The sale, brokered by Jones Lang LaSalle Hotels, was signed on May 30 for 61 million euros and is the first investment that the Irish group has made in Spain and outside Ireland. As the result of this alliance Dolce International will continue to manage the hotel, resort and conference center under a long term management contract.

The operation is part of Inchydoney Partnership's plan to expand into Europe by investing in first class hotels. According to the firm's chairman Seamus O'Mahony: "In this operation the group sees important potential for growth and considers Barcelona and Spain in general, as a strategic market for medium and long term investment." O'Mahony also stated that: "As we are highly satisfied with the quality of the hotel and with Dolce International's professionalism and enthusiasm, we could well be signing new agreements in the future if the opportunity arises."

Andy Dolce, founder, chairman and managing partner of Dolce International regards this operation as being very positive: "Dolce's vast experience in managing conference centers and hotels, together with Inchydoney's financial experience, could lead to important business ventures. We are continuing with our strategy for growth in Europe and plan to add several properties to our portfolio before the end of the year, while our further plans for Spain are focused on Madrid."

Opening in October 2004, the property has welcomed 55,000 clients and achieved revenues of 12.7 million euros in its first year of business. 2006's forecast is equally positive: January to May 2006 saw more than 27,000 clients with  revenues of 7.9 million euros; representing a 68 per cent growth compared to the same period the previous year. According to Francisco José Jiménez, managing director of Dolce Sitges and Dolce International in Spain: "We will close this financial year with revenues of around 19 million euros; meaning that we have experienced a growth rate of more than 50 per cent compared to the last financial period."

About Dolce Sitges
The first Spanish resort that was purpose built for conferences, meetings, incentives and special events, Dolce Sitges also caters to leisure travelers. The property is ideally situated just 30 minutes from Barcelona airport in a fantastic setting on the edge of the Sitges golf course with fabulous views of the Mediterranean Sea. Dolce Sitges has 263 elegant rooms and suites, 35 meeting rooms, two amphitheatres which are fully equipped with state of the art technology for business meetings. It also has three restaurants, two bars and the Dolce Vital Spa, with a heated indoor swimming pool, four outdoor pools, sauna, steam bath, Jacuzzi, fitness centre and eight treatment rooms. Employing 200 people, the property was awarded the distinction of 'Best Hotel for Business Conventions in Spain' by the Spanish publication Business Traveller.    

About Dolce International
Dolce International is a global hospitality company specializing in the meetings experience for its customers. The company has a collection of 21 unique properties in the United States, Canada and Europe.  Each property features a different style ranging from a historic castle, to an authentic alpine village, to a New England-style country resort, to a French chateau, to a traditional corporate learning center.  All Dolce Destinations meet the high standards of the International Association of Conference Centers (IACC).  While Dolce International specializes in the meetings niche of the hospitality industry, the company also caters to leisure travelers, individual business travelers and offers a variety of venues for events.  Headquartered in Montvale, New Jersey and Paris, France, the company has approximately 3,000 employees.  Dolce is celebrated its 25th Anniversary in 2005.  Visit the web site at www.dolce.com.  

About Inchydoney Partnership
Inchydoney Partnership is an Irish private equity fund controlled by a set number of investors and headed by Des O'Dowd and Seamus O'Mahony. It is formed by investors from different economic sectors especially sectors related to the development of real estate and the construction business and has wide international experience. These investors own four first class hotels in Ireland and have shares in another three Irish-based hotels. The group's strategy of expansion has been to invest in five star hotels in Europe, of which Dolce Sitges is the first operation of the group, which forecasts that other agreements will be signed before the end of 2006. 

 Barbara Rogers
 Director of Marketing & Public Relations 
 Phone: (201) 505-4413 
 e-mail: [email protected]