Located in San Francisco's South of Market Area (SOMA), the InterContinental San Francisco will be at the corner of Howard and Fifth streets and adjacent to the new Moscone West Convention Center. The hotel will be in close proximity to the San Francisco Museum of Modern Art, the Metreon/Sony Entertainment Center, the Yerba Buena Center for the Arts, the Jewish Museum San Francisco, the Mexican Museum and the San Francisco Historical Museum. Construction is scheduled to begin in October and the hotel is expected to open in late 2007.

"With IHG's strong focus on expanding the InterContinental Hotels & Resorts brand in the U.S., especially in key gateway cities, the InterContinental San Francisco is a tremendous and welcome addition to our portfolio of hotels," said Kirk Kinsell, SVP and chief development officer, the Americas, InterContinental Hotels Group.

The 32-story high-rise will include 550 guestrooms and three complete floors of meeting space, which will be housed in a tower designed to complement Moscone West. With over 43,000 square feet of meeting and function space, the hotel will have one of the largest meeting facilities in San Francisco and will have the capability of supporting the increasing business to the Moscone Convention Center.

Hotel amenities will include:

•  A two-level Presidential Suite with sweeping views of the Bay Area
•  Exclusive Club InterContinental lounge with food and beverage served throughout the day
•  State-of-the-art technology in guest rooms, meeting space and public areas
•  Lobby-level upscale restaurant and bar
•  8,000 square foot full-service spa and health club
•  Indoor lap pool
•  Spacious terraces for public use
•  On-site underground valet parking

InterContinental Hotels & Resorts continues to grow its presence in the Americas region. Most recently, the company's flagship hotel, the InterContinental Buckhead, opened in Atlanta. By the end of 2005, the InterContinental Playa Bonita Resort & Spa in Panama and the InterContinental Merita in Mexico will join the portfolio. And, currently under construction is the InterContinental Boston, scheduled to open in Fall 2006.

Continental Development Corporation, a California corporation, has been active, along with predecessor companies, in the development, ownership and management of various commercial real estate properties for almost 50 years. The Corporation currently owns and manages approximately 3.5 million square feet of commercial real estate projects in Southern and Northern California, and has owned the San Francisco property on which the hotel will be developed since 1971.