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Banco Union To Sell Camino Real Hotels and Resorts
ATLANTA and MEXICO CITY - April 22, 1998--Banco Union today announced plans to sell Camino Real Hotels and Resorts, a portfolio of 15 luxury hotels in Mexico and one in the U.S. with a total of 3,828 rooms. Four of the properties are management contracts only. The transaction is expected to close within the next six months.

The portfolio includes six beach resorts, three hotels in colonial cities, four in urban areas, one in Tijuana and one in Tuxtla Gutierrez. The hotels have been granted either the "Gran Turismo", or the "Five Stars" rating by the Mexican Tourism Ministry. Furthermore, the hotels in Mexico City, Cancun and Manzanillo, Las Hadas, have received the "Leading Hotels of the World" designation. Only six other Mexican hotels carry that rating.

The sales process will be conducted in three stages. Interested buyers will 1.) receive a detailed Sales Memorandum, 2.) conduct site inspections of the properties and 3.) have access to detailed data to review legal, financial and accounting information.

The hotels are in very good condition and have performed well during the past two years. Revenue per available room, a key economic indicator, was up 23 percent on a compounded basis for the past two years. The chain has a strong global reputation and a broad client base. The hotels are strategically located, especially the resort destinations, which occupy the premier sites within their respective markets.

Hodges Ward Elliott, Inc. (HWE), along with Banco Invex, were selected as a sales agent. Based in Atlanta, Ga., U.S.A., Hodges Ward Elliott is one of the world's largest hotel investment banking and brokerage firms. The company brokered more than 65 major hotel transactions in 1997, including the sale of a Swiss tel portfolio for approximately $450 million. Through the 1998 first quarter, the company has been involved in more than $1.8 million in real estate transactions.

The portfolio is expected to appeal to a variety of buyers, ranging from private investment groups to well-established hotel chains. "These assets have tremendous upside potential," said Dana Ciraldo, HWE senior vice-president. "The brand has an excellent reputation, and the portfolio can act as a strategic springboard to capture the luxury hotel leadership position in the Mexican hotel industry. Furthermore, it can be used to expand throughout the Americas by franchising, licensing and additional acquisitions." "We intend to market the portfolio globally to obtain as many initial bids as possible," added Mark Elliott, HWE principal.

Information about the portfolio can be obtained from:

In the United States: In Mexico:
Hodges Ward Elliott, Inc.
Attn: Dana Ciraldo or Mark Elliott
The Lenox Building, Suite 1200
3399 Peachtree Rd. EN
Atlanta, Ga. 30326
ph: (404) 233-6000
fax: (404) 233-6636
Banco Invex, S.A.
Attn: Eduardo Martinez del Campo or Alberto Escofet
Paseo de la Reforma 10 Piso 21, Col. Centro
Mexico, D.F. 06030
ph: 52-5-327-3333
fax: 52-5-327-3399


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