SIPP.L Regulatory News (SIPP)

6 Sep 2007 16:21

Hotel Corp (The) PLC06 September 2007 6 September 2007 FOR IMMEDIATE RELEASE THE HOTEL CORPORATION PLC Dawnay Shore Hotels plc - completion of lease arrangements The Board of The Hotel Corporation plc, whose principal asset is a 49.9% stakein Dawnay Shore Hotels plc ("Dawnay Shore Hotels"), announces that it has beeninformed by Dawnay Shore Hotels that Dawnay Shore Hotels has successfullycompleted the lease arrangements previously announced on 24 August 2007. A copy of the announcement released today by Dawnay Shore Hotels is attached tothis announcement. - Ends - Enquiries: Shore Capital and Corporate LimitedGraham Shore Telephone: 020 7408 4090 Citigate Dewe RogersonPatrick Donovan Telephone: 020 7282 2897 For Immediate Release 6 September 2007 Dawnay Shore Hotels plc Hotel Portfolio leased to Major Spanish Group On 24 August 2007, Dawnay Shore Hotels plc (the "Company") announced that it hadentered into an agreement which would lead to Barcelo, a leading internationalhospitality group, leasing and taking over the management of Paramount Hotels. The Company is pleased to announce today the successful completion of thoselease arrangements. The Company will remain in an offer period pending a review of its capitalstructure and a potential corporate reorganisation. A further announcement willbe made at the appropriate time. Press Enquiries: Dawnay Shore HotelsHoward Shore 020 7468 7911 Dawnay Shore HotelsPeter Procopis 020 7834 8060 Citigate Dewe Rogerson Patrick Donovan 020 7638 9571 N M Rothschild & Sons (London)Avi Goldberg 020 7280 5000Rick Jones N M Rothschild & Sons (Madrid)Juan Pablo Rodriguez +34 91 702 2600 Shore Capital and Corporate LimitedGraham Shore 020 7408 4090 N M Rothschild & Sons Limited ("Rothschild") is acting for the Company and noone else in connection with the matters referred to in this announcement andwill not be responsible to anyone other than the Company for providing theprotections afforded to clients of Rothschild or for providing advice inrelation to the matters referred to in this announcement. Shore Capital and Corporate Limited ("Shore Capital") is acting for the Companyand no one else in connection with the matters referred to in this announcementand will not be responsible to anyone other than the Company for providing theprotections afforded to clients of Shore Capital and Corporate Limited or forproviding advice in relation to the matters referred to in this announcement. Notes to Editors 1. Paramount Group of Hotels was established in 1994 and was acquired byDawnay Shore Hotels Plc in July 2004. Following further acquisitions it nowowns and operates 20 four and five-star hotels across Scotland, NorthernEngland, Central England, Southern England and Wales, including the Lygon Armsin the Cotswolds, the Carlton Hotel in Edinburgh, The Marine in Troon, TheMajestic in Harrogate, The Imperial in Torquay, The Imperial in Blackpool andthe Oxford Hotel in Oxford. These all trade under the Paramount brand ofdistinction. 2. The hotels offer extensive banqueting, conference and leisure facilitiesand many of them have architectural and historical significance. The Group hasover 2,872 bedrooms and around 20,000 square metres of conference and meetingrooms and offers extensive facilities to both corporate and leisure guests. 3. Barcelo Corporacion Empresarial, S.A. is a privately owned Spanishhospitality company. The activities of the company include the management andoperation of over 130 hotels across more than 14 countries under an ownership,leasing or management basis as well as the operation of retail travel agencies. The Barcelo Group also promotes projects broadly related to the tourism andhotel industries, owning shares in other companies. The Barcelo Group carriesout its activities in Spain, the Dominican Republic, Costa Rica, Nicaragua, theUnited States, Mexico, the Czech Republic, Turkey and Switzerland, among othercountries. 4. On 9 November 2006, the Board announced that it had appointed Rothschildand Shore Capital as joint financial advisers to undertake a strategic review ofthe Company's business. During the strategic review the Board consideredoptions including a potential sale of the business as a whole and receivedindicative expressions of interest from potential acquirers. It also examinedthe option of creating a REIT. This information is provided by RNS The company news service from the London Stock Exchange