Bass Hotels & Resorts to Build First Staybridge Suites Hotel in Latin America; Extended Stay Product New Milestone in Ongoing Aggressive Expansion in Latin America.

MIAMI--(BUSINESS WIRE)--Oct. 14, 1999--

Bass Hotels & Resorts (BHR) will be adding a Staybridge Suites by Holiday Inn to its 50-hotel brand portfolio mix in Latin America, with the construction of its first extended stay product in the region.

Staybridge Suites Hotel at Brascan Century Plaza will be located in Sao Paulo, Brazil, and will complement Bass Hotel & Resorts' existing Latin America portfolio of Inter-Continental, Crowne Plaza and Holiday Inn hotels.

The 356-suite, 18-story property, scheduled to open in mid-2002, will be the centerpiece of a $150 million mixed-use complex with Bass Hotel & Resorts' Brazilian partner Brascan Imobiliaria. The project will include two office towers, urban retail, cinema, and parking for 1,300 cars.

One-hundred year-old Brascan Imobiliaria is one of Latin America's most recognized and prominent development companies.

The Staybridge Suites Hotel at Brascan Century Plaza will also include a bistro style restaurant and bar, and will have access to the center's convention center and fitness club.

"This is another major milestone in our ongoing expansion in Latin America," said Thomas Arasi, president, Bass Hotels & Resorts, The Americas. "We anticipate strong growth within the mid-market and extended-stay products in countries like Brazil. This project allows the company to position itself as a leader in the area. Furthermore, we are gratified to be extending our valuable relationship with our close partner - Brascan."

Bass Hotels & Resorts already has a long-term relationship with Brascan, as its operator and partner of Inter-Continentals in Rio de Janeiro and Sao Paulo. Bass Hotels & Resorts' Brazilian portfolio also includes a Crowne Plaza in Sao Paulo, existing Holiday Inns in Fortaleza, Recife and Porto Allegre.

"The location of the Staybridge Suites Hotel at Brascan Century Plaza is ideal for an extended stay product," added Alvaro Diago, area president, Bass Hotels & Resorts, Latin America. "Guests will not only benefit from the property's amenities, but will have access to a mixed-use complex that includes retail, food & beverage outlets, movie theaters and much more."

Bass Hotels & Resorts is in the midst of an aggressive expansion campaign in Latin America. Already the world's most global hotel company, with more than 2,700 properties in more than 90 countries and territories, Bass Hotels & Resorts has recently made announcements of the following openings, or soon-to-open Latin American properties:

-- Holiday Inn, Fortaleza, Brazil

-- Holiday Inn, Recife, Brazil

-- Holiday Inn, Porto Allegre, Brazil

-- Holiday Inn, Cordoba, Argentina

-- Holiday Inn, Buenos Aires, Argentina

-- Inter-Continental, Tegucigalpa, Honduras (opening 12/99)

-- Inter-Continental, Managua, Nicaragua (opening mid-2000)

-- Inter-Continental, Guatemala City, Guatemala (opening mid-2000)

-- Crowne Plaza, Santiago, Dominican Republic (opening late-2002)

-- Crowne Plaza, Tegucigalpa, Honduras (opening early-2000)

-- Crowne Plaza, Santacruz, Bolivia (opening early-2000)

Bass Hotels & Resorts(SM), the hotel business of Bass PLC of the United Kingdom, operates or franchises more than 2,700 and 450,000 guest rooms in more than 90 countries and territories.

The following service marks are owned by Bass Hotels & Resorts Inc., its subsidiaries or affiliates: Holiday Inn(R), Crowne Plaza(R), Holiday Inn Express(R), Holiday Inn Select(R), Holiday Inn Garden Court(SM), Holiday Inn SunSpree(R) Resorts, Staybridge Suites(SM) by Holiday Inn, Holidex(R), Holidome(R), Priority Club(R) Worldwide, e.space(R), Inter-Continental(R), Forum(R), Six Continents Club(R), Corporate Rate Portfolio(R) and Global Partner Hotels and Resorts(R).

Bass Hotels & Resorts offers information and reservations capability on its pages on the World Wide Web of the Internet - www.holiday-inn.com for Holiday Inn hotels, www.hiexpress.com for Holiday Inn Express hotels, www.crowneplaza.com for Crowne Plaza Hotels and Resorts, www.interconti.com for Inter-Continental Hotels and Resorts, and www.staybridge.com for Staybridge Suites by Holiday Inn.