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HOLIDAY INN WORLDWIDE, GRUPO SITUR FINALIZE HOTEL DEVELOPMENT PLANS FOR MEXICO

 ATLANTA, April 14 /PRNewswire/ -- Holiday Inn Worldwide and Grupo Situr today finalized an agreement, first announced in January, to develop and operate at least 10 hotels in Mexico.
 Under the agreement, each company has committed equal amounts of capital to fund development of 10 Holiday Inn Express hotels over the next two years. The joint partnership will be governed by a board of directors composed of representatives from newly created subsidiaries of each company.
 Groundbreaking for the first hotel is expected in about 90 days.
 The partnership with Grupo Situr complements Holiday Inn Worldwide's ongoing projects with other hotel investors and management companies to expand Holiday Inn's presence in Mexico. Seventeen hotels already fly the Holiday Inn flag in Mexico, and another dozen hotels are in the franchise application process.
 Holiday Inn Worldwide, which is owned by Bass PLC of the United Kingdom, is the world's leading hotel chain with more than 1,700 hotels and 330,000 guest rooms in 55 countries and territories. Grupo Situr is a major real estate developer and tourism company with resorts, hotels, hotel management and hotel service companies among its holdings.
 -0- 4/14/93
 /CONTACT: Gayle MacIntyre of Holiday Inn Worldwide, 404-604-2903/


CO: Holiday Inn Worldwide; Grupo Situr ST: Georgia IN: LEI SU:

RA-BR -- AT006 -- 0700 04/14/93 13:12 EDT
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Publication:PR Newswire
Date:Apr 14, 1993
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