regis Resort, Bora Bora is owned by prominent real estate developer Louis Wane who also owns three other hotels managed by Starwood in the region. St. Regis Resort, Bora Bora will feature 101 luxury overwater and beach villas, including the ultra-luxe Royal Suite - at more than 8,000 square feet it will debut as the largest suite in French Polynesia. At a cost of more than $1 million per bungalow to develop and construct, this resort will introduce unmatched luxury in South Pacific.

http://www.corporate-ir.net/ireye/ir...item_id=768385

Is this the property that was originally scheduled to be a Ritz Carlton?