LOEWS HOTELS AND MCA INC. UNVEIL PLANS FOR TWO NEW LUXURY HOTELS AT THE NEW UNIVERSAL CITY RESORT TO OPEN IN 1999
The Loews properties are an integral component in the expansion of the Universal City Florida, an 840-acre world class entertainment, resort and convention destination.
The new resorts will include a 750-room luxury hotel to be known as The Portofino Bay Resort at Universal City Florida, a Loews Hotel. Recreating a Mediterranean fishing village nestled in a romantic harbor setting, the property will offer 65,000 square feet of meeting space and a comprehensive health spa. Construction on the project is slated to begin in 1997, with an anticipated opening in mid-1999.
The second of the properties will be known as The Royal Bali Hotel at Universal City Florida, a Loews Hotel. Located less than 10 minutes from the Orlando Convention Center, the hotel will feature 1,200 rooms and approximately 175,000 square feet of meeting space.
Directly adjacent to The Royal Bali Hotel will be an 18-hole Tom Fazio-designed golf course and a tennis club. The hotel's opening is scheduled for the year 2000.
"We are pleased to join forces with Universal Studios on this venture," said Jonathan Tisch, President and Chief Executive Officer of Loews Hotels. "It has always been our sense at Loews Hotels, that our business mirrors the entertainment industry in many ways. Through this joint venture, we will now be able to explore many creative and provocative ideas to combine, and thereby enhance, the hotel and theme park experience.
Ron Bension, Chairman and CEO of the Universal Studios Recreation Groups, said, "Loews Hotels' distinctive reputation for unmatched service and amenities has made Loews synonymous with quality in the minds of sophisticated travelers around the world. This makes Loews Hotels a perfect fit in Universal City Florida."
"These two resorts are significant milestones in the multi-billion dollar growth program for Universal City Florida as it evolves to a world-class family and business destination resort."
MCA recently announced the expansion of its Florida entertainment complex and revealed plans to develop a new multi-billion dollar resort destination Universal City Florida to include the existing and highly successful Universal Studios Florida; a second theme park, "Islands of Adventure" luxury accommodations; a championship golf course; new television production facilities, and a nighttime entertainment complex known as the E-Zone. Academy Award-winning producer/director Steven Spielberg serves as a creative consultant to the Universal City Florida project.
All of the Universal Studios entertainment facilities and the new hotels will be interconnected by a vast waterway system of rivers and canals. Water taxis, ferries, multi-car trams, motor coaches, and a people-mover system will transport guests to their destinations through the entire resort area.
Loews Hotels, a unit of Loews Corporation (NYSE: LTR), currently owns and/or operates 14 hotels and resorts in the U.S., Canada, and is developing a new 800-room project, Loews Miami Beach Hotel, scheduled to open in 1998.
Universal City Florida, a multi-billion dollar expansion project being built in phases over the next decade, is a joint venture between MCA Inc. a unit of The Seagram Company Ltd. (NYSE: VO), a global beverage and entertainment/communications company, and the Rank Organisation PLC (Nasdaq Small Cap: RANKY).
/CONTACTS: Debra Kelman of Loews Hotels, 212-545-2833; or Jim Yeager of Universal Studios Recreation Group, 818-622-3022/
(LTR VO RANKY)
CO: Loews Hotels; MCA Inc. ST: Florida IN: LEI ENT SU: JVN
TW-DC -- NYF034 -- 0955 05/03/96 10:25 EDT