Following the acquisition, Inter-Continental Hotels and Resorts, the upscale brand of Bass Hotels Resorts, was awarded the contract to manage the Hotel Inter-Continental Praha. This follows more than 20 years during which Inter-Continental successfully franchised the hotel.

Earlier this month, SHCI and GIC RE formed a joint venture to acquire first-class and luxury hotels throughouts Europe. The Hotel Inter-Continental Praha is the joint venture�s first acquisition.

Built in 1974, the 364-room Hotel Inter-Continental Praha is a five-star hotel located in the heart of historic Prague, on the banks of the Vltava River. The hotel, which recently underwent a US$45 million renovation, includes two restaurants, a conference center and a large health club and fitness facility.

�On behalf of GIC RE and SHCI, we are delighted that we were able to acquire the Hotel Inter-Continental, the premier hotel in Prague,� said Laurence Geller, CEO, SHCI. �Prague continues to rapidly gain stature as a renowned tourist and commercial destination,� added Geller.

�Inter-Continental Hotels and Resorts have entered into an agreement to manage this hotel,� said Kay Dymock, managing direct of SHCI�s European operation. �Inter-Continental has been on our list of �preferred operators� for some time. Our agreement with them is the first step in what we hope will become a global relationship.�

Tom Oliver, chairman and CEO of Bass Hotels  Resorts, added, �We are truly delighted to have a long-term agreement to manage this hotel and to have made our first deal with SHCI. We believe that our partnership will ensure that the Hotel Inter-Continental Praha remains the preeminent hotel in this growing European capital.�

GIC Real Estate Pte Ltd (GIC RE) is the real estate investment arm of the Government of Singapore Investment Corp. Pte Ltd (GIC). Set up as a private company in 1981 and wholly owned by the Government of Singapore, the GIC manages the foreign reserves of Singapore. With funds in excess of US$70 billion, its activities include investments in listed and unlisted equities, bonds, foreign exchange and real estate.

A privately held firm founded in 1997, SHCI targets upscale and luxury hotels on a global basis for acquisition. It has a preference for acquiring larger hotels (200-plus rooms) managed by a group of very select, �preferred� operators. Since its inception, SHCI has assembled a portfolio of 30 properties in the United States, Mexico and Europe.

Hotels in the SHCI portfolio include the Essex House, A Westin Hotel, New York City; the Ritz Carlton, Laguna Niguel, Dana Point, Calif.; the Hyatt Regency New Orleans; the Hyatt Regency Embarcadero and the Park Hyatt, both in San Francisco; and the Hyatt Regency on Capitol Hill, Washington, D.C.

SHCI is committed to building approximately 30 percent of its portfolio outside of the United States, said Geller. In Europe, its properties are the Stakis St. Ermins in London, the Marriott Champs Elysees in Paris and the newly acquired Hotel Inter-Continental Praha.  In Mexico, SHCI owns the Four Seasons, Mexico City. According to Geller, future expansion outside of North America will largely focus on Western Europe and Asia.

SHCI is a privately held �C� corporation whose major shareholders include the Whitehall funds, Prudential Insurance Co. of America and Security Capital Group.