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SHERWOOD REACHES AGREEMENT TO ACQUIRE LANDMARK HOTEL IN ITALY

 SHERWOOD REACHES AGREEMENT TO ACQUIRE LANDMARK HOTEL IN ITALY
 PORT CHESTER, N.Y., April 22 /PRNewswire/ -- Sherwood Corporation (NASDAQ: SHRW) announced today that the company has reached agreement to acquire Palazzo Panfilli, a landmark deluxe hotel property in Trieste, Italy.
 This historic hotel, whose architecture can be traced back to the 9th century, is ideally located in the heart of the historical district of the city and near its famous "piazza," both major tourist attractions. Trieste's strategic location, at the gateway to the Adriatic Sea, has led to its long-enjoyed reputation as a business and tourism center.
 This prestigious hotel property, which is comprised of 106 suites, generous reception/meeting facilities and established restaurants/ boutiques, is currently undergoing a US$4.8 million restoration, financed by a local government loan, and has been valued at US$18 million upon planned completion by the end of 1992.
 The company's agreement provides that Palazzo Panfilli will be acquired for common stock on or about May 22, 1992.
 -0- 4/22/92
 /CONTACT: Simon Rosenfeld, 416-928-3549, or Anthony R. Russo, 914-939-9000, both for Sherwood/
 (SHRW) CO: Sherwood Corporation ST: New York IN: LEI SU: TNM


GK-OS -- NY064 -- 1332 04/22/92 13:36 EDT
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Publication:PR Newswire
Date:Apr 22, 1992
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