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HOLIDAY INN PLANNED FOR KIEV AIRPORT

 HOLIDAY INN PLANNED FOR KIEV AIRPORT
 NEW YORK, June 9 /PRNewswire/ -- Agreement has been reached to build


a 200-room Holiday Inn at the Kiev airport in Ukraine. The hotel will be constructed, at a cost of about $50 million, and managed by H.I. Development Corp. that develops, constructs and manages Holiday Inns throughout the world. Boris Shahsouvarov, chief of the airport at Kiev, of Borispol Air Works that operates the airport, signed the contract on behalf on Ukraine.
 Harvey M. Hament, president and chief executive officer of Harco International, Inc., New York, in making the announcement, said this is the first major business deal completed between an United States company and Ukraine. Harco handled the negotiations for H.I. Development and is a partner in the enterprise.
 This is the first phase of a two-part plan that, when the second phase is completed, will result in a 500-room hotel on the 10-acre site, according to David H. Callen, president and chairman of the board of H.I. Development. The long-range plan also calls for an office building on the site. The total project will represent a $110-million investment. When the first phase is finished, the Holiday Inn complex will house shops, restaurants, a car rental agency, a swimming pool, a health club and conference rooms. Ground-breaking is expected within six months.
 "It will offer all of the amenities found in the finest Holiday Inns anywhere in the world," Callen said.
 He added H.I. Development's goal in the former Soviet Union is to build a dozen similar Holiday Inns.
 Hament has a long history of representing U.S. companies in what once was the Soviet Union. He has been doing business there since the late 1960s and, in 1987, he started Harco to continue his activities.
 "The new independent republics of the former USSR are now a new frontier for free-market enterprises," he said.
 The international law firm of Arnold & Porter of Washington, D.C. represented the U.S. companies.
 -0- 6/9/92
 /CONTACT: Harvey M. Hament of Harco International, 212-687-4020/ CO: Harco International Inc.; H.I. Development Corp. ST: New York IN: LEI SU:


KD-PS -- NY001 -- 8193 06/09/92 08:00 EDT
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Date:Jun 9, 1992
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