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HOTEL CORPORATION OF BAHAMAS TAKES BACK RIVIERA TOWERS SECTION OF CARNIVAL'S CRYSTAL PALACE RESORT

 HOTEL CORPORATION OF BAHAMAS TAKES BACK RIVIERA TOWERS
 SECTION OF CARNIVAL'S CRYSTAL PALACE RESORT
 MIAMI, Feb. 5 /PRNewswire/ -- Carnival Cruise Lines, Inc. (NYSE: CCL) today announced that it has reached an agreement with the Hotel Corporation of the Bahamas under which the leasehold ownership of the Riviera Towers section (the former Cable Beach Hotel) of the Crystal Palace Resort and Casino will revert from Carnival to the Hotel Corporation.
 In exchange for the return of the 672-room Riviera Towers, the government-owned Hotel Corporation will cancel a promissory note from Carnival of approximately $80.3 million. Carnival issued the promissory note in connection with the acquisition of the Cable Beach Hotel in December 1988.
 Carnival indicated that this transaction represents a restructuring of the previously announced agreement under which a joint venture company was to be formed with the Hotel Corporation to operate both properties. "Our negotiations with the Hotel Corporation on the previous agreement simply evolved into this new arrangement," said Carnival Chairman and CEO, Micky Arison. Carnival will continue to own and operate the 867-room Crystal Palace Resort Hotel and Casino.
 "We believe this new arrangement is better for both parties as it will enable each of us to independently operate our separate properties and also to cooperate on sales and marketing and use of common facilities for the mutual benefit of the entire resort complex," Arison said.
 Even without the Riviera Towers section, the Crystal Palace remains one of the largest resorts and casino operations in the Bahamas/Caribbean. In addition to the 867 rooms, the Crystal Palace includes 34,800 square feet of meeting and convention facilities, a 35,000 square foot casino, an 860-seat dinner theater, seven restaurants, four lounges, a shopping mall, a concierge level with penthouse suites, 18 tennis courts, squash and racquetball club, health spa, 100-foot water slide and pool area, and a three-tiered disco.
 The agreement with the Hotel Corporation is subject to various conditions and no assurances can be made that a transaction will be concluded.
 Carnival is the world's largest cruise line based on number of passengers carried. Together with Holland America Line and Windstar Cruises, it currently operates 16 ships in the Caribbean, Alaska and other worldwide destinations. Carnival has contracted for the construction of two 2,600-passengers ships, the Sensation and Fascination, which are scheduled for delivery in late fall of 1993 and early fall of 1994, respectively. It also has contracted to construct three new ships for Holland America Line. The first of these, the Statendam, is scheduled for delivery in late 1992, with the Maasdam and Ryndam, to be delivered in late 1993 and 1994, respectively.
 -0- 2/5/92
 /CONTACT: Tim Gallagher of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL) CO: Carnival Cruise Lines; Hotel Corporation of the Bahamas;
 Crystal Palace Resort and Casino ST: Florida IN: LEI SU:


JJ-SS -- FL002 -- 7016 02/05/92 08:42 EST
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Publication:PR Newswire
Date:Feb 5, 1992
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