P&O to Sell Luxury La Manga Club

13th Aug 2004

P&O announces that it is proposing to
sell La Manga Club, one of the world’s finest sport and leisure resorts.
La Manga Club is an internationally acclaimed 494 hectare (1,220 acre)
sport and leisure resort on the Costa Calida in the province of Murcia in
South East Spain. The resort has hosted many premier sporting events
including five Spanish Open golf championships, and tennis’ the Davis Cup
and Fed Cup. Facilities include two luxury hotels, three championship golf
courses, a 28 court tennis centre, state-of-the-art golf and tennis
teaching academies, an eight pitch professional football centre, swimming
pools, a leading edge spa, 22 restaurants and bars, numerous shops and a
casino. The resort benefits from a management contract with Hyatt
International, which manages the hotels and food and beverage outlets.

A significant residential community of 1,675 luxury villas and apartments
has been developed to date within La Manga Club. Also included in the sale
is a further 34 hectares (84 acres) of land that can be developed for
residential and commercial use.

The sale process, which is likely to take a few months, is expected to
start in September and is in line with P&O’s on-going strategy of focusing
investment on its core businesses.

Lord Sterling, Chairman of P&O, said: “P&O has strongly supported La Manga
Club for some 17 years. However, it is the pride and dedication of its
management and employees that has made the Club the unique resort it is
today. I am sure that a new owner will wish to build on these achievements
and take the Club on to its next stage of success.”


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