The 406-unit property will be Warsaw�s most prestigious hotel, as well as its tallest, at 44 floors. It will also be the first hotel in the city to offer a choice of 78 extended-stay suites. Debt and equity financing for the deal has been arranged by Insignia Hotel Partners in London. Commenting on the new property, David Bland, managing director, Bass Hotels & Resorts Europe, Middle East and Africa said, �This is a particularly exciting development for the group, as it will be setting new standards of hotel accommodation in Central Europe. The property will provide business travelers with

Mr. Georg Folian, chairman of Warimpex Finanz commented, �After having built so many offices and hotel buildings in Warsaw, we are delighted to be working with Bass Hotels & Resorts on this landmark development.  The Hotel Inter-Continental Warsaw will offer visitors a world-class experience and it was therefore essential that it be built and managed to the high standards synonymous with the Inter-Continental name.�

UBM chairman Mr. Karl Bier continued, �Our company built the Hotel Inter-Continental Vienna some 40 years ago and we are thrilled to be co - operating with Inter-Continental again.�

Scheduled to open in autumn 2003, the landmark Hotel Inter-Continental Warsaw will be located in the heart of the city�s business district, just minutes from the main railway station and directly opposite the Palace of Culture and Science.  The hotel will feature an executive club floor with its own private lounge area, as well as comprehensive business center facilities.  Located on the 43rd floor will be Europe�s highest swimming pool, part of the hotel�s exclusive health club and gym, offering spectacular views over the city.
For conferences, functions and meetings, the new hotel will be one of the leading venues in Central Europe. There will be a ballroom with a capacity of over 500 and a further eight meetings rooms offering flexible space for up to 40 people banquet style. All rooms will be fully equipped with audio-visual facilities.

Insignia Hotel Partners acted for Bass in negotiating the joint venture arrangements and in arranging loan finance for the development.  Paul Jones, Executive Managing Director, Insignia Hotel Partners commented,  �The Inter-Continental will certainly set a new standard in Poland and in Central Europe in general.  I think that this is the beginning of several new developments in markets where existing product is simply not available to meet the demands for quality hotels.  This was not an easy deal to put together but isn�t that usually the case when things are taken to the next level?  This was cross-border cooperation at its best: UK and Austrian equity, UK-based international operator, Austrian developer, Austrian construction company, German and Austrian lenders and a great deal of Polish work and cooperation.�

Insignia/ESG Hotel Partners is a leading full service real estate group for the hospitality industry, with brokerage, financing and advisory operations worldwide.  Insignia/ESG Hotel Partners operates out of offices in Atlanta, Boston, Chicago, Dallas, Kansas City, London, Los Angeles, Miami, New York, San Francisco, Tampa and Washington, DC.  Insignia/ESG Hotel Partners is part of Insignia/ESG Capital Advisors Group, which focuses on investment sales and debt financing for major properties of all types.  Insignia/ESG is a subsidiary of Insignia Financial Group, Inc., a publicly traded real estate company listed on the New York Stock Exchange under the symbol, IFS.