ORLANDO, Fla., March 9, 1998 - Planet Hollywood International, Inc.
(NYSE: PHL) today announced that, in partnership with several prominent
real estate developers, it has purchased property located in New York
City at Times Square to develop, own and operate a full-service Hotel Complex. This premiere state-of-the-art
complex will feature Hollywood-themed guest rooms and suites; a flagship Planet Hollywood restaurant/retail
unit, which will be relocated from its present 57th Street site to the entertainment mecca of New York's Times
Square; a movie-premiere screening facility; state-of-the-art interview and studio suites; complete business
traveler service center; food and beverage, room service and catering services; and health club and spa amenities
with other accents that bring a guest into the world of Hollywood and themed entertainment.
Located in the heart of Times Square, the full service Hotel Complex
will occupy approximately 339,000 square
feet, including a 38,000 square foot flagship Planet Hollywood restaurant/retail unit and 548 themed guest rooms
and floors, with an additional 16 suites. Designed by Frank Williams Associates Architects along with Robert
Gladstone of Madison Equities, it will be the most unique and engaging Hotel Complex in the revitalized
epicenter, Times Square, and is expected to be completed in late 1999.
The Hotel Complex was purchased by, and will be developed by, a partnership
that is comprised of three strong
partners including a 20% interest by Planet Hollywood International, Inc., and an 80% interest by Times Square
Partners, L.L.C., which is controlled and managed by Intell Management and Investment Company. Madison
Equities as a co-developer and partner. Intell Management and Investment Company is a diversified owner and
manager of real estate throughout the United States. Madison Equities has developed several prime office and
apartment buildings over the past 40 years in New York City.
Planet Hollywood will own and operate 100% of the flagship restaurant/retail
unit and provide food beverage
and catering services to the entire Hotel Complex. Planet Hollywood will receive ongoing licensing fees in
addition to its 20% interest in the Hotel Complex.
This venture marks the third lodging project by Planet Hollywood with
each of the Company's brands now
represented in the lodging sector. In addition to this new Hotel Complex, the Company plans to open a
Music-themed Hotel and Casino in Las Vegas partnering with Aladdin Gaming, L.L.C. as well as renovating the
Pennsylvania Hotel in New York City to become the Official All- Star Hotel in 1999.
Planet Hollywood is a creator and worldwide developer of consumer brands
that capitalize on the universal
appeal of movies, sports, music and other leisure-time activities. The Company's worldwide operations offer
products and services in the retail, leisure, entertainment, lodging and gaming sectors. The Company is organized
under five operating divisions, Consumer Products; Food Beverage; Lodging Gaming; Retail Merchandise; and,
Theaters Entertainment. Planet Hollywood International, Inc.'s Class A common stock is listed under the symbol
"PHL" on the New York Stock Exchange.
Certain statements contained herein are forward-looking statements that
are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known
and unknown risks and uncertainties which may cause the Company's and its partners actual results in future
periods to differ materially from what is currently anticipated. Those risks include, among others, risks associated
with the timing and cost associated with new business development, general competitive factors and a change in
retailer or consumer acceptance of the Company's and its partner's products and services.