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October 03, 2006 08:00 AM Eastern Time

Steiner Leisure Limited Announces Buyout of Remaining Term of Its Spa at the One&Only Palmilla

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NASSAU, The Bahamas--(BUSINESS WIRE)--Steiner Leisure Limited (NASDAQ:STNR) announced today that Kerzner Hotel Partners, S. de R.L. de C.V., owner and operator of the One&Only Palmilla, has exercised its option to buy-out the remaining term of Steiner Leisure's lease to operate its luxury spa at this resort effective October 1, 2006. As part of that buyout, Kerzner must pay to Steiner Leisure the sum of approximately $2.3 million. Steiner Leisure will no longer offer its services at this resort.

Howard Karawan, President of Destination Resorts for Kerzner, said, This buyout is not based on any dissatisfaction with Steiners operation at One&Only Palmilla, but is based on a change of strategy at the resort. We have an excellent relationship with Steiner and Mandara and look forward to continuing that at our new Mandara Spa at Atlantis set to open in the Spring of 2007.

Leonard Fluxman, President & CEO of Steiner Leisure, said, We have appreciated the opportunity to be a part of One&Only Palmilla and look forward to our continued relationship with Kerzner.

Steiner Leisure will not recognize any gain or loss in connection with the buyout and the company believes that the buyout of the Palmilla Spa lease will not have any effect on its earnings per share for 2006.

Steiner Leisure Limited is a worldwide provider of spa services. The companys operations include spas and salons on 125 cruise ships, and in 56 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 and Royal Caribbean 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 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.

Our statement with respect to the recognition of gain or loss and lack of an effect on our 2006 earnings per share as a result of the buyout of our spa operations at One&Only Palmilla may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements do not guarantee the effects described therein since 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 cause the buyout to affect our 2006 earnings per share, including a failure by Kerzner to comply with the terms of the buyout agreement or the fact that the Companys belief in this regard is based on estimates made prior to the availability of final quarterly information. We undertake no obligation to publicly update or revise any of the forward-looking information contained herein. Other risks that could affect us are described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for 2005.



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