NASSAU, The Bahamas, Nov. 2, 2009 (GLOBE NEWSWIRE) -- Steiner Leisure Limited (Nasdaq:STNR) today announced that it has entered into an agreement for the acquisition of all the issued and outstanding capital stock of Bliss World Holdings, Inc. ("Bliss") from Starwood Hotels and Resorts Worldwide, Inc. ("Starwood") (NYSE:HOT). Bliss is a spa and skincare company with free-standing and hotel spa locations, offering services under the "Bliss" and "Remede" brands and products under the "Bliss" and "Labratoire Remede" brands. Bliss also operates an e-commerce and catalog business and distributes its products through Bloomingdale's, Harrods, Harvey Nichols, Macy's, Neiman Marcus, Nordstrom, Saks Fifth Avenue, Sephora and other domestic and international retail locations.

This acquisition is expected to be slightly accretive to earnings in 2010. The purchase price is $100 million payable in cash at closing, and will be funded from existing cash and through borrowings under the new credit facility described below.

In connection with this agreement, Bliss and Remede spas and amenities will remain exclusive to Starwood in the hotel category at W Hotels and St. Regis Hotels, respectively.

Closing of the transaction, which is anticipated to take place on or before December 31, 2009, is subject to conditions similar to those in other transactions of this type, including regulatory approval. Absent satisfaction of certain conditions to close, each party may terminate this transaction. In the event of such termination, the $7.5 million portion of the purchase price that Steiner Leisure was required to pay into escrow upon execution of the purchase agreement would be returned to Steiner or paid to Starwood, as the case may be, depending on the reason for the termination of the agreement.

Leonard Fluxman, President and Chief Executive Officer of Steiner Leisure Limited, said, "Bliss' accomplishments over the years have resulted in the creation of a very distinct, clever, unpretentious brand in the beauty industry, introducing a lively approachable, fun atmosphere to the spa arena. We are very excited for the opportunity to introduce Bliss products and broaden the appeal of the brand through our distribution channels. We are delighted that Bliss will continue its business relationship with Starwood in providing a distinct point of view to the amenities and spas in W and St.