Six Continents Hotels, Sao Paulo-based Group Sol Invest, Sign Agreement for Re-development of Historic Building Into a 480-Room Holiday Inn Select

MIAMI–(BUSINESS WIRE)–April 10, 2002–

Alliance Aimed At Re-development Of Central Sao Paulo Historic Property Capitalizes On Global Re-urbanization Trend

Six Continents Hotels (NYSE:SXC)(LSE:SXC)(ADRs), the world's most global hotel company, and Sao Paulo-based Group Sol Invest, announced plans for the renovation of an existing building which was once the internationally-renowned Hotel Jaragua, a major destination for travel to Brazil's business capital in the 1950's.
The $17 million project is part of a major global re-development trend that is transforming abandoned or neglected areas into major urban renewal centers.
Anticipating a soft opening in June of 2003, the 26-story hotel will feature 415 guest rooms and 62 suites.
The Holiday Inn Select Jaragua will meld the original glamour of the Hotel Jaragua, with the comfort and high quality of a Holiday Inn Select. The hotel will retain the original facade, as well as some of the amenities for which the area was renowned in the 1950's, such as a 24-hour confectioner's shop once located in the center of Sao Paulo.
The property will house three floors of conventions and meeting space totaling almost 18,000 square feet, and a capacity for up to 2,800 people. The facilities also include a theatre/auditorium with seating for 370, 18 virtual offices, and VIP meeting rooms with seating of up to 50 people.
This property will be the second-largest Holiday Inn property in Latin America, and the first in Brazil that is part of a major re-urbanization project, says Alvaro Diago, Area President Latin America, Six Continents Hotels.
We are extremely proud to be working with Grupo Sol Invest in the restoration of this important, historic property, adds Diago.
Equipped with all modern technological conveniences, the facilities will include capabilities for simultaneous translations, as well as a state-of-the-art in-house broadcast capabilities through which guests can interactively participate in meetings from their guest rooms.
The property also counts on a full array of food and beverage outlets, including an international restaurant with seating for 600, coffee-shop, lobby-bar, and a fast food restaurant in the ground floor.
Guest amenities also include a complete fitness center with dry and steam saunas, jacuzzi, full spa capabilities and personal trainers.