| ATLANTA, Aug. 17, 2000 - Bass Hotels & Resorts
(NYSE: BAS; London) strengthens its commitment to Puerto Rico with the
purchase of the 400-room San Juan Grand Beach Resort & Casino.
The $75 million acquisition was announced by Thomas Arasi, president, Bass
Hotels & Resorts - The Americas. The hotel, to be called the
Inter-Continental San Juan Resort & Casino, supports the company�s
goal to expand the presence of the Inter-Continental brand in the North
American market. The hotel was purchased from a New York-based investment
group.
�Puerto Rico is a strategically important business and leisure destination
that serves the dynamic North American feeder cities as well as providing
a link for Inter-Continental�s vast Latin America business markets, a true
bridge to the Americas,� stated Arasi. �Further, it effectively complements
the Cayo Largo Inter-Continental Beach Resort currently under construction
in Fajardo, scheduled to open in 2001. The properties offer visitors
to Puerto Rico the high quality and service standards that are hallmarks
of the Inter-Continental brand in two distinct settings,� he concluded.
The hotel will undergo a $17 million renovation program that includes
guestrooms, corridors and public and recreation areas.
| The beachfront resort is located in the Isla
Verde tourist sector and has 400 rooms, including 20 suites, which are
decorated in a light, elegant Caribbean decor. All rooms have balconies
or terraces and a variety of amenities including two-line phones and data
ports. Two distinct concierge levels with 81 rooms offer private
access, concierge service, complimentary breakfast and evening cocktails
and hors d�oeuvres and other amenities.
Guests have a wide selection of dining options, including Ruth�s Chris
Steak House; Momoyama, the only Japanese restaurant on the Island with
a Tatami Room; Guiseppe�s, offering award-winning Northern Italian cuisine
and 24-hour room service. For |
San Juan Grand Beach
Resort & Casino
(Formally the Sands Hotel and
Casino Beach Resort)
Isla Verde Road 187
Carolina, Puerto Rico
|
entertainment, guests can take advantage of the hotel�s two miles of white
sand beach and one of the largest free-form pools in the Caribbean, indulge
in the spa and fitness center, arrange day trips and visit the 10,000 square-foot
casino or nightclub.
| The Conference Center offers 13 meeting rooms with 18,600 square feet
of flexible meeting space with the latest technology, including videoconferencing.
The hotel�s business center features full computer workstations, cellular
phone and beeper rental, audio/visual equipment, secretarial support, complimentary
breakfast for registered corporate guests and complimentary refreshments
during the day.
The Inter-Continental San Juan Resort & Casino is located ten minutes
from the Luis Munoz Marin International Airport and financial district
and fifteen minutes from Old San Juan, the island�s 500-year old historic
district.
Inter-Continental, Bass Hotels & Resorts� upscale lodging brand,
is one of the leading hotel names in the global marketplace, with more
than 120 properties located in 70 countries. Since its inception
in 1946, the Inter-Continental brand has been a |
|
Sonnenblick-Goldman Aranges
Sale
New York, NY - August 16, 2000 - Sonnenblick-Goldman Company,
acting as exclusive financial advisor to Puerto Rico Hotel Opco, Ltd.,
has arranged the sale of the landmark San Juan Grand Beach Resort &
Casino in Puerto Rico.
Dan Carlo, Managing Director in Sonnenblick-Goldman�s
Miami office, opined that �an investment of this magnitude by a major international
chain is another positive affirmation of the strength of the Puerto Rican
lodging market. That market depth, along with a well executed re-positioning
of the hotel, enabled the seller to realize its economic objectives sooner
than initially anticipated.�
According to Mark Gordon, Managing Director of Sonnenblick-Goldman�s
Lodging & Leisure Group, �The acquisition of San Juan Grand Beach Resort
& Casino will allow Bass to establish a strong position in the San
Juan marketplace. The Inter-Continental brand will enable the Resort to
achieve its maximum operational potential.�
Sonnenblick-Goldman Company is the industry�s leading
independent real estate investment banking firm. |
|
hospitality pioneer, setting international service standards for travelers
the world over.
Bass Hotels & Resorts®, the hotel business of Bass PLC of the
United Kingdom, operates or franchises more than 2,900 hotels and 480,000
guest rooms in more than 95 countries and territories. |
